Sarasota County, Florida Notes to Financial Statements September 30, 2022 NOTE 14. SUBSEQUENT EVENTS No subsequent events have occurred between September 30, 2022 and the date of the Annual Comprehensive Financial Report issued. NOTE 15. DEFICIT FUND BALANCES The following Non-Major Governmental fund ended the year with a deficit balance in unassigned fund balance: Federal, State and Local Grants Fund The Federal, State and Local Grants Fund has a negative unassigned fund balance of $6,453,635 as of September 30, 2022. This negative balance is a result of Hurricane Irma making landfall on September 10, 2017 and Hurricane Ian making landfall on September 23, 2022. This negative balance will clear after the Federal Emergency Management Agency (FEMA) project worksheets are finalized and approved for reimbursement for those events. The following Enterprise fund ended the year with a deficit balance in unrestricted net position: Non-major Transit The Non-major Transit Fund has a negative unrestricted net position of $120,825 as of September 30, 2022. This negative balance is due to an increase in operating costs in FY22 The following Internal Service funds ended the year with a deficit balance in unrestricted net position: Risk Management The County’s Risk fund reported a negative unrestricted net position of $2,395,711. This negative balance was result of an increase in actuarial determined vehicle liability that impacted claims paid. Public Works The Public Works Fund has a negative unrestricted net position of $1,816,985 as of September 30, 2022. This negative balance is due to the application of pension related accounts as defined in GASB 68. 154
RkJQdWJsaXNoZXIy MzM3Mjg=