The largest portion of Sarasota County’s net position, $2.0 billion or 75.2 percent, reflects investment in capital assets such as land, buildings, infrastructure, and equipment, less any related outstanding debt used to acquire those assets. Sarasota County uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although Sarasota County’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A portion of Sarasota County’s net position, 16.1 percent, represents resources that are subject to external restrictions on how they may be used. Unrestricted net position, $237.6 million, may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of changes in the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows: Current and other assets for both governmental and business-type activities increased by $173.2 million, or 13.6 percent from the prior fiscal year. The increase is largely related to the receipt of bond proceeds, and increases in intergovernmental receivables for Governmental-type Activities. Capital assets for governmental and business-type activities increased by $111.2 million, or 4.3 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39. Long-term liabilities for both governmental and business-type activities increased by $353.5 million, or 40.5 percent from the prior fiscal year due to an increase in landfill closure liability and an increase in pension liability which is further described in Note 10 on beginning on page 137. Sarasota County, Florida Net Position (in thousands) Governmental Business-type Activities Activities Total 2022 2021 2022 2021 2022 2021 Current and other assets $ 738,651 $ 676,812 $ 711,139 $ 599,816 1,449,790 $ $ 1,276,628 Capital assets 1,646,986 1,597,144 1,021,133 959,822 2,668,119 2,556,966 Total assets 2,385,637 2,273,956 1,732,272 1,559,638 4,117,909 3,833,594 Deferred outflows of resources 100,365 95,547 13,301 14,068 113,666 109,615 Long-term liabilities 691,407 515,817 531,845 355,977 1,223,252 871,794 Other liabilities 191,465 193,195 51,331 51,356 242,796 244,551 Total liabilities 882,872 709,012 583,176 407,333 1,466,048 1,116,345 Deferred inflows of resources 42,468 229,150 1,796 16,838 44,264 245,988 Net investment in capital assets 1,299,758 1,253,150 746,905 728,899 2,046,663 1,982,049 Restricted 414,648 391,831 22,399 21,586 437,047 413,417 Unrestricted (deficit) (153,744) (213,640) 391,297 399,050 237,553 185,410 Total net position $ 1,560,662 1,431,341 $ $ 1,160,601 1,149,535 $ $ 2,721,263 2,580,876 $ 32
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