Capital Asset and Debt Administration Capital assets. Sarasota County’s investment in capital assets for its governmental and business-type activities, at the end of the current fiscal year, amounted to $2.7 billion (net of accumulated depreciation). This investment in capital assets is comprised of land, land rights, right of ways/easements, building and building improvements, equipment, software, water and timber rights, construction in progress, and infrastructure. Infrastructure consists predominantly of roads and streets (including peripherals) and bridges within governmental activities, and of water and wastewater systems, Stormwater facilities and landfill infrastructure within business-type activities. The County’s total investment in capital assets for the current fiscal year increased by 4.3 percent. During fiscal year 2022, the County capitalized significant lease agreements in accordance with GASB87. These amounts have been added to the capital assets (net of depreciation or amortization) in table shown below. Major capital asset events during the current year included: Sheriff’s support services facility building completed totaling $19.2 million. County roadway improvements for Myrtle Street phase 2 was completed totaling $14.3 million. Additional information on capital asset activity may be found in Note 6 on pages 108-114 of this report. Long-term debt. At the end of the current fiscal year, Sarasota County had total bonded debt outstanding of $629.8 million. This amount represents $58.3 million of General Obligation bonds secured by the full faith, credit and taxing power of the County and $571.5 million of bonds secured solely by specified revenue sources (revenue bonds). Sarasota County’s total debt increased by $96.1 million, or 13.6 percent during the current fiscal year. Capital Assets, Net of Depreciation (in thousands) Governmental Business-type Activities Activities Total 2022 2021 2022 2021 2022 2021 Land $ 476,744 $ 471,975 $ 64,590 $ 64,590 $ 541,334 $ 536,565 Land rights 925 925 - - 925 925 Right of way/easements 38,306 31,592 1,489 1,489 39,795 33,081 Buildings and improvements 241,885 225,793 21,895 23,713 263,780 249,506 Equipment 53,934 56,366 9,066 13,204 63,000 69,570 Infrastructure 630,154 617,292 793,869 803,934 1,424,023 1,421,226 Software 4,435 6,072 - - 4,435 6,072 Right-to-use lease assets 7,038 - 163 - 7,201 - Construction in progress 193,565 187,129 130,061 52,892 323,626 240,021 Total $ 1,646,986 $ 1,597,144 $ 1,021,133 $ 959,822 $ 2,668,119 $ 2,556,966 Outstanding Debt (in thousands) Governmental Business-type Activities Activities Total 2022 2021 2022 2021 2022 2021 General Obligations $ 58,257 $ 61,030 - $ - $ $ 58,257 $ 61,030 Commercial paper 25,583 42,288 - - 25,583 42,288 Notes payable 76,012 93,223 71,620 87,045 147,632 180,268 Non-self supporting revenue bonds 186,939 182,793 - - 186,939 182,793 Self supporting revenue bonds - - 384,591 240,474 384,591 240,474 Total $ 346,791 $ 379,334 $ 456,211 $ 327,519 $ 803,002 $ 706,853 39
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