Sarasota County, Florida Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position September 30, 2022 Total fund balances - total governmental funds $ 648,351,487 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds Nondepreciable capital assets $ 709,540,134 Depreciable capital assets (net of leased assets) 930,407,907 Right-to-use lease assets 7,037,974 Internal Service (43,912,228) 1,603,073,787 Net OPEB asset, net of internal service funds 2,762,358 Net Pension asset, net of internal service funds 6,833,453 Lease interest receivable 442 Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. 116,058,469 Amounts are payable to business-type funds resulting from internal service and indirect expense eliminations. (149,321,713) Deferred amounts on debt refundings 4,701,706 Deferred outflows on pensions, net of internal service funds 86,943,254 Deferred outflows on OPEB, net of internal service funds 4,774,808 Deferred unavailable revenues 250,852 Long-term liabilities are not due and payable in the current period, and therefore are not reported in the funds. Contracts payable (138,408) Lease interest payable (6,882) Lease liability (7,068,951) Bonds payable (172,450,000) Plus: Issuance premium (amortized as interest expense) (20,165,948) Total pension liability, net of internal service funds (334,689,536) Total OPEB liability, net of internal service funds (10,066,831) GO Bonds payable (52,580,000) Commercial paper payable (25,583,000) Notes payable (76,012,134) Rebatable arbitrage (6,976) Compensated absences, net of internal service funds (26,848,334) Deferred inflows on pensions, net of internal service funds (33,527,066) Deferred inflows on OPEB, net of internal service funds (4,622,515) Net position of governmental activities $ 1,560,662,322 The notes to the financial statements are an integral part of this statement. 51
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