Sarasota County, Florida Notes to Financial Statements September 30, 2022 The County assesses properties, bills for and collects property taxes as follows: Lien date - June 1 Levy date - November 1 Tax bills mailed - November 1 Collection dates - 4% discount if paid in November - 3% discount if paid in December - 2% discount if paid in January - 1% discount if paid in February Due date - Before April 1 Tax certificate sale for delinquent property taxes - June 1 T. ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. U. PENSIONS In the government-wide and proprietary funds statements of net position, liabilities are recognized for the County’s proportionate share of each pension plan’s net pension liability. For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined benefit plan, the Health Insurance Subsidy (HIS) and the City of Sarasota firefighters pension plan and additions to / deductions from FRS’s, HIS’s and the firefighters pension plan fiduciary net position have been determined on the same basis as they are reported by each plan. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds of employee contributions are recognized when due and payable in accordance with the benefit terms. Each plan’s investments are reported at fair value. V. LEASES Lease contracts that provide the county with control of a non-financial asset, such as land, buildings or equipment, for a period in excess of twelve months are recognized as a leased asset with a related lese liability. The lease liability is recorded at the present value of future lease payments, including fixed payments, variable payments based on an index or fixed rate and reasonably certain residual guarantees. The intangible leased asset is recorded for the same amount as the related lease liability plus any prepayments and initial direct costs to place the asset in service. Leased assets are amortized over the shorter of the useful life of the asset or the lease term. The lease liability is reduced by the lease payments made, less the interest portion of the lease payment. Lease contracts that allow the county to lease any type of fixed asset at any given rate for a stated period are reported as accounts and lease receivables. These receivables have a corresponding anticipated future revenue that has yet to be recognized. 92
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