0 $20 $40 $100 $80 $60 OUTSTANDING DEBT as of September 30, 2022 (In thousands) Governmental Activities Business-Type 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 Local government bonded debt is usually divided into three different types: general obligation bonds, non-selfsupporting revenue bonds, and self-supporting revenue bonds. • General obligation bonds are issued by a governmental entity and pledge the full faith and credit of the County as a method of repayment of the outstanding bonds. The full faith and credit is a pledge of the general taxing powers for the payment of the debt obligation. • Non-self-supporting revenue bonds pledge a specific revenue source as a method of repayment of the outstanding bonds. This type of bond is a special obligation of the County, and does not constitute a general obligation of the County. • Self-supporting revenue bonds are supported by user revenues generated from operations. In Sarasota County, revenue of the Solid Waste, Stormwater and Utility Systems have been pledged as a method of repayment of outstanding bonds. Additionally, Sarasota County participates in the Florida Local Government Finance Commission’s Pooled Commercial Paper Program, which was established to allow short-term borrowing for less than five years, using short-term variable interest rates made to participating counties, cities, school boards and special districts in the State of Florida. Sarasota County in recent years has issued Bank Term Loans, which offered lower interest rates. Bank Term Loans, included in Notes Payable in the chart below, have been used to issue new debt and to refund existing debt. Most bond issues are assigned a rating by a rating agency, such as Moody’s Investment Services, Inc., Standard & Poor’s Ratings Services and/or Fitch IBCA, Inc. Sarasota County has an implied AAA General Obligation Bond rating. The rating is an extremely important factor in determining an issue’s marketability and the interest rate a local government will pay. Ratings are relied upon by investors in making investment decisions and by underwriters in determining whether to underwrite a particular issue. More detailed information about Sarasota County’s debt can be found on the Clerk and Comptroller’s website, SarasotaClerk.com. All of Sarasota County’s bonds and associated ratings can also be found on dacbond.com. Sarasota County’s total debt increased by $96.1 million, or 13.6 percent during the current fiscal year. DEBT SERVICE REQUIREMENTS TO MATURITY This graph shows Sarasota County’s future debt service requirements to maturity for all debt, including commercial paper and SRF loans assuming no additional debt. General Government Commercial Paper General Government Bank Term Loans Limited Ad Valorem Debt Capital Improvement Revenue Debt (Sales Tax) CST Transportation Revenue Debt ELMS Transportation Revenue Debt Infrastructure Surtax Revenue Debt Utility System Debt Solid Waste Debt Public Improvement Revenue Refunding Debt General Obligation Debt DEBT 20 Impact Report 2022 Impact Report 2022 21 Millions 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
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