Sarasota County, Florida Fiscal Year Ended September 30, 2023 YOUR GUIDE TO POPULAR ANNUAL FINANCIAL INFORMATION IMPACT REPORT
2 AT A GLANCE 3 ABOUT THIS OFFICE 4 COUNTY GOVERNMENT 5 HOW TO CONTACT YOUR LOCAL GOVERNMENT 6 DEMOGRAPHICS 8 PROPERTY TAXES 10 BUDGET 12 COUNTY REVENUES 13 COUNTY EXPENSES 14 FINANCIAL INFORMATION SUMMARY 15 DEBT 16 CAPITAL ASSETS 17 INVESTMENTS ABOUT THIS REPORT This IMPACT Report is produced by the Sarasota County Clerk of the Circuit Court and County Comptroller’s Office as a tool to help you understand how public funds are managed and spent. Most of the information in this report is derived from the Annual Comprehensive Financial Report for the fiscal year that ended on September 30, 2023. The IMPACT Report, because of its summary nature, does not conform to generally accepted accounting principles and does not conform to governmental reporting standards. This report also includes condensed and simplified information from the County budget and other financial reports. The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to Sarasota County, Florida for its Popular Annual Financial Report for the fiscal year ended September 30, 2022. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report whose contents conform to program standards of creativity, presentation, understandability and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to the GFOA. IMPACT REPORT SARASOTA COUNTY, FLORIDA FISCAL YEAR ENDED SEPTEMBER 30, 2023
A MESSAGE FROM KAREN E. RUSHING CLERK OF THE CIRCUIT COURT AND COUNTY COMPTROLLER TO THE CITIZENS OF SARASOTA COUNTY I am pleased to present the Sarasota County IMPACT Report for the fiscal year ended September 30, 2023. This report, which is also called a Popular Annual Financial Report, provides the citizens of Sarasota County an easy-to-read overview of the County’s revenues, expenses and other key economic indicators for the fiscal year that ended on September 30, 2023. My primary focus as County Comptroller is to provide outstanding service to you. I trust you will find this report has been presented in a straightforward manner in describing how your tax money is managed, spent and invested. Sarasota County’s finances continued to strengthen in Fiscal Year 2023, as evidenced by the following comparison to Fiscal Year 2022: • Tourist Development Tax revenues increased by 23.9 percent, from $40.4 million to $50.0 million. • Population increased by 2.6 percent, from 452,378 to 464,223. • Taxable assessed property value increased by 14.2 percent, from $82.4 billion to $94.1 billion. • Total General Fund expenditures were $318.6 million, which was 4.5 percent less than the amended budget of $333.8 million. As Comptroller, I am proud to report that in addition to the GFOA Outstanding Achievement award for financial reporting, Sarasota County was issued the Certificate of Achievement for Excellence in Financial Reporting for our 2022 Annual Comprehensive Financial Report from the Government Finance Officers Association (GFOA). In addition, Sarasota County was issued the Distinguished Budget Presentation Award for fiscal year 2023. We have a dedicated team of talented financial professionals that contributed to such success. Should you desire more information not found in the IMPACT report, you may wish to review the Annual Comprehensive Financial Report, which contains more detailed audited financial information. In addition, the Consolidated Major Revenue and Debt Report provides a summary of the County’s major revenue sources, indebtedness and arbitrage. These reports can be viewed and downloaded at SarasotaClerk.com. If you have any comments or suggestions on how we can improve this report, please contact the Finance Department at (941) 861-5165. Thank you for the opportunity to continue to represent Sarasota County as Clerk of the Circuit Court and County Comptroller. It is a great privilege and honor to serve our community. Sincerely, Karen E. Rushing Clerk of the Circuit Court and County Comptroller SarasotaClerk.com
AT A GLANCE 2 Impact Report 2023 Celery Fields Capital Projects Completed in Fiscal Year 2023 • West Dearborn Street Improvements consisted of new street lighting, improvements to sidewalks, landscaping, additional parking and the installation of a gateway; a first for the County. • Osprey Junction Trailhead which is adjacent to the Legacy Trail includes enhanced native landscaping with buffers and concrete walkways to explore nature and wildlife. • Pinecraft Pedestrian Bridge which provides an 8 foot wide bridge for pedestrians and bicyclists within the community. • Albee Road Bridge was repaired to extend the life by an additional fifteen years. • Several road resurfacing projects completed including milling and paving, school zone improvements, ADA ramp modifications and curb repairs. 2023-2024 Quality of Life Ratings and Surveys* • #5 Best Places to Live in the U.S. • #1 Best Places to Live in Florida • #2 Fastest Growing Places in the U.S. • #7 Safest Places to Live in the U.S. • #18 Best Places to Retire in the U.S. • #8 Best Places for Young Professionals in the U.S. *According to U.S. News & World Report Rankings Fitch and S&P Global Bond Ratings • Fitch Ratings and S&P Global Ratings assigned ‘AA+’ ratings for Sarasota County’s 2023 Capital Improvement Revenue Bonds Series 2023A. • Fitch Ratings and S&P Global Ratings assigned ‘AA+’ ratings for Sarasota County’s 2023 Utility System Revenue Bonds Series 2023. • Fitch Ratings and S&P Global Ratings affirmed an ‘AA+’ long-term rating and underlying rating (SPUR) on the County’s Utility System Revenue Bonds outstanding. • These bond ratings reflect the County’s superior financial management, solid operating profile and are an indication of the economic health and growing, strong and diverse local economy. • High bond ratings allow the County to acquire debt at a lower rate. SARASOTA COUNTY ACCOMPLISHMENTS GOALS OF SARASOTA COUNTY SARASOTA COUNTY GOALS High Performing County Team Team Services World-Class Place Business Great Place to Live World-Class Quality of Life Amenities Exceptional County Services Aligned with Resources Robust, Growing Business Opportunities
Impact Report 2023 3 ABOUT THIS OFFICE The Clerk of the Circuit Court and County Comptroller’s Office was established in 1838 as a Public Trustee and set in place, at the County level, a system of “checks and balances” to serve the public. The Office of the Clerk and Comptroller is governed by statutory authority to carry out duties and functions, in accordance with law, related to record keeping, information management, and financial management for both the judicial system and County government. Functions and duties vary from state to state. In Florida, specifically in Sarasota County, your Clerk and Comptroller serves as: Clerk of the Circuit and County Court • derives authority from the Florida State Constitution and Florida Law • aids and promotes the judicial process 1 County Recorder • creates a permanent record of all mortgages, liens, deeds and other documents affecting real property • collects the documentary stamp and intangible taxes on behalf of the State of Florida • performs weddings and issues marriage licenses • serves as an acceptance agent for the issuance of passports 2 County Comptroller and Treasurer • accounts for the County’s financial resources • prepares and publishes the Sarasota County Annual Comprehensive Financial Report, Consolidated Major Revenue and Debt Report and the IMPACT Report • invests County funds 3 County Internal Auditor and Office of Inspector General • establishes compliance testing with internal controls, prioritized using a risk assessment tool • investigates, as a priority over audits, reported complaints of fraud, waste and abuse 4 Ex-Officio Clerk to the Board of County Commissioners • serves as the custodian of the Board’s records • takes official minutes of commission and other board committee meetings • maintains custody of the official seal and administers it according to the law 5 MISSION STATEMENT To Meet the Needs and Exceed the Expectations of Those We Serve, In Fulfilling Our Constitutional Obligations. GOALS Enhances our value to stakeholders Demonstrates exemplary delivery of service Creates a unified, engaged and productive workforce Maximizes financial performance 1 2 3 4 Integrity: Being forthright with strong ethical values Making A Difference: Always going the extra mile Proficiency: Demonstrating knowledge and experience Accountability: Being responsible and answerable for our actions Commitment: Pledged to be consistent and dedicated Trustworthiness: Taking actions that are reliable and responsible I M P A C T CORE VALUES – I.M.P.A.C.T.
4 Impact Report 2023 According to Article VIII, Section 1 of the Florida Constitution, Florida shall be divided into political subdivisions called counties. County officers shall be elected, by the electors of each county, for terms of four years. County officers include a sheriff, a tax collector, a property appraiser, a supervisor of elections and a clerk of the circuit court. Counties may adopt a county charter; however, the county charter may not abolish the office of a sheriff, a tax collector, a property appraiser, a supervisor of elections, or a clerk of the circuit court; transfer the duties of those officers to another officer or office; change the length of the four-year term of office; or establish any manner of selection other than by election by electors of the county. In 1971, the citizens of Sarasota County adopted a Home Rule Charter in accordance with the Constitution and Statutes of the State of Florida. The Home Rule Charter sets forth a “commission” form of government under which a five member Board of County Commissioners is elected to serve as the executive and legislative body for the County. In addition to the County Commissioners, the citizens of the County elect a Sheriff, a Clerk of the Circuit Court and County Comptroller, a Supervisor of Elections, a Tax Collector, and a Property Appraiser. The elected officials are responsible for all functions, duties and requirements prescribed by the Constitution and the general laws of the State of Florida. Additional functions may be performed as prescribed by ordinance by the Board of County Commissioners. The Board of County Commissioners appoints a County Administrator whose duties include the administration of directives and policies of the Commissioners and provision of services under the purview of the Commissioners. The Board of County Commissioners also appoints a County Attorney, who serves as legal advisor to the Board. COUNTY GOVERNMENT Neil Rainford District 3 Michael A. Moran District 1 Joe Neunder District 4 Mark Smith District 2 Ron Cutsinger District 5 COUNTY COMMISSIONERS Sarasota Bay
Impact Report 2023 5 LOCAL ELECTED OFFICIALS HOW TO CONTACT YOUR LOCAL GOVERNMENT Clerk of the Circuit Court and County Comptroller Karen E. Rushing Historic Courthouse - Main Branch Robert L. Anderson Administration Center www.SarasotaClerk.com (941) 861-7400 Services are also offered at other locations: Sarasota County Administration Center Judge Lynn N. Silvertooth Judicial Center Sheriff Kurt A. Hoffman 6010 Cattleridge Boulevard Sarasota, Florida 34232 www.sarasotasheriff.org (941) 861-5800 Services are offered at another location: 4531 State Road 776 - Venice Supervisor of Elections Ron Turner Sarasota County Terrace Building www.sarasotavotes.gov (941) 861-8600 Services are offered at other locations: Robert L. Anderson Administration Center Biscayne Plaza - North Port Board of County Commissioners Michael A. Moran – District 1 Mark Smith – District 2 Neil Rainford – District 3 Joe Neunder – District 4 Ron Cutsinger – District 5 Sarasota County Administration Center www.scgov.net (941) 861-5344 Property Appraiser Bill Furst Sarasota County Appraiser’s Office www.sc-pa.com (941) 861-8200 Services are offered at another location: Robert L. Anderson Administration Center Tax Collector Barbara Ford-Coates Sarasota County Terrace Building www.sarasotataxcollector.com (941) 861-8300 Services are offered at other locations: 6100 Sawyer Loop Road - Sarasota Robert L. Anderson Administration Center North Port City Hall 4970 City Hall Boulevard County Administrator Jonathan R. Lewis Sarasota County Administration Center www.scgov.net (941) 861-5000 County Attorney Joshua B. Moye Sarasota County Administration Center www.scgov.net (941) 861-7272 County Government Centers Sarasota County Administration Center 1660 Ringling Boulevard Sarasota, Florida 34236 Judge Lynn N. Silvertooth Judicial Center 2002 Ringling Boulevard Sarasota, Florida 34237 Historic Courthouse 2000 Main Street Sarasota, Florida 34237 Robert L. Anderson Administration Center Venice Full Service Office 4000 South Tamiami Trail Venice, Florida 34293 Sarasota County Terrace Building 101 South Washington Boulevard Sarasota, Florida 34236 Sarasota County Operations Center 1001 Sarasota Center Boulevard Sarasota, Florida 34240 Sarasota County Appraiser’s Office 2001 Adams Lane Sarasota, Florida 34237 Sarasota County Emergency Operations Center 6050 Porter Way Sarasota, Florida 34232
Sarasota County continues to show signs of economic strengthening. Taxable property values increased 14.2 percent in fiscal year 2023 and property values for 2024 are projected to continue to increase. Population increased at a rate of 2.6 percent from last year. Approximately 3.1 million tourists visited Sarasota County in fiscal year 2023 and it is the winter home for over seventynine thousand out-of-town residents. Local beach communities have earned an international reputation as a family vacation destination. The art community thrives with world-class facilities including Van Wezel Performing Arts Center, the John and Mable Ringling Museum of Art, and the Asolo Repertory Theatre. Sports tourism is strong with major League Baseball spring training stadiums and a world-class rowing park. DEMOGRAPHICS 6 Impact Report 2023 Taxpayer Taxable Assessed Valuation Florida Power & Light Company $1,028.7 million TB Mall at UTC, LLC $243.3 million MHC-Mobile Home Communities $237.7 million Camelot Ventures-Retirement Communities $144.3 million Sarasota Associates A-1, LLC $134.4 million Employer Employees Sarasota Memorial Hospital 9,785 School Board of Sarasota County 5,917 Publix Super Markets, Inc. 4,611 Sarasota County Government 3,692 PGT Innovations 2,416 Population 464,223 Public School Enrollment 46,070 Per Capita Personal Income $84,035 Median Age 57 Median Single Family Home Sale $515,000 SRQ Airport Passengers 4,249,760 TOP 5 PRINCIPAL PROPERTY TAXPAYERS TOP 5 PRINCIPAL EMPLOYERS
Sarasota County’s housing market showed continued growth during 2023 with a 4.5 percent increase in median sales price for single family homes sales compared to just a year ago. Median sale price is a preferred statistic for economists when comparing values of homes reported sold in a market area. Impact Report 2023 7 2021 2022 2023 Sarasota 395,945 493,000 515,000 Florida 348,000 402,500 410,000 United States 346,900 392,000 412,000 Mortgages 15,427 Deeds 31,526 Foreclosures 369 Median Sales Price Comparison for Single Family Homes Mortgages, Deeds, and Foreclosures filed in 2023 Source: Florida Realtors® Unemployment Rate Comparison Sarasota County 2.8% Florida 2.7% United States 3.6% Bird Key
DISTRICTS $0.019 Southwest Florida Water Management $0.003 West Coast Inland Navigation $0.089 Sarasota Memorial Hospital SARASOTA COUNTY SCHOOL BOARD $0.259 School (State) $0.278 School (Local) SARASOTA COUNTY $0.27 Sarasota County General operating revenue for the Sheriff’s Office, Clerk of the Circuit Court and County Comptroller, Property Appraiser, Supervisor of Elections, Tax Collector, Breeze Transit, Health and Human Services, parks, libraries and other services. $0.008 Sarasota County Debt (ESLPP*) $0.005 Sarasota County Debt (Legacy Trail) $0.004 Mosquito Control $0.056 Sarasota County EMS $0.54 School Total $0.35 County Total $0.11 District Total HOW PROPERTY TAXES WERE ALLOCATED ON MILLAGE RATES HOW TAXES ARE CALCULATED FY23 SARASOTA COUNTY (UNINCORPORATED) [Assessed Value of Property minus Exemption(s)] ÷ 1,000 x Total Millage Rate = Total Property Tax PROPERTY TAXES For illustrative purposes only. Does not include Non-Ad Valorem Assessments. Totals include rounding. *Environmentally Sensitive Lands Protection Program Sarasota County School Board Sarasota County Districts Assessed Value of Property $ 250,000 $ 250,000 $ 250,000 Less: Exemption(s) 25,000 50,000 50,000 Taxable Value 225,000 200,000 200,000 Taxable value divided by 1,000 225 200 200 Millage Rate 6.1800 4.0981 1.2857 Taxes Levied 1,390.50 819.62 257.14 Total Millage Rate 11.5638 Total Property Tax $ 2,467.26 The Board of County Commissioners and other taxing entities set a property tax rate called a “millage rate” which is used to calculate overall property taxes. A “mill” is equal to $1 of tax for every $1,000 of assessed property value. Sarasota County has been able to maintain or improve the level of services provided while sustaining the second lowest millage rate in the State of Florida. 8 Impact Report 2023
The property tax cycle discussed below demonstrates Sarasota County’s separation of powers concerning property tax dollars. The property tax bill property owners pay each year for Ad Valorem assessments funds the School Board, Sarasota County and Special Districts. NOVEMBER Tax Collector mails tax bill to property owners and begins collecting payments. NOVEMBER-MARCH Tax Collector distributes property tax collections to local governments and taxing authorities. The Clerk and Comptroller receives those funds and invests them until they are needed to pay bills. JANUARY Property Appraiser determines market value and exemption eligibility, which is used to calculate your property’s taxable value. JULY Based on how much money is needed to cover expenses, the Board and other taxing entities set millage rates, which are used to calculate property taxes. AUGUST-SEPTEMBER Property Appraiser mails a notice of proposed taxes, or Truth in Millage “TRIM” notice. Taxpayers may challenge the assessment by petitioning the Value Adjustment Board “VAB.” Impact Report 2023 9 PROPERTY TAX CYCLE
Sarasota County’s total adopted budget for fiscal year 2023, which is the financial plan for funding all operations, totaled $1.5 billion. This includes elected and appointed officials, all County personal services, operating, and capital funding required to maintain the adopted level of service. The fiscal year 2023 total adopted budget decreased by 5.2 percent over the previous year. FUND TYPES A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for a specific activity or objective. Sarasota County, as other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. By law, each fund type must be balanced and may not show a deficit. General Fund – Accounts for the County’s primary operating fund that pays for government operations. Special Revenue Funds – Account for specific revenues that are legally restricted to expenditures for particular purposes. Debt Service Funds – Account for the accumulation of resources for, and the payment of, general long term debt principal and interest. Capital Projects Funds – Account for the acquisition and construction of major capital facilities other than those financed by proprietary and trust funds. Permanent Funds – Account for resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support the County’s programs. Enterprise Funds – Account for any activity for which a fee is charged to external users for goods or services. Internal Service Funds – Account for the financing of goods or services provided by one department or agency to other departments or agencies of the government and to other governmental units, on a cost reimbursement basis. 2021 2022 2023 Special Revenue Fund Debt Service Fund Capital Projects Funds Permanent Funds Enterprise Funds Internal Service Funds General Fund BUDGET $200 $300 $400 $500 $600 $700 $800 $100 0 Millions 10 Impact Report 2023 BUDGET BY FUND TYPE Last Three Fiscal Years
FY22 Adopted FY23 Adopted Percent Change Cost Per Person (2) Board of County Commission $ 886,427 $ 932,325 5.18% $ 2.01 Office of Financial Management 6,510,052 7,816,284 20.06% 16.84 Planning and Development Services 47,106,350 47,492,694 0.82% 102.31 Emergency Services 109,932,991 115,930,264 5.46% 249.73 Public Utilities 147,118,669 154,316,609 4.89% 332.42 Solid Waste 59,511,059 67,775,968 13.89% 146.00 Health and Human Services 28,339,584 31,178,088 10.02% 67.16 Human Resources 57,100,988 57,665,324 0.99% 124.22 Enterprise Information Technology 25,084,414 26,597,513 6.03% 57.29 Communications 3,290,905 3,492,757 6.13% 7.52 Office of County Administrator 2,277,945 2,382,374 4.58% 5.13 Governmental Relations (Economic Development) 2,395,817 2,331,986 -2.66% 5.02 Transit 33,894,686 38,191,165 12.68% 82.27 Office of County Attorney 4,134,564 4,368,033 5.65% 9.41 Libraries and Historical Resources 16,822,287 17,966,884 6.80% 38.70 Parks, Recreation and Natural Resources 33,761,753 36,277,513 7.45% 78.15 UF IFAS Extension 2,032,844 2,802,469 37.86% 6.04 General Services 48,139,970 60,024,028 24.69% 129.30 Property Management (Real Estate Services) 1,464,721 1,213,084 -17.18% 2.61 Capital Projects 7,211,216 7,586,934 5.21% 16.34 Public Works 51,694,208 57,635,223 11.49% 124.15 Non-Departmental 113,960,915 102,392,752 -10.15% 220.57 Total $ 802,672,365 $ 846,370,271 5.44% $ 1,823.19 Source: (1) Sarasota County Annual Budget FY2023. (2) Calculation based on 2023 population numbers from the Florida Legislature, Office of Economic and Demographic Research. Tax dollars and other sources of revenue must be spent in accordance with Sarasota County’s budget. The County, in compliance with Florida Statute 129.01(2)(b), budgets taxes and other revenues at 95% of anticipated revenues. The County recognizes the remaining 5% as an acceptable variance factor. The operating budget process is a collaborative effort between the department and the budget analyst staff from the Office of Financial Management. The operating analyst provides reports, financial analysis, historical and trending information to the department to assist in budget formulation. The budget gets preliminary approval from Administration by participating in a budget review process. There are several workshops throughout the year to present the budget to the Board. The Board adopts the budget during two public hearings. Impact Report 2023 11 SELECT OPERATING BUDGETS Myakka Wildflowers at Sunset
12 Impact Report 2023 BUSINESS-TYPE ACTIVITIES Revenues for business-type activities totaled $321.6 million for Sarasota County’s Enterprise funds which consists of Public Utilities, Stomwater Utility, Solid Waste System, and Breeze Transit. The largest revenue is charges for services which totaled $247.9 million. GOVERNMENTAL ACTIVITIES Revenues for governmental activities totaled $824.9 million which primarily includes taxes and charges for services. The largest revenue is Ad Valorem taxes which in fiscal year 2023 totaled $317.1 million. Charges for Services 15.2% State Revenue Sharing 2.5% Miscellaneous 1.6% Ad Valorem Taxes 38.5% Other Taxes 11.9% Operating Grants and Contributions 6.9% Capital Grants and Contributions 6.1% Charges for Services 77.1% Other Revenues 0.6% Operating Grants and Contributions 3.3% Capital Grants and Contributions 13.3% Investment Earnings 5.6% COUNTY REVENUES Local Government Sales Tax 13.3% Investment Earnings 4.0% Sarasota County has multiple sources of revenue. This information is presented on the government-wide financial statements in separate columns referred to as Governmental and Business-Type activities which totaled $1.147 billion.
0 $100 $200 $300 $400 $500 MILLIONS $136,938,581 $424,326,599 $11,866,185 $60,474,649 $10,641,250 $24,638,876 $66,641,788 $8,310,112 General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture And Recreation Interest On Long Term Debt EXPENSES COUNTY EXPENSES Sarasota County presents expenditures on the government-wide financial statement for government funds in functional categories. Each function includes related activities aimed at accomplishing a major service or regulatory responsibility. GOVERNMENTAL ACTIVITIES The total governmental activities expense for fiscal year 2023 increased by $178.4 million from fiscal year 2022 and totaled $743.8 million. The largest functional category is Public Safety which includes the Sheriff and Fire Departments. Impact Report 2023 13 BUSINESS-TYPE ACTIVITIES The business-type activities expense which consists of Public Utilities, Stormwater Utility, Solid Waste System, and Breeze Transit totaled $224.9 million in fiscal year 2023. 0 $20 $40 $60 $80 $100 $120 $140 $160 MILLIONS 149,163,544 13,356,025 24,854,911 37,541,631 Utility System Solid Waste System Stormwater Utility Breeze Transit EXPENSES
Net Position – The difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources. Net Investment in Capital Assets – The difference between the amount paid for capital assets, such as buildings, and any debt used to acquire those assets, such as loans or mortgages. Restricted – Funds that are not available for use by the County because they must be used for a specific purpose or project as required by law or regulation. Unrestricted – The remaining balance available for use that is not invested in capital assets or restricted. A portion of Sarasota County’s net position (17.7 percent) represents resources that are subject to external restrictions on how they may be used. Unrestricted net position ($219.6 million) may be used to meet the government’s ongoing obligations to citizens and creditors. Governmental Activities Business-Type Activities Total 2023 2022 2023 2022 2023 2022 Current And Other Assets $ 866,509 $ 738,651 $ 727,519 $ 711,139 $ 1,594,028 $ 1,449,790 Capital Assets 1,684,999 1,646,986 1,113,103 1,021,133 2,798,102 2,668,119 Total Assets 2,551,508 2,385,637 1,840,622 1,732,272 4,392,130 4,117,909 Deferred Outflows Of Resources 115,712 100,365 13,781 13,301 129,493 113,666 Long-Term Liabilities 748,606 691,407 522,483 531,845 1,271,089 1,223,252 Other Liabilities 206,002 191,465 58,923 51,331 264,925 242,796 Total Liabilities 954,608 882,872 581,406 583,176 1,536,014 1,466,048 Deferred Inflows Of Resources 83,948 42,468 2,658 1,796 86,606 44,264 Net Investment In Capital Assets 1,373,235 1,299,758 792,545 746,905 2,165,780 2,046,663 Restricted 493,290 414,648 20,295 22,399 513,585 437,047 Unrestricted (Deficit) (237,861) (153,744) 457,500 391,297 219,639 237,553 Total Net Position $ 1,628,664 $ 1,560,662 $ 1,270,340 $ 1,160,601 $ 2,899,004 $ 2,721,263 FINANCIAL INFORMATION SUMMARY 14 Impact Report 2023 CONDENSED STATEMENT OF NET POSITION as of September 30, 2023 (in thousands) $5.1M $36.9M $27.7M $24.5M $19.2M $7.2M $120.0M Contingency/Emergency/Disaster Relief Compensated Absences Budget Stabilization and Economic Uncertainty Reserve Unsafe Structure Demolition 911 Communications Fee Medical Benefits Information Technology Fixed Asset Replacement Reserve Fleet Services Fixed Asset Replacement Reserve Utility System Renewal and Replacement Reserve Solid Waste System Debris Removal Solid Waste System Renewal and Replacement 0 20 40 60 80 100 120 Storm Water Solid Waste Utility Internal Service Emergency Services Planning and Development General Fund According to Resolution No. 2022-198, Sarasota County’s reserve policies are based on sound fiscal principles designed to allow the County to maintain continuity of operations in adverse conditions while being mindful of our fiduciary responsibility to taxpayers, both current and future generations. This chart represents Sarasota County’s reserves as of September 30, 2023. COUNTY RESERVES NET POSITION AT A GLANCE
Impact Report 2023 15 DEBT Governmental Activities Business-Type Activities Total 2023 2022 2023 2022 2023 2022 General Obligations $ 54,331 $ 58,257 $ - $ - $ 54,331 $ 58,257 Commercial Paper 22,583 25,583 - - 22,583 25,583 Notes Payable 58,422 76,012 60,390 71,620 118,812 147,632 Non-Self-Supporting Revenue Bonds 190,418 186,939 - - 190,418 186,939 Self-Supporting Revenue Bonds - - 421,228 384,591 421,228 384,591 TOTAL $ 325,754 $ 346,791 $ 481,618 $ 456,211 $ 807,372 $ 803,002 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 from the Solid Waste and Utility Systems has 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. This program is made available 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 offer 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 $4.4 million, or 0.5% during the current fiscal year. OUTSTANDING DEBT as of September 30, 2023 (in thousands)
Sarasota County’s investment in capital assets for its governmental and business-type activities at the end of the current fiscal year amounted to $2.8 billion (net of accumulated depreciation). The County’s total investment in capital assets for the current fiscal year increased by 4.9 percent. Governmental Activities Business-Type Activities Total 2023 2022 2023 2022 2023 2022 Land $ 485,468 $ 476,744 $ 64,254 $ 64,590 $ 549,722 $ 541,334 Land Rights 925 925 - - 925 925 Right of Way/Easements 38,977 38,306 1,214 1,489 40,191 39,795 Buildings and Improvements 252,523 241,885 19,710 21,895 272,233 263,780 Equipment 57,263 53,934 7,770 9,066 65,033 63,000 Infrastructure 640,481 630,154 826,399 793,869 1,466,880 1,424,023 Software 3,660 4,435 - - 3,660 4,435 Right-To-Use Lease Assets 8,763 7,038 93 163 8,856 7,201 Right-To-Use Subscription Assets 9,918 - - - 9,918 - Construction in Progress 187,021 193,565 193,663 130,061 380,684 323,626 TOTAL $ 1,684,999 $ 1,646,986 $ 1,113,103 $ 1,021,133 $ 2,798,102 $ 2,668,119 CAPITAL ASSETS • Land (including land rights, rights of way/easements) • Building and building improvements • Equipment • Software • Water rights • Construction in progress • Infrastructure • Right-to-use leased assets • Right-to-use subscription assets 16 Impact Report 2023 Major capital asset events during the current year included the following: • Downtown cooling plant replacement for Ringling corridor buildings in the amount of $16.5 million. • County roadway improvements for Venice Grove and Tuttle were completed, totaling $13.0 million. This investment in capital assets is comprised of the following: CAPITAL ASSETS, NET OF DEPRECIATION as of September 30, 2023 (in thousands) South County Courthouse
Sarasota County’s Investment Policy was established by ordinance in 1989 and amended as recently as 2023. The Clerk and Comptroller, serving as Treasurer, invests the County’s money in accordance with the written investment policy. The Investment Policy stresses safety of capital as the highest priority. To ensure the safety and protection of the public’s assets, the weighted average duration of principal return shall be less than 2.5 years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured to provide liquidity to pay current obligations. Sarasota County’s Investment Policy and Monthly Investment Summary Reports can be found on the Clerk and Comptroller’s website SarasotaClerk.com. The Clerk and Comptroller monitors and diversifies the portfolio to safely generate the highest yields possible. Sarasota County’s total average portfolio balance for fiscal year 2023 was $1.5 billion. During fiscal year 2023, the County earned $37.0 million in interest income. The following graph is a breakdown of the portfolio by types of investments as of September 30, 2023. INVESTMENTS Fixed MBS 8.9% Treasuries 9.9% LGIP 12.8% Agencies 63.7% Float MBS 3.8% Cash 0.9% PORTFOLIO COMPOSITION Sarasota Portfolio Yield 2 Yr U.S. Treasury Yield 0 1 2 3 4 5 6 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 4.24 4.48 4.38 4.31 4.58 4.43 4.55 4.20 4.96 4.82 4.67 4.03 4.84 4.01 5.17 4.40 5.32 4.90 5.40 4.88 5.42 4.86 5.53 5.04 Impact Report 2023 17 FPO In fiscal year 2023, the County portfolio, under the direction of the Clerk and Comptroller, maintained a weighted average yield of 4.92%. The following graph illustrates the County’s monthly portfolio yield in comparison to the 2-year U.S. treasury yield during fiscal year 2023. SARASOTA COUNTY PORTFOLIO COMPARED TO BENCHMARK
Prepared under the supervision of: Karen E. Rushing Clerk of the Circuit Court and County Comptroller SarasotaClerk.com Prepared and edited by: Nicole E. Jovanovski, CPA, Director of Finance Finance Department Photos courtesy of: Dylan Jon Wade Cox Marina Goritsas Sarasota County Communications Shutterstock - Felix Mizioznikov VisitSarasota.com
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