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)
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