IMPACT Report 2024 15 DEBT Governmental Activities Business-Type Activities Total 2024 2023 2024 2023 2024 2023 General Obligations $ 51,180 $ 54,331 $ - $ - $ 51,180 $ 54,331 Commercial Paper 23,295 22,583 - - 23,295 22,583 Notes Payable 51,172 58,422 50,385 60,390 101,557 118,812 Non-Self-Supporting Revenue Bonds 383,009 190,418 - - 383,009 190,418 Self-Supporting Revenue Bonds - - 431,696 421,228 431,696 421,228 TOTAL $ 508,656 $ 325,754 $ 482,081 $ 481,618 $ 990,737 $ 807,372 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 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 $183.4 million, or 22.7 percent during the current fiscal year. OUTSTANDING DEBT as of September 30, 2024 (in thousands)
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