Sarasota County, Florida Notes to Financial Statements September 30, 2024 F. SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITA) A SBITA is a contract that the County has entered into that transfers the right to use another entity’s subscription asset for a specific period of time in an exchange or an exchange like transaction. Under this Statement, the County is required to recognize a subscription liability and an intangible right-to-use subscription asset. For additional information, refer to the disclosures below. On October 1,2022, the County entered into a 36-month software subscription. An initial subscription liability of $907,650. As of year-end, the value of the liability is $304,569. The county is required to make annual payments of $314,431, with an interest rate of 3.2380%. The value of right-to-use leased SBITA is $907,650 with accumulated amortization is $368,943. On October 1,2022, the County entered into a 36-month software subscription. An initial subscription liability of $300,029. As of year-end, the value of the liability is $0. The county is required to make annual payments of $156,883, with an interest rate of 3.2380%. The value of right-to-use leased SBITA is $300,029 with accumulated amortization is $208,710. On October 1,2022, the County entered into a 60-month software subscription. An initial subscription liability of $7,181,303. As of year-end, the value of the liability is $4,860,502. The county is required to make annual payments of $1,315,057, with an interest rate of 3.2380%. The value of right-to-use leased SBITA is $7,181,303 with accumulated amortization is $1,795,326. On October 1,2022, the County entered into a 60-month software subscription. An initial subscription liability of $877,814. As of year-end, the value of the liability is $441,474. The county is required to make annual payments of $156,695, with an interest rate of 3.2380%. The value of right-to-use leased SBITA is $877,814 with accumulated amortization is $345,370. On October 1,2022, the County entered into a 36-month software subscription. An initial subscription liability of $2,295,568. As of year-end, the value of the liability is $1,147,212. The county is required to make annual payments of $601,342, with an interest rate of 3.2380%. The value of right-to-use leased SBITA is $2,295,568 with accumulated amortization is $1,467,379. Principal and Interest Expected to Maturity Fiscal Year Principal Payments Interest Payments Total Payments 2025 33,523 4,425 37,948 2026 34,194 4,042 38,236 2027 34,878 3,646 38,523 2028 35,575 3,235 38,810 2029-2033 188,837 9,493 198,331 2034-2035 53,506 489 53,995 Fiscal Year Principal Payments Interest Payments Total Payments 2025 74,289 2,693 76,982 2026 76,001 2,477 78,478 2027 78,569 2,255 80,824 2028 84,357 2,018 86,375 2029-2033 250,077 7,335 257,413 2034-2038 215,462 4,305 219,767 2039-2042 179,513 983 180,496 Governmental Activities Business-Type Activities 116
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