Sarasota County, Florida Notes to Financial Statements September 30, 2024 NOTE 15. DEFICIT FUND BALANCES The following Non-Major Governmental fund ended the year with a deficit balance in unassigned fund balance: Federal, State and Local Grants Fund The Federal, State and Local Grants Fund has a negative unassigned fund balance of $63,733,284 as of September 30, 2024. This negative balance is a result of natural disasters that have impacted Sarasota County, most notably Hurricane Ian in fiscal year 2022 and Hurricane’s Debby and Helene in fiscal year 2024. This negative balance will clear after the Federal Emergency Management Agency (FEMA) project worksheets are finalized and approved for reimbursement for those events. The following Enterprise fund ended the year with a deficit balance in unrestricted net position: Non-major Transit The Non-major Transportation Authority Fund has a negative unrestricted net position of $2,752,673 as of September 30, 2024. This negative balance is due to an increase to Net Pension Liability which varies annually. The following Internal Service funds ended the year with a deficit balance in unrestricted net position: Information Technology The County’s Information Technology fund reported a negative unrestricted net position of $1,444,667 as of September 30, 2024. This negative balance was a result of the restricting of capital assets. Risk Management The County’s Risk fund reported a negative unrestricted net position of $6,440,023 as of September 30, 2024. This negative balance was result of an increase in actuarial determined vehicle liability that impacted claims paid. Public Works The Public Works Fund has a negative unrestricted net position of $3,108,786 as of September 30, 2024. This negative balance is due to the application of pension related accounts as defined in GASB 68. 158
RkJQdWJsaXNoZXIy MzM3Mjg=