The largest portion of Sarasota County’s net position, $2.3 billion or 71.9 percent, reflects investment in capital assets such as land, buildings, infrastructure, and equipment, less any related outstanding debt used to acquire those assets. Sarasota County uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although Sarasota County’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A portion of Sarasota County’s net position, 19.8 percent, represents resources that are subject to external restrictions on how they may be used. Unrestricted net position, $268.7 million, may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of changes in the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows: • Current and other assets for both governmental and business-type activities increased by $231.4 million, or 14.5 percent from the prior fiscal year. The increase is largely related to unspent bond proceeds at fiscal year end. • Capital assets for governmental and business-type activities increased by $271.9 million, or 9.7 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39. • Long-term liabilities for both governmental and business-type activities increased by $201.1 million, or 15.8 percent from the prior fiscal year due to an increase in bonds payable which is further described in Note 7 beginning on page 118. Sarasota County, Florida Net Position (in thousands) Governmental Business-type Activities Activities Total 2024 2023 2024 2023 2024 2023 Current and other assets $ 1,097,954 $ 866,509 $ 727,477 $ 727,519 1,825,431 $ $ 1,594,028 Capital assets 1,799,717 1,684,999 1,270,323 1,113,103 3,070,040 2,798,102 Total assets 2,897,671 2,551,508 1,997,800 1,840,622 4,895,471 4,392,130 Deferred outflows of resources 130,138 115,712 13,889 13,781 144,027 129,493 Long-term liabilities 939,081 748,606 533,065 522,483 1,472,146 1,271,089 Other liabilities 210,924 206,002 71,368 58,923 282,292 264,925 Total liabilities 1,150,005 954,608 604,433 581,406 1,754,438 1,536,014 Deferred inflows of resources 48,455 83,948 4,234 2,658 52,689 86,606 Net investment in capital assets 1,442,669 1,373,235 879,850 792,545 2,322,519 2,165,780 Restricted 626,004 493,290 15,157 20,295 641,161 513,585 Unrestricted (deficit) (239,324) (237,861) 508,015 457,500 268,691 219,639 Total net position $ 1,829,349 1,628,664 $ $ 1,403,022 1,270,340 $ $ 3,232,371 2,899,004 $ 32
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