Governmental activities. Governmental activities resulted in a $200.7 million increase in net position because of current fiscal year activities. • Revenues related to governmental activities increased by $87.9 million, or 10.7 percent. The change in revenue is largely due to the following: o Property tax revenues increased by $43.9 million, or 13.9 percent reflective of the increases in taxable assessed property values. o Charges for services revenue increased by $19.2 million, or 15.4 percent, mainly due to an increase in emergency services special assessment and increases in ambulance fees received compared to the prior year. o Capital grants and contributions revenue increased by $11.5 million, or 22.7 percent due to the receipt of grant revenue related to road grant projects from the Florida Department of Transportation. o Investment earnings revenue increased by $43.4 million due to market changes in the current year compared to the prior year. • Expenses in governmental activities decreased approximately $50.9 million, or 6.8 percent. Key factors that contributed to the decrease in expenses are identified below. o Public safety expenses decreased from the prior year by $85.0 million or 20.0 percent mainly due to nonrecurring expenditures related to Hurricane Ian. o General government expenses decreased by $19.5 million or 14.2 percent due to a reduction in capital expenditures associated with ongoing capital projects. Business-type activities. Business-type activities were responsible for $132.7 million of the total growth in Sarasota County’s net position for the current fiscal year. Revenues for business-type activities increased by $76.0 million, or 23.6 percent. Key factors that contributed to the increase in revenues are identified below. o Charges for services increased by $11.6 million, or 4.7 percent largely due to overall growth in the County impacting water and wastewater charges. o Operating grants and contributions revenue increased by $25.3 million, or 236.2 percent due to Water Infrastructure Finance and Innovation Acts (WIFIA) proceeds. o Capital grants and contributions revenue increased by $19.3 million, or 45.1 percent mostly due to increases in the capital contribution to the utility systems. o Investment earnings revenue increased by $14.9 million due to market changes in current year compared to the prior year. Expenses for business-type activities increased by $59.2 million, or 26.3 percent. Key factors that contributed to the increase in expenses are identified below. o The Utility System (water and wastewater utilities) expenses increased by $9.7 million, or 6.5 percent due to increases in water purchases and treatment costs. o The Solid Waste System expenses increased by $51.5 million due to the balancing out of the landfill closure liability resulting in a significant reduction in liability and a negative expenditure in FY23 due to the large increase in available landfall capacity. The capacity availability showed normal activity in FY24 which resulted in a normal expenditure which presents a large difference year over year. 36
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