expenses and the timing of funding for the projects, the majority of which is allocated to General Government. General Government expenditures include costs for capital projects comprising of land acquisition, finance, plan and constructing infrastructure and also funds park and beach restoration projects. The Debt Proceeds Capital Project Fund has a total fund balance of $166.0 million, an increase of $133.7 million from the prior fiscal year. This increase is largely a result of multiple debt issuances totaling $199.3 million. The fund balance must be used to account for specific general government capital improvements that are financed by the issuance of general obligation and non-self-supporting revenue bonds. During fiscal year 2024, $34.4 million was spent on capital projects, such as the Supervisor of Elections Administration Building, multiple road improvement projects, $15.5 million for the new County Administration Center and $16.0 million for Mote Science Education Aquarium. Proprietary Funds. Sarasota County’s proprietary funds provide the same type of information found in the government-wide statements but in more detail. Unrestricted net position of the Utility System increased $37.2 million to $221.1 million at the end of the fiscal year, primarily due to operating grants increasing $25.0 million. The Solid Waste System unrestricted net position decreased by $6.0 million to $86.7 million at the end of the current fiscal year. This is a result of an increase in the landfill closure liability. The Stormwater Utility unrestricted net position increased $8.0 million to $33.5 million at the end of the current fiscal year primarily due to increases in non-operating revenues such as interest income and change in fair value of investments. Transit reported a decrease in unrestricted net position of $593.8 thousand and reported negative unrestricted fund balance of $2.8 million at the end of the current fiscal year. This is a result of an increase to net pension liability, which varies annually. Unrestricted net position in the proprietary funds is available to fund future needs of their respective activities. Other factors concerning the finances of these funds have previously been addressed in the discussion of Sarasota County’s business-type activities on page 36. Unrestricted net position in the internal services funds amounted to $68.0 million at the end of the current fiscal year, an increase of $9.1 million over the prior fiscal year. The County’s Risk fund reported a negative unrestricted net position of $6.4 million which was an increase of $6.0 million from prior fiscal year. This change was a result of an increase in the actuarial determined vehicle liability that impacted claims paid. The Public Work’s Fund reported a negative unrestricted net position of $3.1 million which was an increase of $295.8 thousand which was largely due to the application of pension related accounts. The information Technology Fund reported a negative unrestricted net position $1.4 million, a decrease of $2.3 million mostly due to the increase in workstation revenue. General Fund Budgetary Highlights During the current fiscal year, the Board of County Commissioners approved a $5.3 million increase in appropriations between the original and the final amended budget. There were no significant budgetary variances between the original and the final amended budget. Budget to actual variances for the General Fund are listed below: General government expenditures were $17.4 million under budget in part due to conservative spending. Budgetary fund balance of $18.7million was budgeted to be used in fiscal year 2024; however, none was used. 38
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