Sarasota County, Florida Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position September 30, 2024 Total fund balances - total governmental funds $ 1,005,101,249 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds Nondepreciable capital assets $ 799,283,889 Depreciable capital assets (net of leased assets) 984,736,307 Right-to-use lease assets 8,320,640 SBITA 7,376,636 Internal Service (50,249,077) 1,749,468,395 Net OPEB asset, net of internal service funds 2,226,077 Lease interest receivable 13 Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. 118,565,656 Amounts are payable to business-type funds resulting from internal service and indirect expense eliminations. (169,426,716) Deferred amounts on debt refundings 9,524,011 Deferred outflows on pensions, net of internal service funds 109,371,381 Deferred outflows on OPEB, net of internal service funds 6,610,624 Long-term liabilities are not due and payable in the current period, and therefore are not reported in the funds. Lease liability, net of internal service funds (8,808,255) Bonds payable (355,985,000) Plus: Issuance premium (amortized as interest expense) (32,748,838) Total pension liability, net of internal service funds (389,271,769) Total OPEB liability (13,156,376) GO Bonds payable (45,455,000) Commercial paper payable (23,295,000) Notes payable (51,171,790) Rebatable arbitrage (1,211,399) Compensated absences, net of internal service funds (38,120,527) Deferred inflows on pensions, net of internal service funds (39,399,922) Deferred inflows on OPEB, net of internal service funds (3,467,325) Net position of governmental activities $ 1,829,349,489 The notes to the financial statements are an integral part of this statement. 51
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