Sarasota County, Florida Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities For the Year Ended September 30, 2024 Net change in fund balances - total governmental funds $ 269,362,807 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. Reduction of capital expenditures $ 199,178,440 Reduction for reinstated assets 223,136 Depreciation expense (77,351,208) Lease amortization expense (3,617,149) 118,433,219 Debt issuances provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. This is the amount by which repayments exceeded proceeds. Bond proceeds $ 199,315,000 Lease proceeds 2,611,820 Bond premium 18,299,416 Commercial paper proceeds 4,102,000 SIB proceeds 6,181,791 Principal payments-bonds (24,175,000) Principal payments-commercial paper (3,390,000) Principal payments-notes (19,249,831) Principal payments-leases (3,867,900) $ (179,827,296) Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet, to individual funds. The net revenue (expense) of the internal service funds is reported with governmental activities net of outside services. 8,167,765 Some expenses reported in the statement of activities do not require the use of current financial resources, and therefore, are not reported as expenditures in governmental funds. Compensated absences (3,027,648) $ Pension expense 469,865 OPEB expense (124,132) Arbitrage (1,143,772) Bond amortization expense (3,022,036) Lease expense 2,611,820 (4,235,903) Internal charges net effect (15,466,208) Unavailable revenue due from the Florida Department of Revenue 955,654 Capital assets were transferred to governmental funds from business-type funds 405,989 Capital assets were transferred to business-type funds from governmental funds 2,889,576 Change in net position of governmental activities $ 200,685,603 The notes to the financial statements are an integral part of this statement. 55
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