Sarasota County, Florida Notes to Financial Statements September 30, 2024 services which were ordered, budgeted, and appropriated but which had not been received or completed at that date. Although encumbrances lapse at year-end, it is the County’s intention to substantially honor these encumbrances under authority provided in the subsequent year’s budget. Refer to Note 6C for Governmental and Business-type Activities capital commitments. The County has the following significant encumbrances as of September 30, 2024: P. ENDOWMENTS Two donor-restricted and eight designated endowments have been established for the benefit of the County’s library system. Such endowments are reported in the financial statements as a nonmajor governmental fund, or more specifically, a permanent fund type. Florida Statute 738.401 classifies net appreciation on endowments as income, rather than principal, and is hence legally available for spending; however, it is the policy of the County not to appropriate appreciation on investments. One hundred percent of other investment income is appropriated in a special revenue fund and expended for purposes as specified by donors. Q. NET POSITION / FUND BALANCES The government-wide and proprietary fund financial statements utilize a net position presentation. Net position is categorized as net investment in capital assets, restricted net position, or unrestricted net position. Net Investment in Capital Assets - This category groups all capital assets, including infrastructure, into one component of net position. Accumulated depreciation, liabilities, and the outstanding balances of debt attributable to the acquisition, construction or improvement of these assets reduce the balance in this category. Restricted Net Position - This category presents external restrictions imposed by creditors, grantors, contributors, or laws or regulations of other governments and restrictions imposed by law through constitutional provisions or enabling legislation. At year-end, governmental activities net position restricted for other purposes was composed of amounts related to the OPEB asset, transportation programs, environmentally sensitive land programs and the permanent endowment fund. Business-type activities’ net position restricted for other purposes was composed of amounts related to debt service funds. Encumbrance Governmental Activities: General Fund 4,364,310 $ Federal, State & Local Grants 50,351,896 Emergency Services Special Revenue 1,237,586 Nonmajor Governmental Funds 28,887,036 Total Governmental Activities 84,840,828 $ Business-type Activities: Utility System 6,138,994 $ Solid Waste System 12,870,522 Stormwater Utility 2,438,737 Transportation Authority 1,030,028 Total Business-type Activities 22,478,281 $ 89
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