Sarasota County, Florida Notes to Financial Statements September 30, 2021 Additionally, the County is a defendant in various lawsuits in the normal course of business. To the extent the outcome of such litigation has been determined to result in probable loss to the County, such loss has been accrued in the accompanying financial statements. Litigation where loss to the County is reasonably possible has not been accrued; however, a reserve for general liability claims has been established in the risk management fund - see Note 10 for additional information. Although the outcome of the remaining claims is not presently determinable, it is the opinion of the County’s General Counsel that resolution of these matters will not have a material adverse effect on the financial condition of the County. NOTE 15. SUBSEQUENT EVENTS In October 2021, the County adopted Resolution No. 2021-184 to revise the Sarasota County Debt Management Policy. The revisions take into account the change in Federal Securities Law related to taxexempt debt and pronouncements issued by the Governmental Accounting Standards Board relating to taxexempt debt and lease financing. On November 15, 2021, the County entered into a contract for sale and purchase of its Administration building located at 1660 Ringling Blvd., Sarasota, FL 34236. The purchase price was $25,000,000 due within forty-five days of contract effective date, and included a lease provision On November 22, 2021, the County issued Public Improvement Revenue Refunding Bonds, Series 2021A in the principal amount of $15,750,000, to advance refund all of the County’s outstanding Second Guaranteed Entitlement Revenue Bonds, Series 2013. On December 15, 2021, the County issued Public Improvement Revenue Refunding Bonds, Series 2021B, in the principal amount of $20,795,000, to refinance certain loans from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. Also on December 15, 2021, the County executed a Water Infrastructure Finance and Innovation Act (WIFIA) Loan Agreement with the United States Environmental Protection Agency in a principal amount not to exceed $105,410,000, to finance the Bee Ridge Water Reclamation Facility (WRF) Expansion and Advanced Wastewater Treatment (AWT) Conservation Project. On March 15, 2022, the County issued Florida Local Government Finance Commission Pooled Commercial Paper Revenue Note, Draw A-31-1, in the principal amount of $1,133,000, to finance the design costs of the Emergency Services Administration Building Project. Also on March 15, 2022, the County issued Florida Local Government Finance Commission Pooled Commercial Paper Revenue Note, Draw A-32-1, in the principal amount of $23,686,000, to finance costs of the Bee Ridge WRF Expansion and AWT Conversion Project. NOTE 16. DEFICIT FUND BALANCES The following Non-Major Governmental fund ended the year with a deficit balance in unassigned fund balance: Federal, State and Local Grants Fund The Federal, State and Local Grants Fund has a negative unassigned fund balance of $16,361,920 as of September 30, 2021. This negative balance is a result of Hurricane Irma and the Coronavirus Disease (COVID-19) public health emergency. This negative balance will clear after the Federal Emergency Management Agency (FEMA) project worksheets are finalized and approved for reimbursement for both events. The following Enterprise fund ended the year with a deficit balance in unrestricted net position: 149
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