Sarasota County, Florida Notes to Financial Statements September 30, 2021 Non-major Transportation Authority The Non-major Transportation Authority Fund has a negative unrestricted net position of $2,418,085 as of September 30, 2021. This negative balance is due to the application of pension related accounts as required in GASB 68. The following Internal Service funds ended the year with a deficit balance in unrestricted net position: Public Works The Public Works Fund has a negative unrestricted net position of $2,221,921 as of September 30, 2021. This negative balance is due to the application of pension related accounts as defined in GASB 68. NOTE 17. TAX ABATEMENT Sarasota County has entered into certain agreements that involve tax abatements authorized by Article VII, Section 3 of the Constitution of the State of Florida, and, Section 196.1995 Florida Statutes. The following table outlines the key information regarding the entities involved and the type and amount of taxes abated during the fiscal year ended September 30, 2021. Abatement Type of Amount of Commitment By Contracted Entity Program Tax Abated Tax Abated Contracted Entity Adams Bros. Cabinetry, Inc. d/b/a Adams Group Exemption Ad Valorem $ 253 Facility Expansion Codeware, Inc. Exemption Ad Valorem $ 16,847 Facility Expansion King Plastic Corporation Exemption Ad Valorem $ 2,786 Facility Expansion Millennium Coatings, LLC Exemption Ad Valorem $ 3,800 Construction Of A New Facility PGT Industries, Inc. Exemption Ad Valorem $ 25,871 Construction Of A New Facility PGT Industries, Inc. Exemption Ad Valorem $ 4,649 Facility Expansion Sarasota Medical Products, Inc. Exemption Ad Valorem $ 525 Facility Expansion Tervis Tumbler Company Exemption Ad Valorem $ 14,109 Facility Expansion NOTE 18. CHANGE IN ACCOUNTING PRINCIPLE During the year ended September 30, 2021 the County adopted GASB Statement No. 84, Fiduciary Activities. A change in accounting principle was made to restate beginning fiduciary net position, to comply with the new standard. The total net position restated on the Custodial Funds Statements was $22,118,418. This amount is comprised of $1,955,602 for the Sarasota Board of County Commissioners, $19,093,587 for the Sarasota Clerk of Circuit Court and County Comptroller, and $1,069,229 for the Sarasota County Sheriff. 150
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