The largest portion of Sarasota County’s net position, $2.0 billion or 76.8 percent, reflects investment in capital assets such as land, buildings, infrastructure, and equipment, less any related outstanding debt used to acquire those assets. Sarasota County uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although Sarasota County’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Sarasota County, Florida Net Position (in thousands) Governmental Business-type Activities Activities Total 2021 2020 2021 2020 2021 2020 Current and other assets Capital assets Total assets $ 676,812 1,597,144 2,273,956 $ 647,317 1,572,200 2,219,517 $ 599,816 959,822 1,559,638 $ 477,250 932,945 1,410,195 $ 1,276,628 2,556,966 3,833,594 $ 1,124,567 2,505,145 3,629,712 Deferred outflows of resources 95,547 141,829 14,068 14,912 109,615 156,741 Long-term liabilities Other liabilities Total liabilities 515,817 193,195 709,012 847,781 140,395 988,176 355,977 51,356 407,333 283,174 45,800 328,974 871,794 244,551 1,116,345 1,130,955 186,195 1,317,150 Deferred inflows of resources 229,150 22,065 16,838 1,740 245,988 23,805 Net investment in capital assets Restricted Unrestricted (def icit) Total net position $ 1,253,150 391,831 (213,640) 1,431,341 $ 1,241,890 371,345 (262,130) 1,351,105 $ 728,899 21,586 399,050 1,149,535 $ 702,068 22,708 369,616 1,094,392 $ 1,982,049 413,417 185,410 2,580,876 $ 1,943,958 394,053 107,486 2,445,497 A portion of Sarasota County’s net position, 16.0 percent, represents resources that are subject to external restrictions on how they may be used. Unrestricted net position, $185.4 million, may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of reporting the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows: Current and other assets for both governmental and business-type activities increased by $152.1 million, or 13.5 percent from the prior fiscal year. The increase is largely related to the receipt of bond proceeds, and increases in intergovernmental receivables for Business-type Activities, and due to funding the County received under Emergency Rental Assistance Program for Governmental Activities. Capital assets for governmental and business-type activities increased by $51.8 million, or 2.1 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39. Long-term liabilities for both governmental and business-type activities decreased by $259.2 million, or 23.0 percent from the prior fiscal year largely due to a reduction in net pension liability as further described in Note 11 on beginning on page 132. 32
RkJQdWJsaXNoZXIy MzM3Mjg=