Governmental activities. Governmental activities resulted in an $80.2 million increase in net position because of current fiscal year activities. Revenues related to governmental activities decreased by $67.3 million, or 9.4 percent. The change in revenue is largely due to the following: o Property tax revenues increased by $10.9 million, or 4.5 percent reflective of the increases in taxable assessed property values. o Local government sales tax revenue increased by $14.8 million, or 20.5 percent, due to continued economic recovery. o Operating grants and contributions revenue decreased by $21.5 million, or 30.1 percent due to the receipt of grant revenue received in the prior year not annually recurring. o Capital grants and contributions revenue decreased by $77.4 million or 61.9 percent due to a one time capital contribution received in the prior year not annually recurring. o Investment earnings revenue decreased by $16.9 million, or 93.7 percent primarily due to market changes in current year compared to the prior year. Expenses in governmental activities decreased approximately $30.6 million, or 5.2 percent. Key factors that contributed to the decrease in expenses are identified below. o Public Safety expenses increased by $4.2 million, or 1.5 percent mainly due expenditures incurred due to the global health crisis - COVID-19. o General government expenses decreased by $8.2 million, or 7.3 percent largely due to a reduction in pension expense. o Transportation expenses decreased by $23.2 million, or 27.8 percent largely due to a reduction in pension expense. Business-type activities. Business-type activities were responsible for $55.1 million of the total growth in Sarasota County’s net position for the current fiscal year. Revenues for business-type activities increased by $13.8 million, or 5.8 percent. Key factors that contributed to the increase in revenues are identified below. o Charges for services increased by $18.2 million, or 9.9 percent largely due to overall growth in the County impacting water and wastewater charges. o Capital Grants and Contributions revenue increased by $6.1 million, or 18.6 percent due to developer contributions of $16.6 million. Expenses for business-type activities decreased by $7.7 million, or 3.6 percent. Key factors that contributed to the decrease in expenses are identified below. o The Utility System (water and wastewater utilities) expenses decreased by $5.7 million, or 4.7 percent due to interest expense reduction due to bonds refunding to take advantage of low interest rates this fiscal year. o The Transportation Authority expenses decreased $1.4 million, or 5.3 percent due to modification of operations in part due to the global health crisis - COVID-19. 36
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