The County issued Utility System Revenue Bonds, Series 2020A in the amount of $61.3 million to finance the design, acquisition and construction of facilities expanding and improving the County’s Utility System and to refinance a loan from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. The County issued Utility System Revenue Refunding Bonds, Series 2020B in the principal amount of $44.7 million to advance refund all or a portion of the County’s Utility System Revenue Refunding Bonds, Series 2011A and to advance refund all or a portion of the County’s Utility System Revenue Bonds, Series 2013. The County issued Subordinate Utility System Revenue Refunding Note, Series 2021 in the principal amount of $36.7 million to refinance the County’s outstanding loans from the State of Florida Department of Environmental Protection related to the County’s water and sewer Utility System and to refund the County’s Subordinate Utility System Revenue Refunding Note, Series 2012. The County issued a Solid Waste System Revenue Note, Series 2021 in the principal amount of $32.0 million to finance the acquisition and construction of the County’s Central Solid Waste Phase III Landfill and other improvements to its Solid Waste System. The County issued several commercial paper draws in an amount totaling $15.1 million to finance the cost of County projects. A copy of the Debt Management Policy may be found on the website www.sarasotaclerk.com. Additional information on Sarasota County’s long-term debt activity may be found in Note 7 on pages 111-130 of this report. Economic Factors and Next Year’s Budgets and Rates Sarasota County had an average unemployment rate of 4.1 percent during the current fiscal year, a decrease from the 6.3 percent reported in the previous fiscal year. This rate is lower than the State and the National average for the same time frame. The County has been able to maintain or improve the level of services provided while sustaining one of the lowest millage rates in the State of Florida. The aggregate millage countywide rate (including the Emergency Services Municipal Services Taxing Unit) for the fiscal year 2022 adopted budget is 4.1161. According to the U.S. Department of Commerce Bureau of Economic Analysis, the County's per capita personal income as of 2020 was $70,884. This was one of the highest of the 67 Florida counties. The assessed value of real estate located in the County after exemptions was valued at $70.1 billion in the current fiscal year, which reflects an increase of $4.6 billion or a 7.1 percent increase from the prior fiscal year. During the current fiscal year, new residential and nonresidential construction in the County was valued at $897.8 million. Despite the challenging low interest rate environment, the County’s investment portfolio maintained a weighted average yield of 0.46 percent for fiscal year 2021. All of these factors were considered in preparing Sarasota County’s budget for the 2022 fiscal year. The Board of County Commissioners adopted a Financial Reserves Policy in fiscal year 2006 to ensure there are adequate levels of fund balance to mitigate risks and ensure stable tax rates. For fiscal year 2021, the General Fund had sufficient fund balance to classify 60 days of General Fund operating expenditures, as this reserve has been used to stabilize the budget over the past years. A copy of the Financial Reserves Policy may be found on the website provided below. In accordance with the Financial Reserves Policy, General Fund classifications are reported for Contingency, Emergency and Disaster Relief at $53.9 million and Budget Stabilization and Economic Uncertainty at $43.1 million. Additionally, $4.4 million of fund balance in the General Fund was assigned for compensated absences. Sarasota County has appropriated $22.8 million of the General Fund’s fund balance for spending in the adopted 2022 budget. 40
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