Sarasota County, Florida Notes to Financial Statements September 30, 2021 Additionally, the County reports the following fund types: A Permanent Fund is utilized to account for permanent endowments established for the benefit of the County’s library system. All principal is held in the permanent fund. Investment income is allocated to the specific endowments based on average cash balances and it is then transferred out for expenditure in accordance with laws, donor instructions, and County policy. Fiduciary Funds are used to account for assets held in a trustee or custodial capacity for others and therefore cannot be used to support the County’s own programs. The County utilizes a private-purpose trust fund to account for the receipt and expenditure transactions of the Sarasota County Law Library and utilizes custodial funds to account for abandoned property, bond money, and other resources held in a purely custodial capacity. The County reports the following trust funds: Law Library Trust the County utilizes a private-purpose trust fund to account for the receipt and expenditure transactions of the Sarasota County Law Library. OPEB Trust the County utilizes an employee benefit trust fund to account for investments and expenditures associated with the OPEB trust fund. The County reports the following custodial funds: The Board Custodial Funds are used to account for all assets held by the Board of County Commissioners as an agent for individuals, organizations, or other governments. These funds are: Abandoned property, cash performance and bid bonds and subdivision improvement bonds, held in a purely custodial capacity. The Clerk’s Custodial Funds are used to account for all assets held by the Clerk of the Circuit Court and County Comptroller as an agent for individuals, organizations, or other governments. These funds are: Fines and forfeitures, tax deeds application, support, Clerk’s fees, documentary stamps, court registry, D.O.T. registry, B.C.C. registry, restitution, cash bonds, county court trust, circuit court trust, county witness, and state jury witness. The Sheriff’s Custodial Funds are used to account for all assets held by the Sheriff as an agent for individuals, organizations, or other governments. These funds are: cash bond, individual depositors, suspense and prisoner. The Tax Collector Custodial Funds are used to account for all assets held by the Tax Collector as an agent for individuals, organizations, or other governments. These funds are: Tax Distribution and state agency. C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING The accounting and financial reporting treatment is determined by the appropriate measurement focus and basis of accounting. The measurement focus indicates the type of resources being measured, such as current financial resources (current assets less current liabilities) or economic resources (all assets and liabilities). The basis of accounting refers to when revenues and expenditures, or expenses, are recognized in the accounts and reported in the financial statements. The basis of accounting relates to the timing of the measurements not the measurement focus applied. 83
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