Sarasota County, Florida Notes to Financial Statements September 30, 2021 The County assesses properties, bills for and collects property taxes as follows: Lien date - June 1 Levy date - November 1 Tax bills mailed - November 1 Collection dates - 4% discount if paid in November - 3% discount if paid in December - 2% discount if paid in January - 1% discount if paid in February Due date - Before April 1 Tax certificate sale for delinquent property taxes - June 1 T. ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. U. PENSIONS In the government-wide and proprietary funds statements of net position, liabilities are recognized for the County’s proportionate share of each pension plan’s net pension liability. For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined benefit plan, the Health Insurance Subsidy (HIS) and the City of Sarasota firefighters pension plan and additions to / deductions from FRS’s, HIS’s and the firefighters pension plan fiduciary net position have been determined on the same basis as they are reported by each plan. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds of employee contributions are recognized when due and payable in accordance with the benefit terms. Each plan’s investments are reported at fair value. V. IMPLEMENTATION OF GOVERNMENTAL ACCOUNTING STANDARDS STATEMENTS The County implemented the following GASB Statements during the fiscal year ended September 30, 2021: (1) Statement No. 84, “Fiduciary Activities”, improves guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. The Statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Other criteria is included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. This statement was fully implemented for fiscal year 2021 and Note 18 has additional details. (2) Statement No. 90, “Majority equity interest – An amendment of GASB Statements No. 14 and No. 61”, is intended to improve the consistency and comparability of reporting a government’s major equity interest in a legal separate organization and to improve the relevance of financial statement information for certain component units. This statement was fully implemented for fiscal year 2021, and did not have an impact to the County’s financial position or results of operations. (3) Statement No. 92, “Omnibus 2020”, establishes accounting and financial reporting requirements for specific issues related to leases, intra-entity transfers of assets, postemployment benefits, government acquisitions, risk financing and insurance-related activities of public entity risk pools, fair value measurements, and derivative instruments. This statement was fully implemented for fiscal year 2021 with no impact on the County’s financial statements. 92
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