Sarasota County, Florida Notes to Financial Statements September 30, 2023 Additionally, the County is a defendant in various lawsuits in the normal course of business. To the extent, the outcome of such litigation has been determined to result in probable loss to the County; such loss has been accrued in the accompanying financial statements. Litigation where loss to the County is reasonably possible has not been accrued; however, a reserve for general liability claims has been established in the risk management fund - see Note 9 for additional information. Although the outcome of the remaining claims is not presently determinable, it is the opinion of the County’s General Counsel that resolution of these matters will not have a material adverse effect on the financial condition of the County. NOTE 14. SUBSEQUENT EVENTS On November 09, 2023, the County issued Capital Improvement Revenue Bonds, Series 2023B in the principal amount of $27,620,000 to finance the construction an Administration office for County Administration and Board Chambers, and an Enterprise Information Technology Center and Employee Health Center. On November 09, 2023, the County issued Infrastructure Sales Surtax Revenue Bonds, Series 2023, in the principal amount of $82,540,000, to finance a variety of capital projects including but not limited to an additional pool at Selby Aquatic Center, advance ROW acquisition program, Blackburn Point Road movable bridge replacement, bridge repair, rehabilitation and replacement program, County History Center/Fruitville Library expansion and renovation, data center replacement, educational outreach garden, Snook Haven Park improvements, fiber optic data transmission lines, Fire/ EMS regional training academy/ phase II construction, Fruitville Road widening from Debrecen Road to Lorraine Road, Honore Avenue widening (Fruitville Road to 17th Street), Lorraine Road extension (Fruitville to Palmer), new County Administration center, parks, recreation and natural resources administration facility, replacement of helicopter air 2, solar photovoltaic program, sports complex, and athletic facilities development and improvements, Nathan Benderson Park connector trail, and the Supervisor of Elections administrative facility. Also on December 11, 2023, the County issued Florida Local Government Finance Commission Pooled Commercial Paper Revenue Note, Draw A-34-1, in the principal amount of $2,991,000, to finance portable mobile radio and ballistic gear projects. On January 16, 2024, the County issued Capital Improvement Revenue Bonds, Series 2024A in the principal amount of $25,035,000, to finance acquisition, construction and equipping of a sports stadium to include approximately four multi-purpose fields, nine youth softball fields, three adult softball fields and multiple buildings across the sports complex, including, but not limited to, maintenance facilities, restrooms, concessions, meeting rooms, office spaces, locker rooms and storage, to be located at the 17th Street Regional Park. NOTE 15. DEFICIT FUND BALANCES The following Non-Major Governmental fund ended the year with a deficit balance in unassigned fund balance: Federal, State and Local Grants Fund The Federal, State and Local Grants Fund has a negative unassigned fund balance of $51,139,173 as of September 30, 2023. This negative balance is a result of Hurricane Irma making landfall on September 10, 2017 and Hurricane Ian making landfall on September 23, 2022. This negative balance will clear after the Federal Emergency Management Agency (FEMA) project worksheets are finalized and approved for reimbursement for those events. The following Enterprise fund ended the year with a deficit balance in unrestricted net position: Non-major Transit The Non-major Transportation Authority Fund has a negative unrestricted net position of $2,158,860 as of September 30, 2023. This negative balance is due to an increase to Net Pension Liability which varies annually. 156
RkJQdWJsaXNoZXIy MzM3Mjg=