The largest portion of Sarasota County’s net position, $2.2 billion or 74.7 percent, reflects investment in capital assets such as land, buildings, infrastructure, and equipment, less any related outstanding debt used to acquire those assets. Sarasota County uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although Sarasota County’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A portion of Sarasota County’s net position, 17.7 percent, represents resources that are subject to external restrictions on how they may be used. Unrestricted net position, $219.6 million, may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of changes in the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows: Current and other assets for both governmental and business-type activities increased by $144.2 million, or 10.0 percent from the prior fiscal year. The increase is largely related to the receipt of bond proceeds, and increases in intergovernmental receivables for Governmental Activities. Capital assets for governmental and business-type activities increased by $130.0 million, or 4.9 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39. Long-term liabilities for both governmental and business-type activities increased by $47.8 million, or 3.9 percent from the prior fiscal year due to an increase in net pension liability which is further described in Note 10 on beginning on page 137. Sarasota County, Florida Net Position (in thousands) Governmental Business-type Activities Activities Total 2023 2022 2023 2022 2023 2022 Current and other assets $ 866,509 $ 738,651 $ 727,519 $ 711,139 1,594,028 $ $ 1,449,790 Capital assets 1,684,999 1,646,986 1,113,103 1,021,133 2,798,102 2,668,119 Total assets 2,551,508 2,385,637 1,840,622 1,732,272 4,392,130 4,117,909 Deferred outflows of resources 115,712 100,365 13,781 13,301 129,493 113,666 Long-term liabilities 748,606 691,407 522,483 531,845 1,271,089 1,223,252 Other liabilities 206,002 191,465 58,923 51,331 264,925 242,796 Total liabilities 954,608 882,872 581,406 583,176 1,536,014 1,466,048 Deferred inflows of resources 83,948 42,468 2,658 1,796 86,606 44,264 Net investment in capital assets 1,373,235 1,299,758 792,545 746,905 2,165,780 2,046,663 Restricted 493,290 414,648 20,295 22,399 513,585 437,047 Unrestricted (deficit) (237,861) (153,744) 457,500 391,297 219,639 237,553 Total net position $ 1,628,664 1,560,662 $ $ 1,270,340 1,160,601 $ $ 2,899,004 2,721,263 $ 32
RkJQdWJsaXNoZXIy MzM3Mjg=