The Infrastructure One-Cent Sales Tax Capital Projects Fund has a total fund balance of $80.1 million, an increase $6.7 million from the prior fiscal year. This increase is a result of changes in capital construction related expenses and the timing of funding for the projects, the majority of which, $16.7 million, is allocated to Transportation. Transportation expenditures included costs for the County’s roadway resurfacing, sidewalk program and road improvement projects. The Debt Proceeds Capital Project Fund has a total fund balance of $32.4 million, an increase of $24.5 million from the prior fiscal year. This increase is largely a result of the issuance of the Capital Improvement Revenue Bonds, Series 2023A, in the amount of $24.6 million. The fund balance must be used to account for specific general government capital improvements that are financed by the issuance of general obligation and non-self-supporting revenue bonds. During fiscal year 2023, $2.0 million was spent on capital projects during the current fiscal year, primarily related to general government activities. Proprietary Funds. Sarasota County’s proprietary funds provide the same type of information found in the government-wide statements but in more detail. Despite an increase in overall net position of the utility system of $47.0 million, unrestricted net position decreased by $2.9 million due to the acquisition and construction capital assets. The Solid Waste System unrestricted net position increased by $58.2 million to $92.8 million at the end of the current fiscal year. This is a result of a decrease in the landfill closure liability as Phase III of the central facility was completed and began accepting waste this fiscal year. The Stormwater Utility unrestricted net position increased $4.8 million to $25.5 million at the end of the current fiscal year, primarily due to increase in storm water assessment revenues due to stormwater environmental utility rate model change in the prior year. Transit reported a decrease in unrestricted net position of $2.0 million and reported negative unrestricted fund balance of $2.2 million at the end of the current fiscal year. This is a result of an increase to net pension liability, which varies annually. Unrestricted net position in the proprietary funds is available to fund future needs of their respective activities. Other factors concerning the finances of these funds have previously been addressed in the discussion of Sarasota County’s business-type activities on page 36. Unrestricted net position in the internal services funds amounted to $58.9 million at the end of the current fiscal year, a decrease of $13.3 million over the prior fiscal year. The County’s Risk fund reported a negative unrestricted net position of $424.0 thousand which was an increase of $2.0 million from prior fiscal year. This change was a result of an increase in the actuarial determined vehicle liability that impacted claims paid. The Public Work’s Fund reported a negative unrestricted net position of $2.8 million which was an increase of $996.0 thousand which was largely due to the application of pension related accounts. The information Technology Fund reported a negative unrestricted net position of $3.7 million as a result of the acquisition of capital assets, the application of pension related accounts and the application of right-to-use subscription assets. General Fund Budgetary Highlights During the current fiscal year, the Board of County Commissioners approved a $5.4 million increase in appropriations between the original and the final amended budget. There were no significant budgetary variances between the original and the final amended budget. Budget to actual variances for the General Fund are listed below: General government expenditures were $8.9 million under budget in part due to conservative spending. Appropriations for culture and recreation services were unspent during fiscal year 2023 in the amount of $3.8 million due to a fluctuations in personnel and operating services. Budgetary fund balance of $34.6 million was budgeted to be used in fiscal year 2023; however, none was used. 38
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