Capital Asset and Debt Administration Capital assets. Sarasota County’s investment in capital assets for its governmental and business-type activities, at the end of the current fiscal year, amounted to $2.8 billion (net of accumulated depreciation). This investment in capital assets is comprised of land, land rights, right of ways/easements, building and building improvements, equipment, software, water rights, construction in progress, and infrastructure. Infrastructure consists predominantly of roads and streets (including peripherals) and bridges within governmental activities, and of water and wastewater systems, Stormwater facilities and landfill infrastructure within business-type activities. The County’s total investment in capital assets for the current fiscal year increased by 4.9 percent. During fiscal year 2023, the County capitalized significant lease agreements and software-based subscription services. These amounts have been added to the capital assets (net amortization) in table shown below. Major capital asset events during the current year included: Downtown cooling plant replacement for Ringling corridor in the amount of $16.5 million. County roadway improvements for Venice Grove and Tuttle was completed totaling $13.0 million. Additional information on capital asset activity may be found in Note 6 on pages 108-114 of this report. Long-term debt. At the end of the current fiscal year, Sarasota County had total bonded debt outstanding of $665.9 million. This amount represents $54.3 million of General Obligation bonds secured by the full faith, credit and taxing power of the County and $611.6 million of bonds secured solely by specified revenue sources (revenue bonds). Sarasota County’s total debt increased by $4.4 million, or 0.5 percent during the current fiscal year. The County issued Capital Improvement Revenue Bonds, Series 2023A in the amount of $24.6 million to finance a Capital Assets, Net of Depreciation (in thousands) Governmental Business-type Activities Activities Total 2023 2022 2023 2022 2023 2022 Land $ 485,468 $ 476,744 $ 64,254 $ 64,590 $ 549,722 $ 541,334 Land rights 925 925 - - 925 925 Right of way/easements 38,977 38,306 1,214 1,489 40,191 39,795 Buildings and improvements 252,523 241,885 19,710 21,895 272,233 263,780 Equipment 57,263 53,934 7,770 9,066 65,033 63,000 Infrastructure 640,481 630,154 826,399 793,869 1,466,880 1,424,023 Software 3,660 4,435 - - 3,660 4,435 Right-to-use lease assets 8,763 7,038 93 163 8,856 7,201 Right-to-use subscription assets 9,918 - - - 9,918 - Construction in progress 187,021 193,565 193,663 130,061 380,684 323,626 Total $ 1,684,999 1,646,986 $ $ 1,113,103 1,021,133 $ $ 2,798,102 2,668,119 $ Outstanding Debt (in thousands) Governmental Business-type Activities Activities Total 2023 2022 2023 2022 2023 2022 General Obligations $ 54,331 $ 58,257 - $ - $ $ 54,331 $ 58,257 Commercial paper 22,583 25,583 - - 22,583 25,583 Notes payable 58,422 76,012 60,390 71,620 118,812 147,632 Non-self supporting revenue bonds 190,418 186,939 - - 190,418 186,939 Self supporting revenue bonds - - 421,228 384,591 421,228 384,591 Total $ 325,754 $ 346,791 $ 481,618 $ 456,211 $ 807,372 $ 803,002 39
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