portion of the costs of the acquisition and construction of additions, extensions and improvements to a multitude of County approved projects and to pay the cost of issuance of the Series 2023A Bonds. The County issued Utility System Revenue Bonds, Series 2023 in the amount of $39.0 million to finance a portion of the costs of the acquisition and construction of additions, extensions and improvements to the County’s utility system and to pay the costs of issuance of the Series 2023 Bonds. A copy of the Debt Management Policy may be found on the website www.sarasotaclerk.com. Additional information on Sarasota County’s long-term debt activity may be found in Note 7 on pages 115-135 of this report. Economic Factors and Next Year’s Budgets and Rates Sarasota County had an average unemployment rate of 2.8 percent during the current fiscal year, an increase from the 2.6 percent reported in the previous fiscal year. This rate is higher than the State and lower than the National average for the same time frame. The County has been able to maintain or improve the level of services provided while sustaining one of the lowest millage rates in the State of Florida. The aggregate millage countywide rate (including the Emergency Services Municipal Services Taxing Unit) for the fiscal year 2024 adopted budget is 4.0981. According to the U.S. Department of Commerce Bureau of Economic Analysis, the County's per capita personal income as of 2022 was $84,035. This was one of the highest of the 67 Florida counties. The assessed value of real estate located in the County after exemptions was valued at $91.4 billion in the current fiscal year, which reflects an increase of $11.7 billion or a 14.2 percent increase from the prior fiscal year. During the current fiscal year, new residential and nonresidential construction in the County was valued at $1.2 billion, an 11.5 percent increase over the prior fiscal year. The County’s investment portfolio maintained a weighted average yield of 4.92 percent for fiscal year 2023. All of these factors were considered in preparing Sarasota County’s budget for the 2024 fiscal year. The Board of County Commissioners adopted a Financial Reserves Policy in fiscal year 2006 to ensure there are adequate levels of fund balance to mitigate risks and ensure stable tax rates. For fiscal year 2023, the General Fund had sufficient fund balance to classify 58 days of General Fund operating expenditures, as this reserve has been used to stabilize the budget over the past years. A copy of the Financial Reserves Policy may be found on the website provided below. In accordance with the Financial Reserves Policy, General Fund classifications are reported for Contingency, Emergency and Disaster Relief at $64.7 million and Budget Stabilization and Economic Uncertainty at $49.9 million. Additionally, $5.4 million of fund balance in the General Fund was assigned for compensated absences. Sarasota County has appropriated $22.9 million of the General Fund’s fund balance for spending in the adopted 2024 budget. For fiscal year 2024, the Board of County Commissioners has assigned $800 thousand to reserves in the General Fund. The reserves are expended as considered and approved by the Board of County Commissioners throughout the 2024 fiscal year. 40
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