Sarasota County, Florida Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position September 30, 2023 Total fund balances - total governmental funds $ 735,738,442 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds Nondepreciable capital assets $ 712,391,086 Depreciable capital assets (net of leased assets) 947,602,510 Right-to-use lease assets 13,442,751 SBITA 11,562,364 Internal Service (55,178,317) 1,629,820,394 Net OPEB asset, net of internal service funds 923,607 Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. 114,188,881 Amounts are payable to business-type funds resulting from internal service and indirect expense eliminations. (157,460,374) Deferred amounts on debt refundings 4,683,332 Deferred outflows on pensions, net of internal service funds 98,788,693 Deferred outflows on OPEB, net of internal service funds 7,780,958 Long-term liabilities are not due and payable in the current period, and therefore are not reported in the funds. Contracts payable (86,393) Lease liability, net of internal service funds (9,502,114) Bonds payable (178,350,000) Plus: Issuance premium (amortized as interest expense) (18,448,987) Total pension liability, net of internal service funds (399,082,857) Total OPEB liability (12,302,216) GO Bonds payable (47,950,000) Commercial paper payable (22,583,000) Notes payable (58,421,622) Rebatable arbitrage (67,627) Compensated absences, net of internal service funds (35,092,879) Deferred inflows on pensions, net of internal service funds (19,476,010) Deferred inflows on OPEB, net of internal service funds (4,065,216) Deferred inflows on leases (371,126) Net position of governmental activities $ 1,628,663,886 The notes to the financial statements are an integral part of this statement. 51
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