Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 FMIvT Diversified Small to Mid Cap Equity Portfolio This portfolio invests mainly in domestic stocks. The majority of the underlying securities have observable level 1 quoted pricing inputs. Most of the security prices were obtained from a pricing service, Interactive Data Corporation (IDC). While the underlying asset values are based on quoted market prices, the net asset value of the portfolio is not publicly quoted. Members should consider reporting these shares as level 2, since the value is based on market-corroborated data. FMIvT International Equity Portfolio This portfolio invests in two underlying funds, the Investec International Dynamic Equity Fund, LLC (Investec Fund) and the Wells Capital Management 525 Market Street Fund, LLC Wells Fund), shares of which are not publicly quoted. Both Funds invest in stocks sold on U.S. and international exchanges, all of which have observable level 1 quoted pricing inputs. The value of the shares of the Investec Fund and the Wells Fund investment is determined based on the net asset value provided by the Funds, which was calculated in accordance with generally accepted accounting principles. Members should consider reporting these shares as level 2, since the value is based on market-corroborated data. FMIvT Core Real Estate Fund This portfolio invests in a single underlying fund, the Morgan Stanley Prime Property Fund (Morgan Stanley Fund), shares of which are not publicly quoted. The Morgan Stanley Fund invests in core real estate in the U.S. The value of the Morgan Stanley Fund investments was determined based on quarterly real estate appraisals, which were calculated in accordance with generally accepted accounting principles. Members should consider reporting shares as level 3, since the value is based on unobservable inputs. NOTE 4. RECEIVABLES Governmental funds report unearned revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Both governmental and enterprise funds defer revenue recognition in connection with resources that have been received, but not yet earned. Accounts receivable for governmental activities are net of an estimated collection allowance of $29,827,598. Accounts receivable for business-type activities does not include an estimated collection allowance. All receivable balances are expected to be received within the subsequent year. NOTE 5. INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS The following is a schedule of interfund receivables and payables as of September 30, 2019: A. DUE TO/FROM OTHER FUNDS: Due to General Fund from: 4,464,112 $ 4,464,112 $ 5,525,177 $ 5,525,177 $ Nonmajor Governmental funds Total Due to General Fund Due to Solid Waste from: Nonmajor Governmental funds Total due to Solid Waste Total Interfund Payable 9,989,289 $ 101