Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Additions to revenue bonds is comprised of one new bond issue at a premium totaling $47,013,185. Retirement of revenue bonds are for current year principal payments, amortization of bond premiums, and advance refunding of a bond. Additions to commercial paper is for one new note. Retirements of commercial paper are for current year principal payments. Retirement of notes payable are for current year principal payments. Compensated absences and Landfill closure are typically liquidated by the individual fund to which the liability is directly associated. NOTE 8. LEASE OBLIGATIONS Operating Leases The County leases transportation equipment, office space, office equipment and uniforms under operating leases. These leases expire or are cancelable within the next fiscal year. In most cases the County expects that in the normal course of operations, these leases will be renewed or replaced by other leases. Total rental expenditures for all operating leases within governmental activities for the year ended September 30, 2019 were approximately $1,638,225. Total rental expenditures for all operating leases within business- type activities for the year ended September 30, 2019 were approximately $1,157,224. NOTE 9. LANDFILL CLOSURE AND POSTCLOSURE CARE COST State and federal laws and regulations require the Solid Waste System to place a final cover on its Bee Ridge and Central County landfill sites when it stops accepting waste and to perform certain maintenance and monitoring functions at each site for thirty years after closure. Although closure and post closure care costs will be paid only near or after the date that the landfill stops accepting waste, the System reports a portion of these closure and post closure costs each balance sheet date. The $31,313,493 reported as landfill closure and post closure care liability at year end, represents the cumulative amount reported to date based on the use of one hundred percent of the estimated capacity of the Bee Ridge landfill and 64.9 percent of the estimated capacity of the Central County landfill. The System will recognize the remaining estimated cost of care of $9,225,670 as the remaining estimated capacity at the Central County landfill is filled. Amounts Due Beginning Ending Within One Balance Additions Retirements Balance Year Business-type Activities Revenue bonds $166,478,120 $ 47,013,185 $ 49,622,117 $163,869,188 $ 1,870,000 Commercial paper - 15,000,000 3,000,000 12,000,000 3,000,000 Notes and loans payable from direct placements 61,075,000 - 11,885,000 49,190,000 11,955,000 Notes and loans payable from direct borrowings 39,231,001 - 3,071,681 36,159,320 3,158,394 Compensated absences 1,818,779 947,715 661,129 2,105,365 1,957,989 Landfill closure 28,782,198 2,859,281 327,986 31,313,493 357,410 Total long-term liabilities– business-type activities $297,385,098 $ 65,820,181 $ 68,567,913 $294,637,366 $22,298,793 121