Sarasota County Comprehensive Annual Financial Report 2019

Clerk of Circuit and County Court  Clerk of Board of County Commissioners  County Comptroller, Auditor and Recorder KAREN E. RUSHING Clerk of the Circuit Court and County Comptroller 2000 Main Street   P.O. Box 3079  Sarasota, FL 34230-3079   Phone: 941-861-7400   www.SarasotaClerk.com Date March 06, 2020 To the Citizens of Sarasota County, Florida: We are pleased to present to you the Comprehensive Annual Financial Report of Sarasota County, Florida for the fiscal year ended September 30, 2019. The Clerk of the Circuit Court and County Comptroller, by authority of the Constitution of the State of Florida, is responsible for both the accuracy of the presented data as well as the completeness and fairness of the presentation. We believe the data, as presented, is accurate in all material aspects, that it is presented in a manner designed to fairly set forth the financial position and results of the operations of the County, and that all disclosures necessary to enable the reader to obtain a comprehensive understanding of the County have been included. Internal controls for the County have been designed to provide reasonable assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintain accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluation of costs and benefits requires estimates and judgements by management. Chapter 218.39 of the Florida Statutes requires an annual independent certified public accountant’s financial audit of counties in the State. This requirement has been met for the fiscal year ended September 30, 2019. In addition to meeting the requirements set forth in the state statutes, the audit was designed to meet the requirements of the Government Auditing Standards , the audit requirement of title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance or UG), and the Rules of the Auditor General, Chapter 10.550. The County’s financial statements were audited by CliftonLarsonAllen, LLP., an independent certified public accounting firm. The goal of the audit is to provide reasonable assurance that the financial statements are free from material misstatement. Based on their audit, the independent auditors concluded that there was a reasonable basis for rendering an unmodified opinion that the County’s financial statements, for the fiscal year ended September 30, 2019, were fairly presented in conformity with Generally Accepted Accounting Principles (GAAP). The independent auditors’ report is located at the front of the Financial Section of this report. The independent auditors' reports related specifically to Government Auditing Standards and the single audit are included in the Single Audit Grants Compliance Section. Management’s Discussion and Analysis (MD&A) can be found immediately following the independent auditors’ report. The MD&A provides a narrative introduction, overview, and analysis of the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. County profile Sarasota County is a political subdivision of the State of Florida and was formally incorporated in 1921. Located on the southwest coast of Florida, the County is a 725 square mile area with outstanding natural beauty. The resident population served is approximately 426,275. The resident population includes Unincorporated County (pop. 268,026) and four municipalities: the Cities of Sarasota (pop. 56,692), Venice (pop. 23,315), North Port (pop. 73,652) and the Town of Longboat Key (pop. 4,590). Sarasota County is empowered to levy a property tax on both real and personal property located within its boundaries. 11