Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Federal, State and Local Grants Fund The Federal, State and Local Grants Fund has a negative unassigned fund balance of $3,894,047 as of September 30, 2019. This negative balance is a result of Hurricane Irma making landfall on September 10, 2017. This negative balance will clear after the Federal Emergency Management Agency (FEMA) project worksheets are finalized and approved for reimbursement. The following Enterprise Fund ended the year with a deficit balance in unrestricted net position: Non-major Transportation Authority The Non-major Transportation Authority fund has a negative unrestricted net position of $3,038,599 as of September 30, 2019. This negative balance is due to the application of pension related accounts as required in GASB 68. The following Internal Service Funds ended the year with a deficit balance in unrestricted net position: Workers’ Compensation The Workers’ Compensation fund has a negative unrestricted net position of $4,129,802 as of September 30, 2019. This negative balance is due to an unforeseen increase to the claims liability balance which is actuarially determined. Public Works The Public Works fund has a negative unrestricted net position of $1,937,419 as of September 30, 2019. This negative balance is due to the application of pension related accounts as defined in GASB 68. NOTE 17. TAX ABATEMENT Sarasota County has entered into certain agreements that involve tax abatements authorized by Article VII, Section 3 of the Constitution of the State of Florida, and, Section 196.1995 Florida Statutes. The following table outlines the key information regarding the entities involved and the type and amount of taxes abated during the fiscal year ended September 30, 2019. Contracted Entity Abatement Program Type of Tax Abated Amount of Tax Abated Commitment By Contracted Entity King Plastic Corporation Exemption Ad Valorem $ 3,498 Facility Expansion Adams Bros. Cabinetry, Inc. d/b/a Adams Group Exemption Ad Valorem $ 365 Facility Expansion Sarasota Medical Products, Inc. Exemption Ad Valorem $ 770 Facility Expansion PGT Industries, Inc. Exemption Ad Valorem $ 13,647 Facility Expansion PGT Industries, Inc. Exemption Ad Valorem $ 24,497 Construction of a New Facility Millennium Coatings, LLC Exemption Ad Valorem $ 3,799 Construction of a New Facility Tervis Tumbler Company Exemption Ad Valorem $ 17,827 Facility Expansion 142