Sarasota County Comprehensive Annual Financial Report 2019

Englewood Community Redevelopment Agency Notes to Financial Statements September 30, 2019 H. TAX INCREMENT REVENUE Tax increment revenues are collected from the County and are the primary source of revenue for the Agency. The tax increment revenue is calculated by applying the adopted millage rate of the County to the increase in current year taxable assessed valuations over the 1999 base year taxable assessed valuations for all properties located within the Agency’s boundaries. The County is required to pay 95% of these incremental property taxes to the Agency. The increase in assessed valuations of property within the boundaries over the base year valuations is presumed to be the result of the redevelopment efforts of the Agency. The calculation of tax increment revenues for the year ended September 30, 2019 was as follows: NOTE 2. INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS The following is a schedule of interfund receivables and payables as of September 30, 2019. A . INTERFUND TRANSFERS Transfers in reflect a return of excess fund balance from Internal Services. Transfers Out reflects the West Dearborn Street project, S McCall improvements and outstanding notes. Assessed property value for 2019 1,285,976,639 $ Assessed property value for the 1999 base year 538,174,830 Increase in assessed property value 747,801,809 $ Assessed property value subject to incremental ad valorem property tax (95%) 710,411,719 $ Millage rate 3.0862 Tax increment revenue transferred to Agency 2,192,473 $ Transfers to Englewood Community Redevelopment Agency fund from: Sarasota County Internal Service Funds 1,661 $ Total transfers in 1,661 $ Transfer from Englewood Community Redevelopment Agency fund to: Sarasota County Nonmajor Governmental Funds 1,115,121 $ Total transfers out 1,115,121 $ 251