Sarasota County Comprehensive Annual Financial Report 2019

Fiscal Year First Guaranteed Entitlement Revenues Principal Interest Coverage Refunding Second Guaranteed Entitlement Revenues Principal Interest Coverage 2010 1,120 $ 655 $ 348 $ 1.12 - $ 1,148 $ 655 $ 56 $ 1.61 2011 1,120 680 321 1.12 - 1,148 685 19 1.63 2012 1,120 - 147 7.62 6,737 1,148 - - - 2013 1,120 810 93 1.24 - 1,148 - - - 2014 1,120 820 73 1.25 - 1,148 320 751 1.07 2015 1,120 835 61 1.25 - 1,148 335 744 1.06 2016 1,120 845 49 1.25 - 1,148 340 734 1.07 2017 1,120 855 37 1.26 - 1,148 355 724 1.06 2018 1,120 875 25 1.24 - 1,148 365 713 1.06 2019 1,120 885 13 1.25 - 1,148 375 702 1.07 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. (1) Capital Improvement Revenue Bonds and Capital Improvement Revenue Refunding Bonds, except for the 2002 Series, are secured by a lien upon and an irrevocable pledge of all the monies received by the County from the Local Government Half-Cent Sales Tax distributed to the County pursuant to Chapter 218, Part VI Florida Statutes. (2) Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2014 and 2015 were issued to advance refund the Infrastructure Sales Surtax Bonds, Series 2008B maturing on or after Oct. 1, 2018 and Series 2008A maturing on or after Oct. 1, 2019, respectively. (3) Cash defeasance of $11,490,000 on the Limited Ad Valorem, Series 2008 bonds and a prepayment of $4,405,000 on the Limited Ad Valorem, Series 2010 bank term loan. (4) Limited Ad Valorem Tax Refunding Bond, Series 2014 was issued to advance refund the Limited Ad Valorem Bonds, Series 2008 maturing on or after Oct. 1, 2019. (5) Capital Improvement Refunding Revenue Bonds, Series 2002 and Sales Tax Revenue Bonds, Series 2002 were refunded in FY12. 1st Guaranteed Entitlement Revenue Refunding Note principal payments began in FY13. (6) Second Guaranteed Entitlement Refunding Revenue Bonds were refunded in fiscal year 2011. Second Guaranteed Entitlement Revenue Bonds were issued in FY14. (7) CST Revenue Refunding Note, Series 2014 was issued to advance refund the CST Revenue Bonds, 2005A and 2005B maturing on or after October 1, 2016. CST Revenue Refunding Note, Series 2015 was issued to advance refund the CST Revenue Bonds, Series 2006 maturing on or after Oct. 1, 2019. (8) Five-Cent Local Option Fuel Tax Revenue Refunding Note was issued in FY14 to advance refund the Five-Cent Local Option Fuel Tax Revenue Bonds, Series 2005 maturing beginning October, 1, 2016. Debt Service Sarasota County, Florida Non-Self Supporting Revenue Debt Last Ten Fiscal Years Debt Service Pledged-Revenue Coverage (dollars in thousands) Second Guaranteed Entitlement Revenue Bonds and Second Guaranteed Entitlement Revenue Refunding Bonds (6) Capital Improvement Revenue Refunding Bonds, Series 2002 & 1st Guaranteed Entitlement Revenue Refunding Note (5) 286