Sarasota County Comprehensive Annual Financial Report 2019

Fiscal Year CST Collections Principal Interest Coverage Refunding Local Option Five Cent Gas Tax Collections Principal Interest Coverage Refunding 2010 10,590 $ 1,805 $ 1,637 $ 3.08 - $ 4,333 $ 600 $ 497 $ 3.95 - $ 2011 10,539 1,870 2,527 2.40 - 4,325 620 479 3.94 - 2012 10,735 2,320 2,712 2.13 - 4,139 635 460 3.78 - 2013 10,676 2,395 2,635 2.12 - 4,291 655 439 3.92 - 2014 10,765 2,470 2,296 2.26 16,860 4,389 680 278 4.58 8,800 2015 10,216 2,730 1,870 2.22 10,755 4,419 795 240 4.27 - 2016 9,582 2,965 1,875 1.98 - 4,624 825 210 4.47 - 2017 9,974 3,055 1,774 2.07 - 4,697 845 191 4.53 - 2018 9,851 3,130 1,728 2.03 - 4,894 865 172 4.72 - 2019 9,371 2,760 1,099 2.43 - 4,900 885 152 4.73 - 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. (dollars in thousands) Debt Service Debt Service Communication Services Tax (CST) Revenue Bonds and CST Revenue Refunding Notes (7) Five-Cent Local Option Fuel Tax Revenue Bonds and Five-Cent Local Option Fuel Tax Revenue Refunding Note (8) Sarasota County, Florida Pledged-Revenue Coverage Non-Self Supporting Revenue Debt Last Ten Fiscal Years 288