Sarasota County Comprehensive Annual Financial Report 2019

A portion of Sarasota County’s net position, (16.1 percent), represents resources that are subject to external restrictions on how they may be used. Unrestricted net position ($126.6 million) may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of reporting the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows:  Capital assets for governmental and business-type activities increased by $28.5 million, or 1.2 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39.  Long-term liabilities for both governmental and business-type activities increased by $78.6 million, or 8.2 percent from the prior fiscal year. Additional information regarding this increase in long-term liabilities is located in the long-term debt section of this analysis on page 40. Sarasota County, Florida Net Position (in thousands) Governmental Business-type Activities Activities Total 2019 2018 2019 2018 2019 2018 Current and other assets 548,114 $ 496,984 $ 475,667 $ 434,381 $ 1,023,781 $ 931,365 $ Capital assets 1,456,596 1,419,608 911,174 919,649 2,367,770 2,339,257 Total assets 2,004,710 1,916,592 1,386,841 1,354,030 3,391,551 3,270,622 Deferred outflows of resources 136,024 143,253 14,213 12,355 150,237 155,608 Long-term liabilities 737,857 654,489 295,310 300,039 1,033,167 954,528 Other liabilities 125,650 118,488 43,904 38,955 169,554 157,443 Total liabilities 863,507 772,977 339,214 338,994 1,202,721 1,111,971 Deferred inflows of resources 37,150 44,299 2,901 3,569 40,051 47,868 Net investment in capital assets 1,130,272 1,111,431 673,063 660,893 1,803,335 1,772,324 Restricted 333,259 294,313 35,814 35,342 369,073 329,655 Unrestricted (deficit) (223,454) (163,175) 350,061 327,587 126,607 164,412 Total net position 1,240,077 $ 1,242,569 $ 1,058,938 $ 1,023,822 $ 2,299,015 $ 2,266,391 $ 32