Sarasota County Comprehensive Annual Financial Report 2019

Long-term debt. At the end of the current fiscal year, Sarasota County had total bonded debt outstanding of $402.0 million. This amount represents $36.4 million of General Obligation bonds secured by the full faith, credit and taxing power of the County and $365.6 million of bonds secured solely by specified revenue sources (revenue bonds). Sarasota County’s total debt increased by $28.9 million, or 4.8 percent during the current fiscal year. During the fiscal year, the County issued Utility System Revenue Refunding Bonds, Series 2019A in the amount of $38.7 million to advance refund all of the County’s Utility System Revenue Bonds, Series 2010. This resulted in net present value savings of $10.0 million. The Utility System also issued Commercial paper in the amount of $15.0 million to finance utility system related capital projects. The County issued Capital Improvement Revenue Bonds, Series 2019A in the amount of $15.1 million to finance the cost of the construction of a new Sheriff’s Office Support Services Facility, to provide for Sheriff’s vehicle maintenance and administrative support functions. The County issued Capital Improvement Revenue Refunding Bonds, Series 2019B in the amount of $19.4 million to advance refund all of the County’s outstanding Capital Improvement Bonds, Series 2010A and all of the County’s outstanding Communications Services Tax Revenue Bonds, Series 2010. This resulted in net present value savings of $2.6 million. The County issued General Obligation Bonds (Legacy Trail Project), Series 2019 in the amount of $32.5 million to finance a portion of the costs of the acquisition and improvement of the Legacy Trail Extension railroad corridor within the County. The County issued Capital Improvement Revenue Refunding Bonds, Series 2019C in the amount of $10.2 million to advance refund all of the County’s outstanding Capital Improvement Bonds, Series 2010B. This resulted in net present value savings of $1.0 million. A copy of the Debt Management Policy may be found on the website www.SarasotaClerk.com. Additional information on Sarasota County’s long-term debt activity may be found in Note 7 on pages 108-121 of this report. Economic Factors and Next Year’s Budgets and Rates  Sarasota County had an average unemployment rate of 3.2 percent during the current fiscal year, a marked decrease from the 3.4 percent reported in the previous fiscal year. This rate is slightly lower than State and the National average for the same time frame.  The County has been able to maintain or improve the level of services provided while sustaining one of the lowest millage rates in the State of Florida. The aggregate millage countywide rate (including the Emergency Services Municipal Services Taxing Unit) for the fiscal year 2020 adopted budget is 4.0931.  According to the U.S. Department of Commerce Bureau of Economic Analysis, the County's per capita personal income as of 2018 was $64,868. This was the seventh highest of the 67 Florida counties. Outstanding Debt (in thousands) Governmental Business-type Activities Activities Total 2019 2018 2019 2018 2019 2018 General Obligations 36,385 $ - $ - $ - $ 36,385 $ - $ Commercial paper 17,992 7,703 12,000 - 29,992 7,703 Notes payable 111,551 123,158 85,349 100,306 196,900 223,464 Non-self supporting revenue bonds 201,739 202,368 - - 201,739 202,368 Self supporting revenue bonds - - 163,869 166,478 163,869 166,478 367,667 $ 333,229 $ 261,218 $ 266,784 $ 628,885 $ 600,013 $ 40