Sarasota County Comprehensive Annual Financial Report 2019

SARASOTA COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2019 TABLE OF CONTENTS INTRODUCTORY SECTION: Page Letter of Transmittal .............................................................................................................................................................. 11 Certificate of Achievement for Excellence in Financial Reporting for Fiscal Year 2018 ....................................................... 18 Sarasota County Government Organizational Chart ............................................................................................................ 21 FINANCIAL SECTION: Independent Auditors’ Report ............................................................................................................................................... 25 Management’s Discussion and Analysis............................................................................................................................... 29 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ........................................................................................................................................ 44 Statement of Activities.............................................................................................................................................. 46 Fund Financial Statements: Governmental Funds: Balance Sheet – Governmental Funds ............................................................................................................. 48 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position .................................................................................................................... 51 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds.......................................................................................................... 52 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities............................................................................................. 55 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - General Fund ............................................................................................................................................... 56 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - Emergency Services Special Revenue Fund............................................................................................... 58 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - Capital Revenue Programs Special Revenue Fund .................................................................................... 59 Proprietary Funds: Statement of Net Position – Proprietary Funds ................................................................................................. 60 Reconciliation of the Proprietary Funds Statement of Net Position to the Statement of Net Position .................................................................................................................... 65 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ......................... 66 Reconciliation of the Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position to the Statement of Activities ...................................................................................................... 69 Statement of Cash Flows – Proprietary Funds.................................................................................................. 70 Fiduciary Funds: Statement of Fiduciary Net Position – Fiduciary Funds .................................................................................... 74 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ................................................................. 75 Notes to the Financial Statements: 1) Summary of Significant Accounting Policies ..................................................................................................... 77 2) Stewardship, Compliance, and Accountability .................................................................................................. 92 3) Cash, Investments and Securities Lending ....................................................................................................... 93 4) Receivables ..................................................................................................................................................... 101 5) Interfund Receivables, Payables, and Transfers............................................................................................. 101 6) Capital Assets.................................................................................................................................................. 104 7) Long-Term Debt............................................................................................................................................... 108 8) Lease Obligations ............................................................................................................................................ 121 3