Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities For the Year Ended September 30, 2019 Net change in fund balances - total governmental funds 56,174,002 $ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. Reduction of capital expenditures 101,075,753 $ Reduction for reinstated assets 62,184 Contribution for capital assets 1,021,150 Depreciation expense (73,934,751) 28,224,336 Debt issuances provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. This is the amount by which repayments exceeded proceeds. Bond proceeds 77,140,000 $ Bond premium 10,849,735 Commercial paper proceeds 10,795,000 Refunding other sources to escrow (34,654,374) Principal payments-bonds (17,155,000) Principal payments-commercial paper (506,000) Principal payments-notes (11,606,513) (34,862,848) Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet, to individual funds. The net revenue (expense) of the internal service funds is reported with governmental activities net of outside services. 3,931,011 Some expenses reported in the statement of activities do not require the use of current financial resources, and therefore, are not reported as expenditures in governmental funds. Pension expense (40,363,483) $ OPEB Expense (4,690,485) Compensated absences (2,500,374) Bond issue costs (634) Arbitrage (9,844) Amortization expenses 280,686 (47,284,134) Internal charges net effect (10,079,084) Developers contributed local roads and park land 4,019,042 Unavailable revenue due from the Florida Department of Revenue (688,911) Capital assets were transferred to governmental-type funds from 2,181 business type funds Capital assets were transferred to business-type funds from (1,927,992) governmental activities. (2,492,397) $ Change in net position of governmental activities The notes to the financial statements are an integral part of this statement. 55