Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 The County also recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the system. Operating expenses for the County’s enterprise and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses The County reports the following proprietary funds: The Utility System Fund (a major fund) is used to account for the operations of the County’s water, wastewater utility services, and all activities necessary to provide such services, including administration, operations, maintenance, financing, billing, and collection. This system operates as an integrated system. The Solid Waste System Fund (a major fund) is used to account for the County’s solid waste disposal facilities and all activities necessary for the provision of this service. The Stormwater Utility Fund (a major fund) is used to account for the operations of the County’s Stormwater utility facilities and all activities necessary for the provision of this service. The Transportation Authority Fund (a non-major fund) is used to account for the operations of the public transportation activities and all revenues, including state and federal grants, and all expenses related to the operation of these services. Internal Service Funds are used to account for the financing of the County’s fleet services, technology, resource management, public works, and self-insurance programs provided by one fund to other funds, business centers and agencies of the County on a cost-reimbursement basis. Additionally, the County reports the following fund types: A Permanent Fund is utilized to account for permanent endowments established for the benefit of the County’s library system. All principal is held in the permanent fund. Investment income is allocated to the specific endowments based on average cash balances and it is then transferred out for expenditure in accordance with laws, donor instructions, and County policy. Fiduciary Funds are used to account for assets held in a trustee or agency capacity for others and therefore cannot be used to support the County’s own programs. The County utilizes a private-purpose trust fund to account for the receipt and expenditure transactions of the Sarasota County Law Library and utilizes agency funds to account for abandoned property, bond money, and other resources held in a purely custodial capacity. The county also utilizes a n employee benefit trust fund to account for investments and expenditures associated with the OPEB trust fund. • BOCC Agency - To account for all assets held by the Board of County Commissioners as an agent for individuals, organizations, or other governments. These funds are: Abandoned Property, Cash Performance and Bid Bonds and Subdivision Improvement Bonds, held in a purely custodial capacity. The County utilizes a n employee benefit trust fund to account for the receipt and expenditure transactions of the Sarasota County Law Library and a n employee benefit trust fund to account for investments and expenditures associated with the OPEB trust fund. • Clerks Agency – To account for all assets held by the Clerk of the Circuit Court and County Comptroller as an agent for individuals, organizations, or other governments. These funds are: Fines and Forfeitures, Tax Deeds Application, Support, Clerk’s Fees, Documentary Stamps, Court Registry, D. O.T. Registry, B.C.C. Registry, Restitution, Cash Bonds, County Court Trust, Circuit Court Trust, County Witness, and State Jury Witness. • Sheriff’s Agency – To account for all assets held by the Sheriff as an agent for individuals, organizations, or other governments. These funds are: Cash Bond, Individual Depositors, Suspense and Prisoner. • Tax Collector Agency - To account for all assets held by the Tax Collector as an agent for individuals, organizations, or other governments. These funds are: Distribution and State Agency. 80