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Table of Contents
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5 |
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Introductory Section
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11 |
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Letter of Transmittal
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13 |
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Certificate of Achievement for Excellence in Financial Reporting for 2018
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20 |
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Sarasota County Government Organizational Chart
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23 |
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Financial Section
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25 |
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Independent Auditor's Report
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27 |
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Management's Discussion and Analysis
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31 |
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Basic Financial Statements
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44 |
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Government-wide Financial Statement:
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46 |
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Statement of Net Position
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46 |
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Statement of Activities
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48 |
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Fund Financial Statement:
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50 |
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Governmental Funds:
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50 |
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Balance Sheet-Governmental Funds
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50 |
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Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position
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53 |
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Statement of Revenues, Expenditures and Changes in Fund Balances-Governmental Funds
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54 |
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Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities Revenues, Expenditures, and Changes Fund
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57 |
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Statement of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual-General Fund
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58 |
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Statement of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual-Emergency Services Special REvenue Fund
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60 |
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Statement of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual-Capital Revenue Programs Special Revenue Fund
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61 |
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Proprietary Funds:
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62 |
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Statement of Net Position- Proprietary Funds
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62 |
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Reconciliation of the Proprietary Funds Statement of Net Position
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67 |
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Statement of Revenues, Expenses and Changes in Fund Net Position- Proprietary Funds
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68 |
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Reconciliation of the Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position to the Statement of Activities
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71 |
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Statement of Cash Flows- Proprietary Funds
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72 |
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Fiduciary Funds
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76 |
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Statement of Fiduciary Net Position - Fiduciary Funds
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76 |
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Statement of Changes in Fiduciary Net Positions- Fiduciary Funds
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77 |
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Notes to the Financial Statements
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79 |
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Note 1 -Summary of Significant Accounting Policies
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79 |
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Note 2 -Stewardship, Compliance, and Accountability
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94 |
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Note 3- Cash, Investments and Securities Lending
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95 |
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Note 4- Receivables
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103 |
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Note 5- Interfund Receivables, Payables, and Transfers
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103 |
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Note 6- Capital Assets
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106 |
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Note 7-Long Term Debt
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110 |
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Note 8-Lease Obligations
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123 |
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Note 9-Landfill Closure and Postclosure Care Costs
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123 |
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Note 10- Risk Management
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124 |
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Note 11- Employee Retirement Plans
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125 |
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Note 12- Deferred Compensation Plan
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136 |
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Note 13- Post Employment Benefits (Other Than Pensions)
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136 |
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Note 14- Contingencies
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143 |
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Note 15-Subsequent Events
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143 |
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Note 16- Deficit Fund Balances
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143 |
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Note 17- Tax Abatement
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144 |
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Required Supplementary Information
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145 |
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Schedule of Changes in the County's Net OPEB Liability and Released Ratios
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146 |
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Schedule of Contributions for the County's OPEB Trust Fund
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147 |
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Schedule of Changes in the Sheriff's Net OPEB Liability and Related Ratios
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149 |
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Schedule of Proportionate Share of Net Pension Liability
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150 |
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Schedule of Contributions
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156 |
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Government Funds Financial Statements
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163 |
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Nonmajor Governmental Funds:
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165 |
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Combining Balance Sheet-Nonmajor Governmental Funds
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168 |
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Combining Statement of Revenues, Expenditures and Changes in Fund Balances-Nonmajor Governmental Funds
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170 |
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Special Revenue Funds
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172 |
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Subcombining Balance Sheet- Nonmajor Special Revenue Funds
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172 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Special Revenue Funds
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178 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual- Nonmajor Special Revenue Funds:
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184 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Transportation Special Revenue Fund
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184 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Building and Zoning Special Revenue Fund
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185 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Tourist Development Special Revenue Fund
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186 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Franchise Utilities Special Revenue Fund
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187 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Mosquito Control Special Revenue Fund
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188 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Grants in Aid Special Revenue Fund
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189 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Federal, State & Local Grants Special Revenue Fund
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190 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Environmental Resources Special Revenue Fund
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191 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Gifts, Donations and Recreation Special Revenue Fund
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192 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Improvement Districts Special Revenue Fund
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193 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Court Improvements Special Revenue Fund
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194 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Street Lighting Districts Special Revenue Fund
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195 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Arts in Public Places Special Revenue Fund
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196 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Economic Development Special Revenue Fund
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197 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Moving Violation Surcharge Special Revenue Fund
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198 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Law Enforcement Special Revenue Fund
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199 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Sheriff's Special Revenue Fund
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200 |
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Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget to Actual- Clerk's Special Revenue Fund
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201 |
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Debt Service Funds:
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202 |
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Subcombining Balance Sheet-Nonmajor Debt Service Funds
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202 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances -Nonmajor Debt Service Funds
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206 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Nonmajor Debt Service Funds:
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210 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Limited Ad Valorem Tax Series 2005 Fund
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210 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Limited Ad Valorem Tax Series 2008A Fund
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211 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Bank Term Loans Debt Service Fund
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212 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Commercial Paper Debt Service Fund
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213 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2010 Fund
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214 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Communication Services Tax Series 2010 Fund
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215 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Second Guaranteed Entitlement Series 2013 Fund
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216 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual-Infrastructure Sales Surtax Series 2014A, Series 2015 and Series 2018 Fund
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217 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2017 Fund
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218 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2018A Fund
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219 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2018B Fund
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220 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- General Obligation Series 2019 Fund
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221 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2019A Fund
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222 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2019B Fund
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223 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget to Actual- Capital Improvement Series 2019C Fund
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225 |
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Capital Project Funds:
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226 |
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Subcombining Balance Sheet- Nonmajor Capital Project Funds
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226 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances
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228 |
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Permanent Fund:
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231 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances- Budget to Actual- Library Endowments
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231 |
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Internal Service Funds:
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233 |
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Combining Statement of Net Position-Internal Service Funds
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234 |
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Combining Statement of Revenues, Expenses, and Changes in Fund Net Position - Internal Service Funds
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236 |
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Combining Statement of Cash Flows - Internal Service Funds
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238 |
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Fiduciary Funds:
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243 |
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Combining Statement of Fiduciary Net Position - Agency Funds
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244 |
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Combining Statement of Changes in Fiduciary Net Position - Agency Funds
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246 |
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Englewood Community Redevelopment Agency
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248 |
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Balance Sheet- Englewood Community Redevelopment Agency
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248 |
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Statement of Revenues, Expenditures, and Changes in Fund Balances- Englewood Community Redevelopment Agency
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249 |
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Notes to Financial Statements - Englewood Community Redevelopment Agency
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251 |
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Note 1- Summary of Significant Accounting Policies
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251 |
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Note 2- Interfund Receivables, Payables, and Transfers
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253 |
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Statistical Section
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255 |
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Financial Trends:
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258 |
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Net Position by Component
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258 |
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Changes in Net Position
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260 |
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Fund Balances, Governmental Funds
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264 |
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Changes in Fund Balances, Governmental Funds
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266 |
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Revenue Capacity
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269 |
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Assessed Value and Estimated Actual Value of Taxable Property
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269 |
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Direct and Overlapping Property Tax Rates
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270 |
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Principal Property Taxpayers
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272 |
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Property Tax Levies and Collections
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273 |
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Property Value, Construction, and Bank Deposits
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274 |
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Special Assessment Billings and Collections
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275 |
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Coverage of Guarantees Entitlement for All Counties by Revenue Sharing Trust Funds Receipts for All Counties
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276 |
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Coverage of Guarantees Entitlement for Sarasota County by Revenue Sharing Trust Funds Receipts for Sarasota County
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277 |
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State of Florida and Sarasota County Historical Sales Tax Collections
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278 |
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State of Florida and Sarasota County Historical Local Government Half-Cent Sales Tax
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279 |
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Sarasota County and Municipalities Percent of Total Half-Cent Sales Tax Receipts
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281 |
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Debt Capacity
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282 |
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Ratios of Outstanding Debt by Type
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282 |
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Ratios of General Bonded Debt Outstanding
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284 |
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Direct and Overlapping Governmental Activities Debt
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285 |
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Legal Debt Margin Information
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287 |
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Pledged-Revenue Coverage
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288 |
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Coverage of Maximum Annual Debt Service Requirement by Local Government Half-Cent Sales Tax Revenues
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295 |
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Demographic and Economic Statistics Information:
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296 |
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Demographic and Economic Statistics
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296 |
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Principal Employers
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297 |
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Top Ten Manufacturers
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298 |
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Miscellaneous Statistics
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299 |
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Operating Information
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301 |
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Full-time Equivalent County Government Employees by Function/Program
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301 |
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Operating Indicators by Function/Program
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302 |
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Capital Asset Statistics by Function/Program
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304 |
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Other Supplemental Schedules Section
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307 |
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Summary Schedule of Revenues, Expenditures and Changes in Fund Balances - General Fund
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308 |
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Assessed Value of Taxable Property
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309 |
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Pro Forma Debt Service Coverage - Limited Ad Valorem Tax Bonds, Series 2005, Series 2010 and Series 2014
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310 |
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Commercial Paper Specific Borrowings -General Government
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311 |
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Communication Services Tax Revenue Bond Series 2010, and Communication Services Tax Revenue Refunding Note, Series 2014 and 2015 Continuing Disclosure
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312 |
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Infrastructure Sales Surtax Revenue Bonds, 2014, 2015 and 2018 Continuing Disclosure
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313 |
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Pro Forma Debt Service Coverage-Second Guaranteed Entitlement Revenue Bonds 2013
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315 |
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Utility Bond Issue Continuing Disclosure
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316 |
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General Government-Revenue Bonds - Description:
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330 |
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Revenue Bond Issues
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330 |
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Enterprise Fund- Revenue Bonds- Description:
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334 |
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General Government- Revenue Bonds - Debt Service Maturity
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337 |
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Summary of Debt Service- Revenue Bonds
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337 |
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Second Guaranteed Entitlement Revenue Bonds, Series 2013
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338 |
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Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2014
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339 |
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Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2015
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340 |
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Capital Improvement Revenue Bonds, Series 2017
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341 |
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Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2018
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342 |
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Capital Improvement Revenue Refunding Bonds, Series 2018A
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343 |
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Capital Improvement Revenue Refunding Bonds, Series 2018B
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344 |
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Capital Improvement Revenue Bonds, Series 2019A
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345 |
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Capital Improvement Revenue Refunding Bonds, Series 2019B
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346 |
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Capital Improvement Revenue Refunding Bonds, Series 2019C
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347 |
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Enterprise Funds- Revenue Bonds- Debt Service Requirements to Maturity
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348 |
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Utility System Revenue Bonds, Series 2011A
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348 |
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Utility System Revenue Bonds, Series 2011B
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349 |
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Utility System Revenue Bonds, Series 2013
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350 |
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Utility System Revenue Bonds, Series 2016A
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351 |
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Utility System Revenue Bonds, Series 2016B
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352 |
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Utility ystem Revenue Bonds, Series 2019A
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353 |
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General Government-Bank Term Loans- Description:
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354 |
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Bank Term Loans
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354 |
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Enterprise Funds- Bank Term Loans- Description:
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357 |
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Utility System Revenue Refunding Note, Series 2012
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357 |
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Subordinate Utility System Revenue Refunding Note, Series 2012
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358 |
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Utility System Revenue Refunding Note, Series 2015
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359 |
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Utility System Revenue Refunding Note, Series 2015
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360 |
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General Government- Bank Term Loans - Debt Service Requirements to Maturity:
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361 |
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Summary of Debt Service Requirements to Maturity Bank Term Loans
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361 |
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Bank Term Revenue Note, Series 2013A
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362 |
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Bank Term Revenue Note, Series 2014A
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363 |
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Communication Services Tax Revenue Refunding Note, Series 2014
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364 |
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Five-Cent Local Option Fuel Tax Revenue Refunding Note, Series 2014
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365 |
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Bank Term Revenue Not, Series 2014B
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366 |
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Limited Ad Valorem Tax Refunding Bond, Series 2014
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367 |
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Communications Services Tax Revenue Refunding Note, Series 2015
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368 |
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Enterprise Funds- Bank Term Loan- Debt Service Requirements to Maturity
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369 |
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Utility System Revenue Refunding Note, Series 2012
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369 |
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Subordinate Utility System Revenue Refunding Note, Series 2012
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370 |
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Utility System Revenue Refunding Note, Series 2015
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371 |
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Solid Waste System Revenue Refunding Note, Series 2015
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372 |
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Single Audit Grants Compliance Section
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373 |
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Independent Auditor's Report on Internal Control over Financial Reporting and on compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with GAS
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374 |
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Independent Auditor's Report on Compliance For Each Major Federal Program and State Project and Report on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 10.550
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376 |
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Schedule of Expenditures of Federal Awards and State Financial Assistance
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380 |
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Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance
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383 |
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Schedule of Findings and Questioned Costs Federal Awards Program and State Financial Assistance Projects
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385 |