Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 Changes in Long-term Liabilities The following is a summary of changes in long-term liabilities for the year ended September 30, 2020: Amounts Due Beginning Ending Within One Balance Additions Retirements Balance Year Governmental Activities General obligation bonds $ 36,384,825 $ 28,573,773 $ 1,446,300 $ 63,512,298 $ 1,845,000 Revenue bonds 201,738,860 22,253,275 20,282,320 203,709,815 18,420,000 Commercial paper debt 17,992,000 21,377,000 5,720,000 33,649,000 4,089,000 Notes and loans payable from direct placements 111,024,000 9,070,000 13,465,000 106,629,000 13,793,000 Notes and loans payable from direct borrowings 527,119 - 67,556 459,563 72,891 Compensated absences 27,680,299 19,570,655 17,314,289 29,936,665 22,141,381 Rebatable arbitrage 9,844 28,123 9,844 28,123 - Claims and judgments 27,130,053 52,029,411 49,260,959 29,898,505 9,646,007 Total long-term liabilities – governmental activities $422,487,000 $152,902,237 $107,566,268 $467,822,969 $ 70,007,279 Additions to general obligations is comprised of one new bond issued at a premium totaling $28,573,773. Retirement of general obligation bonds are for current year principal payments and amortization of bond premiums. Additions to revenue bonds is comprised of one revenue bond issued at a premium totaling $22,253,275. Retirement of revenue bonds are for current year principal payments and amortization of bond premiums. Additions to notes payable is comprised of one new note issued for $9,070,000. Retirements of notes payable are for current year principal payments. Additions to commercial paper are for five new notes. Retirements of commercial paper are for current year principal payments. Claims and judgements in the governmental activities are liquidated in the internal service funds. Compensated absences and rebatable arbitrage are liquidated in the respective funds from which expenses are paid. Amounts Due Beginning Ending Within One Balance Additions Retirements Balance Year Business-type Activities Revenue bonds $163,869,188 $ - $ 3,036,113 $160,833,075 $ 1,950,000 Commercial paper 12,000,000 - 3,000,000 9,000,000 3,000,000 Notes and loans payable from direct placements 49,190,000 - 11,955,000 37,235,000 12,060,000 Notes and loans payable from direct borrowings 36,159,320 - 3,158,394 33,000,926 3,246,758 Compensated absences 2,105,365 1,640,226 1,363,115 2,382,475 2,215,702 Landfill closure 31,313,493 2,966,615 254,153 34,025,955 365,273 Total long-term liabilities– business-type activities $294,637,366 $ 4,606,841 $ 22,766,775 $276,477,431 $ 22,837,733 123