Sarasota County Comprehensive Annual Financial Report 2020

Englewood Community Redevelopment Agency Notes to Financial Statements September 30, 2020 H. TAX INCREMENT REVENUE Tax increment revenues are collected from the County and are the primary source of revenue for the Agency. The tax increment revenue is calculated by applying the adopted millage rate of the County to the increase in current year taxable assessed valuations over the 1999 base year taxable assessed valuations for all properties located within the Agency’s boundaries. The County is required to pay 95% of these incremental property taxes to the Agency. The increase in assessed valuations of property within the boundaries over the base year valuations is presumed to be the result of the redevelopment efforts of the Agency. The calculation of tax increment revenues for the year ended September 30, 2020 was as follows: Assessed property value for 2020 Assessed property value for the 1999 base year Increase in assessed property value $ $ 1,356,191,563 538,174,830 818,016,733 Assessed property value subject to incremental ad valorem property tax (95%) Millage rate Tax increment revenue transferred to Agency $ $ 777,115,896 3.0892 2,400,666 NOTE 2. INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS The following is a schedule of interfund receivables and payables as of September 30, 2020. A. INTERFUND TRANSFERS Transfer from Englewood Community Redevelopment Agency fund to: Sarasota County Nonmajor Governmental Funds $ 2,893,580 Total transfers out $ 2,893,580 Transfers Out reflects the West Dearborn Street project, West Dearborn Street Plaza, S McCall improvements and outstanding notes. 255