Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Utility Bond Issue Continuing Disclosure Historical Operating Results and Debt Service Coverage Last Five Fiscal Years 2016 Fiscal Year Ended September 30, 2017 2018 2019 2020 Total Revenues (1) Cost of Operation and Maintenance (2) $ 109,202,754 59,971,529 $ 111,984,302 $ 112,789,828 $ 115,322,160 62,368,924 66,852,063 70,224,239 $ 121,886,849 74,082,922 Net Revenues Legally Available Impact Fees (3) 49,231,225 15,302,337 49,615,378 13,911,157 45,937,765 19,156,809 45,097,921 16,722,911 47,803,927 16,659,811 Net Revenues and Legally Available Impact Fees 64,533,562 63,526,535 65,094,574 61,820,832 64,463,738 Senior Lien Bonds Debt Service (4) 16,995,874 17,818,265 17,812,887 17,433,654 17,260,122 Senior Lien Debt Service Coverage Tests: Test 1 - Net Revenues Calculated Coverage Required Coverage in Resolution 2.90 1.00 2.78 1.00 2.58 1.00 2.59 1.00 2.77 1.00 Test 2 - Net Revenues and Impact Fees Calculated Coverage Required Coverage in Resolution 3.80 1.20 3.57 1.20 3.65 1.20 3.55 1.20 3.73 1.20 Junior Lien Debt Service (5) Total Senior Lien and Junior Lien Debt Service 4,710,132 21,706,006 5,795,634 23,613,899 5,702,525 23,515,412 5,576,037 23,009,691 5,573,207 22,833,329 Junior Lien Debt Service Coverage Test: (6) Test 1 - Net Revenues and Impact Fees Calculated Coverage Required Coverage (7) 2.97 1.20 2.69 1.20 2.77 1.20 2.69 1.20 2.82 1.20 Net Available for Other Required Transfers 42,827,556 39,912,636 41,579,162 38,811,141 41,630,409 Other Required Transfers: Central Service Charges Payment in Lieu of Taxes Commercial Paper Loan Net Available for Other System Purposes $ 3,624,946 2,240,094 - 36,962,516 $ 3,625,927 3,899,484 4,378,859 2,222,344 2,253,580 2,401,924 - - 3,348,381 34,064,365 $ 35,426,098 $ 28,681,977 $ 4,378,639 2,586,056 3,205,316 31,460,398 (1) Amounts shown do not include interest income earned on balances in the construction funds relating to the Bonds, the FDEP Loans or the Commercial Paper Loan and impact fee funds, if any, which are restricted to such accounts, or the unrealized gain on the fair market adjustment of investments pursuant to the Resolution. (2) Amounts shown do not include depreciation or amortization expenses or internal administrative charges pursuant to the Resolution. Fiscal years' 2016, 2017 and 2019 cost of operation and maintenance have been adjusted for internal administrative charges which were inadvertently excluded. (3) Generally, under Florida law, Impact Fees may be validly imposed against new construction or development in order to fund capital improvements or capacity which are necessitated by such new construction or development to satisfy debt service for the bonds or other obligations issued for such purposes. Proceeds of such Impact Fees may be used only for the capital improvements or capacity attributable to the new construction or to pay associated debt service. (4) Senior lien bonds debt service is net of federal interest reimbursement. For fiscal year 2015, the amount includes 2015 principal held in escrow for the refunded 2005 Utility Bonds. (5) Includes debt service on the FDEP Loans, but not on the Commercial Paper Loan. (6) The junior lien debt coverage test is based on the combined debt service requirements of the Bonds and the Subordinate Obligations (excluding the Commercial Paper Loan). (7) Required coverage pursuant to agreements made by the County regarding the FDEP Loans. Source: Prepared by the County from audited financial statements (on accrual basis) 324