Sarasota County Comprehensive Annual Financial Report 2020

Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund statements provide separate information for the Utility System, Solid Waste System, Stormwater Utility and Transportation Authority, of which all are considered to be major funds of Sarasota County except for the Transportation Authority. The internal service funds are combined into a single, aggregated presentation in the proprietary fund statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report. The basic proprietary fund financial statements can be found on pages 62-75 of this report. Fiduciary funds . Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support Sarasota County’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements can be found on pages 76-77 of this report. Required supplementary information. The required supplementary information (RSI) contains schedules related to the changes and contributions for the County and Sherriff’s other post-employment benefits (OPEB) liability, OPEB’s related ratios and schedule of proportionate share of net pension liability. The required supplementary information section can be found on pages 14 7 -16 3 of this report. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 79-144 of this report. Other Information. The combining statements referred to earlier in connection with the non-major governmental funds and internal service funds can be found on pages 16 7 -24 3 . The statistical section contains selected data regarding financial trends, revenue capacity, debt capacity, demographic and economic conditions, and operating indicators of the County. This section can be found on pages 257-30 7 . The other supplementary information section contains continuing bond disclosures and schedules relating to debt service. This section can be found on pages 30 9 -37 7 . The single audit grants compliance section lists the expenditures of Federal Awards and State Financial Assistance during the fiscal year and presents grant compliance information and auditor reports. This section can be found on pages 38 0 -38 8 . Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government’s financial condition. Assets and deferred outflows exceeded liabilities and deferred inflows by $2.4 billion at the close of the most recent fiscal year for Sarasota County. The largest portion of Sarasota County’s net position, $1.9 billion or 79.5 percent, reflects investment in capital assets such as land, buildings, infrastructure, and equipment, less any related outstanding debt used to acquire those assets. Sarasota County uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although Sarasota County’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. 31