Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Net Position (in thousands) Governmental Activities 2020 2019 Business-type Activities 2020 2019 2020 Total 2019 Current and other assets Capital assets Total assets $ 647,317 $ 548,114 1,572,200 1,456,596 2,219,517 2,004,710 $ 477,250 $ 475,667 932,945 911,174 1,410,195 1,386,841 $ 1,124,567 $ 1,023,781 2,505,145 2,367,770 3,629,712 3,391,551 Deferred outflows of resources 141,829 136,024 14,912 14,213 156,741 150,237 Long-term liabilities Other liabilities Total liabilities 847,781 140,395 988,176 737,857 125,650 863,507 283,174 45,800 328,974 295,310 43,904 339,214 1,130,955 186,195 1,317,150 1,033,167 169,554 1,202,721 Deferred inflows of resources 22,065 37,150 1,740 2,901 23,805 40,051 Net investment in capital assets Restricted Unrestricted (def icit) Total net position 1,241,890 1,130,272 371,345 333,259 (262,130) (223,454) $ 1,351,105 $ 1,240,077 702,068 673,063 22,708 35,814 369,616 350,061 $ 1,094,392 $ 1,058,938 $ 1,943,958 1,803,335 394,053 369,073 107,486 126,607 2,445,497 $ 2,299,015 A portion of Sarasota County’s net position, 16.1 percent, represents resources that are subject to external restrictions on how they may be used. Unrestricted net position, $107.5 million, may be used to meet the government’s ongoing obligations to citizens and creditors. As can be seen from the table above, the County reported an increase in the total net position from a government wide perspective. The County reported positive net position in all categories from a government-wide perspective, with the exception of unrestricted net position for Governmental Activities. This is a direct result of reporting the long-term net pension liability associated with the County and should not be considered, solely, as evidence of economic financial difficulties. Significant changes in the statement of net position are as follows: • Current and other assets for both governmental and business-type activities increased by $100.8 million, or 9.8 percent from the prior fiscal year. Most of the change is due to funding the County received under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Coronavirus Relief Fund for eligible expenditures incurred prior to fiscal year end and increases in Ad Valorem Taxes. • Capital assets for governmental and business-type activities increased by $137.4 million, or 5.8 percent from the prior fiscal year. Information regarding the composition of this increase can be found in the capital asset section of this analysis on page 39. • Long-term liabilities for both governmental and business-type activities increased by $97.8 million, or 9.5 percent from the prior fiscal year. Additional information regarding this increase in long-term liabilities is located in the long-term debt section of this analysis on page 40. 32