Sarasota County Comprehensive Annual Financial Report 2020

Governmental activities. Governmental activities resulted in a $111.0 million increase in net position because of current fiscal year activities. • Revenues related to governmental activities increased by $141.1 million, or 24.5 percent. Key factors that contributed to the increase in revenues are identified below. o Property tax revenues increased by $15.9 million, or 7.0 percent reflective of the increases in taxable assessed property values. o Operating grants and contributions revenue increased by $49.6 million, or 228.6 percent due to funding received by the County as part of the Coronavirus Aid, Relief, and Economic Security Act Coronavirus Relief Fund. o Capital grants and contributions revenue increased by $86.4 million, or 224.2 percent due to capital contributions received from the Atlanta National League Baseball Club, LLC and Benderson Development Company, LLC for the spring training facility for the Atlanta National League Baseball Club, LLC. • Expenses in governmental activities increased approximately $34.0 million, or 6.1 percent. Key factors that contributed to the increase in expenses are identified below. o Public Safety expenses increased by $2.7 million, or 1.0 percent mainly due to the $1.4 million increase in worker’s compensation. o General government expenses increased by $8.4 million, or 8.2 percent mostly due to Legacy Trail Extension and related improvements, design and construction of the Downtown Cooling Plant, Facilities Energy Conservation Measures Upgrades, East Jail Controls Upgrade, generally including upgrades to the jail security system, including door controls, lighting controls, intercoms and cameras. o Transportation expenses increased by $22.6 million, or 37.1 percent mostly due to the River Road improvements of $18.2 million and roadway resurfacing of $4.2 million. o Culture and Recreation expenses decreased by $1.5 million, or 2.5 percent from the prior fiscal year due to the modification of service levels due to the global health crisis - COVID-19. o In response to the Coronavirus Disease (COVID-19), the County authorized the issuance of Small Business Resiliency Loans (SBL). The funds for the SBL were identified as $4.3 million in the Economic Development Fund. The special item lines were added in the financial statements. Business-type activities. Business-type activities were responsible for $35.5 million of the total growth in Sarasota County’s net position for the current fiscal year. • Revenues for business-type activities increased by $16.4 million, or 7.4 percent. Key factors that contributed to the increase in revenues are identified below. o Charges for services increased by $8.9 million, or 5.1 percent due to overall growth in the County impacting water and wastewater charges. o Operating Grants and Contributions revenue increased by $3.8 million, or 58.7 percent due to funding received under the Coronavirus Aid, Relief, and Economic Security Act. o Capital Grants and Contributions revenue increased by $5.5 million, or 20.0 percent due to developer contributions of $16.2 million. 36