Sarasota County Comprehensive Annual Financial Report 2020

The Capital Revenue Programs Special Revenue Fund has a total fund balance of $76.4 million, an increase of $232 thousand over the prior fiscal year. This fund balance must be used to construct infrastructure within the County. The fund received $40.2 million from the local infrastructure one-cent sales tax and $29.7 million from impact and mobility fees to fund the County’s infrastructure needs. The total transfer to fund capital projects was $52.1 million to fund roadway resurfacing projects, improvements to Myrtle St. and the County’s sidewalk program. During fiscal year 2020, $21.2 million was transferred to pay debt service. The Federal, State and Local Grant Funds and has a total fund balance of $40.5 million, an increase of $44.3 million over the prior fiscal year mainly due to funding received the Coronavirus Aid, Relief, and Economic Security Act (Act), Coronavirus Relief Fund (CRF). These CRF funds must be used on eligible expenditures incurred due to the COVID-19 public health emergency as further provided for in the Act. All other amounts must be used for their restricted specific purpose. During the fiscal year $14.4 million has been spent on grant eligible expenditures. The Infrastructure One-Cent Sales Tax Capital Projects Fund has a total fund balance of $53.3 million, an increase $3.5 million from the prior fiscal year. This increase is a result of changes in capital construction related expenses and the timing of funding for the projects, the majority of which, ($10.7 million) is allocated to Transportation. Transportation expenditures included costs for the County’s roadway resurfacing, sidewalk program and road improvement projects. The Debt Proceeds Capital Project Fund has a total fund balance of $57.0 million, an increase of $29.6 million from the prior fiscal year. This increase is largely a result of the issuance of the General Obligation Bonds, Series 2020 in the amount of $24.9 million, and the Capital Improvement Revenue Bonds, Series 2020 in the amount of $18.8 million. The fund balance must be used to account for specific general government capital improvements that are financed by the issuance of general obligation and non-self-supporting revenue bonds. During fiscal year 2020, $24.3 million was spent on capital construction with the largest part related to the acquisition and construction of the Legacy Trail Extension railroad corridor project within the County. Proprietary Funds. Sarasota County’s proprietary funds provide the same type of information found in the government-wide statements but in more detail. Unrestricted net position of the Utility System increased $8.6 million to $164.7 million at the end of the current fiscal year, primarily due to the increase in operating revenue of $6.5 million. The Solid Waste System unrestricted net position increased by $1.0 million to $60.1 million at the end of the current fiscal year. The Stormwater Utility unrestricted net position decreased $14.0 thousand to $22.1 million at the end of the current fiscal year. The Transportation Authority reported a decrease in unrestricted net position of $529 thousand and reported negative unrestricted fund balance of $3.6 million at the end of the current fiscal year. This is impacted by a $1 million decrease in operating revenue due to the temporary pause on fare collection and a modification of service delivery during the fiscal year. Unrestricted net position in the proprietary funds is available to fund future needs of their respective activities. Other factors concerning the finances of these funds have previously been addressed in the discussion of Sarasota County’s business-type activities on pages 36-37. Unrestricted net position in the internal services funds amounted to $50.3 million at the end of the current fiscal year, an increase of $9.8 million over the prior fiscal year. The County’s Workers’ Compensation fund reported a decrease in unrestricted net position due to an increase in the actuarial determined liability, an increase in charges for services and ultimately reflected negative $6.0 million in unrestricted net position at the end of the fiscal year due to this liability. The Public Works fund also reported negative unrestricted net position at the end of the fiscal year of $2.5 million which is a decrease of $554 thousand due to the increase in net pension liability. General Fund Budgetary Highlights During the current fiscal year, the Board of County Commissioners approved a $1.1 million increase in appropriations between the original and the final amended budget. There were no significant budgetary variances between the original and the final amended budget. Budget to actual variances for the General Fund are listed below: 38