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Table of Contents
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4 |
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Introductory Section
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11 |
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Letter of Transmittal
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12 |
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Certificate of Achievement for Excellence in Financial Reporting for 2019
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20 |
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Sarasota County Government Organizational Chart
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22 |
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Financial Section
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24 |
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Independent Auditor's Report
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26 |
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Management's Discussion and Analysis
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30 |
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Basic Financial Statements
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44 |
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Government-wide Financial Statement:
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46 |
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Statement of Net Position
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46 |
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Statement of Activities
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48 |
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Fund Financial Statement:
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50 |
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Governmental Funds:
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50 |
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Balance Sheet - Governmental Funds
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50 |
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Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position
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52 |
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Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
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54 |
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Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities
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56 |
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Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General Fund
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58 |
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Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Emergency Services Special Revenue Fund
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60 |
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Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Capital Revenue Programs Special Revenue Fund
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61 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Federal, State and Local Grants Special Revenue Fund
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62 |
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Proprietary Funds:
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64 |
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Statement of Net Position - Proprietary Funds
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64 |
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Reconciliation of the Proprietary Funds Statement of Net Position to the Statement of Net Position
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68 |
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Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds
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70 |
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Reconciliation of the Proprietary Funds Statement of Revenues, Expenses and Changes in Fund Net Position to the Statement of Activities
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72 |
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Statement of Cash Flows - Proprietary Funds
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74 |
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Fiduciary Funds:
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78 |
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Statement of Fiduciary Net Position - Fiduciary Funds
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78 |
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Statement of Changes in Fiduciary Net Position - Fiduciary Funds
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79 |
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Notes to the Financial Statements
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81 |
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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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81 |
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NOTE 2. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
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98 |
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NOTE 3. CASH AND INVESTMENTS
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99 |
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NOTE 4. RECEIVABLES
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107 |
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NOTE 5. INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
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107 |
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NOTE 6. CAPITAL ASSETS
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109 |
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NOTE 7. LONG-TERM DEBT
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113 |
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Non-self-supporting Revenue Bonds
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113 |
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Notes Payable from direct borrowings – Governmental Activities
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116 |
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Debt Obligations
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122 |
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Changes in Long-term Liabilities
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125 |
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NOTE 8. LEASE OBLIGATIONS
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126 |
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NOTE 9. LANDFILL CLOSURE AND POSTCLOSURE CARE COST
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126 |
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NOTE 10. RISK MANAGEMENT
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126 |
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NOTE 11. EMPLOYEE RETIREMENT PLANS
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128 |
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NOTE 12. DEFERRED COMPENSATION PLAN
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138 |
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NOTE 13. POST-EMPLOYMENT BENEFITS (OTHER THAN PENSIONS)
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138 |
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NOTE 14. CONTINGENCIES
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144 |
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NOTE 15. SUBSEQUENT EVENTS
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144 |
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NOTE 16. DEFICIT FUND BALANCES
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145 |
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NOTE 17. TAX ABATEMENT
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147 |
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Required Supplementary Information
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149 |
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Schedule of Changes in the County's Net OPEB Liability and Related Ratios
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150 |
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Schedule of Contributions for the County's OPEB Trust Fund
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151 |
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Schedule of Changes in the Sheriff's Net OPEB Liability and Related Ratios
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153 |
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Schedule of Proportionate Share of Net Pension Liability - Florida Retirement System Pension Plan
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154 |
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Schedule of Contributions - Florida Retirement System Pension Plan
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160 |
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Governmental Funds Financial Statements:
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167 |
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Nonmajor Governmental Funds:
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169 |
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Combining Balance Sheet - Nonmajor Governmental Funds
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172 |
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Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds
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174 |
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Special Revenue Funds:
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176 |
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Subcombining Balance Sheet - Nonmajor Special Revenue Funds
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176 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Special revenue Funds
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182 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Transportation Special Revenue Fund
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189 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Building and Zoning Special Revenue Fund
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189 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Tourist Development Special Revenue Fund
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190 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Franchise Utilities Special Revenue Fund
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191 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Mosquito Control Special Revenue Fund
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192 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Grants in Aid Special Revenue Fund
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193 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Environmental Resources Special Revenue Fund
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194 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Gifts, Donations and Recreation Special Revenue Fund
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195 |
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Improvements Districts Special Revenue Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Fund
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196 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Court Improvements Special Revenue Fund
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197 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Street Lighting Districts Special Revenue Fund
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198 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Arts in Public Places Special Revenue Fund
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199 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Economic Development Special Revenue Fund
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200 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Moving Violation Surcharge Special Revenue Fund
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201 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Law Enforcement Special Revenue Fund
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202 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Sheriff's Special Revenue Fund
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203 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual - Clerk's Special Revenue Fund
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205 |
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Debt Service Funds:
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206 |
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Subcombining Balance Sheet - Nonmajor Debt Service Funds
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206 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Debt Service Funds
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210 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Limited Ad Valorem Tax Series 2005 Fund
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214 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Bank Term Loans Debt Service Fund
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215 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Commercial Paper Debt Service Fund
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216 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2010 Fund
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217 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Communications Services Tax Series 2010 Fund
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218 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Second Guaranteed Entitlement Series 2013 Fund
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219 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Infrastructure Sales Surtax Series 2014A, Series 2015 and Series 2018 Fund
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220 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2017 Fund
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221 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2018A Fund
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222 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2018B Fund
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223 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2019 and Series 2020 Fund
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224 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2019A Fund
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225 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2019B Fund
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226 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2019C Fund
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227 |
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Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Capital Improvement Series 2020 Fund
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229 |
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Capital Projects Funds:
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230 |
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Subcombining Balance Sheet - Nonmajor Capital Projects Funds
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230 |
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Subcombining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Capital Projects Funds
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232 |
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Permanent Fund:
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234 |
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Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Library Endowments Fund
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234 |
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Internal Service Funds:
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236 |
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Combining Statement of Net Position - Internal Service Funds
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238 |
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Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds
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240 |
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Combining Statement of Cash Flows - Internal Service Funds
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242 |
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Fiduciary Funds:
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246 |
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Combining Statement of Fiduciary Net Position - Agency Funds
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248 |
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Combining Statement of Changes in Fiduciary Net Position - Agency Funds
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250 |
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Englewood Community Redevelopment Agency:
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252 |
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Balance Sheet - Englewood Community Redevelopment Agency
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252 |
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Statement of Revenues, Expenditures and Changes in Fund Balance - Englewood Community Redevelopment Agency
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253 |
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Notes to Financial Statements - Englewood Community Redevelopment Agency
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254 |
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Note 1. Summary of Significant Accounting Policies
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255 |
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Note 2. Interfund Receivables, Payables and Transfers
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257 |
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Statistical Section
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258 |
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Financial Trends:
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263 |
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Net Position by Component - Last Ten Fiscal Years
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262 |
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Changes in Net Position - Last Ten Fiscal Years
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264 |
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Fund Balances, Governmental Funds - Last Ten Fiscal Years
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268 |
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Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years
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270 |
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Revenue Capicity
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272 |
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Assessed Value and Estimated Actual Value of Taxable Property
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272 |
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Direct and Overlapping Property Tax Rates
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274 |
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Principal Property Taxpayers
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276 |
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Property Tax Levies and Collections
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277 |
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Property Value, Construction, and Bank Deposits
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278 |
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Special Assessment Billings and Collections
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279 |
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Coverage of Guaranteed Entitlement for All Counties by Revenue Sharing Trust Fund Receipts for All Counties
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280 |
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Coverage of Guaranteed Entitlement for Sarasota County by Revenue Sharing Trust Funds Receipts for Sarasota County
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281 |
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State of Florida and Sarasota County Historical Sales Tax Collections
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282 |
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State of Florida and Sarasota County Historical Local Government Half-Cent Sales Tax
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283 |
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Sarasota County and Municipalities Percentage Distributions of Statewide Half-Cent Sales Tax Revenues
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285 |
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Debt Capacity
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286 |
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Ratios of Outstanding Debt by Type
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286 |
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Ratios of General Bonded Debt Outstanding
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288 |
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Direct and Overlapping Governmental Activities Debt
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289 |
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Legal Debt Margin Information
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290 |
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Pledged-Revenue Coverage
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292 |
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Coverage of Maximum Annual Debt Service Requirement by Local Government Half-Cent Sales Tax Revenues
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299 |
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Demographic and Economic Statistics Information:
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300 |
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Demographic and Economic Statistics
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301 |
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Principal Employers
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301 |
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Top Ten Manufacturers
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302 |
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Miscellaneous Stastistics
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303 |
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Operating Information
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305 |
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Full-time Equivalent County Government Employees by Function/Program
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305 |
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Operating Indicators by Function/Program
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306 |
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Capital Asset Statistics by Function/Program
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308 |
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Other Supplemental Information Section
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310 |
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Summary Schedule of Revenues, Expenditures and Changes in Fund Balances - General Fund
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312 |
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Assessed Value of Taxable Property
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313 |
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Pro Forma Debt Service Coverage Limited Ad Valorem Tax Bonds, Series 2005, Series 2010 and Series 2014
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314 |
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Commercial Paper - Specific Borrowing-General Government
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315 |
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Communication Services Tax Revenue Bonds Series 2010, and Communication Services Tax Revenue Refunding Note, Series 2014 and 2015 Continuing Disclosure
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316 |
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Infrastructure Sales Surtax Revenue Bonds, 2014, 2015 and 2018 and Infrastructure Sales Surtax Revenue Note, 2020 Continuing Disclosure
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317 |
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Pro Forma Debt Service Coverage Second Guaranteed Entitlement Revenue Bonds Series 2013
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319 |
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Utility Bond Issue Continuing Disclosure
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320 |
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Schedule of Changes in the County's Net OPEB Liability and Related Ratios
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328 |
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Schedule of Contributions for the County's OPEB Trust Fund
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329 |
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Schedule of Changes in the Sheriff's Net OPEB Liability and Related Ratios
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331 |
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General Obligation Bond Issues - Descriptions
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333 |
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General Government - Revenue Bonds - Descriptions:
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334 |
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Enterprise Fund - Revenue Bonds - Descriptions:
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338 |
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General Obligation Bond - Debt Service Requirements to Maturity
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340 |
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Summary of Debt Service Requirements to Maturity - General Obligation Bonds
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340 |
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Debt Service Requirements to Maturity - General Obligation Bonds, Series 2019
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341 |
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Debt Service Requirements to Maturity - General Obligation Bonds, Series 2020
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342 |
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General Government - Revenue Bonds - Debt Service Requirements to Maturity
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342 |
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Summary Debt Service Requirements to Maturity - Revenue Bonds
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343 |
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Debt Service Requirements to Maturity - Second Guaranteed Entitlement Revenue Bonds, Series 2013
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344 |
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Debt Service Requirements to Maturity - Infrastructure Sales Surtax Revenue Refunding Bonds, Series2014
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345 |
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Debt Service Requirements to Maturity - Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2015
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346 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Bonds, Series 2017
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347 |
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Debt Service Requirements to Maturity - Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2018
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348 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Refunding Bonds, Series 2018A
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349 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Refunding Bonds, Series 2018B
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350 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Bonds, Series 2019A
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351 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Refunding Bonds, Series 2019B
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352 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Refunding Bonds, Series 2019C
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353 |
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Debt Service Requirements to Maturity - Capital Improvement Revenue Bonds, Series 2020
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354 |
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Enterprise Funds - Revenue Bonds - Debt Service Requirements to Maturity
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355 |
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Summary of Debt Service Requirements to Maturity - Utility System Revenue Bonds
|
355 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Bonds, Series 2011A
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356 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Bonds, Series 2011B
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357 |
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Debt Service Requirements to Maturity - Utility System Revenue Bonds, Series 2013
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358 |
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Debt Service Requirements to Maturity - Utility System Revenue Bonds, Series 2016A
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359 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Bonds, Series 2016B
|
360 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Bonds, Series 2019A
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361 |
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Bank Term Loans - Descriptions
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362 |
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Utility System and Solid Waste System Notes - Descriptions
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364 |
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Bank Term Loans - Debt Service Requirements to Maturity
|
366 |
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Summary of Debt Service Requirements to Maturity - Bank Term Loans
|
366 |
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Debt Service Requirements to Maturity - Bank Term Revenue Note, Series 2013A
|
367 |
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Debt Service Requirements to Maturity - Bank erm Revenue Note, Series 2014A
|
368 |
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Debt Service Requirements to Maturity - Communication Services Tax Revenue Refunding Note, Series 2014
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369 |
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Debt Service Requirements to Maturity - Five-Cent Local Option Fuel Tax Revenue Refunding Note, Series 2014
|
370 |
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Debt Service Requirements to Maturity - Bank Term Revenue Note, Series 2014B
|
371 |
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Debt Service Requirements to Maturity - Limited Ad Valorem Tax Refunding Bond, Series 2014
|
372 |
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Debt Service Requirements to Maturity - Communications Services Tax Tevenue Refunding Note, Series 2015
|
373 |
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Debt Service Requirements to Maturity - Infrastructure Sales Surtax Revenue Note, Series 2020
|
374 |
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Utility System and Solid Waste System Notes - Debt Service Requirements to Maturity
|
375 |
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Summary Debt Service Requirements to Maturity - Utility System and Solid Waste System Notes
|
375 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Note, Series 2012
|
376 |
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Debt Service Requirements to Maturity - Subordinate Utility System Revenue Refunding Note, Series 2012
|
377 |
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Debt Service Requirements to Maturity - Utility System Revenue Refunding Note, Series 2015
|
378 |
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Debt Service Requirements to Maturity - Solid Waste System Revenue Refunding Note, Series 2015
|
379 |
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Single Audit Grants Compliance Section
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381 |
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Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with GAS
|
382 |
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Independent Auditors' Report on Compliance for Each Major Federal Program and State Project and on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 10.550, Rules of the Auditor General of the State of Florida
|
384 |
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Schedule of Expenditures of Federal Awards and State Financial Assistance
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386 |
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Notes to the Schedule of Expenditures of Federal Awards and State Financial Assistance
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389 |
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Schedule of Findings and Questioned Costs Federal Awards Program and State Financial Projects
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390 |