Sarasota County Consolidated Major Revenue and Debt Report 2019

I ntergovernmental revenues are revenues from other governments in the form of grants, entitlements or shared revenues. An operating grant is a contribution or gift of cash or other assets from another government to be used for a specific purpose, activity, or facility. A capital grant is restricted by the grantor for the acquisition and/or construction of fixed (capital) assets. An entitlement is the amount of payment to which a government is entitled pursuant to an allocation formula contained in applicable statutes. Shared revenue is revenue levied by one government but shared on a predetermined basis, often in proportion to the amount collected at the local level, with another government. The intergovernmental category totaled $74.0 million for fiscal year 2019. The County receives several types of Category 3 income: the half-cent sales tax, state revenue sharing, the constitutional fuel tax, the Community Development Block Grant, the Federal Transit Administration (FTA) Formula Grants, 911/E-911 fees, the State-levied County fuel tax and the revenue necessary for funding the court-related functions of the Clerk of the Circuit Court are provided through the State Revenue Sharing Clerk Allotment from Justice Administrative Commission; are all examples of this type of revenue. In addition to these major intergovernmental revenues, the County also receives several other grants which are typically a one-time funding source for a specific capital project. Due to the non-recurring nature of these one-time grants, they are not included in this report. HALF-CENT SALES TAX 2019 Budget: $ 31,341,236 2019 Actual: $ 34,442,203 2020 Budget: $ 33,531,200 Legal Authorization: Florida Statutes, Section 212.20 and Part VI of Chapter 218. Description: The half-cent sales tax is collected by the State and distributed to local governments based on the taxable sales within their counties. The Cities of Sarasota, Venice, North Port, the Town of Longboat Key, and the County government share the proceeds based on a population formula. The County’s share is determined by dividing the sum of the unincorporated population plus two-thirds of the incorporated population by the sum of the total County population plus two-thirds of the incorporated area population. This revenue source began in October 1982. Uses and Restrictions: The half-cent sales tax is pledged to pay principal and interest on the Capital Improvement Revenue Bonds, Series 2017, 2018A, 2018B, 2019A, 2019B and 2019C. The remaining half-cent sales tax may be used for any lawful purpose. However, the portion of the County’s proceeds which is based upon the population of the incorporated areas must be used to provide countywide tax relief or to finance countywide programs. Furthermore, the proceeds may be used to pay principal and interest on any capital project. CATEGORY 3 - INTERGOVERNMENTAL SarasotaClerk.com 15