Sarasota County Consolidated Major Revenue and Debt Report 2019

FEDERAL TRANSIT ADMINISTRATION (FTA) FORMULA GRANTS 2019 Budget: $ 6,241,876 2019 Actual: $ 3,405,980 2020 Budget: $ 7,962,507 Legal Authorization: 49 United States Code 53 – Public Transportation. Description: These grants are federal funds received from the Federal Transit Administration (FTA), U.S. Department of Transportation, to assist in financing the acquisition, construction, maintenance, planning and improvement of facilities and equipment for use in mass transportation service. The variance between budget and actual is dependent on the timeline of the active projects. Uses and Restrictions: These grants may be used to finance specified capital, operating, and associated capital maintenance items for use in mass transit. STATE REVENUE SHARING 2019 Budget: $ 10,521,388 2019 Actual: $ 11,504,399 2020 Budget: $ 11,089,350 Legal Authorization: Florida Statutes, Sections 210.20, 212.20 and Part II of Chapter 218. Description: The State Revenue Sharing Act of 1972 established trust funds for certain state-levied tax monies to be shared with counties and municipalities. The State formula for distribution is based upon population and sales tax collections. This revenue source is divided into three parts: the guaranteed entitlement, the second guaranteed entitlement, and the balance. For Sarasota County, the guaranteed entitlement is $1,119,924 annually. The second guaranteed entitlement is $1,148,225 annually. The balance varies from year to year and represents the County’s share of the revenues after deducting the guaranteed entitlements. Uses and Restrictions: The guaranteed entitlement is pledged to pay principal and interest on the Second Guaranteed Entitlement Revenue Bonds, Series 2013. The balance portion of the revenue may be used to protect the public health, safety, or welfare as determined by the Board of County Commissioners. CONSTITUTIONAL FUEL TAX 2019 Budget: $ 3,479,880 2019 Actual: $ 3,676,794 2020 Budget: $ 3,381,000 Legal Authorization: Article XII, Section 9(c) of the State Constitution, Florida Statutes, Sections 206.41, 206.45, 206.47, 336.023, and 336.024. Description: The constitutional fuel tax is a two- cent per gallon tax upon every gallon of motor fuel sold in the state. The State Board of Administration calculates a distribution factor for each eligible County. The formula is based on a County’s area, population, and previous fiscal year’s fuel tax collections to the total of each factor for the State. The tax is collected by the Florida Department of Revenue and is transferred to the State Board of Administration for allocation to the counties. Uses and Restrictions: This tax is used for the acquisition, construction, and maintenance of roads. 16 Consolidated Major Revenue & Debt Report 2019 2019 REVENUE