2020 Consolidated Major Revenue and Debt Report

A MESSAGE FROM KAREN E. RUSHING, CLERK OF THE CIRCUIT COURT AND COUNTY COMPTROLLER TO THE CITIZENS OF SARASOTA COUNTY I am pleased to present to you the Consolidated Major Revenue and Debt Report issued for fscal year 2020. Each year, this report provides a high level overview of the major revenue sources, indebtedness and arbitrage for Sarasota County. The purpose of this report is to identify the collection history, legal authorization, uses and restrictions of the primary revenue sources, as well as to provide clear and concise information about the County’s debt. As Comptroller, this ofce prepares the Comprehensive Annual Financial Report in accordance with generally accepted accounting principles as required by Florida Statute 218.32. The Comprehensive Annual Financial Report is submitted for an independent audit, as required by law, to confrm that the report fairly and accurately represents the fnancial condition of the County at the close of the fscal year, September 30, 2020. By choice, each year this ofce submits its Comprehensive Annual Financial Report to the Government Finance Ofcers Association (GFOA), an organization that rates the presentation of the information. I am proud to inform the citizens of Sarasota County that the presentation and conformance of the Comprehensive Annual Financial Report was again awarded the Certifcate of Excellence in Financial Reporting for fscal year 2019. This award is the highest recognition of excellence in Financial Reporting. The Consolidated Major Revenue and Debt Report is comprised of two sections: Revenue Categories and Indebtedness. For purposes of this report, a major revenue source is defned as a fnancial resource greater than $1 million on an annual basis. The principal revenue features of this summary report include fscal year 2020 budgeted and actual revenues the adopted 2021 budget, a fve-year revenue history for most revenue categories and detailed information on each major revenue source. The principal debt features of this summary include a history of Sarasota County’s debt, a brief description of all outstanding bonds, a ten- year history of debt issued, and a comparison of Sarasota County’s debt to that of other similarly populated counties in Florida. Also included, you will fnd information relating to the Commercial Paper Loan Program, Bank Term Loans, State Revolving Fund Program, and debt issued through the Conduit Financing Programs. Finally, general information concerning arbitrage and the debt afected by arbitrage can be found in this report. For much of fscal year 2020, your local government leaders and staf were focused on the response to the global health crisis – COVID-19 – with attention on ensuring continuity of essential services and supporting citizens and local businesses. In anticipation of the fnancial impact that COVID-19 would have on the County, your local government leaders took action to reduce discretionary spending in anticipation of revenue impacts and took advantage of historically low interest rates to issue two new bonds and a bank term loan to fnance several projects. This action resulted in a lower debt service obligation to the County and a positive fnancial impact for future years. I trust that this Consolidated Major Revenue and Debt Report will answer many questions concerning the information presented within. Should you have additional questions, please contact the Comptroller’s Ofce through the Finance Department at (941) 861-5165. Sincerely, Karen E. Rushing Clerk of the Circuit Court and County Comptroller SarasotaClerk.com by category, together with information from