2021 CONSOLIDATED MAJOR REVENUE & DEBT REPORT Sarasota County, Florida Fiscal Year Ended September 30, 2021
TO THE CITIZENS OF SARASOTA COUNTY I am pleased to present to you the Consolidated Major Revenue and Debt Report issued for fiscal year 2021, which was a special year for Sarasota County. On July 1, 1921 Sarasota legally separated from Manatee County and Sarasota County was formed. In celebration of the centennial year we have incorporated some historical photos throughout this report. 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 County’s primary revenue sources, as well as to provide clear and concise information about the County’s debt. As Comptroller, this office prepares the Annual Comprehensive Financial Report in accordance with generally accepted accounting principles as required by Florida Statute 218.32. The Annual Comprehensive Financial Report is submitted for an independent audit, as required by law, to confirm that the report fairly and accurately represents the financial condition of the County at the close of the fiscal year, September 30, 2021. By choice, each year this office submits its Annual Comprehensive Financial Report to the Government Finance Officers 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 Annual Comprehensive Financial Report was again awarded the Certificate of Excellence in Financial Reporting for fiscal year 2020. 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 defined as a financial resource consistently greater than $1 million on an annual basis. The principal revenue features of this summary report include fiscal year 2021 budgeted and actual revenues by category, together with information from the adopted 2022 budget, a five-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 bonded debt, a brief description of all outstanding bonds, a ten-year history of bonded debt issued, and a comparison of Sarasota County’s bonded debt to that of other similarly populated counties in Florida. Also included, you will find 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 affected by arbitrage can be found in this report. 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 Office through the Finance Department at (941) 861-5165. Sincerely, Karen E. Rushing Clerk of the Circuit Court and County Comptroller SarasotaClerk.com A MESSAGE FROM KAREN E. RUSHING, CLERK OF THE CIRCUIT COURT AND COUNTY COMPTROLLER
MISSION STATEMENT TO MEET THE NEEDS AND EXCEED THE EXPECTATIONS OF THOSE WE SERVE, IN FULFILLING OUR CONSTITUTIONAL OBLIGATIONS. Venice Jetty
Contents Page 2021 At A Glance............................................................................................................4 Major Revenue Sources................................................................................................6 Revenue Categories Category 1: Taxes...........................................................................................................7 Category 2: Permits, Fees and Special Assessments.................................... 12 Category 3: Intergovernmental.............................................................................. 15 Category 4: Charges for Services.......................................................................... 19 Category 5: Judgments, Fines and Forfeitures............................................... 22 Category 6: Interest, Capital Contributions and Miscellaneous................ 23 Indebtedness 1. History of Sarasota County Bond Issues........................................................ 26 2. Types of Debt........................................................................................................... 3 1 a. General Obligation Debt.............................................................................. 32 b. Non-Self-Supporting Revenue Debt....................................................... 32 c. Self-Supporting Revenue Debt.................................................................. 36 3. Sarasota County Bonded Debt Last Ten Fiscal Years.............................. 38 4. Comparison of Outstanding Bonded Debt and Debt Ratios with Other Florida Counties......................................................................................... 39 5. Commercial Paper Loan Program and Bank Term Loans.......................40 6. Loans and Financing ............................................................................................44 a. State Revolving Fund Loan.........................................................................44 b. Conduit Financing..........................................................................................44 7. Arbitrage....................................................................................................................46 • OFFICE OF THE INSPECTOR GENERAL • CLERK OF THE CIRCUIT COURT AND COUNTY COMPTROLLER SARASOTA COUNTY • STATE OF FLORIDA • KAREN E. RUSHING • CONSOLIDATED MAJOR REVENUE AND DEBT REPORT SARASOTA COUNTY, FLORIDA FISCAL YEAR ENDED SEPTEMBER 30, 2021
At A Glance FINANCIAL HIGHLIGHTS • Sarasota County has been awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Annual Comprehensive Financial Report for fiscal year ended September 30, 2020. This is the 37th consecutive year that Sarasota County has received this prestigious award. • In addition to being awarded the Certificate of Achievement, Sarasota County was issued the Distinguished Budget Presentation Award for fiscal year 2021. This was the 31st year that Sarasota County has received this prestigious award. • Sarasota County has also received the Award for Outstanding Achievement in Popular Annual Financial Reporting for the 9th year. This report named the 2020 IMPACT Report: Your Guide to Popular Annual Financial Information, was designed to provide citizens with a better understanding of where Sarasota County revenues come from and how those dollars were managed and spent during the fiscal year ended September 30, 2020. • The County experienced a $10.9 million (4.5%) increase in Ad Valorem Tax revenue. This gain in Ad Valorem taxes is directly related to increases in taxable assessed property values. PRESENTED TO Sarasota County Florida For the Fiscal Year Beginning October 01, 2020 Executive Director GOVERNMENT FINANCE OFFICERS ASSOCIATION Distinguished Budget Presentation Award Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Sarasota County Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2020 Executive Director/CEO 4 Consolidated Major Revenue & Debt Report 2021
NEW DEBT $61,295,000 Utility System Revenue Bonds, Series 2020A to finance the design, acquisition and construction of facilities expanding and improving the County’s Utility System and to refinance a loan from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. $44,740,000 Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable) to advance refund the County’s Utility System Revenue Refunding Bonds, Series 2011A, maturing on or after October 1, 2022 and to advance refund the County’s Utility System Revenue Bonds, Series 2013, maturing on or after October 1, 2024. $36,740,000 Subordinate Utility System Revenue Refunding Note, Series 2021 to refinance the County’s outstanding loans from the State of Florida Department of Environmental Protection related to the County’s water and sewer Utility System and to refund the outstanding County’s Subordinate Utility System Revenue Refunding Note, Series 2012. $31,975,000 Solid Waste System Revenue Note, Series 2021 to finance the acquisition and construction of the County’s Central Solid Waste Phase III Landfill and other improvements to its Solid Waste System. The County issued several Commercial Paper Revenue Notes, totaling $15.1 million, for various projects. Sarasota County has total outstanding debt of $706.9 million for fiscal year 2021, which is an increase of $58.8 million from the prior year. The County monitors its outstanding debt in relation to the debt market, when cost savings can be realized the debt will be refunded. SarasotaClerk.com 5 Arlington Park
Major Revenue Sources REVENUE CATEGORIES In government, revenues are divided or accounted for in six major categories: Category 1........Taxes Category 2.......Permits, Fees and Special Assessments Category 3....... Intergovernmental Category 4.......Charges for Services Category 5.......Judgments, Fines and Forfeitures Category 6....... Investments, Capital Contributions and Miscellaneous For the fiscal year ended September 30, 2021, total County revenues were $1.046 billion. Throughout this report, each of the major revenue categories will be divided into the category’s largest revenue components. Most categories contain a chart and graph illustrating the five-year history of the revenue, as well as a budget column depicting the amounts in the adopted fiscal year 2022 budget. Each revenue source has a section devoted to it that contains budget and actual financial information for fiscal year 2021 and budget information for fiscal year 2022. Following the financial information will be a concise statement on the legal authority for collecting the revenue. In many cases, an ordinance, which is a law or regulation enacted by a local government, is the legal authority for collecting revenue. A brief description contains information on how the revenue is calculated, who collects the revenue, the effective date, the effective period, and other relevant information. The last section includes data on the uses and restrictions for the revenue. Many revenues received by the County must be used for a specific purpose. This graph illustrates the County’s revenue of $1.046 billion accounted for in major revenue categories as of September 30, 2021. Charges for Services $408.8M – 39.07% Investments $1.8M – 0.18% Judgments, Fines & Forfeitures $2.7M – 0.26% Permits, Fees & Special Assessments $113.6M – 10.85% Intergovernmental $113.2M – 10.81% Other $53.0M – 5.06% Taxes $353.4M – 33.77% TOTAL REVENUE BY CATEGORY 2021 $1 BILLION 6 Consolidated Major Revenue & Debt Report 2021
Taxes are charges levied by the local governmental unit against the income or wealth of a person, natural or corporate. Taxes comprised the second largest revenue source totaling $353.4 million in fiscal year 2021. The County collects several different types of taxes such as the ad valorem tax, the infrastructure surtax, the six-cent local option fuel tax, the additional five-cent local option fuel tax, the five-cent tourist development tax, the County one-cent voted fuel tax, and the communications services tax. AD VALOREM TAXES Ad Valorem Taxes include, but are not limited to, revenue from general operating, debt service, mosquito control and emergency medical services. General Operating 2021 Budget: $ 199,979,509 2021 Actual: $ 202,604,896 2022 Budget: $ 214,872,974 Debt Service 2021 Budget: $ 12,077,393 2021 Actual: $ 12,227,382 2022 Budget: $ 12,129,554 Mosquito Control 2021 Budget: $ 3,172,463 2021 Actual: $ 3,213,506 2022 Budget: $ 3,399,908 Emergency Medical Services 2021 Budget: $ 32,395,521 2021 Actual: $ 32,782,701 2022 Budget: $ 34,571,422 Legal Authorization: Article VII, Section 9 of the State Constitution, Florida Statutes Chapters 192 through 197 and 200, County Ordinances 02-091; 01-099 as amended by 02-058, 02-088, 03-101, 03-042, 04-116, 08-116, and 99-091, as supplemented hereby 08-023. Description: The ad valorem tax is a property tax. For fiscal year 2021, the amount of the tax was determined by the following formula: taxable value of the property/1,000 times 3.4600. Taxes for Environmentally Sensitive Lands are included within the General Operating line item. The Emergency Medical Service (EMS) millage rate was 0.66, which is a separate millage rate, and is not assessed to properties within the Town of Longboat Key, the City of North Port or the City of Venice. THE FOLLOWING LISTS THE APPROVED MILLAGE RATES FOR FISCAL YEARS 2021 AND 2022. TOTAL AD VALOREM TAXES $300 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022 Budget Millions SarasotaClerk.com 7 CATEGORY 1 - Taxes FY 2021 FY 2022 General Operating 3.2149 3.2232 Mosquito Control 0.0510 0.0510 Debt Service (ESLPP)* 0.1253 0.1170 Debt Service (Legacy Trail) 0.0688 0.0649 Total Sarasota County 3.4600 3.4561 The methodology for levy, collection, and distribution of ad valorem taxes is a highly regulated activity governed by a variety of statutes including Chapter 200 of the Florida Statutes. The methodology is administered through a variety of regulations in the Florida Administrative Code by the Department of Revenue. The tax is collected by the Tax Collector’s Office. Uses and Restrictions: Ad valorem taxes are generally restricted for lawful budgeted purposes which were authorized by the Board of County Commissioners (Board). In general, ad valorem taxes must be used to benefit the public and the County as a whole. The ad valorem tax revenues have been pledged to pay the Limited Ad Valorem Tax Refunding Bonds, Environmentally Sensitive Land Protection Program, Series 2014 and General Obligation Bonds. * ESLPP is the acronym for Environmentally Sensitive Lands Protection Program
Ad valorem taxes may be used to provide the following: • General government services include legislative, judicial, and administrative services. Legislative services are provided by the Board of County Commissioners. The judicial function includes costs associated with the local court system. Administrative services include such functions as budgeting, accounting, auditing, property appraisal, tax collecting, personnel, and purchasing services. • Public safety services provide for the security of persons and property within the County. Law enforcement, fire control, and emergency and disaster relief are examples of public safety services. • Physical environment services protect the County’s natural resources. Soil and water conservation, agriculture, forestry, and air quality management are examples of physical environment protection services. • Human services provide for the care, treatment, and control of human illness, injury, or handicap, and for the welfare of the community as a whole and its individuals. Social services, public health services, animal/mosquito control and community services are examples of human services. • Culture and recreation services provide cultural and recreational facilities and activities for the benefit of citizens and visitors. Libraries, parks, and recreation areas are some examples of culture and recreation services. INFRASTRUCTURE SURTAX 2021 Budget: $ 42,655,000 2021 Actual: $ 48,104,986 2022 Budget: $ 43,890,000 Legal Authorization: Florida Statutes, Section 212.054 and 212.055; County Ordinance 89-040, as continued under County Ordinances 97-083 as amended by 06-016, 06-065, 07-074, 07-087, 08-107, 09-046 and 10-058, 11-052, 14-025, 15-009, 16-054, 17-043, 18-040, and 89-055. Description: The infrastructure surtax is a one- percent surtax levied by the County. Twenty-five percent of the tax proceeds belong to the School Board. The remaining proceeds are divided between the cities of Sarasota, Venice, North Port, the Town of Longboat Key, and the County based upon an interlocal agreement that allocates revenues using official population figures provided by the University of Florida. This tax is collected by the Florida Department of Revenue. The tax was initially approved by voter referendum on June 27, 1989 and was continued by voter referendum November 6, 2007, for a period commencing September 1, 2009, through December 31, 2024. Uses and Restrictions: The infrastructure sales surtax is pledged to pay the Infrastructure Sales Surtax Revenue Refunding Bonds 2014, 2015 and 2018. The tax may be used to finance, plan and construct infrastructure. Furthermore, the tax may be used to acquire land for public recreation, conservation, or the protection of natural resources. This tax is intended to relieve existing deficiencies in infrastructure and not to pay for new growth. A minimum of fifty percent of the County’s portion of the sales tax proceeds shall be allocated to roads and bridges (transportation), including such projects as replacement and rehabilitation; operations, safety and signalization improvements; roadway lighting; resurfacing; streetscaping; and sidewalks. TOURIST DEVELOPMENT TAX 2021 Budget: $ 19,000,000 2021 Actual: $ 31,076,839 2022 Budget: $ 22,500,000 Legal Authorization: Florida Statutes, Section 125.0104; County Ordinance 87-134 as amended by 92-019, 94-098, 96-071, 98-095, 03-046, 04-032, 06-061, 08-026, 08-101, 09-038, 10-012, 10-049, 10-076, 11-040, 11-048, 11-063, 13-014, 13-027, 14-039, 14-051, 16-001, 17-025, and 18-035. Description: In accordance with the statute, on September 2, 1986, the Board of County Commissioners established and appointed a Tourist Development Council (TDC). The TDC developed a plan which authorized restricted uses for the proposed tax. The initial tax was approved by voter referendum on September 6, 1988, and collection began November 1988. The initial rate of taxation was two percent and an increase of one percent became effective April 1, 1997. A second additional one percent tax became effective May 1, 2007; an increase of one-half percent became effective May 1, 2010; and a final one-half percent was added effective May 1, 2011. As of May 1, 2011, the Tourist Development Tax in Sarasota County became five percent. The five percent tax is levied on all hotel rooms and other residential units which are rented for a period of six months or less. The tax is collected locally by the Tax Collector’s Office. 8 Consolidated Major Revenue & Debt Report 2021 2021 REVENUE
Uses and Restrictions: Uses of this tax include financing beach re-nourishment, improvement and maintenance; to promote and advertise tourism, to fund convention bureaus, or to acquire, construct, improve, maintain, operate or promote sports stadiums or sports arenas. The revenue generated from the initial two percent tax is allocated fifty percent to beach maintenance, beach restoration, beach re-nourishment, and beach erosion control for beaches and maintenance of beach park facilities; twenty-five percent to construction, operation and maintenance of aquatic nature centers and ancillary facilities, with activities including, but not limited to, rowing and boating; and twenty-five percent to finance the renovation of the Ed Smith Stadium and/ or the construction of a sports stadium and ancillary facilities, but under circumstances as stated in the Ordinance may be used for any other lawful use. The additional one percent is allocated twenty percent to advertising/promotion, fifty percent to beach re-nourishment, beach restoration and beach erosion control, twenty percent to beach maintenance, and ten percent to new tourism activities, attractions and promotions. The second additional one percent is allocated one hundred percent to advertising/promotion designed to promote tourism in Sarasota County. The additional one-half percent is allocated one hundred percent to cultural and fine arts activities, services, venues or events. The second additional one-half percent is allocated one hundred percent to advertising/ promotion. A maximum of three percent of the collected tax may be used to cover the cost of collecting and auditing tax payments pursuant to Florida Statutes, Section 125.0104. COMMUNICATIONS SERVICES TAX 2021 Budget: $ 8,885,350 2021 Actual: $ 8,278,485 2022 Budget: $ 8,300,000 Legal Authorization: Florida Statutes, Section 202.19; County Ordinances 00-030 and Resolution 2001-159. Description: The Communications Services Tax Simplification Law is intended to reform existing tax laws to provide a fair, efficient, and uniform method for taxing communications services sold in Florida. “Communication Services” means the transmission, conveyance, or routing of voice, data, audio, video, or any other information or signals, to a point, or between or among points, by or through any electronic, radio, satellite, cable, optical, microwave, or other medium or method now in existence or hereafter devised, regardless of the protocol used for such transmission or conveyance. The Local Communications Services Tax Clearing Trust Fund was created within the Department of Revenue. Proceeds from the local communications services tax levied pursuant to Florida Statutes Chapter 202.19 are deposited in the Trust Fund for distribution to municipalities and counties as provided in Florida Statutes 202.8. The communication services adopted tax rate is 4.82 percent for unincorporated Sarasota County an additional 0.60 percent for the County Surtax Conversion Rates for a total communications services tax of 5.42 percent. Uses and Restrictions: The local communications services tax is pledged to pay Bank Term Loans, Series 2014 and 2015. The remaining balance of the tax revenue can be used for any public purpose. SarasotaClerk.com 9 Celery Fields
SIX-CENT LOCAL OPTION FUEL TAX 2021 Budget: $ 6,395,000 2021 Actual: $ 6,628,398 2022 Budget: $ 6,295,000 Legal Authorization: Florida Statutes, Section 206.41, 206.87, 336.025; County Ordinance 86-065, as amended by 11-069, and 16-002. Description: This tax is a six-cent tax upon every gallon of motor fuel and special fuel taxable under Parts I and II of Chapter 206, Florida Statutes. The proceeds from the tax are divided between the cities of Sarasota, Venice, North Port, the Town of Longboat Key and the County based upon an interlocal agreement that allocates revenues using official population figures provided by the University of Florida. Retail dealers remit the appropriate tax on all taxable fuels sold within the County to the Florida Department of Revenue. The tax became effective September 1, 2016 and is effective for a thirty-year period unless it is terminated by the Board of County Commissioners. Uses and Restrictions: This revenue source may be used for any authorized transportation expenditure. Street lighting, traffic signs, traffic engineering, road construction, bridge maintenance, and right-ofway maintenance are some examples of authorized transportation expenditures. ADDITIONAL FIVE-CENT LOCAL OPTION FUEL TAX 2021 Budget: $ 4,800,000 2021 Actual: $ 4,835,467 2022 Budget: $ 4,411,000 Legal Authorization: Florida Statutes, Section 206.41, 206.87, 336.025; County Ordinance 00-029 as amended by 05-025. Description: This is an additional five-cent local option fuel tax levied upon every gallon of motor fuel sold in Sarasota County and taxed under the provisions of Part I of Chapter 206, Florida Statutes. The proceeds from the tax are divided between the cities of Sarasota, Venice, North Port, the Town of Longboat Key and the County based upon an interlocal agreement that allocates revenues using official population figures provided by the University of Florida. Retail dealers remit the appropriate tax on all taxable fuels sold within the County to the Florida Department of Revenue. The tax became effective January 1, 2001. Uses and Restrictions: This tax revenue has been pledged by the County to pay the Five-Cent Local Option Fuel Tax Revenue Refunding Note, Series 2014 used for expenditures needed to meet the requirements of the capital improvements element of APOXSEE, Sarasota County’s Comprehensive Plan. Expenditures for the construction of new roads, the reconstruction or resurfacing of existing paved roads, or the paving of existing graded roads shall be deemed to increase capacity and shall be included in the capital improvements element of an adopted comprehensive plan. Such expenditures shall not include routine maintenance. ONE-CENT COUNTY VOTED FUEL TAX 2021 Budget: $ 1,800,000 2021 Actual: $ 1,888,946 2022 Budget: $ 1,750,000 Legal Authorization: Florida Statutes, Sections 206.41, 206.87 and 336.021; County Ordinance 88-009. Description: The tax is imposed on all motor fuel and special fuel taxable under Chapter 206, Florida Statutes. This tax is divided between the cities of Sarasota, Venice, North Port, the Town of Longboat Key and the County based upon an interlocal agreement that allocates revenues using official population figures provided by the University of Florida. Retailers remit the appropriate tax on all taxable fuels sold within the County to the Florida Department of Revenue. The one-cent per gallon voted fuel tax was approved by a countywide voter referendum in March 1988. Uses and Restrictions: This is a County-imposed tax for the purpose of paying the expenses of establishing, operating and maintaining a transportation system and related facilities, as well as paying the cost of acquisition, construction, reconstruction, and maintenance of roads and streets. The tax may be used to pay the principal and interest payments on bonds issued for road construction. 10 Consolidated Major Revenue & Debt Report 2021 2021 REVENUE Historic Courthouse
The following Tax Revenue History chart and graph depict the five-year history of the major components within Category 1. The budget column represents data from the fiscal year 2022 adopted budget. SarasotaClerk.com 11 TAX REVENUE HISTORY 2017 2018 2019 2020 2021 Budget 2022 AD VALOREM TAXES: General Operating Levy $ 156,078,347 $ 169,807,060 $ 181,867,373 $ 192,412,319 $ 202,604,896 $ 214,872,974 Emergency Medical Services District 27,649,296 29,998,180 32,108,312 33,962,128 32,782,701 34,571,422 Debt Service Levy 6,934,256 6,960,740 6,916,323 10,417,497 12,227,382 12,129,554 Mosquito Control Levy 2,588,871 2,470,359 3,105,551 3,119,972 3,213,506 3,399,908 TOTAL AD VALOREM TAXES: $ 193,250,770 $ 209,236,339 $ 223,997,559 $ 239,911,916 $ 250,828,485 $ 264,973,858 Infrastructure Surtax 36,689,825 39,350,406 41,686,338 40,165,462 48,104,986 43,890,000 Tourist Development Tax 21,397,206 22,861,874 23,463,535 21,058,709 31,076,839 22,500,000 Communications Services Tax 9,973,816 9,851,002 9,370,895 9,004,682 8,278,485 8,300,000 Six-Cent Local Option Fuel Tax 6,209,082 6,548,381 6,520,960 6,121,068 6,628,398 6,295,000 Additional Five-Cent Local Option Fuel Tax 4,696,627 4,893,583 4,899,626 4,467,787 4,835,467 4,411,000 One-Cent County Voted Fuel Tax 1,745,141 1,847,073 1,875,250 1,725,511 1,888,946 1,750,000 TOTAL $ 273,962,467 $ 294,588,658 $ 311,814,163 $ 322,455,135 $ 351,641,606 $ 352,119,858 $50 40 30 20 10 0 2017 2018 2019 2020 2021 Budget 2022 Infrastructure Surtax Six-Cent Local Option Fuel Tax Tourist Development Tax Additional Five-Cent Local Option Fuel Tax Communications Services Tax One-Cent County Voted Fuel Tax Millions
Permits, Fees and Special Assessments category includes revenue from easement reviews, certificates of occupancy, and non-refundable plan review fees. The County collects several other types of Category 2 revenues, for example: • FORESTRY DIVISION collects revenues for tree removal permits. • AIR QUALITY MANAGEMENT DIVISION collects burn permit fees. • TAX COLLECTOR collects boat registration fees. • RESOURCE PROTECTION SERVICES DEPARTMENT collects earth moving permit fees. • PLANNING AND DEVELOPMENT SERVICES collects revenues for right-of-way use and culvert permits. FIRE AND RESCUE ASSESSMENT 2021 Budget: $ 40,603,092 2021 Actual: $ 41,132,664 2022 Budget: $ 42,259,987 Legal Authorization: County Ordinances 88-055 as amended by 89-102, 96-055; 88-056 as amended by 89-101, 92-102, 93-087, 94-085, 96-056, 02-034, 02-054, 02-093, 03-105, 04-029, 07-036, and Resolution 06-167, 17-023, and 20-175. Description: The fire and rescue assessment is a levy against all taxable real property within the district. Assessments are determined annually during the budget process, set by resolution of the Board of County Commissioners and billed annually on property tax bills. The Emergency Services Business Center is responsible for administering the fire and rescue assessments. Uses and Restrictions: The assessment fees are used for operations, construction, acquisition, improvement of fire protection facilities and equipment. SOLID WASTE ASSESSMENTS 2021 Budget: $ 30,633,783 2021 Actual: $ 31,424,555 2022 Budget: $ 33,105,929 Legal Authorization: County Ordinances 03-022 amended by 03-059 as amended by 03-092 as amended by 06-001, 07-084, and 18-046. Description: A panel of hearing examiners, appointed by the Board of County Commissioners, review hauler requests for proposed rate changes. After a public hearing, rates are set by resolution of the Board of County Commissioners. Rates for residential customers are included once a year as a special assessment on property tax bills and are based on the cost of doing business and a nominal profit for the haulers. Commercial customers are billed directly by the hauler. The recycling budget is intended to cover the costs associated with mandatory residential recycling and the hauling of recyclable materials. The Environmental Services Business Center oversees the residential and commercial recycling program. Uses and Restrictions: The assessments are used to pay the solid waste hauler collection contracts, residential solid waste disposal costs, and support service costs. The recycling budget is used to cover the costs associated with the hauler contracts and the materials recovery facility processing contract. ELECTRIC FRANCHISE FEES 2021 Budget: $ 16,900,500 2021 Actual: $ 18,339,641 2022 Budget: $ 17,700,000 Legal Authorization: County Ordinance 07-042. Description: The County has the right to regulate the use of its rights-of-way in order to protect the public domain. In addition, the County may charge a rental fee for the use of the rights-of-way. Franchise fees are used to cover the expenses associated with regulation and to provide fair compensation for the rental value of the rights-of-way. The fee is 5.9 percent on the sale of electrical energy in the unincorporated areas of the County. Florida Power & Light Company collects the fee and submits it to the County on a monthly basis. The electric franchise granted by Ordinance No. 2007-042 was passed and adopted May 8, 2007, and is effective for a term of thirty years. Uses and Restrictions: Franchise fees are generally restricted only to lawful budgeted purposes authorized by the Board of County Commissioners. This fee has been used to pay principal and interest payments on bonds, road construction costs, and general County operating costs. STORMWATER ASSESSMENTS 2021 Budget: $ 16,795,034 2021 Actual: $ 17,504,864 2022 Budget: $ 17,228,206 12 Consolidated Major Revenue & Debt Report 2021 CATEGORY 2 - Permits, Fees And Special Assessments
Legal Authorization: Florida Statutes, Section 403.0893(1); County Ordinance 99-017 which amended and restated in their entirety 94-066, as amended by 95-063, 96-010, and 11-045. Description: This annual assessment is charged to all developed properties within the County and is listed on the property tax bill. For the purposes of imposing the fee, all developed property within the County is divided into two classes: the residential class and the non-residential class. The assessment rates are set by resolution of the Board of County Commissioners at a public hearing during the budget process. There are certain properties required to receive additional assessments for capital improvement projects specific to their basins. Assessments used for capital purposes are recorded as “capital contributions” rather than revenues in the financial statements. Uses and Restrictions: The fee is assessed to cover the costs associated with the operation, maintenance, administration, and construction of a public stormwater management system. IMPACT FEES 2021 Budget: $ 37,103,500 2021 Actual: $ 45,228,548 2022 Budget: $ 29,924,046 Legal Authorization: Sarasota County Code Chapter 70. Description: Impact fees are charges imposed by local governments against new development, as a total or partial reimbursement for the cost of additional facilities or services made necessary by the new development. The purpose of the charge is to impose upon the newcomer, rather than the general public, the cost of new facilities necessitated by the newcomer’s arrival. Sarasota County collects many different types of impact fees. Impact fees are levied for fire and rescue facilities, roads, parks, libraries, water facilities, law enforcement, justice facilities, general government and wastewater facilities. All of the impact fees are collected by the Planning and Development Services Business Center. Uses and Restrictions: The fees must be collected and used within the same service area. Furthermore, the fees must be used for facilities which are required by new construction. BUILDING PERMITS 2021 Budget: $ 10,258,263 2021 Actual: $ 14,500,631 2022 Budget: $ 12,558,301 Legal Authorization: County Ordinances 83-063 as amended by 85-076, 86-061, 86-103, 87-002, 89-015, 90-021, 90-038, 93-061, 94-001, 94-027, 98-013, 00-053, and 05-016. Description: Building permit fees are intended to cover the costs associated with inspection and enforcement of the County’s building code. The fees are set by the Board of County Commissioners and collected by the Planning and Development Services Business Center. Uses and Restrictions: Building permit fees are restricted to defray the cost of administering the County’s construction and property standards. MOBILITY FEES 2021 Budget: $ 12,291,744 2021 Actual: $ 12,519,161 2022 Budget: $ 8,249,126 Legal Authorization: County Ordinance 15-051 as amended by 15-077. Description: Mobility Fees are charges imposed by local governments against new development. The intent of the Mobility Fees is to combine transportation concurrency, proportionate share and impact fees into a simplified one-time payment by which developments can mitigate their impact to the transportation system based upon the projects and mobility strategies established in an adopted Mobility Plan. Uses and Restrictions: Amounts on deposit in the mobility fee fund accounts shall be used by the County solely for developing transportation facilities or for financing directly, or as a pledge against bonds, revenue certificates and other obligations of indebtedness, the costs of transportation facilities, or portions thereof, that are located in the corresponding mobility fee district from which the funds were collected or in adjacent areas, that are included in the County’s capital improvement plan, mobility plan, bicycle and pedestrian plan, transit development plan or comprehensive plan, and benefit new development located within the corresponding mobility fee district. Amounts on deposit in the mobility fee funds shall not be used for any expenditure that would be classified as a transportation operation and maintenance expense. UTILITY SYSTEM ASSESSMENTS 2021 Budget: $ 2,396,865 2021 Actual: $ 2,663,127 2022 Budget: $ 2,574,325 Legal Authorization: Florida Statutes, Section 125.01(1) (k); County Ordinance 02-064 as amended by 05-067. Description: The assessment is charged to all properties within the Phillippi Creek Sewage District on the annual property tax bill. The assessment shall be imposed on the properties according to the area assessment resolution and final rate resolution adopted by the Board of County Commissioners during the budget process. There are certain properties that may require additional assessments for the purpose of providing central wastewater services specifically for a property. Uses and Restrictions: The assessments are used to cover the costs related to design, engineering and construction of the Collection System within the district. SarasotaClerk.com 13
The following Permits, Fees and Special Assessments Revenue History chart and graph depict the five-year history of the major components within Category 2. The budget column represents data from the fiscal year 2022 adopted budget. 2021 REVENUE 14 Consolidated Major Revenue & Debt Report 2021 PERMITS, FEES AND SPECIAL ASSESSMENTS 2017 2018 2019 2020 2021 Budget 2022 Fire and Rescue Assessments $ 34,726,939 $ 37,712,236 $ 38,290,508 $ 39,476,940 $ 41,132,664 $ 42,259,987 Solid Waste Assessments 21,703,497 21,937,450 22,193,881 25,800,080 31,424,555 33,105,929 Electric Franchise Fees 17,003,645 17,401,685 17,873,286 17,383,486 18,339,641 17,700,000 Stormwater Assessments 16,588,557 16,903,646 17,093,600 17,173,415 17,504,864 17,228,206 Impact Fees - Utility Related 12,654,782 18,153,745 15,896,704 15,924,670 20,395,642 11,280,000 Impact Fees - Other 12,303,256 16,224,931 20,279,896 20,093,940 23,703,486 17,963,846 Building Permits 8,683,730 9,938,337 10,167,307 11,928,632 14,500,631 12,558,301 Mobility Fees 7,089,754 9,390,433 12,476,348 10,052,561 12,519,161 8,249,126 Utility Assessments 2,409,712 2,417,668 2,434,940 2,667,562 2,663,127 2,574,325 Impact Fees - Roads 2,228,401 955,709 575,058 816,847 1,129,420 680,200 TOTAL $ 135,392,273 $ 151,035,840 $ 157,281,528 $ 161,318,133 $ 183,313,191 $ 163,599,920 $50 40 30 20 10 0 Millions Fire and Rescue Assessments Solid Waste Assessments Electric Franchise Fees Stormwater Assessments Impact Fees - Utility Related Impact Fees - Other Building Permits Mobility Fees Utility Assessments Impact Fees - Roads 2017 2018 2019 2020 2021 Budget 2022 Mayakka State Park
Intergovernmental 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 $113.2 million for fiscal year 2021. 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, U.S. Treasury Coronavirus Relief Fund payments, the revenue necessary for funding the court-related functions of the Clerks 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 2021 Budget: $ 34,979,000 2021 Actual: $ 39,295,892 2022 Budget: $ 36,100,000 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, 2019C and 2020. 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. FEDERAL TRANSIT ADMINISTRATION (FTA) FORMULA GRANTS 2021 Budget: $ 4,046,173 2021 Actual: $ 6,541,122 2022 Budget: $ 9,107,017 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. 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 2021 Budget: $ 11,519,050 2021 Actual: $ 12,677,364 2022 Budget: $ 11,875,000 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 statelevied 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 SarasotaClerk.com 15 CATEGORY 3 - Intergovernmental
first guaranteed entitlement, the second guaranteed entitlement, and the balance. For Sarasota County, the first 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 second 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 2021 Budget: $ 3,591,000 2021 Actual: $ 3,559,794 2022 Budget: $ 3,171,000 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. LOCAL 50-CENT CHARGE E911 2021 Budget: $ 2,141,580 2021 Actual: $ 2,300,893 2022 Budget: $ 2,141,580 Legal Authorization: Florida Statutes, Section 365.171, 365.172, 365.173; County Ordinance 86-084. Description: Under the Emergency Communications Number E911 Act the State collects a fee from users of voice communication services through their service providers. The local exchange carriers operating in Florida are required by law to collect the monthly E911 fee, a maximum of $0.50, from customers. These fees are remitted to the E911 Board and a portion of the fee revenue received, based on the allocation percentages specified in the Legislation, must be distributed to the counties based on the billing address of the customer service identifiers in each county. Uses and Restrictions: These funds shall be used solely to pay recurring and non-recurring costs of providing 911 and E911 service, as provided by the Florida Statutes, Section 365.172(9) and 365.172(10). STATE LEVIED 7TH CENT COUNTY FUEL TAX 2021 Budget: $ 1,573,000 2021 Actual: $ 1,585,309 2022 Budget: $ 1,558,000 Legal Authorization: Florida Statutes, Section 206.41 and 206.60. Description: This tax is a one-cent tax upon every gallon of motor fuel sold in the State. This tax is sent to the State by licensed refiners upon the first sale or first removal from storage of the fuel. The State remits the tax to each County on a monthly basis. To determine distribution, a formula composed of three components (area, population, and collection) is calculated annually. Uses and Restrictions: These funds must be used solely for the acquisition of rights-of-way; the construction, reconstruction, operation, maintenance, and repair of transportation facilities, roads, and bridges; bicycle paths and pedestrian pathways; or to pay principal and interest on debt incurred for transportation purposes. COMMUNITY DEVELOPMENT BLOCK GRANT 2021 Budget: $ 3,930,290 2021 Actual: $ 428,408 2022 Budget: $ 4,552,657 Legal Authorization: Housing and Community Development Act of 1974, Title I, as amended, Public Law 93-383. Description: The Housing and Community Development Block Grant (CDBG) is a federally funded program through the Department of Housing and Urban Development. Funds are reimbursed monthly based on current year expenditures. The program’s intent is to develop viable urban communities, by providing adequate housing and a suitable living environment, and by expanding economic opportunities, principally for persons of low and moderate income. These funds are used to help the community by funding various projects such as day care centers, affordable housing, new park facilities, and other projects. 16 Consolidated Major Revenue & Debt Report 2021 2021 REVENUE
SarasotaClerk.com 17 Uses and Restrictions: This revenue source may be used to undertake a wide range of activities directed toward neighborhood revitalization, economic development, and the provision of improved community facilities and services. The community develops its own programs and funding priorities; however, the programs must conform to statutory standards and program regulations. The community may contract with other local agencies or nonprofit organizations to carry out part or all of their programs. All activities under this program must either benefit low- and moderate-income persons, aid in the prevention or elimination of slums and blight, or meet other community development needs. U.S. TREASURY CORONAVIRUS RELIEF FUND (CRF) 2021 Budget: $ 75,684,634 2021 Actual: $ 26,863,064 2022 Budget: $ 0 Legal Authorization: Florida Statutes, Section 129.06, 215.422, 215.971 and 216.347; County Resolution 2020-250; CARES Act Funding Agreement Y22631. Description: The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27, 2020, is a $2 trillion economic relief package designed to mitigate the economic impacts of COVID-19. Through the CARES Act, Treasury Coronavirus Relief Funds (CRF) provide for payments to any county, municipality, town, township, village, parish, borough or other unit of general government below the state level with a population that exceeds 500,000, based on current U.S. Census Bureau data. Uses and Restrictions: The state of Florida has received a total of $8.3 billion in relief funding; of this amount, Sarasota County received approximately $75.7 million as of January 2021. On July 7, 2020, the Sarasota County Commission approved four funding distribution categories for the funds: 1. Health and Medical 2. Economic Recovery 3. Food, Water, Shelter 4. Safety and Security The Florida Division of Emergency Management (FDEM) is administering the funds on behalf of the U.S. Treasury. Sarasota County, as a subrecipient of these funds from FDEM, has received the initial 25 percent allocation, and these funds will be distributed as county programs are developed and implemented under Board direction. The County has received approval from FDEM for receipt of an additional 20 percent allocation. The remaining 55 percent allocation will be provided on a reimbursement basis. The fund finances necessary expenditures incurred due to the global health crisis – COVID-19 – and expenditures not accounted for in County approved budget as of the date of enactment of the CARES Act. Historic Courthouse
The following Intergovernmental Revenue History chart and graph depict the five-year history of the major components within Category 3. The budget column represents data from the fiscal year 2022 adopted budget. 18 Consolidated Major Revenue & Debt Report 2021 2021 REVENUE Venice Pier $80 70 60 $50 40 30 20 10 0 Millions INTERGOVERNMENTAL REVENUE HISTORY 2017 2018 2019 2020 2021 Budget 2022 Half-Cent Sales Tax $31,037,864 $33,251,974 $34,442,203 $32,838,140 $39,295,892 $36,100,000 FTA Formula Grants 11,744,980 2,210,093 3,405,980 8,244,431 6,541,122 9,107,017 State Revenue Sharing 10,380,870 10,915,823 11,504,399 10,858,532 12,677,364 11,875,000 Constitutional Fuel Tax 3,419,944 3,498,008 3,676,794 3,247,429 3,559,794 3,171,000 Local 50-Cent Charge E911 2,160,268 2,055,669 2,254,295 2,165,530 2,300,893 2,141,580 State Levied 7th Cent Fuel Tax 1,508,181 1,553,747 1,590,170 1,438,509 1,585,309 1,558,000 Community Development Grant 931,305 978,138 1,062,047 2,597,731 428,408 4,552,657 Coronavirus Relief Fund - - - 48,821,570 26,863,064 - TOTAL $61,183,412 $54,463,452 $57,935,888 $110,211,872 $93,251,846 $68,505,254 2017 2018 2019 2020 2021 Budget 2022 Half-Cent Sales Tax Constitutional Fuel Tax FTA Formula Grants Local 50-Cent Charge E911 State Revenue Sharing State Levied 7th Cent Fuel Tax Community Development Grant Coronavirus Relief Fund The following Intergovernmental Revenue History chart and graph depict the five-year history of the major components within Category 3. The budget column represents data from the fiscal year 2022 adopted budget.
Charges for services are fees received for providing a specific service and are intended to cover the costs of providing the services. The revenue for Charges for Services totaled $408.8 million in fiscal year 2021. Below this category includes the primary fees for utility service, solid waste, ambulance charges, and public transportation. Counties have the home rule authority to impose a variety of user fees and charges to offset the cost of providing a service or regulating an activity. Because the fees cover the cost of providing the services, a county may reduce its reliance on ad valorem taxes. User fees are authorized by local ordinance. Sarasota County collects several other fees such as those for animal control and shelter, fees to use special recreation facilities, swimming pool fees, athletic league fees, special recreation program fees, library fees, fees to administer the County’s franchised water systems, zoning fees, and wastewater plant inspection fees. UTILITIES SYSTEM CHARGES 2021 Budget: $ 114,387,282 2021 Actual: $ 126,311,293 2022 Budget: $ 118,813,415 Legal Authorization: Florida Statutes Section 125.01(1)(k)1; County Ordinances 72-030 as amended by 85-090, 90-022, 90-036, 91-059, all of which were amended by 94-053; 99-058 as amended by 99-063; Resolution 17-089, 20-211, and 21-114. Description: The County’s water and wastewater utility system is administered by the Environmental Services Business Center. In accordance with the ordinance, the Board of County Commissioners (Board) holds advertised public hearings prior to the establishment of new rates, fees, and charges. The Board sets system charges by resolution. A resolution is a formal statement of a decision or expression of opinion adopted by the Board. In addition, the County collects meter installation charges, wastewater service connection charges, and utility permitting fees. Uses and Restrictions: Net revenues are pledged to pay Utility System Revenue Bonds or Refunding Bonds, Series 2011B, 2013, 2016A, 2016B, 2019A, 2020A and 2020B as well as the Utility System Revenue Refunding Notes, Series 2012 and 2015, and Subordinate Utility System Revenue Refunding Note, Series 2021. The fees are used to construct, operate, and maintain the County water and wastewater system. In addition, these user fees pay the principal and interest charges on the utility debt for various projects. SOLID WASTE SYSTEM CHARGES 2021 Budget: $ 21,299,677 2021 Actual: $ 23,476,396 2022 Budget: $ 21,299,677 Legal Authorization: Florida Statutes, Section 125.01(1)(k)1; County Ordinances 72-076 as amended by 86-016; 03-022, 03-059, 03-092, 06-001, 07-084, 18-046, and 19-052. Description: Solid Waste System user charges consist of landfill tipping fees and surcharges for solid waste collection administration, hazardous waste management, the code enforcement section, the Keep Sarasota County Beautiful program, the recycling program, and the Pinelands Reserve management costs. The fees are set by resolution of the Board of County Commissioners. Uses and Restrictions: The fees are pledged to pay the principal and interest charges on the Solid Waste System Revenue Refunding Note, Series 2015 and Solid Waste Note, Series 2021. Landfill tipping fees cover all costs associated with the Central County Landfill and the Venice Transfer Station, as well as the closure of the Bee Ridge Landfill. The fees cover all operating and maintenance costs associated with the yard waste mulching program at the Central County Landfill. The construction and demolition materials recycling program is also funded by user tipping fees. SarasotaClerk.com 19 CATEGORY 4 - Charges For Services l
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