2019 IMPACT Report - Sarasota County, Florida

16 Impact Report 2019 CONDENSED STATEMENT OF NET POSITION as of September 30, 2019 (in thousands) Governmental Activities Business-Type Activities Total 2019 2018 2019 2018 2019 2018 Current And Other Assets $ 548,114 $ 496,984 $ 475,667 $ 434,381 $ 1,023,781 $ 931,365 Capital Assets 1,456,596 1,419,608 911,174 919,649 2,367,770 2,339,257 Total Assets 2,004,710 1,916,592 1,386,841 1,354,030 3,391,551 3,270,622 Deferred Outflows Of Resources 136,024 143,253 14,213 12,355 150,237 155,608 Long-Term Liabilities 737,857 654,489 295,310 300,039 1,033,167 954,528 Other Liabilities 125,650 118,488 43,904 38,955 169,554 157,443 Total Liabilities 863,507 772,977 339,214 338,994 1,202,721 1,111,971 Deferred Inflows Of Resources 37,150 44,299 2,901 3,569 40,051 47,868 Net Investment In Capital Assets 1,130,272 1,111,431 673,063 660,893 1,803,335 1,772,324 Restricted 333,259 294,313 35,814 35,342 369,073 329,655 Unrestricted (Deficit) (223,454) (163,175) 350,061 327,587 126,607 164,412 Total Net Position $ 1,240,077 $ 1,242,569 $ 1,058,938 $ 1,023,822 $ 2,299,015 $ 2,266,391 WHAT THE COUNTY OWNS & OWES The Condensed Statement of Net Position, or “Balance Sheet,” is a summary of everything Sarasota County owns (assets) and owes (liabilities), with the difference between the two being net position and is presented as governmental and business-type activities. It also provides a snapshot of the County’s financial health at the end of the fiscal year. Governmental Activities - Activities primarily supported by tax dollars for services such as libraries, emergency medical, law enforcement and transportation. Business-Type - Those activities that offer goods and services of the County for sale and are intended to be self-supporting, such as utilities, solid waste, stormwater and public transportation system. At the end of the current fiscal year, Sarasota County is able to report positive balances in all three categories of net position, for the government as a whole. NET POSITION AT A GLANCE Net Position - The difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources. Net Investment in Capital Assets - The difference between the amount paid for capital assets, such as buildings, and any debt used to acquire those assets, such as loans or mortgages. Restricted - Funds that are not available for use by the County because they must be used for a specific purpose or project as required by law or regulation. Unrestricted - The remaining balance available for use that is not invested in capital assets or restricted. A portion of Sarasota County’s net position (16.1%) represents resources that are subject to external restrictions on how they may be used. Unrestricted net position ($126.6 million) may be used to meet the government’s ongoing obligations to citizens and creditors. SUMMARY OF FINANCIAL INFORMATION