2020 IMPACT Report - Sarasota County, Florida

SUMMARY OF FINANCIAL INFORMATION 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 (3 percent) represents resources that are subject to external restrictions on how they may be used. Unrestricted net position ($107.5 million) may be used to meet the government’s ongoing obligations to citizens and creditors. CONDENSED STATEMENT OF NET POSITION as of September 30, 2020 (in thousands) Governmental Activities Business-Type Activities Total 2020 2019 2020 2019 2020 2019 Current And Other Assets $ 647,317 $ 548,114 $ 477,250 $ 475,667 $ 1,124,567 $ 1,023,781 Capital Assets 1,572,200 1,456,596 932,945 911,174 2,505,145 2,367,770 Total Assets 2,219,517 2,004,710 1,410,195 1,386,841 3,629,712 3,391,551 Deferred Outflows Of Resources 141,829 136,024 14,912 14,213 156,741 150,237 Long-Term Liabilities 847,781 737,857 283,174 295,310 1,130,955 1,033,167 Other Liabilities 140,395 125,650 45,800 43,904 186,195 169,554 Total Liabilities 988,176 863,507 328,974 339,214 1,317,150 1,202,721 Deferred Inflows Of Resources 22,065 37,150 1,740 2,901 23,805 40,051 Net Investment In Capital Assets 1,241,890 1,130,272 702,068 673,063 1,943,958 1,803,335 Restricted 371,345 333,259 22,708 35,814 394,053 369,073 Unrestricted (Deficit) (262,130) (223,454) 369,616 350,061 107,486 126,607 Total Net Position $ 1,351,105 $ 1,240,077 $ 1,094,392 $ 1,058,938 $ 2,445,497 $ 2,299,015 16 Impact Report 2020