2021IMPACT REPORT YOUR GUIDE TO POPULAR ANNUAL FINANCIAL INFORMATION Sarasota County, Florida • Fiscal Year Ended September 30, 2021 SarasotaClerk.com
IMPACT REPORT SARASOTA COUNTY, FLORIDA FISCAL YEAR ENDED SEPTEMBER 30, 2021 4 ABOUT THIS REPORT 5 ABOUT THIS OFFICE 6 AT A GLANCE 7 OUR COUNTY 8 YOUR COUNTY GOVERNMENT 9 CARES ACT AND ERAP 10 DEMOGRAPHICS 12 BUDGET 14 FINANCIAL INFORMATION SUMMARY 16 PROPERTY TAXES 18 COUNTY RESERVES 20 DEBT 22 CAPITAL ASSETS 23 INVESTMENTS MISSION STATEMENT TO MEET THE NEEDS AND EXCEED THE EXPECTATIONS OF THOSE WE SERVE, IN FULFILLING OUR CONSTITUTIONAL OBLIGATIONS.
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 the Sarasota County IMPACT Report for the fscal year ended September 30, 2021 which was a special year for Sarasota County as we commemorate the Centennial of our community. On July 1, 1921 Sarasota legally separated from Manatee County and Sarasota County was formed. This report, which is also called a Popular Annual Financial Report, provides the citizens of Sarasota County an easy-to-read overview of the County’s revenues, expenses and other key economic indicators for the fscal year that ended on September 30, 2021. My primary focus as County Comptroller is providing outstanding service to you. I trust you will fnd this report has been presented in a straightforward manner how your tax money is managed, spent and invested. Despite the uncertainty caused by the global health crisis - COVID-19, Sarasota County’s fnances remained strong in Fiscal Year 2021, as is evidenced by the following comparison to Fiscal Year 2020: • Tourist Development Tax revenues increased by 47.6 percent, from $21.1 million to $31.1 million. • Population increased by 0.6 percent, from 438,816 to 441,508. • Taxable assessed property value increased by 7.1 percent, from $65.5 million to $70.1 million. • Total General Fund expenditures were $261.1 million which was 7.9 percent less than the amended budget of $283.6 million. As Comptroller, I am proud to report that we have received the Award for Outstanding Achievement in Popular Annual Financial Reporting for the 2020 IMPACT Report and the Certifcate of Achievement for Excellence in Financial Reporting for our 2020 Annual Comprehensive Financial Report from the Government Finance Ofcers Association (GFOA). In addition, Sarasota County was issued the Distinguished Budget Presentation Award for fscal year 2021. There is a dedicated team of talented fnancial professionals that contributed to such success. Should you desire more information not found in the IMPACT report, you may wish to review the Annual Comprehensive Financial Report, which contains more detailed audited fnancial information. In addition, the Consolidated Major Revenue and Debt Report provides a summary of the County’s major revenue sources, indebtedness, and arbitrage. These reports can be viewed and downloaded at SarasotaClerk.com. If you have any comments or suggestions on how we may improve this report, please contact the Finance Department at (941) 861-5165. Thank you for the opportunity to continue to serve as your Sarasota County Clerk of the Circuit Court and County Comptroller. It is a great privilege and honor to serve our community. Sincerely, Karen E. Rushing Clerk of the Circuit Court and County Comptroller SarasotaClerk.com
I ABOUT THIS REPORT This IMPACT Report is produced by the Sarasota County Clerk of the Circuit Court and County Comptroller’s Ofce as a tool to help you understand how public funds are managed and spent. Most of the information in this report is derived from the Annual Comprehensive Financial Report for the fscal year that ended on September 30, 2021. Every County in the State of Florida is required by law to issue an Annual Comprehensive Financial Report, which must be prepared in accordance with generally accepted accounting principles as required by Florida Statute 218.32. The Annual Comprehensive Financial Report is necessarily very complex. Therefore, the Ofce of the Clerk of the Circuit Court and County Comptroller has prepared this summary fnancial publication. The IMPACT Report, because of its summary nature, does not conform to generally accepted accounting principles and does not conform to governmental reporting standards. This report also includes condensed and simplifed information from the County budget and other fnancial reports. The Government Finance Ofcers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to Sarasota County, Florida for its Popular Annual Financial Report for the fscal year ended September 30, 2020. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to the GFOA. MISSION STATEMENT To Meet the Needs and Exceed the Expectations of Those We Serve, In Fulflling Our Constitutional Obligations. CORE VALUES: I.M.P.A.C.T. M P A T Integrity: Being forthright with strong ethical values Making A Diference: Always going the extra mile Profciency: Demonstrating knowledge and experience Accountability: Being responsible and answerable for our actions Commitment: pledged to be consistent and dedicated Trustworthiness: Taking actions that are reliable and responsible GOALS 1 2 3 4 Maximize fnancial performance Enhance service delivery Enhance our value, reputation, and relationship with stakeholders Create a unifed, engaged and productive culture 4 Impact Report 2021 C
ABOUT THIS OFFICE The Clerk of the Circuit Court and County Comptroller’s Ofce was established in 1838 as a Public Trustee and set in place, at the County level, a system of “checks and balances” proven to serve the public for more than 175 years. The Ofce of the Clerk and Comptroller is governed by statutory authority in carrying out duties and functions, in accordance with law, related to record keeping, information management, and fnancial management for both the judicial system and County government. Functions and duties vary from state to state. In Florida, specifcally in Sarasota County, your Clerk and Comptroller serves as: 1. Clerk of the Circuit and County Court 2. County Recorder 3. County Comptroller and Treasurer 4. County Auditor and Ofce of Inspector General 5. Ex-Ofcio Clerk to the Board of County Commissioners SERVING YOU As your independently elected Comptroller, one of the most important duties is to provide clear, concise information about County revenue and spending. The Clerk and Ex-Ofcio Clerk to the Board of County Commissioners makes available meeting minutes linked to videos of Board meetings. Clerk of the Circuit and County Court: • derives authority from the Florida State Constitution and Florida Law • aids and promotes the judicial process County Recorder: • creates a permanent record of all mortgages, liens, deeds and other documents afecting real property • collects the documentary stamp and intangible taxes on behalf of the State of Florida • performs weddings and issues marriage licenses • serves as an acceptance agent for the issuance of passports County Comptroller and Treasurer: • accounts for the County’s fnancial resources • prepares and publishes the Sarasota Annual Comprehensive Financial Report, Consolidated Major Revenue and Debt Report and the IMPACT Report • invests County funds County Internal Auditor and Ofce of Inspector General: • establishes compliance testing with internal controls prioritized using a risk assessment tool • investigates, as a priority over audits, complaints of fraud, waste and abuse Ex-Ofcio Clerk to the Board of County Commissioners: • serves as the custodian of the Board’s records • takes ofcial minutes of commission and other board committee meetings • maintains custody of the ofcial seal and administers it according to the law Impact Report 2021 5
AT A GLANCE SARASOTA COUNTY ACCOMPLISHMENTS Sarasota County Fire Department: • The County opened the new Fire Station No. 13 beside Siesta Key Beach. The 2-story, 10,500 square foot station includes a workout room and designated bunk rooms for each frefghter. • This building is hurricane hardened and allows the frefghters to better serve Siesta Key and Sarasota County. 2021 Quality of Life Ratings and Surveys: • Sarasota was ranked by U.S. News & World Report, in their Best Places in the U.S. in 2021-2022 comparison of U.S. metropolitan areas, as the 9th best place to live, best place to retire, 2nd fastest-growing place, 5th safest place to live, and 15th best place to live for quality of life. • Sarasota County Government was named one of the “Best Workplaces for Commuters” by bestworkplaces.org. • Each year, Sarasota County has an annual citizen survey completed by the University of South Florida for citizen satisfaction of county services and responsiveness of the employees when contacted. The 2021 results showed that the proportion of respondents who rated their quality of life in the county as excellent or good was 97 percent and 96 percent surveyed are satisfed with services provided by Sarasota County. Fitch and S&P Global Bond Ratings: • Both Fitch and S&P Global announced an “AA+” rating for the Utility System Revenue Bonds, Series 2020A and Utility System Revenue Refunding Bonds, 2020B. • Fitch afrmed Sarasota County’s rating of “AAA” for its Issuer Default Rating, its General Obligation Bonds and “AA+” for its Capital Improvement Sales Tax Bonds. • These bond ratings refect the County’s superior fnancial management, solid operating profle and are an indication of the economic health and a growing, strong and diverse local economy. • High bond ratings allow the County to acquire debt at a lower rate. GOALS OF SARASOTA COUNTY • Exceptional County Services Aligned with Resources • High-Performing County Team • World-Class Quality of Life Amenities • Great Place to Live • Robust, Growing Business Opportunities Ringling Bridge 6 Impact Report 2021
OUR COUNTY Incorporation and Municipalities: • Sarasota County is a political subdivision of the State of Florida and was formally incorporated in 1921. • The County includes unincorporated County and four municipalities: the Cities of Sarasota (County seat), Venice, North Port and the Town of Longboat Key. Geography: • located on the southwest coast of Florida • 725 square mile area (including water areas) with outstanding natural beauty Population: • approximately 441,508 permanent residents Authority to tax: • empowered to levy a property tax on both real and personal property Services provided for citizens: • law enforcement • fre and rescue protection • construction and maintenance of street and trafc systems, highways, bridges and other infrastructure • preservation and maintenance of beaches, parks and environmentally sensitive lands • recreational facilities, programs and cultural activities • comprehensive planning and community development • community information and education programs • health and human services • water and wastewater utilities • solid waste disposal facilities • stormwater utility facilities • public transportation Sarasota County fscal responsibility: • shared by the Board of County Commissioners (BCC) and the Clerk of the Circuit Court and County Comptroller (Clerk and Comptroller) • The BCC and the Clerk and Comptroller are separately elected constitutional ofcers vested District 1 City of Sarasota City of Venice City of North Port District 3 District 5 District 4 District 2 with separate powers, according to Florida law. This separation of power provides checks and balances within the County government to help safeguard the assets of the County. • The BCC is responsible for adopting an annual budget for all departments under the commissioners. The budget is prepared by the Ofce of Financial Management, under the direction of the County Administrator, and presented to the commissioners for approval. The budget governs expenditures by the departments. • Clerk and Comptroller pre-audits every expenditure prior to payment to ensure that all expenditures are legal, budgeted and in compliance with County policies and procedures. Impact Report 2021 7
YOUR COUNTY GOVERNMENT According to Article VIII, Section 1 of the Florida Constitution, Florida shall be divided into political subdivisions called counties. County ofcers shall be elected, by the electors of each county, for terms of four years. County ofcers include a sherif, a tax collector, a property appraiser, a supervisor of elections and a clerk of the circuit court. Counties may adopt a county charter, however the county charter may not abolish the ofce of a sherif, a tax collector, a property appraiser, a supervisor of elections, or a clerk of the circuit court; transfer the duties of those ofcers to another ofcer or ofce; change the length of the four-year term of ofce; or establish any manner of selection other than by election by electors of the county. In 1971, the citizens of Sarasota County adopted a Home Rule Charter in accordance with the Constitution and Statutes of the State of Florida. The Home Rule Charter sets forth a “commission” form of government under which a fve member Board of County Commissioners is elected to serve as the executive and legislative body for the County. In addition to the County Commissioners, the citizens of the County elect a Sherif, a Clerk of the Circuit Court and County Comptroller, a Supervisor of Elections, a Tax Collector, and a Property Appraiser. The elected ofcials are responsible for all functions, duties and requirements prescribed by the Constitution and the general laws of the State of Florida. Additional functions may be performed as prescribed by ordinance by the board of County Commissioners. The Board of County Commissioners appoint a County Administrator whose duties include the administration of directives and policies of the Commissioners, and provision of services under the purview of the Commissioners. The Board of County Commissioners also appoint a County Attorney, who serves as legal advisor to the Board. The Charter Review Board, established by the Charter, consists of ten elected ofcials who review and recommend changes to the County Charter for improvement of County government. Such recommendations shall be subject to referendum. COUNTY COMMISSIONERS Michael A. Moran Christian Ziegler Nancy C. Detert Alan Maio Ron Cutsinger District 1 District 2 District 3 District 4 District 5 LOCAL ELECTED OFFICIALS Clerk & Comptroller Karen E. Rushing www.sarasotaclerk.com Supervisor of Elections Ron Turner Property Appraiser Bill Furst www.sc-pa.com Tax Collector Sherif Barbara Ford-Coates Kurt A. Hofman COUNTY ADMINISTRATOR & ATTORNEY Administrator Jonathan R. Lewis www.scgov.net Attorney Frederick (Rick) J. Elbrecht www.scgov.net www.sarasotavotes.com www.sarasotataxcollector.com www.sarasotasherif.org 8 Impact Report 2021
CARES ACT AND EMERGENCY RENTAL ASSISTANCE PROGRAM FY21 ERAP Expenditures FY21 CARES Act Expenditures As Sarasota County’s Chief Financial Ofcer, the Clerk and Comptroller’s ofce is responsible for auditing and issuing payments approved through COVID-19 community relief programs, such as the Sarasota County CARES Coronavirus Relief Fund (CRF) and Emergency Rental Assistance program (ERAP). Pursuant to U.S. Treasury guidance, Sarasota County established all guidelines, forms, time frames, and the application process for COVID-19 community relief programs. CARES Act: The CRF grant program provided economic relief to Sarasota County individuals and businesses from hardships due to COVID-19. Beginning in September of 2020, the County issued over 7,000 relief payments to 1,700 households and 1,185 businesses. As of September 30, 2021, the County had disbursed $63.4 million on economic recovery; food, water and shelter; safety and security; and medical health as illustrated in the table to the right. Emergency Rental Assistance Program (ERAP): ERAP is a program for Sarasota County households that can provide assistance with rent and utility expenses due to the impacts of COVID-19. Eligible households may receive up to 12 months of assistance, plus an additional 3 months, if needed, to ensure housing stability, as long as funds are available. ERAP applicants must meet household eligibility requirements and complete an online application. Priority is given to certain households with earnings below the designated threshold of area median household income, or who have one or more household members who have been unemployed for the 90 day period preceding the application. In fscal year 2021, the County disbursed $3.7 million from the U.S. Federal Government to provide assistance during the pandemic, resulting in the issuance of 956 checks to 497 individuals and families. Economic Food, Water Recovery and Shelter 75.1% 14.8% Medical Safety and Health Security 7.3% 2.8% Rental Utility Assistance Assistance 95.6% 4.2% Other Housing 0.2% Impact Report 2021 9
DEMOGRAPHICS Sarasota County continues to show signs of economic strengthening. Taxable property values increased 7.1 percent in fscal year 2021, and property values for 2022 are projected to continue to increase. Population increased at a rate of 0.6 percent from last year. Approximately 2.9 million tourists visited Sarasota County in fscal year 2021, and it is the winter home for over a hundred thousand out-of-town residents. Local beach communities have earned an international reputation as a family vacation destination. The art community thrives with worldclass facilities including Van Wezel Performing Arts Center, the John and Mable Ringling Museum of Art, and the Asolo Repertory Theatre. Sports tourism is strong with Major League Baseball spring training stadiums and a world-class rowing park. FY21 DEMOGRAPHIC AND ECONOMIC STATISTICS Last Three Calendar Years Calendar Year Population (1) Per Capita Personal Income (2) Personal Income (in thousands) Public School Enrollment (3) Unemployment Percentage Rate (4) 2019 426,275 $ 66,878 $ 28,508,419 43,119 3.2 % 2020 438,816 70,884 31,105,033 43,498 6.3 2021 441,508 N/A N/A 42,973 4.1 N/A = Data not currently available Sources: (1) Bureau of Economic and Business Research (2) Florida Ofce of Economic and Demographic Research (3) School Board of Sarasota County (4) U.S. Bureau of Labor Statistics (12 month average) FY21 DEMOGRAPHIC AND ECONOMIC STATISTICAL COMPARISON Government Population (1) Per Capita Personal Income (2) Personal Income (in thousands) Public School Enrollment (3) Unemployment Percentage Rate (4) Sarasota County 441,508 N/A N/A 42,973 4.1 % Florida 21,898,945 N/A N/A 2,801,508 5.1 United States 332,208,099 N/A N/A N/A 6.0 N/A = Data not currently available Sources: (1) Florida Ofce of Economic & Demographic Research; U.S. Census Bureau (2) Florida Ofce of Economic & Demographic Research; U.S. Bureau of Economic Analysis (3) School Board of Sarasota County; Florida Department of Education; U.S. Census Bureau (4) U.S. Bureau of Labor Statistics (12 month average) Caspersen Beach 10 Impact Report 2021
The Principal Employers listed below represent education, healthcare, professional business services, manufacturing and retail. The Principal Property taxpayers listed below represent healthcare, business services, and retail types of taxpayers. 2021 PRINCIPAL EMPLOYERS* Employer Employees Percentage of Total County Employment Sarasota Memorial Hospital 7,704 4.08 School Board of Sarasota County 5,811 3.08 Publix Super Markets, Inc. 3,999 2.12 Sarasota County Government 3,583 1.90 PGT Innovations 2,228 1.18 Venice Regional Bayfront Health 1,305 0.69 City of Sarasota 785 0.42 Helios Technologies, Inc. 678 0.36 Doctors Hospital of Sarasota 589 0.31 FCCI Insurance Group 403 0.21 Total 27,085 14.35 Total Sarasota County Employment 188,710 % % *Source: Florida Department of Economic Opportunity, Local Area Unemployment Statistics by County 2021 PRINCIPAL PROPERTY TAXPAYERS* Taxpayer Taxable Assessed Valuation Percentage of Total Taxable Assessed Value Florida Power & Light Company $ 759,469,699 1.08 TB Mall at UTC, LLC 232,579,700 0.33 MHC - Mobile Home Communities 187,448,206 0.27 Publix Super Markets, Inc. 125,067,968 0.18 Camelot Ventures - Retirement Communities 119,169,298 0.17 Sarasota Associates A-1, LLC 115,225,074 0.16 SNF Property, LLC 102,699,479 0.15 Frontier Florida, LLC 100,441,580 0.14 Comcast Cable Communications, LLC 96,962,147 0.14 Ashford Sarasota, LP 94,886,600 0.14 Total $ 1,933,949,751 2.76 Total Taxable Assessed Value: $ 70,095,387,468 % % *Source: Prepared by Sarasota County from data received from The Sarasota County Property Appraiser Impact Report 2021 11
BUDGET Sarasota County’s total adopted budget for fscal year 2021, which is the fnancial plan for funding all operations, totaled $1.3 billion. This includes elected and appointed ofcials, all Board of County Commissioner Core and Support Services, and also includes funding for personal services, non-personal services, operating, and capital funding required to maintain the adopted level of service. The fscal year 2021 total adopted budget increased by 1.0 percent over the previous year. FUND TYPES A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specifc activity or objective. Sarasota County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with fnance-related legal requirements. By law, each fund type must be balanced and may not show a defcit. General Fund– Accounts for the County’s primary operating fund that pays for government operations. Special Revenue Funds – Account for specifc revenues that are legally restricted to expenditures for particular purposes. Debt Service Funds – Account for the accumulation of resources for, and the payment of, general long term debt principal and interest. Capital Projects Funds – Account for the acquisition and construction of major capital facilities other than those fnanced by proprietary and trust funds. Permanent Funds – Account for resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support the County’s programs. Enterprise Funds – Account for any activity for which a fee is charged to external users for goods or services. Internal Service Funds – Account for the fnancing of goods or services provided by one department or agency to other departments or agencies of the government and to other governmental units, on a cost reimbursement basis. *Capital Improvement Program Includes Capital and Debt Service Source: Sarasota County Annual Budget FY21. BUDGET BY FUND TYPE Last Three Fiscal Years Millions $600 $500 $400 $300 $200 $100 0 General Fund Special Debt Service Capital Permanent Enterprise Internal Revenue Fund Fund Projects Funds Funds Funds Service Funds 2019 2020 2021 12 Impact Report 2021
Tax dollars and other sources of revenue must be spent in accordance with Sarasota County’s budget. The County, in compliance with Florida Statute 129.01(2)(b), budgets taxes and other revenues at 95% of anticipated revenues. The County recognizes the remaining 5% as an acceptable variance factor. The operating budget process is a collaborative efort between the department and the budget analyst staf from the Ofce of Financial Management. The operating analyst provides reports, fnancial analysis, historical and trending information to the department to assist in budget formulation. The budget gets preliminary approval from Administration by going through a budget review process. There are several workshops throughout the year to present the budget to the Board. The Board adopts the budget during two public hearings. SELECT OPERATING BUDGETS1 FY20 Adopted FY21 Adopted Percent Change Cost Per Person2 Board of County Commissioners $ 851,300 $ 856,945 0.7% $ 1.94 Ofce of Financial Management 8,434,610 9,759,175 15.7 22.10 Planning and Development Services 40,061,570 40,664,469 1.5 92.10 Emergency Services 106,671,910 110,266,626 3.4 249.75 Public Utilities 133,047,436 138,337,326 4.0 313.33 Solid Waste 53,132,138 62,456,012 17.5 141.46 Health and Human Services 24,710,343 26,631,415 7.8 60.32 Human Resources 56,648,428 56,851,829 0.4 128.77 Enterprise Information Technology 23,837,797 24,802,225 4.0 56.18 Communications 2,964,714 3,098,670 4.5 7.02 Ofce of County Administrator 2,094,060 2,226,968 6.3 5.04 Governmental Relations (Economic Development) 2,355,728 3,913,144 66.1 8.86 Sarasota County Area Transit (SCAT) 29,984,759 31,222,232 4.1 70.72 Ofce of County Attorney 3,942,361 4,012,025 1.8 9.09 Libraries and Historical Resources 15,717,978 16,488,688 4.9 37.35 Parks, Recreation and Natural Resources 30,940,683 31,842,796 2.9 72.12 UF IFAS Extension 1,732,538 1,907,704 10.1 4.32 General Services 52,159,001 48,472,988 -7.1 109.79 Property Management (Real Estate Services) 1,638,101 1,404,123 -14.3 3.18 Capital Projects 7,035,002 7,089,391 0.8 16.06 Public Works 49,184,914 50,287,885 2.2 113.90 Non-Departmental 56,750,252 59,486,449 4.8 134.73 Total $703,895,623 $732,079,085 4.0% $1,658.13 Source: (1) Sarasota County Annual Budget FY21. (2) Calculation based on 2021 population numbers from the Florida Legislature, Ofce of Economic and Demographic Research. Impact Report 2021 13
FINANCIAL INFORMATION SUMMARY 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 diference between the two being net position and is presented as governmental and business-type activities. It also provides a snapshot of the County’s fnancial health at the end of the fscal 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 ofer 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 fscal 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 diference between assets plus deferred outfows of resources and liabilities plus deferred infows of resources. Net Investment in Capital Assets - The diference 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 specifc 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 percent) represents resources that are subject to external restrictions on how they may be used. Unrestricted net position ($185.4 million) may be used to meet the government’s ongoing obligations to citizens and creditors. CONDENSED STATEMENT OF NET POSITION as of September 30 (in thousands) Governmental Activities Business-Type Activities Total 2021 2020 2021 2020 2021 2020 Current and Other Assets $ 676,812 $ 647,317 $ 599,816 $ 477,250 $ 1,276,628 $ 1,124,567 Capital Assets 1,597,144 1,572,200 959,822 932,945 2,556,966 2,505,145 Total Assets 2,273,956 2,219,517 1,559,638 1,410,195 3,833,594 3,629,712 Deferred Outfows of Resources 95,547 141,829 14,068 14,912 109,615 156,741 Long-Term Liabilities 515,817 847,781 355,977 283,174 871,794 1,130,955 Other Liabilities 193,195 140,395 51,356 45,800 244,551 186,195 Total Liabilities 709,012 988,176 407,333 328,974 1,116,345 1,317,150 Deferred Infows of Resources 229,150 22,065 16,838 1,740 245,988 23,805 Net Investment in Capital Assets 1,253,150 1,241,890 728,899 702,068 1,982,049 1,943,958 Restricted 391,831 371,345 21,586 22,708 413,417 394,053 Unrestricted (Defcit) (213,640) (262,130) 399,050 369,616 185,410 107,486 Total Net Position $ 1,431,341 $ 1,351,105 $ 1,149,535 $ 1,094,392 $ 2,580,876 $ 2,445,497 14 Impact Report 2021
Revenues Expenses Change In Net Position* 2021 2017 2018 2019 2020 212,669 213,912 222,123 188,538 191,221 207,553 209,521 217,256 238,555 252,354 49,167 55,143 40,226 35,115 35,454 Last Five Fiscal Years CONDENSED STATEMENT OF ACTIVITIES decreased by $42.4 million over last year. The largest decrease in revenue was for capital grants The following comparative, government-wide and contributions largely due to a one time capital Condensed Statement of Activities graph presents contribution received in the prior year not annually the revenues, expenses, and changes in net position. recurring. The largest decrease in expenses was The County’s net position increased by $135.4 for transportation, largely due to a reduction in million during the current fscal year. Total revenues pension expense. decreased by $53.5 million and total expenses GOVERNMENTAL ACTIVITIES $800 Last Five Fiscal Years Revenues Expenses Change In Net Position* 2021 2017 2018 2019 2020 486,088 538,210 574,853 510,129 531,253 556,799 556,111 715,991 648,657 590,808 (61,233) 111,028 (10,578) (2,492) 80,236 $700 $600 $500 $400 $300 $200 $100 0 $-100 THOUSANDS THOUSANDS $300 $250 $200 $150 $100 $50 0 BUSINESS-TYPE ACTIVITIES *Change in Net Position includes transfers not shown in graphs. Impact Report 2021 15
PROPERTY TAXES The Board of County Commissioners and other taxing entities set a property tax rate called a “millage rate” which is used to calculate your overall property taxes. A “mill” is equal to $1 of tax for every $1,000 of assessed property value. Sarasota County has been able to maintain or improve the level of services provided while sustaining the second lowest millage rate in the State of Florida. HOW YOUR PROPERTY TAXES WERE ALLOCATED ON MILLAGE RATES FY21 SARASOTA COUNTY (UNINCORPORATED) SARASOTA COUNTY SARASOTA COUNTY DISTRICTS SCHOOL BOARD $0.259 Sarasota County $0.023 Southwest Florida General operating revenue for the Sherif’s Ofce, Water Management $0.298 School (State) $0.262 School (Local) Clerk of the Circuit Court and County Comptroller, $0.003 West Coast Inland Navigation Property Appraiser, Supervisor of Elections, Tax $0.084 Sarasota Memorial Hospital Collector, SCAT, Health and Human Services, parks, libraries and other services. $0.011 Sarasota County Debt (ESLPP*) $0.003 Sarasota County Debt (Legacy Trail) $0.004 Mosquito Control $0.053 Sarasota County EMS $0.56 School Total $0.33 County Total $0.11 District Total For illustrative purposes only. Does not include Non-Ad Valorem Assessments. Totals include rounding. *Environmentally Sensitive Lands Protection Program HOW YOUR TAXES ARE CALCULATED [Assessed Value of Property minus Exemption(s)] ÷ 1,000 x Total Millage Rate = Total Property Tax Sarasota County School Board Sarasota County Districts Assessed Value of Property $ 250,000 $ 250,000 $ 250,000 Less: Exemption(s) 25,000 50,000 50,000 Taxable Value 225,000 200,000 200,000 Taxable value divided by 1,000 225 200 200 Millage Rate 6.9750 4.1200 1.3483 Taxes Levied 1,569.38 824.00 269.66 Total Millage Rate 12.4433 Total Property Tax $ 2,663.04 16 Impact Report 2021
PROPERTY TAX CYCLE The property tax bill property owners pay each year funds much more than County government. From the chart below, you can see where your property tax dollars go. Your County government receives only a portion of your property tax dollars, while the largest portion goes to the School Board. Government Services Fundingof PROPERTY TAX CYCLE JANUARY Property Appraiser determines market value and exemption eligibility, which is used to calculate your property’s taxable value. JULY Based on how much money is needed to cover expenses, the BCC and other taxing entities set millage rates, which are used to calculate property taxes. AUGUST-SEPTEMBER Property Appraiser mails a notice of proposed taxes, or Truth in Millage “TRIM” notice. Taxpayers may challenge the assessment by petitioning the Value Adjustment Board “VAB.” NOVEMBER Tax Collector mails tax bill to property owners and begins collecting payments. NOVEMBER-MARCH Tax Collector distributes property tax collections to local governments and taxing authorities. The Clerk and Comptroller receives those funds and invests them until they are needed to pay bills. Impact Report 2021 17
COUNTY RESERVES According to Resolution No. 2018-130, Sarasota County’s reserve policies are based on sound fscal principles designed to allow the County to maintain continuity of operations in adverse conditions while being mindful of our fduciary responsibility to taxpayers, both current and future generations. Below is a table and chart of Sarasota County reserves as of September 30, 2021: LIST OF RESERVES as of September 30 (in millions) Section / Object Name General Fund Planning and Development Emergency Services Internal Service Utility Solid Waste Storm Water Budget Stabilization and Economic Uncertainty $ 43.1 $ 2.7 $ 6.9 $ - $ - $ - $ - Compensated Absences 4.4 0.4 0.7 - - - - Contingency/Emergency/ Disaster Relief 53.9 2.7 9.6 - 20.1 8.2 4.2 Debris Removal - - - - - 23.1 - Fleet Services Fixed Asset Replacement Reserve - - - 11.6 - - - Information Technology Fixed Asset Replacement Reserve - - - 3.5 - - - Medical Benefts - - - 5.6 - - - System Renewal and Replacement - - - - 2.0 0.5 - Unsafe Structure Demolition - 0.5 - - - - - 911 Communications Fee - - 1.3 - - - - Total $ 101.4 $ 6.3 $ 18.5 $ 20.7 $ 22.1 $ 31.8 $ 4.2 Fishing Pier - Ringing Bridge 18 Impact Report 2021
Total expenditures for fscal year 2021 totaled $1.014 billion, which increased from the prior year by $36 million. The largest percentage of expenditures is in Public Safety, which includes Sherif and Fire Departments. Physical Environment 18.97% Economic Environment 0.80% EXPENDITURES $1 BILLION REVENUE BY FUNCTION Total revenue for fscal year 2021 totaled $1.046 billion, which increased from the prior year by $30 million. The largest percentage of revenue is in charges for Services, which includes the Utility System and Solid Waste System. Investments 0.18% Judgments, Fines & Forfeitures 0.26% Other 5.06% Intergovernmental 10.81% Charges for Services 39.07% Permits, Fees & Special Assessments 10.85% Taxes 33.77% REVENUE $1 BILLION EXPENDITURES BY FUNCTION Public Safety 33.11% Human Services 2.21% Debt Service 6.27% Culture/Recreation 6.46% Transportation 6.88% Internal Services 12.17% General Government 13.13% Impact Report 2021 19
DEBT Local government bonded debt is usually divided into three diferent types: general obligation bonds, non-self-supporting revenue bonds, and self-supporting revenue bonds. • General obligation bonds are issued by a governmental entity and pledge the full faith and credit of the County as a method of repayment of the outstanding bonds. The full faith and credit is a pledge of the general taxing powers for the payment of the debt obligation. • Non-self-supporting revenue bonds pledge a specifc revenue source as a method of repayment of the outstanding bonds. This type of bond is a special obligation of the County, and does not constitute a general obligation of the County. • Self-supporting revenue bonds are supported by user revenues generated from operations. In Sarasota County, revenue of the Solid Waste, Stormwater and Utility Systems have been pledged as a method of repayment of outstanding bonds. Additionally, Sarasota County participates in the Florida Local Government Finance Commission’s Pooled Commercial Paper Program, which was established to allow short-term borrowing for less than fve years, using short-term variable interest rates made to participating counties, cities, school boards and special districts in the State of Florida. Sarasota County in recent years has issued Bank Term Loans, which ofered lower interest rates. Bank Term Loans, included in Notes Payable in the chart below, have been used to issue new debt and to refund existing debt. Most bond issues are assigned a rating by a rating agency, such as Moody’s Investment Services, Inc., Standard & Poor’s Ratings Services and/or Fitch IBCA, Inc. Sarasota County has an implied AAA General Obligation Bond rating. The rating is an extremely important factor in determining an issue’s marketability and the interest rate a local government will pay. Ratings are relied upon by investors in making investment decisions and by underwriters in determining whether to underwrite a particular issue. More detailed information about Sarasota County’s debt can be found on the Clerk and Comptroller’s website, SarasotaClerk.com. All of Sarasota County’s bonds and associated ratings can also be found on dacbond.com. Sarasota County’s total debt increased by $58.8 million, or 9.1 percent during the current fscal year. OUTSTANDING DEBT as of September 30 (In thousands) Governmental Activities Business-Type Activities Total 2021 2020 2021 2020 2021 2020 General Obligations $ 61,030 $ 63,512 $ - $ - $ 61,030 $ 63,512 Commercial Paper 42,288 33,649 - 9,000 42,288 42,649 Notes Payable 93,223 107,089 87,045 70,236 180,268 177,325 Non-Self-Supporting Revenue Bonds 182,793 203,710 - - 182,793 203,710 Self-Supporting Revenue Bonds - - 240,474 160,833 240,474 160,833 TOTAL $ 379,334 $ 407,960 $ 327,519 $ 240,069 $ 706,853 $ 648,029 20 Impact Report 2021
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 DEBT SERVICE REQUIREMENTS TO MATURITY This graph shows Sarasota County’s future debt service requirements to maturity for all debt, including commercial paper and SRF loans assuming no additional debt. General Government Commercial Paper General Government Bank Term Loans Limited Ad Valorem Debt Capital Improvement Revenue Debt (Sales Tax) CST Transportation Revenue Debt ELMS Transportation Revenue Debt Infrastructure Surtax Revenue Debt Second Guaranteed Revenue Debt Utility System Debt Solid Waste Debt General Obligation Debt Millions $60 Impact Report 2021 21 0 $20 $40 $80 $100
CAPITAL ASSETS Sarasota County’s investment in capital assets for its governmental and business-type activities at the end of the current fscal year amounted to $2.6 billion (net of accumulated depreciation). The County’s total investment in capital assets for the current fscal year increased by 2.1 percent. This investment in capital assets is comprised of: • Land (including land rights, rights of way/easements) • Building and building improvements • Equipment • Software • Construction in progress • Infrastructure Major capital asset events during the current year included: • Renovations to County facilities were completed totaling $4.3 million. • County roadway resurfacing and sidewalk program improvements were completed totaling $14.9 million. CAPITAL ASSETS, NET OF DEPRECIATION as of September 30 (In thousands) Governmental Activities Business-Type Activities Total 2021 2020 2021 2020 2021 2020 Land $ 471,975 $ 469,696 $ 64,590 $ 64,662 $ 536,565 $ 534,358 Land Rights 925 925 - - 925 925 Right of Way/Easements 31,592 30,730 1,489 1,489 33,081 32,219 Buildings and Improvements 225,793 236,412 23,713 25,282 249,506 261,694 Equipment 56,366 54,219 13,204 15,618 69,570 69,837 Infrastructure 617,292 648,710 803,934 765,791 1,421,226 1,414,501 Software 6,072 6,842 - - 6,072 6,842 Construction in Progress 187,129 124,666 52,892 60,103 240,021 184,769 TOTAL $ 1,597,144 $ 1,572,200 $ 959,822 $ 932,945 $ 2,556,966 $ 2,505,145 22 Impact Report 2021
10/2020 11/2020 12/2020 01/2021 02/2021 03/2021 04/2021 05/2021 06/2021 07/2021 08/2021 09/2021 INVESTMENTS Sarasota County’s Investment Policy was established by ordinance in 1989, and amended as recently as 2018. The Clerk and Comptroller, serving as Treasurer, invests the County’s money in accordance with the written investment policy. The Investment Policy stresses safety of capital as the highest priority. To ensure the safety and protection of the public’s assets, the weighted average duration of principal return shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured to provide liquidity to pay current obligations. Sarasota County’s Investment Policy and Monthly Investment Summary Reports can be found on the Clerk and Comptroller’s website SarasotaClerk.com. The Clerk and Comptroller monitors and diversifes the portfolio to safely generate the highest yields possible. Sarasota County’s total average portfolio balance for fscal year 2021 was $1.2 billion. During fscal year 2021, the portfolio generated $8.7 million in interest income. The following graph is a breakdown of the portfolio by types of investments as of September 30, 2021. Treasuries 19.4% Cash 9.7% Fixed MBS 11.3% LGIP 15.1% Agencies 36.8% Float MBS 7.7% PORTFOLIO COMPOSITION SARASOTA COUNTY PORTFOLIO COMPARED TO BENCHMARK In fscal year 2021, the County portfolio, under the direction of the Clerk and Comptroller, maintained a weighted average yield of 0.46%. The following graph illustrates the County’s monthly portfolio yield in comparison to the 2 year U.S. Treasury during fscal year 2021. 0.8% .72% 0.7 .67% 0.6 .58% 0.5 .49% .48% 0.4 0.3 0.2 0.1 .15% .40% .15% .32% .12% .28% .11% .13% .40% .16% .16% .14% .40% .25% .36% .18% .39% .21% .28% 0.0 Portfolio Yield 24 Month Average Impact Report 2021 23
Prepared under the supervision of: Karen E. Rushing Clerk of the Circuit Court and County Comptroller Prepared and edited by: Nicole E. Jovanovski, CPA Director of Finance Finance Department, Accounting Services Photos courtesy of: Matt Myers Philip Reber Rita Zuchelli Marina Goritsas Visit Sarasota Norman Schimmel State Archives of Florida
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