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Home My WebLink AboutSt. Lucie County - Public Financial ReportMICHELLE R. MILLER CLERK & COMPTROLLER ST. LUCIE COUNTY, FLORIDA St. Lucie County Popular Annual Financial Report for the Fiscal Year Ended September 30, 2021 FLORIDA Me�age From Clerk Miche�e R. Mi�er Michelle R. Miller was elected Clerk of the Circuit Court & Comptroller in 2020 and is the 11th Clerk to serve St. Lucie County. She is responsible for over 1,000 statutorily-required duties, including the County’s Chief Financial Ocer, Auditor, and Treasurer. ABOUT THIS REPORT I am pleased to present As your Clerk & Comptroller, it is my top priority to safeguard your tax dollars. It's also important to me that you have convenient and transparent access to St. Lucie County financial information. My office voluntarily produces The Citizen Report to share how public funds are collected, spent, and invested. In this easy-to-read Citizen Report, you'll find valuable information about the County's demographic trends, property taxes, housing sales, revenue, and expenses. The Citizen Report also features the County's major initiatives, top employers, sales tax data, and assets. Financial information presented in this report was derived from our Annual Comprehensive Financial Report for the fiscal year ended September 30, 2021. Since the information in The Citizen Report is summarized and does not provide financial information for all funds at the fund level, it does not conform to Generally Accepted Accounting Principles (GAAP) reporting requirements for governmental entities. For a more in-depth and audited review of the County’s finances, please refer to the GAAP formatted Annual Comprehensive Financial Report, which includes detailed financial statements, notes, schedules, and reports, and can be downloaded in full at www.stlucieclerk.com. The Citizen Report and quarterly investment reports are also posted online. On our website, you can also view and e-certify court and official records, enroll in Property Fraud Alert, apply for a marriage license, sign up for court date reminders, submit a public records request, e-file court cases, and much more. These innovative services offer added convenience while providing greater accessibility to the courts, streamlining internal processes, and saving taxpayer dollars. Here are some highlights of our County’s progress: • Tourism has exceeded its pre-pandemic level, and tourism revenues for 2021 are 12% higher than FY 2019 (see Tourism Tax, page 12). • The County’s population has increased more than 21% over the past ten years (see Demographics, page 5). • Since 2012, the County’s median home sale price has increased from $100,000 to $307,500, or 208%. While substantial, the housing market remains affordable compared to neighboring counties to our south (see Demographics, page 5). • The County’s long-term debt decreased $5.7 million from the previous fiscal year. (see Long-Term Debt, page 17). • In the past decade, per capita personal income rose more than $11,300, or 35%, to a high of $43,970 (see Demographics, page 6). These figures demonstrate the explosive growth our County continues to experience. Despite the effects of the COVID-19 pandemic, St. Lucie County’s economic health indicators remained strong and show positive signs for our future. After reading this report, we welcome your feedback by emailing news@stlucieclerk.com. Thank you for affording me the honor and privilege to serve as your Clerk of the Circuit Court & Comptroller. Government Finance Officers Association Award for Outstanding Achievement in Popular Annual Financial Reporting Presented to St. Lucie County Florida For its Annual Financial Report for the Fiscal Year Ended September 30, 2020 Executive Director/CEO The Citizen Report: A Year in Review has been recognized for excellence by the Government Finance Officers Association of the United States and Canada (GFOA) for 11 consecutive years. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious international award recognizing conformance with the highest standards for preparation of state and local government financial reports. To receive the national award, the Clerk’s office must publish a report that adheres to program standards of creativity, presentation, understandability, and reader appeal. The guide has also received seven local and district awards from the Public Relations Society of America and one award from the National Association of County Information Officers for promoting transparency in government. In addition, it has received five American Advertising Awards by the American Advertising Federation’s Treasure Coast Chapter for outstanding design. The Annual Comprehensive Financial Report, the primary supporting document for this guide, has received the GFOA’s Certificate of Achievement for Excellence in Financial Reporting for 17 consecutive years. The comprehensive report presents the County’s financial position and operating activities in great detail and in conformity with the General Accepted Accounting Principles (GAAP). The Financial information provided throughout this guide is based on fiscal year 2021, which began on October 1, 2020, and ended on September 30, 2021. St. Lucie County’s financial information is prepared by the Clerk of the Circuit Court & Comptroller. The information is audited by an independent audit firm; Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL. The independent auditors rendered an unmodified, clean opinion that the County’s financial statements for the fiscal year ended September 30, 2021, are fairly presented in conformity with GAAP. The Citizen Report provides an overview of the areas of responsibility and finances of St. Lucie County’s primary government, which includes the Board of County Commissioners, Clerk of the Circuit Court & Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. 01 THE CITIZEN REPORT � A YEAR IN REVIEW Table of Contents ABOUT THE CLERK & COMPTROLLER The Clerk & Comptroller is elected by County citizens and is responsible for safeguarding all public records and public funds. As a constitutional officer, the Clerk operates independently from County government. The Clerk manages four primary functions and over 1,000 statutorily-required responsibilities. CLERK OF THE CIRCUIT COURT • Processes and files case documents• Maintains case evidence• Provides court packets for citizens representingthemselves to download for free• Manages the County’s jury system • Oversees County’s budget, revenue, and spending• Records revenues and processes payments• Ensures taxpayer funds are lawfully used• Invests County funds to earn interest• Prepares County financial reports CHIEF FINANCIAL OFFICER, TREASURER, & AUDITOR COUNTY RECORDER • Preserves and ensures the integrity of County recordsdating back to 1905• Records documents such as mortgages, liens, deeds,judgements, and marriage licenses• Official passport acceptance agency• Performs marriage ceremonies CLERK TO THE BOARD OF COUNTY COMMISSIONERS • Prepares and maintains the records of countycommission and other government meetings• Administers the Value Adjustment Board Clerk Services E-SERVICESCourt Date Reminders • E- File Court Cases • E-Certify Documents • E-Record Documents • Jury Duty Check-In • E-File Value Adjustment Board Petitions WWW.STLUCIECLERK.COM PAY & BIDTraffic Citations • Child Support • Court Fees • Foreclosed Properties • Tax Deeds APPLY & REGISTERMarriage Licenses • Property Fraud Alert CLERK STATISTICS PassportApplications Filed Marriage LicensesIssued Court Cases Opened Jurors Summoned PaymentsProcessed The Clerk’s office is home to a multitude of services and functions. Here is a quick look at a few statistics from our fiscal year 2021. 6,084 Documents Filed 2,003,096 787 26,463105,623 58,180 VIEW & DOWNLOADCase Documents • Official Records • Court Forms • County Commission Minutes • Passport Forms • Finances & Performance Reports COUNTY DEMOGRAPHICS FINANCIAL STATEMENTS REVENUES & EXPENSES KEY FINANCIAL INFORMATION GOVERNMENT IN YOUR COUNTY CAPITAL ASSETS INVESTMENTS LONG TERM DEBT GLOSSARY 03 05 07 09 11 14 16 17 18 FY 2021 MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 02 St. Lucie County Elected Officials BOARD OF COUNTY COMMISSIONERS as of September 30, 2021 Majo� Initiatives Despite the challenges presented by COVID-19, the more robust than anticipated growth in the local economy has generated another strong year in property values for St. Lucie County. This growth has allowed the County to meet many of the demands of an expanding population while also reducing property tax rates. The FY 2022 countywide millage rate was lowered by 0.25 mills, the most significant millage decrease in more than a decade. A comprehensive FY 2021 – FY 2023 Strategic Plan was adopted by the County in June 2020. This plan continues to provide goals and objectives that will guide St. Lucie County over the coming years in its operations and allocation of resources and programs. CONSTITUTIONAL OFFICERS CHRIS DZADOVSKY District 1, Chair FRANNIE HUTCHINSON District 4 LINDA BARTZ District 3 SEAN MITCHELL District 2, Vice Chair CATHY TOWNSEND District 5 MICHELLE R. MILLERClerk & Comptrollerstlucieclerk.com772-462-6900 GERTRUDE WALKER Supervisor of Electionsslcelections.com772-462-1500 KEN J. MASCARASheriffstluciesheriff.com772-462-7300 MICHELLE FRANKLINProperty Appraiserpaslc.org772-462-1000 CHRIS CRAFTTax Collectortcslc.com772-462-1650 *Photos by Gary Morris03 THE CITIZEN REPORT � A YEAR IN REVIEW PORT The County adopted the Port of Fort Pierce Master Plan & Investment Strategy in May 2021. This Master Plan is intended to provide a road map to achieve a diverse working waterfront by embracing a new vision for the Port and includes new industries and opportunities aligned with expanding the economic and social benefit to the community. Derecktor Fort Pierce made significant progress in 2021 towards becoming a fully operational shipyard. Their 1,500-ton boat lift was delivered from Italy and assembled on-site. Derecktor also completed a new boat haul-out slip in the main port pier. Additionally, a $3 million utility loop project to support the shipyard operations at the Port has also begun. PARKS MASTER PLAN St. Lucie County embarked on a comprehensive 10-year Parks and Recreation Masterplan initiative toassess the ability to meet current community needsand outline steps to overcome gaps. Thistwelve-phase master planning process will provide astrategy for creating, optimizing, and maintainingCounty Parks and Recreation assets within themission of the County's Strategic Plan Objectives andFramework. Highlights FY 2021 ROAD PROJECT ACCELERATION The County has identified the widening of Midway Road and construction of a new portion of Jenkins Road as a strategic priority. Project Development and Environmental (PD&E) Studies for Glades Cut-Off Road and Jenkins Road are also underway to determine the need and timing of improve-ments. Realignment of Selvitz Road is under design, includ-ing a new bridge over Ten-Mile Creek. These multi-year projects will ultimately provide a safer and more efficient roadway network to connect the population center to job corridors inside the region. TAYLOR CREEK DREDGING Taylor Creek dredging project will address the muck sedi-ments that have accumulated in the navigation channel of Taylor Creek since it was last dredged in July 2004. The project will restore the navigation channel to its full depth by dredging muck and sediments out of Taylor Creek between the FEC bridge and the Intracoastal Waterway. The dredging will also prevent the muck sediments from migrating onto the seagrass beds in the Indian River Lagoon -- a feeding ground for Manatees, and provide navigational benefits to the Marinas and Port of Fort Pierce. MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 04 Demographics 309,359 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 302,432 297,634 292,826287,749 282,821281,151280,355 +6.42%+2.29% +0.24%+0.28%+0.59% +1.74% +1.76%+1.64% +1.61% 329,226 340,060 +3.29%Population The County's population in 2021 was estimated at 340,060. The 2021 estimate represents a 22.42% increase over the 2010 census population of 277,789 and a considerable 76.48% increase since the 2000 census population of 192,695. Median Home Sale Prices & Closed Sales Closed Sales Median Sales PricePopulation growth and a high demand for housing has led to increased median home sale prices, with prices continuing to show healthy gains since 2012. While home sales and new construction pricing increased, homes in St. Lucie County remained much more affordable than many neighboring counties. 20202019201820172016201520142013 2021 $233000$220000 $120000 5,8865,517 $205000 5,545 $180000 5,315 $156250 5,404 $133688 5,790 5,108 2012 4,815 $100000 Largest Employers* The top 10 employers in St. Lucie County keep our economy strong, accounting for more than 18,000 jobs. The School Board remains the County’s largest employer. **St. Lucie County Government includes the Board of County Commissioners, Sheriff, Clerk, Tax Collector, Property Appraiser, and Supervisor of Elections. $307500 7,3026,372 $249900 2 2,265 3 4 5 6 7 8 9 10 St. Lucie County School Board 5,2051 Indian River State College Teleperformance 1,850 St. Lucie County Government**1,829 Publix 1,650 HCA/Lawnwood Regional Medical Center 1,500 City of Port St. Lucie 1,181 St. Lucie Medical Center 892 Wal-Mart Distribution Center 890 Cleveland Clinic Martin Health 850 *Due to the COVID-19 pandemic, principal employer information was not available for 2021. The2020 numbers represent the latest data available. 05 THE CITIZEN REPORT � A YEAR IN REVIEW Florida St. Lucie County United States St. Lucie County Florida United States St. Lucie County’s annual personal income has steadily increased over the past decade. The latest figures available show a 6.1% annual increase in 2020, which is stronger than the state’s 5.0% and nationwide 4.7% increase during the same timeframe. Annual unemployment levels in St. Lucie County dropped from 7.6% to 5.0% in 2021, a significant improvement. Similar trends emerged both state and nationwide. Unemployment Rate Per Capita Personal Income 2020* $41,4572019 2018 2017 2016 2015 2014 2013 2012 $53,034$56,490 $40,514$51,150$54,446 $48,774 $39,131$51,640 $46,703 $37,762$49,246 $45,493 $36,475$48,112 $43,388 $35,141$46,129 $41,069 $33,868$44,713 $41,475 $33,757$44,158 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 5.3%4.6%5.0% 7.6%7.6%8.1% 3.9%3.7%3.2% $59,162 $55,675 $43,970 $41,663 $40,482 $32,5852011 $49,246$46,253 $38,267 *Latest Figures Available 4.4%3.6%3.9% 4.4%4.2%4.9% 4.5%4.7%5.6% 6.2%5.4%5.3% 8.0%6.3%6.2% 7.3%7.4%10.0% 11.0%8.5%8.1% HCA/Lawnwood Regional Medical Center MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 06 The statement of net position presents information on all of the County’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources. The net position is the difference between the assets plus the deferred outflows of resources and the liabilities plus the deferred inflows of resources. Over time, increases or decreases in net position may serve as a useful indicator of whether or not the financial position of the County is improving. The three components of net position and their respective fiscal year-end balances are listed below. NET INVESTMENT IN CAPITAL ASSETSThis component of net position represents the amount that is unavailable for reducing debt or paying for services because it is the value of the capital assets themselves, not liquid like cash or cash equivalents that could be used to pay the bills. The balance represents 84.83% or $583.6 million, of the County’s total net position at September 30, 2021. RESTRICTED NET POSITIONThis component of net position represents the amount that is available for use only as allowed by creditors, grantors, contributors, or laws and regulations of other governments, and restrictions imposed by law through constitutional provisions or enabling legislation. The balance in this category accounts for 22%, or $151.2 million, of the County’s total net position at September 30, 2021. UNRESTRICTED NET POSITIONThis component of the County’s unrestricted net position is the amount that is available and may be used to meet ongoing obligations to citizens and creditors. Of the unrestricted net position for FY 2021, governmental activities has a negative amount of $39.2 million, and business-type activities has a negative amount of $7.8 million. The negative amounts are primarily attributed to pension and other post-employment benefit liabilities. Assets: Current and Other Assets Capital Assets Total Assets Deferred Outows of Resources Liabilities: Current Liabilities Non-Current Liabilities Total Liabilities Deferred Inows of Resources Net Position: Net investment in capital assets Restricted Unrestricted Total net position FY2018 $277.9 $729.9 $1,007.8 $64.2 $60.1 $421.2 $481.3 $16.7 $572.2 $73.2 ($71.4) $574.0 INCREASE(DECREASE) FY2020 v. FY2021 $95.4 ($4.3) $91.1 ($25.6) $33.2 ($144.3) ($111.1) $105.9 ($1.1) $51.3 $20.4 $70.6 PERCENTCHANGE FY2020 v. FY2021 29.6% -0.6% 8.3% -31.9% 50.1% -30.6% -20.6% 601.7% -0.2% 51.4% -30.3% 11.5% FY2019 $296.4 $735.4 $1,031.8 $62.8 $62.4 $432.6 $495.0 $20.8 $576.8 $80.7 ($78.7) $578.8 *restated FY2020 *$322.5 $769.3 *$1,091.8 $80.2 $66.3 $472.0 $538.3 $17.6 $583.6 *$99.9 ($67.4) *$616.1 FY2021 $417.9 $765.0 $1,182.9 $54.6 $99.5 $327.7 $427.2 $123.5 $582.5 $151.2 ($47.0) $686.7 Financial Statements STATEMENT OF NET POSITION PRIMARY GOVERNMENTIN MILLIONS Assets: Items owned by the County, which include pooled cash and investments, receivables, internal balances, inventories, deposits with others, prepaid items, and deferred charges. Capital Assets: Includes such items as County land, construction in progress, equipment, infrastructure, and buildings and improvements net of depreciation. Deferred Inflows of Resources: Represents an acquisition of net position that applies to future period(s) and will not be recognized as a revenue until then. Deferred Outflows of Resources: Represents a consumption of net position that applies to future period(s), and will not be recognized as an expense until then. Liabilities: What the County owes. Primary Government: Includes all of the governmental and business-type activities belonging to the County but excludes fiduciary funds. Restricted: What is not available for use by the County because it is set aside for a specific purpose. Unrestricted: One-time funds available for the County to use for operations. 07 THE CITIZEN REPORT � A YEAR IN REVIEW REVENUES Program Revenues: Charges for Services Operating Grants/Contributions Capital Grants/Contributions General Revenues: Property Taxes Other Taxes Intergovernmental Other Total Revenues EXPENSES General Government Public Safety Physical Environment Transportation Economic Environment Human Services Court Related Culture & Recreation Bailing & Recycling Water & Sewer Golf Course Building Code Interest & Fiscal Charges Total Expenses Change in net position Net position - Beginning Net position - Ending INCREASE (DECREASE) FY2020 v. FY2021 $5.4 ($19.1) $14.0 $9.6 $3.3 $3.5 $0.0 $16.7 ($1.6) ($18.8) ($5.6) ($2.4) $2.0 $8.2 ($1.0) ($1.2) $4.4 ($0.2) $0.0 ($0.3) ($0.1) ($16.6) $33.3 $37.3 $70.6 PERCENT CHANGE FY2020 v. FY2021 9.8% -27.3% 39.4% 5.1% 17.9% 16.6% 0.0% 4.1% -2.6% -13.5% -33.3% -6.3% 20.6% 45.6% -4.8% -5.4% 17.9% -1.7% 0.0% -8.3% -1.6% -4.4% 89.3% 6.4% 11.5% FY2019 $54.4 $21.5 $33.2 $175.3 $14.8 $21.6 $26.9 $347.7 $57.7 $127.4 $8.3 $37.1 $8.8 $14.5 $21.2 $25.0 $22.4 $9.5 $1.6 $2.6 $6.8 $342.9 $4.8 $574.0 $578.8 FY2020 $55.2 $70.0 $35.5 $189.0 $18.4 $21.1 *$23.1 *$412.3 $62.5 $139.0 $16.8 $37.9 $9.7 $18.0 $20.8 $22.3 $24.6 $11.9 $1.5 $3.6 $6.4 $375.0 *$37.3 $578.8 *$616.1 FY2018 $53.9 $16.3 $26.6 $162.1 $9.2 $20.5 $19.3 $307.9 $51.4 $113.7 $9.5 $26.9 $7.4 $17.7 $23.4 $19.6 $18.0 $10.0 $1.5 $2.1 $7.1 $308.3 ($0.4) $574.4 $574.0 FY2021 $60.6 $50.9 $49.5 $198.6 $21.7 $24.6 $23.1 $429.0 $60.9 $120.2 $11.2 $35.5 $11.7 $26.2 $19.8 $21.1 $29.0 $11.7 $1.5 $3.3 $6.3 $358.4 $70.6 *$616.1 $686.7 STATEMENT OF ACTIVITIES PRIMARY GOVERNMENT The Statement of Activities presents information on how the County's net position changed during the fiscal year, the County's resources for providing services, and the cost of providing services during the fiscal year ending September 30, 2021. *restated Public Safety: Sheriff, E-911, emergency management, marine safety, code compliance, and radiological planning General Government: St. Lucie County Commissioners, administration, attorney, Office of Management and Budget, and purchasing. It also includes the Tax Collector, Property Appraiser, Supervisor of Elections, and the Clerk of the Circuit Court and Comptroller’s finance, recording, board services, and value adjustment board departments Court Related: Clerk of the Circuit Court & Comptroller, Court Administration, and the drug lab Transportation: Airport, transit services, engineering, and road & bridge Economic Environment: Tourism development, veterans’ services, grant-assisted home rehabilitation, and down payment assistance Physical Environment: Solid waste, water and sewer, water quality, erosion control, and the County’s extension office Human Service: Community services and mosquito control RESIDENTIAL SERVICES CLASSIFIED BY EXPENSE CATEGORIES Culture & Recreation: Libraries, parks, recreation programs, fairgrounds, golf course, Clover Park, South County Stadium, Lawnwood Regional Park, and Savannas Recreation Area General Revenues: All of the revenues that are not required to be reported as program revenues in the government-wide statement of activities. General revenues include property taxes, sales and use taxes, state-shared revenues, as well as other County-levied taxes, investment income, rents and concessions, and the sale of surplus property. Program Revenues: Term used in the statement of activities, which includes charges for services, operation grants and capital grants. Capital Grants: State, federal, other government and private contributions to fund capital purchases for specific programs. MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 08 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $233.1 $234.9 $235.6 $241.3 $259.7 $274.7 $307.9 $345.7 $412.3 $429.0 Where The Money Comes From REVENUES The County’s total primary government revenues have increased by $16.7 million. The total revenues increase is mainly due to an increase in property tax revenues and charges for services. Program revenues are specific to the functions of the primary government such as fees and charges for services, grants, and contributions. PROPERTY TAXES $198.6 million, 46.4% CHARGES FOR SERVICES $60.6 million, 14.1% STATE-SHARED REVENUES $24.6 million, 5.7% MISCELLANEOUS $20.8 million, 4.8% SALES TAXES $16.3 million, 3.8% FRANCHISE TAXES $5.4 million, 1.3% INTEREST EARNINGS $2.3 million, 0.5% CAPITAL GRANTS & CONTRIBUTIONS$49.5 million, 11.5% OPERATING GRANTS & CONTRIBUTIONS$50.9 million, 11.9% Total RevenueIn Millions By Fiscal Year 09 THE CITIZEN REPORT � A YEAR IN REVIEW MICHELLE R. MILLER� CLERK & COMPTROLLER, ST. LUCIE Where The Money Goes PHYSICAL ENVIRONMENT $11.2 million, 3.1% PUBLIC SAFETY $120.2 million, 33.5% GENERAL GOVT. $60.9 million, 17.0% INTEREST & FISCAL CHARGES $6.3 million, 1.8% BUILDING CODE $3.3 million, 0.9% GOLF COURSE $1.5 million, 0.4% WATER & SEWER $11.7 million, 3.3% BAILING & RECYCLING $29 million, 8.1% CULTURE & RECREATION $21.1 million, 5.9% COURT RELATED $19.8 million, 5.5% HUMAN SERVICES $26.2 million, 7.3% TRANSPORTATION $35.5 million, 9.9% ECONOMIC ENVIRONMENT $11.7 million, 3.3% EXPENSES The expenses of the primary government were $358.4 million, with public safety operations comprising the largest expense category at 33.54%, or $120.2 million. Public safety activities include law enforcement, correction/detention facility, and emergency management. The total expenses for this function have decreased by $18.8 million, mainly due to a decrease in pension liabilities. Total ExpensesIn Millions By Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $236.0 $244.5 $241.2 $251.8 $286.4 $293.4 $308.3 $342.9 $375.0 $358.4 MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 10 January July Property Appraiser determines property value and exemptions, which is used to calculate the property’s taxable value. County Commissioners and other taxing districts set millage rates, which are used to calculate taxes. August After proposed tax notices are sent, property owners may challenge the assessed value by petitioning the Value Adjustment Board through the Clerk’s office. Tax Collector mails tax bills to property owners and begins collecting payments. November November-March Tax Collector distributes funds to government agencies and taxing authorities. County funds are invested by the Clerk until needed for expenses. Property Tax Timeline Key Financial Info�mation Property Tax Collections & LeviesAD Valorem Taxes In Millions By Fiscal Year CollectionsLevies Property taxes are levied on both real and personal property. For FY 2021, property taxes constitute 46.4% of the total County’s governmental funds revenue sources. Taxable values for all property are established as of January 1, the lien date, for the fiscal year starting October 1. Property tax revenues recognized for the 2020-2021 fiscal year were levied in October 2020. All taxes are due and payable on November 1 or as soon as the assessments roll is certified and delivered to the Tax Collector. Discounts are given for early payment at the rate of 4 percent in November, 3 percent in December, 2 percent in January, and 1 percent in February. Taxes paid in March do not receive a discount. Unpaid taxes become delinquent as of April 1. Nearly all unpaid taxes are collected via the sale of tax certificates on or prior to June 1. 2012 2013 2014 2021202020192018201720162015 $123.2 $117.4 $201.8 $180.0 $186.8 $172.9 $150.0 $155.8 $140.6 $146.1 $130.3 $135.4 $126.4 $131.3 $116.1 $121.3 $194.4 $166.5 Millage Rate: Represents the tax rate levied on real estate or other property. The millage rate is multiplied by every $1,000 of assessed property value to determine your tax amount. (i.e. If the taxable value of the property is valued at $100,000 and the millage rate is 8 mills, you would pay $8 per $1,000 value, or $800.) $207.8 $196.5 11 THE CITIZEN REPORT � A YEAR IN REVIEW Principal Property TaxpayersAssessed Property Value Half-Cent Sales Tax Tourism Tax $6.65 $6.97 $7.60 $8.12 $8.50 $8.39 $9.79 $10.20 $10.41 $12.39 $2.65 $2.58 $3.04 $3.36 $3.65 $3.85 $4.23 $4.15 $3.53 $4.64 Local government receives a share of the state sales tax collections that is roughly equal to, and is referred to as, the Half-Cent Sales Tax. This revenue source generates more revenue for local governments than any other state shared-revenue program. This chart shows the Half-Cent Sales Tax collections for the past 10 years and the data serves as a good trend indicator of our economy. The Half-Cent Sales Tax is pledged to pay back the Sales Tax Revenue Refunding Bonds, Series 2013A and 2013B. The total outstanding amount for these two bonds was $36,130,000 as of the statement date. In 2021, we saw a healthy rebound in Tourism Tax revenue to totals higher than 2020, and also exceeded 2019 revenues by 12%. The Tourism Development Tax is a $.05 levy on short-term rentals, including hotels and other overnight accommoda-tions. Revenues from the Tourism Tax fund St. Lucie County Sports Complex operations, promote advertising to attract tourism, and pay for capital facilities that promote tourism at the St. Lucie County Fairgrounds. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2 3 4 5 6 7 8 9 10 1 Comcast$56,586,674 St. Lucie West 2016 LLC$48,768,500 Florida East Coast Railway$49,449,005 Grand Palms at Tradition LLC$45,565,119 KRG Port Saint Lucie Landing LLC$41,013,848 Florida Power & Light Corporation$3,209,785,370 Wynne Building Corporation$141,581,774 Tropicana Manufacturing Co. Inc.$100,021,716 Wal-Mart Stores East LP$119,128,577 HCA/Lawnwood Medical Center Inc.$95,359,442 In Millions By Fiscal Year In Millions By Fiscal Year MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 12 Key Financial Info�mation GENERAL FUND, FUND BALANCE TRENDAS OF SEPTEMBER 30, 2021 The General Fund is the chief operating fund of the County. At the end of the fiscal year, the total fund balance was $84 million, while the unassigned fund balance was $46.6 million. As a measure of the general fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 21.25% of total general fund expenditures, while total fund balance represents 38.33% of that same amount. The General Fund had a $36.9 million increase in total fund balance and a $36.7 million increase in unassigned fund balance during the current fiscal year. The increase in total fund balance and unassigned fund balance is mainly due to a decrease in deferred inflows of resources related to CARES Act funding received in fiscal year 2020. Nonspendable Restricted: Court Operations Committed Assigned to: Emergency reserves Unassigned TOTAL FY2018 $57 $0 $103 $36,500 $10,983 $49,443 INCREASE(DECREASE) FY2020 v. FY2021 $28 $6 $218 $0 $37,222 $37,474 FY2019 $71 $0 $323 $36,500 $13,739 $50,633 FY2020 $55 $65 $573 $36,500 $9,345 $46,538 GENERAL FUND, FUND BALANCE COMPARISON IN THOUSANDS FY2021 $83 $71 $791 $36,500 $46,567 $84,012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $75M $66M $58M $53M $56M $50M $49.4M $50.6M $46.5M $84M 13 THE CITIZEN REPORT � A YEAR IN REVIEW Edwards Road US 1/Oleander Pipe & Pavement Replacement Major Capital Projects $2 M Capital A�sets Land $202.1M, 26.42% $36.6M, 4.78% Improvements $139.9M, 18.29% $313.5M, 40.98% Construction In Progress $72.9M, 9.53% Buildings As of September 30, 2021, the County’s capital assets for both governmental and business-type activities amounted to $765.0 million (net of depreciation). The County adopts a five-year capital improvements plan (CIP) annually, including requests and input from all departments and constitutional officers. Each submission includes a proposed funding source and estimated operating cost. The CIP helps the County plan its infrastructure wisely to achieve high-quality service levels through proper planning and provision of the replacement, maintenance, and enhancement of the County's capital assets. Quality of life among County residents depends on the reliability of transportation, efficiency of waste disposal, the accessibility of culture and recreation, and many other essential public services like paved roads. Equipment Funding for these major capital projects are from grants, impact fees, tourism taxes, property taxes, gas taxes, infrastructure surtax, and long-term debt. Ongoing Completed Clover Park (Sports Complex) Renovation in Port St. Lucie$54.8 M Oleander Avenue Sidewalk Midway to Market$0.27 M $2.2 M $0.8 M Guardian ad Litem Office Space Airport MRO Hangar$8.7 M Gordy Road Bridge MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 14 THE CITIZEN REPORT� A YEAR IN REVIEW American Rescue Plan With the approval of the American Rescue Plan Act of 2021, St. Lucie County was allocated $63.7 million. One-half of the amount was received in FY 2021, with the remainder disbursed to the County in the next three years. Most funds have been designated to fund ARPA-qualified projects such as utilities, water quality, and broadband infrastructure investments. The funds may also be utilized to address pandemic-related County revenue losses. The American Rescue Plan allows for additional direct funding allocations from state and federal partners. It provides an opportunity for the County to continue investing in projects and programs at the Airport, Transit, Housing, and Human Services. General Fund Covid Expenditures$7,085,182 • 11.11% Facility Project$200,000 • 0.31% Utility Projects$34,450,460 • 54.02% Other Legislative Affairs$4,184,135 • 6.56% Water Quality Projects$17,848,067 • 28% The Infrascruture Surtax was put to a referendum and passed by voters in November 2018. Revenues are generated from a 0.5% sales tax and can only be used for infrastructure projects in St. Lucie County. The tax does not apply to gas purchases or unprepared food (i.e. groceries), and for automobile purchases, the tax only applies to the first $5,000 of the purchase, or a $25 cap. Due to pandemic-related lockdowns and travel restrictions in 2020, the demand for goods and services, including online shopping, surged in FY 2021. As a result, sales tax revenues increased significantly, with infrastructure surtax revenue for FY 2021 at $11.6 million, up 11% over the previous year. As travel and the economy reopen in FY 2022, it is anticipated that sales will level off and grow at a regular rate of 3% in future years. The current Infrastructure Surtax will expire after ten years, in 2029. Infrastructure Surtax Gordy Road Bridge Edwards Rd US 1/Oleander Pipe & Pavement Melville Rd Stormwater Phase 1 Lakewood Park Stormwater Improvements Orange Ave Culvert MP 2.2 - 4.0 Johnston Road @ Canal 1 Traffic Signal Upgrades Budget $2.40 $4.06 $1.10 $1.52 $1.35 $1.10 $1.00 Actual FY 2021 $1.73 $1.02 $0.10 $0.73 $0.02 $0.04 $0.02 MAJOR INFRASTRUCTURE SURTAX FUNDED PROJECTS IN MILLIONS Project Name Capital A�sets 15 THE CITIZEN REPORT � A YEAR IN REVIEW Equipment Building MICHELLE R. MILLER� CLERK & COMPTROLLER, ST. LUCIE Key Investments Investment Analysis Investment Balances In Millions As Of September 30, 2021 The County’s investment portfolio increased by $107.4 million in fiscal year 2021. This is mainly attributed to the American Recovery Plan Act (ARPA) funding and an increase in tax revenues. Of the 15 different investment categories, nearly 43 percent of the portfolio is invested in U.S. treasuries and agencies. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $300.5 $268.4 $243.3 $238.5 $215.7 $266.6 $254.6 $280.0 $264.0 $371.4 Florida Fixed Income Trust$54,479,524 • 14.66% Florida Class*$411,269 • 0.11% United States Treasuries$126,494,582 • 34.09% United States Agencies$33,429,156 • 9.00% Supranational Agencies$12,041,963 • 3.24% Corporate Obligations$30,955,081 • 8.33% Asset-Backed Securities$10,232,250 • 2.75% Equities$8,315,664 • 2.24% Exchange Traded Funds$1,387,250 • 0.37% Florida Trust Day to Day Fund$20,058,634 • 5.40% Florida Class - General$14,603,483 • 3.93% Florida Prime$3,075,832 • 0.83% Florida Palm$24,587,613 • 6.62% Mutual Fund Money Market$1,093,067 • 0.29% Bank Owned Money Market$30,250,503 • 8.14% The Clerk manages the County’s investment portfolio to safeguard principal, ensure liquidity to meet daily cash needs, and maximize investment earnings within statutory and fiduciary constraints. The investment types are either allowed by Section 218.415, Florida Statutes, the County’s adopted investment policy, or various bond covenants. At September 30, 2021, the County investment portfolio was invested in the categories listed in this chart. All amounts reflect their fair market value as of September 30, 2021. For safety and flexibility, the County maintains a short overall weighted average maturity. As of September 30, 2021, its weighted average maturity for fixed income investments was 1.51 years. *Florida Class - Non-Ad Valorem Revenue Bonds, Series 2017, Sports Complex Project Reserve MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 16 Long Term Debt As of September 30, 2021, St. Lucie County had total bonded debt outstanding of $122.5 million, notes payable of $35.9 million, and capital leases of $14.2 million for a total debt of $172.6 million. All of the debt is repaid with pledged revenues, including sales tax, tourist tax, special taxing units, and water and sewer revenues. The total debt outstanding saw a decrease of $5.7 million from the prior fiscal year balance. The decrease is a net result of issuance of new debt and scheduled principal payments on long-term debt. Long-Term Outstanding Debt In Thousands Debt Per CapitaAs Of September 30, 2021 Revenue bonds Revenue notes from direct borrowings Special assessment bonds from direct borrowings Notes payable from direct borrowings Water and sewer revenue bonds Capital leases TOTAL FY2018 $115,910 $37,541 $3,153 $3,264 $18,810 $18,458 $197,136 FY2019 $112,110 $34,522 $2,930 $2,448 $18,015 $17,094 $187,119 FY2020 $108,140 $32,254 $1,157 $1,632 $19,175 $15,970 $178,328 FY2021 $103,410 $31,783 $1,127 $4,147 $17,950 $14,223 $172,640 INCREASE(DECREASE) FY 2020 v. FY 2021 ($4,730) ($471) ($30) $2,515 ($1,225) ($1,747) ($5,688) This chart illustrates the amount of debt per St. Lucie County resident. The debt includes all types of debt held, including bonds backed by non-ad valorem revenues, such as sales tax and gas tax. The County’s debt per capita decreased by 8.4% from its 2020 level. The decrease in debt per capita is a net result of new debt issuance and scheduled principal payments on long-term debt. On August 2, 2021, the County issued Capital Improvement Revenue Bond, Series 2021, in the amount of $4,560,000. The proceeds were used to finance, refinance, and/or reimburse costs associated with the Beach and Dune Restoration Project. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $546 $511 $485 $470 $474 $646 $691 $641 $585 $536 17 THE CITIZEN REPORT � A YEAR IN REVIEW Assets: Items owned by the County, which include pooled cash and investments, receivables, internal balances, inventories, deposits with others, prepaid items, and deferred charges. Bonds: Debt issued by a local or state government- generally in a duration or “maturity” of 5 to 30 years. The type of debt issued is determined by the project type, duration, and repayment options. Bonds are traditionally used to fund larger projects or groups of projects. Business-type Activities: Activities supported by user charges. The County maintains four business-type funds that are used to account for activities for which a fee is charged to external users for goods or services. Capital Assets: Includes such items as County land, construction in progress, equipment, infrastructure, and buildings and improvements net of depreciation. Capital Grants: State, federal, other government, and private contributions to fund capital purchases for specific programs. Debt Per Capita: A measure of how much debt a government has per citizen. Deferred Inflows of Resources: Represents an acquisition of net position that applies to future period(s) and will not be recognized as a revenue until then. Deferred Outflows of Resources: Represents a consumption of net position that applies to future period(s), and will not be recognized as an expense until then. Fund Balance: The difference between assets and liabilities reported in the balance sheet of a governmental fund. General Fund: Primary operating fund that pays for general government operations that are not required to be accounted for in a separate fund. General Revenues: All of the revenues that are not required to be reported as program revenues in the government-wide statement of activities. General revenues include property taxes, sales and use taxes, state-shared revenues, as well as other County-levied taxes, investment income, rents and concessions, and the sale of surplus property. GAAP: Generally Accepted Accounting Principals is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. Governmental Activities: Activities supported mainly by taxes. The County maintains 61 governmental funds that are used to account for taxes, programs, and other miscellaneous revenues. Liabilities: What the County owes. Long-term Liabilities: Includes such items as bonds, loans, compensated absences, and other County obligations. Millage Rate: Represents the tax rate levied on real estate or other property. The millage rate is multiplied by every $1,000 of assessed property value to determine your tax amount. (i.e. If the taxable value of the property is valued at $100,000 and the millage rate is 8 mills, you would pay $8 per $1,000 value, or $800.) Net Investment in Capital Assets: Represents amounts invested in capital assets less accumulated depreciation and any outstanding debt used to acquire these assets. Net Position: The difference between the total of assets plus deferred outflows of resources and liabilities, plus deferred inflow of resources reported in the statement of net position; the net worth of the County. Operating Grants: State, federal, other government and private contributions to fund specific programs. Per Capita: Represents given quantitative measures per unit of population (i.e. the County’s outstanding debt, income, or spending). Primary Government: Includes all of the governmental and business-type activities belonging to the County but excludes fiduciary funds. Program Revenue: Term used in the statement of activities, which includes charges for services, operation grants and capital grants. Refunding: New bonds issued to redeem (retire) previously issued bonds, on their maturity or by a call. Restricted: What is not available for use by the County because it is set aside for a specific purpose. Revenue Bonds: Bonds backed by a dedicated revenue source, such as the Infrastructure Sales Surtax. Unrestricted: One-time funds available for the County to use for operations. Glo�sary MICHELLE R. MILLER � CLERK & COMPTROLLER, ST. LUCIE COUNTY 18 stlucieclerk.com MICHELLE R. MILLER CLERK & COMPTROLLER ST. LUCIE COUNTY, FLORIDA