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Sarasota County, Florida • Fiscal Year Ended September 30, 2021
2021 IMPACTREPORT
YOUR GUIDE TO POPULAR ANNUAL FINANCIAL INFORMATION
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
IMPACT REPORT
SARASOTA COUNTY, FLORIDA
FISCAL YEAR ENDED
SEPTEMBER 30, 2021
MISSION STATEMENT
TO MEET THE NEEDS AND EXCEED
THE EXPECTATIONS OF THOSE
WE SERVE, IN FULFILLING OUR
CONSTITUTIONAL OBLIGATIONS.
TO THE CITIZENS OF SARASOTA COUNTY
I am pleased to present the Sarasota County IMPACT Report for the fiscal
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
fiscal year that ended on September 30, 2021.
My primary focus as County Comptroller is providing outstanding
service to you. I trust you will find 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 finances
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
Certificate of Achievement for Excellence in Financial Reporting for our 2020 Comprehensive
Annual Financial Report from the Government Finance Officers Association (GFOA). In addition,
Sarasota County was issued the Distinguished Budget Presentation Award for fiscal year 2021.
There is a dedicated team of talented financial 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 financial
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
A MESSAGE FROM KAREN E. RUSHING
CLERK OF THE CIRCUIT COURT
AND COUNTY COMPTROLLER
ABOUT THIS REPORT
4 Impact Report 2021
This IMPACT Report is produced by the Sarasota
County Clerk of the Circuit Court and County
Comptroller’s Office 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 fiscal 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 Office
of the Clerk of the Circuit Court and County
Comptroller has prepared this summary financial
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 simplified
information from the County budget and other
financial reports. The Government Finance Officers
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 fiscal 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 Fulfilling Our Constitutional Obligations.
CORE VALUES: I.M.P.A.C.T.
Integrity: Being forthright with strong ethical values
Making A Difference:Always going the extra mile
Proficiency: 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
I
GOALS
Maximize financial performance
Enhance service delivery
Enhance our value, reputation, and
relationship with stakeholders
Create a unified, engaged
and productive culture
1
2
3
4
M
P
A
C
T
ABOUT THIS OFFICE
Impact Report 2021 5
The Clerk of the Circuit Court and
County Comptroller’s Office 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 Office 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 financial management
for both the judicial system and County
government.
Functions and duties vary from state to state.
In Florida, specifically 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 Office of
Inspector General
5.Ex-Officio 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-Officio 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 affecting
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 financial 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 Office 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-Officio Clerk to the Board of County
Commissioners:
• serves as the custodian of the Board’s records
• takes official minutes of commission and
other board committee meetings
• maintains custody of the official seal and
administers it according to the law
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 firefighter.
• This building is hurricane hardened and allows
the firefighters 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 satisfied 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 affirmed 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 reflect the County’s superior
financial management, solid operating profile 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.
• Exceptional County Services Aligned with Resources
• High-Performing County Team
• World-Class Quality of Life Amenities
• Great Place to Live
• Robust, Growing Business Opportunities
GOALS OF SARASOTA COUNTY
AT A GLANCE
6 Impact Report 2021
Ringling Bridge
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
• fire and rescue protection
• construction and maintenance of street and traffic
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 fiscal 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 officers vested
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 Office 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.
OUR COUNTY
Impact Report 2021 7
as)
ts
h re
nd t
astrructure
arks
eal
traffic
ructure
District
1
City of
Sarasota
City of
Venice
City of
North Port
District
3
District5
District
4
District 2
According to Article VIII, Section 1 of the Florida
Constitution, Florida shall be divided into political
subdivisions called counties. County officers shall
be elected, by the electors of each county, for terms
of four years. County officers include a sheriff, 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 office of a sheriff, a
tax collector, a property appraiser, a supervisor of
elections, or a clerk of the circuit court; transfer the
duties of those officers to another officer or office;
change the length of the four-year term of office;
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 five 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 Sheriff, a Clerk of the
Circuit Court and County Comptroller, a Supervisor
of Elections, a Tax Collector, and a Property
Appraiser. The elected officials 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 officials who review
and recommend changes to the County Charter
for improvement of County government. Such
recommendations shall be subject to referendum.
YOUR COUNTY GOVERNMENT
8 Impact Report 2021
COUNTY ADMINISTRATOR & ATTORNEY
Administrator
Jonathan R. Lewis
www.scgov.net
Attorney
Frederick (Rick) J. Elbrecht
www.scgov.net
LOCAL ELECTED OFFICIALS
COUNTY COMMISSIONERS
Clerk & Comptroller
Karen E. Rushing
www.sarasotaclerk.com
Supervisor of Elections
Ron Turner
www.sarasotavotes.com
Tax Collector
Barbara Ford-Coates
www.sarasotataxcollector.com
Property Appraiser
Bill Furst
www.sc-pa.com
Sheriff
Kurt A. Hoffman
www.sarasotasheriff.org
Nancy C. Detert
District 3
Michael A. Moran
District 1
Alan Maio
District 4
Christian Ziegler
District 2
Ron Cutsinger
District 5
As Sarasota County’s Chief Financial Officer, the
Clerk and Comptroller’s office 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 fiscal 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.
CARES ACT AND EMERGENCY
RENTAL ASSISTANCE PROGRAM
Impact Report 2021 9
Economic
Recovery
75.1%
Food, Water
and Shelter
14.8%
Medical
Health
7.3%
Safety and
Security
2.8%
Utility
Assistance
4.2%
Rental
Assistance
95.6%
Other
Housing
0.2%
FY21 CARES Act Expenditures
FY21 ERAP Expenditures
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
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
Sarasota County continues to show signs of
economic strengthening. Taxable property
values increased 7.1 percent in fiscal 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 fiscal 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 world-
class 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.
%
N/A = Data not currently available
Sources: (1) Bureau of Economic and Business Research (2) Florida Office of Economic and Demographic Research
(3) School Board of Sarasota County (4) U.S. Bureau of Labor Statistics (12 month average)
N/A = Data not currently available
Sources: (1) Florida Office of Economic & Demographic Research; U.S. Census Bureau (2) Florida Office 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)
DEMOGRAPHICS
10 Impact Report 2021
Caspersen Beach
%
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
%
%
%
%
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.
*Source: Prepared by Sarasota County from data received from The Sarasota County Property Appraiser
Impact Report 2021 11
Sarasota County’s total adopted budget for fiscal
year 2021, which is the financial plan for funding
all operations, totaled $1.3 billion. This includes
elected and appointed officials, 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 fiscal 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 specific activity or objective. Sarasota
County, like other state and local governments,
uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
By law, each fund type must be balanced and may not
show a deficit.
General Fund – Accounts for the County’s primary
operating fund that pays for government operations.
Special Revenue Funds – Account for specific
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 financed 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 financing
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
2019 2020 2021
Special
Revenue Fund
Debt Service
Fund
Capital
Projects Funds
Permanent
Funds
Enterprise
Funds
Internal
Service Funds
General Fund
BUDGET
12 Impact Report 2021
$200
$300
$400
$500
$600
$100
0
Mi
l
l
i
o
n
s
SELECT OPERATING BUDGETS1
FY20 Adopted FY21 Adopted Percent Change Cost Per Person
2
Board of County Commissioners $ 851,300 $ 856,945 0.7% $ 1.94
Office 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
Office 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
Office 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, Office of Economic and Demographic Research.
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
effort between the department and the budget
analyst staff from the Office of Financial
Management. The operating analyst provides reports,
financial 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.
Impact Report 2021 13
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 (7.2
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 $ 701,548 $ 647,317 $ 599,816 $ 477,250 $ 1,301,364 $ 1,124,567
Capital Assets 1,597,144 1,572,200 959,822 932,945 2,556,966 2,505,145
Total Assets 2,298,692 2,219,517 1,559,638 1,410,195 3,858,330 3,629,712
Deferred Outflows 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 217,931 140,395 51,356 45,800 269,287 186,195
Total Liabilities 733,748 988,176 407,333 328,974 1,141,081 1,317,150
Deferred Inflows 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 (Deficit) (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
FINANCIAL INFORMATION
SUMMARY
14 Impact Report 2021
CONDENSED STATEMENT OF ACTIVITIES
The following comparative, government-wide
Condensed Statement of Activities graph presents
the revenues, expenses, and changes in net position.
The County’s net position increased by $135.4
million during the current fiscal year. Total revenues
decreased by $28.4 million and total expenses
decreased by $42.4 million over last year. The
largest decrease in revenue was for capital grants
and contributions largely due to a one time capital
contribution received in the prior year not annually
recurring. The largest decrease in expenses was
for transportation, largely due to a reduction in
pension expense.
*Change in Net Position includes transfers not shown in graphs.
Impact Report 2021 15
$-100
0
$100
$200
$300
$400
$500
$600
$700
$800
TH
O
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S
A
N
D
S
GOVERNMENTAL ACTIVITIES
Last Five Fiscal Years
Revenues Expenses Change In
Net Position*
20212017201820192020
48
6
,
0
8
8
53
8
,
2
1
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57
4
,
8
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$50
$100
$150
$200
$250
$300
0
TH
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Revenues Expenses Change In
Net Position*
20212017201820192020
21
2
,
6
6
9
21
3
,
9
1
2
22
2
,
1
2
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8
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BUSINESS-TYPE ACTIVITIES
Last Five Fiscal Years
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 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
HOW YOUR PROPERTY TAXES WERE ALLOCATED ON MILLAGE RATES
DISTRICTS
$0.023 Southwest Florida
Water Management
$0.003 West Coast Inland Navigation
$0.084 Sarasota Memorial Hospital
FY21 SARASOTA COUNTY (UNINCORPORATED)
For illustrative purposes only. Does not include Non-Ad Valorem Assessments. Totals include rounding.
*Environmentally Sensitive Lands Protection Program
SARASOTA COUNTY
SCHOOL BOARD
$0.298 School (State)
$0.262 School (Local)
SARASOTA COUNTY
$0.259 Sarasota County
General operating revenue for the Sheriff’s Office,
Clerk of the Circuit Court and County Comptroller,
Property Appraiser, Supervisor of Elections, Tax
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
PROPERTY TAXES
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.
Gove
r
n
m
e
n
t
Serv
i
c
e
s
Fundi
n
g
o
f
PROPERTY TAX
CYCLE
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.
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.”
Impact Report 2021 17
According to Resolution No. 2018-130, Sarasota
County’s reserve policies are based on sound
fiscal principles designed to allow the County
to maintain continuity of operations in adverse
conditions while being mindful of our fiduciary
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 4.40.4 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 Benefits --- 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
COUNTY RESERVES
18 Impact Report 2021
Fishing Pier - Ringing Bridge
REVENUE BY FUNCTION
Total revenue for fiscal 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.
EXPENDITURES BY FUNCTION
Total expenditures for fiscal 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 Sheriff and Fire Departments.
Taxes 33.77%
Permits, Fees & Special
Assessments 10.85%
Judgments, Fines
& Forfeitures 0.26%
Investments 0.18%
Charges for
Services 39.07%
Intergovernmental 10.81%
Other 5.06%
REVENUE $1 BILLION
Public Safety 33..%
Physical Environment 18.9%
Economic Environment 0.80%
Human Services 2.21%
Culture/Recreation 6.46%
Debt Service 6.27%
Transportation 6.88%
Internal Services 12.1%
General Government 13.1%
EXPENDITURES $1 BILLION
Impact Report 2021 19
TURES $
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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
Local government bonded debt is usually divided
into three different 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
specific 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 five 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 offered 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 fiscal year.
DEBT
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
0 $20 $40 $100$80
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.
$60
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
Impact Report 2021 21
Millions
Sarasota County’s investment in capital assets
for its governmental and business-type
activities at the end of the current fiscal year
amounted to $2.6 billion (net of accumulated
depreciation). The County’s total investment in
capital assets for the current fiscal 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 56,365 54,219 13,204 15,618 69,569 69,837
Infrastructure 617,291 648,710 803,934 765,791 1,421,225 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 $ 1,597,142 $ 1,572,200 $ 959,822 $ 932,945 $ 2,556,964 $ 2,505,145
CAPITAL ASSETS
22 Impact Report 2021
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 diversifies the
portfolio to safely generate the highest yields possible.
Sarasota County’s total average portfolio balance for
fiscal year 2021 was $1.2 billion. During fiscal 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.
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8%
SARASOTA COUNTY PORTFOLIO COMPARED TO BENCHMARK
Portfolio Yield 24 Month Average
In fiscal year 2021, the County portfolio, under the direction of the Clerk and Comptroller,
maintained a weighted average yield of 1.18%. The following graph illustrates the County’s
monthly portfolio yield in comparison to the 2 year U.S. Treasury during fiscal year 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
.72%
.49%
.15%
.40%
.15%
.32%
.12%
.28%
.11%
.58%
.13%
.40%
.16%
.67%
.16%.14%
.40%
.25%
.36%
.18%
.39%
.21%
.48%
.28%
INVESTMENTS
Impact Report 2021 23
Treasuries
19.4%
Cash
9.7%
Fixed MBS
11.3%
LGIP
15.1%
Agencies
36.8%
Float MBS
7.7%
PORTFOLIO COMPOSITION
Photos courtesy of:
Matt Myers
Philip Reber
Rita Zuchelli
Marina Goritsas
Visit Sarasota
Norman Schimmel
State Archives of Florida
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