HomeMy WebLinkAboutLake County - Public Financial ReportFiscal Year Ended September 30, 2021
Lake County, Florida
POPULAR POPULAR
ANNUAL FINANCIAL ANNUAL FINANCIAL
REPORTREPORT
The Government Finance Officers Association of the United States and Canada (GFOA) has given
the Award for Outstanding Achievement in Popular Annual Financial Reporting to Lake 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 GFOA.
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to
Lake County
Florida
For its Annual Financial Report
for the Fiscal Year Ended
September 30, 2020
Executive Director/CEO
To the Citizens, Residents, and Friends of Lake County:
I am pleased to provide you with the Lake County, Florida
Popular Annual Financial Report (Popular Report) for the
Fiscal Year Ended September 30, 2021.
The information in this report is derived from the Lake County,
Florida Annual Comprehensive Financial Report (ACFR) for
the Fiscal Year Ended September 30, 2021. The ACFR consists
of over 200 pages of detailed financial statements, notes,
schedules, and reports. The Popular Report presents the
County’s Fiscal Year 2020/2021 financial activity in a simplified,
easier to read version than the ACFR. Both reports are posted
on the Lake County Clerk’s website, www.LakeCountyClerk.org (under “RECORDS SEARCH”), and on
the County’s website, www.LakeCountyFL.gov (under “Most Requested”). They are also available at
the Clerk’s Finance Department at 315 W. Main St., Tavares.
This Popular Report presents the financial information of all County government operations, including
the Board of County Commissioners, Clerk of the Circuit Court and Comptroller, Property Appraiser,
Sheriff, Supervisor of Elections, and Tax Collector. Since the Popular Report contains simplified
information, it does not conform to Generally Accepted Accounting Principles for governmental
entities, as does the ACFR.
I hope that you find this report easy to read, interesting, and informative.
Sincerely,
Gary J. Cooney
Lake County Clerk of the Circuit Court and Comptroller
A MESSAGE FROMGary J. Cooney
Lake County Clerk of the Circuit Court and Comptroller
LAKE COUNTYAt a Glance
County Annual Budget
$503 million, FY 2020/2021
Debt
$301 outstanding debt per capita in 2020
Income
$46,563 personal income per capita and $55,792 median household income in 2020
School Enrollment
43,848 students enrolled in 2021
Housing
$202,500 the median home price in 2020
Unemployment
4.3% in 2021
Population
With 400,142 residents in 2021, Lake is the 17th most populated county in the state, with a median age of 47.
$
315 W. Main St. • P.O. Box 7800 • Tavares, FL 32778-7800
(352) 343-9800 • www.LakeCountyFL.gov
About this Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Lake County - Then and Now . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Organizational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Principal Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Constitutional Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Governmental Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Governmental Activities - Revenues by Type . . . . . . . . . . . . . . . . . . . .9
Governmental Activities - Expenses by Type . . . . . . . . . . . . . . . . . . .11
Property Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Business-Type Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Cash & Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
TABLE OF CONTENTS
1 • Lake County, Florida
ABOUT THIS REPORT
The Popular Annual Financial Report (PAFR) provides an overview of the areas of responsibility and
the operations of Lake County’s Board of County Commissioners and the five Constitutional Officers:
Clerk of the Circuit Court and Comptroller, Property Appraiser, Supervisor of Elections, Sheriff, and Tax
Collector. This information is summarized and is not prepared in accordance with generally accepted
accounting principles.
The financial information does not substitute for the County’s Annual Comprehensive Financial Report
(ACFR). The ACFR outlines the County’s financial position and operating activities for the year in detail
and in conformity with generally accepted accounting principles. The ACFR is audited by the County’s
external auditors.
Within this report, pages 6 through 13 reflect the sources and uses of County funds within governmental
activities and page 14 represents revenues and expenses of business-type activities.
Governmental activities include most of the basic services offered to citizens, including tax assessment
and collections, fire and law enforcement protection, judicial services, civil emergency services,
construction and maintenance of highways, streets and other infrastructure, economic development,
social and human services, and cultural and recreational services. Property taxes, intergovernmental
revenues, and various user fees finance these operations. Business-type activities are limited to the
landfill operation.
Popular Annual Financial Report • 2
Orlando
Jacksonville
Tallahassee
Miami
Tampa
LAKE COUNTYThen and Now
In May 1887, the Florida Legislature created Lake County. It is located
in the center of the state approximately 65 miles from the east and west
coasts at the northwestern edge of central Florida. It was carved from
Orange and Sumter counties, and was named for its more than 250
named lakes and 1,735 bodies of water. Early industry was agriculture
based, with farm crops, citrus, lumber, and turpentine as mainstays.
Lake County was known worldwide for its record crops of tomatoes,
watermelon, ferns, and, of course, citrus. All of this to some degree relied on the weather. Big freezes
killed crops and citrus, with many growers moving south after a series of freezes in the 1980’s.
The land previously used for agriculture began being used for residential development, resulting in
the growth of the County and its economy. The current population of Lake County is 400,142. The
County is known for its beautiful lakes, parks, and trails, which support the County’s economy and
tourism industry. The unemployment rate decreased in the current year from 7.4% to 4.3%. Property
values continued to trend upward, increasing approximately 9% in 2021. With its rich and diverse
history, Lake County today, as in the past, is a pleasant place to live and work.
3 • Lake County, Florida
BOARD OF
COUNTY
COMMISSIONERS
PROPERTY
APPRAISER
CLERK OF
COURTS &
COMPTROLLER
SHERIFF SUPERVISOR
OF ELECTIONS
TAX
COLLECTOR
County Manager
Executive Oce Manager
County Attorney
Oce of Management & Budget
Information Technology Dept.
Oce of Procurement Services
Public Safety Director
Deputy County Manager
Oce of Communications
Oce of Emergency Management
Oce of Emergency Medical Services
Oce of Fire R escue
Oce of Public Safety Support
Oce of County Probation
Assistant County Manager
Oce of Animal Services
Housing & Community Services
Oce of Library Services
Oce of Parks & Trails
Oce of Veteran’s Services
Oce of Extension Services
Human Resources & Risk Management
Public Works Operations
Oce of Engineering Services
Assistant County Manager
Oce of Fleet Managemen t
Oce of Transit Services
Oce of Facilities Managemen t
Oce of Planning & Zoning
Oce of Code Enforcement
Executive Director Economic Growth
Fairgrounds/Special Events
Visit Lake
Oce of Building Services
Elevate Lake
CITIZENS OF LAKE COUNTY
ORGANIZATIONAL CHARTLake County, Florida
Popular Annual Financial Report • 4
PRINCIPAL OFFICIALSBoard of County Commissioners
Lake County is served by a Board of County Commissioners representing five districts in the County. Elected by the County as a whole, each commissioner serves a four-year term. Elections for odd-numbered districts coincide with the elections for presidential
election, while those for even-numbered districts coincide with the gubernatorial election.
The Board of County Commissioners is the legislative branch of County government. Individual Commissioners are both lawmaking officers and fiscal representatives of the County. The County Manager and County Attorney are appointed by the Commissioners to oversee daily operations, personnel, and legal matters.
The Commissioners appoint citizens to a variety of committees. Vacancies on these advisory boards are posted as the terms expire. Those interested in serving go through an application and selection process.
The Board normally meets in regular session three times monthly at 9 a.m. on Tuesday. In addition, the Board meets in specially called sessions whenever necessary. Minutes are recorded of all Commission meetings, and made a part of the record.
(Pictured left to right: Doug Shields - District 1, Leslie Campione - District 4, Josh Blake - District 5, Sean Parks - District 2, Kirby Smith - District 3)
County Manager Jennifer Barker
County Attorney Melanie Marsh
5 • Lake County, Florida
CONSTITUTIONAL OFFICERS
Clerk of the Circuit Court & Comptroller: Gary J. Cooney
www.LakeCountyClerk.org | (352) 742-4100
The Clerk of the Circuit Court is an elected office established by the Florida
Constitution. The duties include Clerk of the Circuit and County Courts, County
Comptroller, Treasurer, and Custodian of County Funds, County Auditor,
County Recorder, and Ex-Officio Clerk to the Board of County Commissioners.
Property Appraiser: Carey Bakerwww.LakeCoPropAppr.com | (352) 253-2150
The Lake County Property Appraiser’s function is to inventory and assess
all real estate and tangible personal property in the county for ad valorem
purposes. Florida law requires the Property Appraiser to update the values
on these records annually.
Sheriff: Peyton C. Grinnellwww.LCSO.org | (352) 343-2101
The Sheriff is responsible for law enforcement and the protection of life and
property in Lake County, for the welfare and safekeeping of the inmates
incarcerated in the Lake County Jail, and for security and order in the Circuit
and County Courts.
Supervisor of Elections: Alan Hayswww.LakeVotes.com | (352) 343-9734
The Supervisor of Elections is responsible for preparing for and conducting all
county, state, and federal elections held in Lake County. The office maintains
records for all registered voters in the county, qualifies all candidates, and
monitors all financial reports required from candidates for office.
Tax Collector: David W. Jordan
www.LakeTax.com | (352) 343-9602
The Tax Collector’s Office is responsible for providing a wide range of
services that include the collection and administration of all ad valorem
taxes, and certain non-ad valorem assessments. The office also issues
driver licenses, motor vehicle and vessel titles and registrations, and collects
tourist development taxes, and fees for hunting and fishing licenses.
Popular Annual Financial Report • 6
Lake County’s Net Position for Government & Business Activities
(in thousands)
NET POSITION of the County
GOVERNMENTAL
ACTIVITIES
BUSINESS-TYPE
ACTIVITIES TOTAL
2021 2020 2019 2021 2020 2019 2021 2020 2019
Current & other assets $250,819 $161,637 $138,977 $5,772 $5,028 $4,339 $256,591 $166,665 $143,316
Capital Assets 495,603 497,515 475,646 11,049 11,281 10,848 506,652 508,796 486,494
Total Assets 746,422 659,152 614,623 16,821 16,309 15,187 763,243 675,461 629,810 Deferred Outflows 64,743 84,785 68,774 322 509 432 65,065 85,294 69,206 Long-term liabilities outstanding 220,660 379,684 320,557 7,147 7,625 8,140 227,807 387,309 328,697
Other liabilities 106,347 49,631 34,832 1,563 1,670 1,614 107,910 51,301 36,446
Total Liabilities 327,007 429,315 355,389 8,710 9,295 9,754 335,717 438,610 365,143 Deferred Inflows 137,316 18,054 26,248 718 24 81 138,034 18,078 26,329
NET POSITION:
Net Investment in capital assets 397,642 394,177 376,030 11,049 11,281 10,847 408,691 405,458 386,877
Restricted 102,453 78,587 73,304 - - - 102,453 78,587 73,304
Unrestricted (deficit)(153,253) (176,196) (147,574)(3,334)(3,782)(5,063)(156,587) (179,978) (152,637)Total Net Position $346,842 $296,568 $301,760 $7,715 $7,499 $5,784 $354,557 $304,067 $307,544
The net position of the County is a useful indicator of the County’s financial position.
7 • Lake County, Florida
As of September 30, 2021, Lake County’s assets and deferred outflows were greater than its liabilities
and deferred inflows by $355 million (net position). The largest portion of the County’s net position
reflects investment in capital assets (infrastructure, land, buildings, equipment and machinery), less
any debt used to acquire those assets that is still outstanding. These capital assets are used to provide
services to citizens; consequently, these assets are not available for future spending.
The County’s restricted net position of $102.4 million is primarily restricted by enabling legislation
which restricts the use of such revenue sources as gas taxes, road impact fees, infrastructure sales
taxes and fire assessments. The remaining unrestricted net position may be used to meet the County’s
ongoing obligations to its citizens and creditors. The amount of unrestricted net position is a net
deficit of $156.5 million. The unrestricted deficit is primarily the result of the County’s proportionate
share of the State of Florida Retirement System’s net pension liability.
0
100,000
200,000
300,000
400,000
$500,000
-300,000
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(in thousands)
Popular Annual Financial Report • 8
GOVERNMENTAL ACTIVITIES
DESCRIPTION 2021 2020 2019 2018 2017
Revenues $427,688 $313,946 $297,461 $271,717 $251,984
Expenses 375,402 316,458 296,892 283,216 261,826
Transfers in (out) (2,012) (2,680) (2,492) (2,213) (2,113)
Change in Net Position 50,274 (5,192) (1,923) (13,712) (11,955)
Beginning Net Position 296,568 301,760 303,683 330,341 342,326
Restatement for GASB 75
Implementations - - (12,976) -
Ending Net Position $346,842 $296,568 $301,760 $303,653 $330,371
The County’s governmental activities change in net position was a $50 million increase in 2021. This
change is partially due to an increase of ad valorem and other taxes of about $15 million. Additionally,
the net pension liability was decreased in 2021, resulting in an overall decline in expenses of
approximately $15 million, which increased net position. There were also increases in grants received
related to the pandemic.
0
70,000,000
140,000,000
210,000,000
280,000,000
350,000,000
420,000,000
20172018201920202021
Revenues Expenses$490,000,000
Five-Year Comparison - Government Activities Revenues & Expenses
Five-Year Summary of Lake County Governmental-Type Activities
(in thousands)
9 • Lake County, Florida
GOVERNMENTAL ACTIVITIESRevenues by Type
Total governmental revenues were $427.6 million in 2021, and $313.9 million in 2020.
Lake County receives revenues from various sources. Those sources include property taxes, other taxes,
intergovernmental transfers, charges for services, operating and capital grants, and investment income.
Property taxes are the largest single source of the County’s revenue. Other taxes include sales tax,
infrastructure sales tax, gas taxes, and tourist development taxes. Sales taxes are received from the
state and can be used for any lawful purpose. A portion of the sales tax is used to pay debt service on
the Capital Improvements Revenue Bonds. Gas taxes are collected on fuel sold in the county and are
used solely for road construction and maintenance. Infrastructure sales tax is the extra penny approved
by voters and is used for infrastructure improvements such as buildings, roads, fire and sheriff vehicles
or other capital. Tourist development taxes are collected from rental lodging and used to promote
tourism in the County.
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FY 2021 Governmental Activities Revenue
Popular Annual Financial Report • 10
Program revenues include charges for services, and capital and operating grants. Charges for services
include fees collected for services provided by the County and include recording fees, and fees
charged to other governments. Capital and operating grants include monies received from state and
federal agencies.
Total revenues from governmental activities increased by $113 million in 2021. The $11.6 million
increase in property taxes and the $4 million increase in other taxes resulted primarily from an increase
in taxable value of about 9%.
Operating grants increased by approximately $60 million, primarily the result of the Coronavirus
Aid, Relief and Economic Security Act (CARES Act) for expenses related to the pandemic, as well as
economic assistance to businesses and residents, including emergency rental assistance.
Capital grants increased approximately $30 million, primarily resulting from the reclassification of
school impact fees from a Fiduciary Fund to a Special Revenue Fund as part of the implementation of
Government Accounting Standards Board (GASB) Statement 84, Fiduciary Activities.
Government Activities Revenue by Type - FY 2021 and FY 2020
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80,000,000
120,000,000
$160,000,000
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2021 2020
11 • Lake County, Florida
GOVERNMENTAL ACTIVITIESExpenses by Type
Total governmental expenses were $375.4 million in 2021 and $316.5 million in 2020.
Expenses from governmental activities increased by $59 million in 2021, primarily due to increases in general government and public safety expenses. General government expenses increased about $32 million, primarily resulting from the reclassification of school impact fees to a Special Revenue fund as part of the implementation of GASB Statement 84, Fiduciary Activities. Public Safety expenses increased approximately $19 million, primarily the result of increased expenses related to the CARES Act grant of about $50 million, which were offset by a reduction in expenses related to the net pension liability.
Governmental activities expenses are classified in the following categories:
GENERAL GOVERNMENT includes services that are provided by the legislative and administrative branches of the County for the benefit of the public and government body as a whole. These services are provided by Board departments such as the county manager, county attorney, budget office, communications, information technology, facilities and human resources.
PUBLIC SAFETY includes law enforcement, corrections and detention, fire services, ambulance services, animal services, and building inspections.
Government Activities Expenses by Type
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Popular Annual Financial Report • 12
PHYSICAL ENVIRONMENT includes services relating to the management of natural resources, such as soil and water conservation, and the operation of the County landfill.
TRANSPORTATION SERVICES include the construction and maintenance of roads and streets and traffic control services for the countywide road system.
ECONOMIC ENVIRONMENT includes services that develop and improve the economic condition of the community, including housing and veteran services.
HUMAN SERVICES include services for the care, treatment and control of human illness, injury or handicap. These services are for mental health, physical health, and public assistance for indigent citizens.
CULTURE AND RECREATION includes services provided through parks and recreation programs and the countywide library system.
COURT RELATED expenses include all costs of the Lake County courts, including personnel and courthouse facilities.
INTEREST ON LONG-TERM DEBT includes all interest payments made by the County for governmental activities.
Government Expenses Comparison 2021 to 2020
0
160,000,000
120,000,000
80,000,000
40,000,000
$180,000,000
20202021
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13 • Lake County, Florida
PROPERTY TAXES
Property taxes are ad valorem taxes levied on the taxable value of real and tangible personal property in the County. These taxes are based on the millage rates imposed by various taxing authorities.
Property taxes are considered general revenue to the County. The County assesses and collects ad valorem taxes to fund the following activities: general government functions, public lands debt service, and three Municipal Services Taxing Units (MSTU) for ambulance services, fire rescue services, and for stormwater, parks and roads. An MSTU is a taxing district authorized by law for providing specific services to a defined geographical area.
Millage Rates Assessed & Taxes Collected for 2021
TAXING
AUTHORITY
MILLAGE
RATE
TAXES
COLLECTED
General Fund 5.0327 $119,205,360
MSTU Emergency Medical Services 0.4629 10,957,275
MSTU Stormwater, Parks, and Roads 0.4957 5,477,054
MSTU Fire Rescue 0.4704 5,509,686
Voter-Approved Debt 0.1100 2,604,221
Total $143,753,596
The millage rate for the General Fund was 5.0327, a decrease from the FY 2019/2020 rate of 5.0734. The amount of total taxes collected in 2021 totaled $143.7 million compared to $132.1 million in 2020, an increase of about 9%. This was the result of an increase in taxable value also about 9%. The millage rates for 2022, adopted by the Board on September 28, 2021, included an increase in the General Fund of .0202 to 5.0529, to provide additional funding for roads. Other rates remained the same with the exception of an increase in the MSTU for Fire Rescue of .0434 to .5138 to cover increases in advanced life support (ALS) calls.
$30,00025,00020,00015,00010,0005,000 20212020201920182017
$160,000140,000120,000100,00080,00060,000 20212020201920182017
Five-Year Comparison in Property Taxable Value
(in millions)
Five-Year Comparison in Property Taxes Collected
(in thousands)
Popular Annual Financial Report • 14
Business-Type Activity - Revenues, Expenses & Net Transfers
BUSINESS-TYPE ACTIVITIESLandfill
The County has only one business-type activity, the solid waste management system. The system
consists of one operating and six closed landfills. The operating landfill is the Central landfill Phase
III. The six closed landfills are located in Astatula, Umatilla, Lady Lake and Clermont. The Phase III
landfill, consisting of two cells, the Ash Cell and Municipal Solid Waste Cell, was completed in 2009.
The Ash Cell started accepting waste in 2011. Currently, disposal of waste is primarily transported
to a landfill outside of Lake County, instead of the Lake County Landfill.
The activities of the solid waste management system are reported in the Landfill Fund. Overall,
the fund finished the year favorably with a positive change in net position of about $200,000; this
was lower than the prior year increase of $1.7 million due to capital contributions in the prior year.
Revenues were comparable from 2021 to 2020 at approximately $15 million. Operating expenses
(excluding the amounts for landfill closure and post closure costs), remained fairly consistent for
2021 and 2020 at approximately $16 million. This resulted in an operating loss for 2021 and 2020 of
$1.8 and $1.1 million, respectively. The County’s transfer from the General Fund remained consistent
at approximately $3 million in 2021 and 2020.
Revenues Expenses Capital Contributions & Transfers
2021 201820202019 2017
8,000,000
0
4,000,000
12,000,000
16,000,000
$20,000,000
15 • Lake County, Florida
Cash & Investments Comparison
CASH & INVESTMENTS
Cash and investments increased from 2020 to 2021 primarily the result of increased revenues. The
2021 year-end balance included approximately $35 million in unspent American Rescue Plan Act
(ARPA) funds, about $13 million in other grant funds, and about $6 million in unspent bond proceeds
which will be used to fund road resurfacing projects. The following chart is a comparison of Lake
County’s cash and investments by year.
DESCRIPTION 2021 2020
Florida Local Government Investment Trust $12,649,640 $12,621,425
Other Cash and Deposits 233,496,632 154,579,826
Total $246,146,272 $167,201,251
Popular Annual Financial Report • 16
Comparison of Lake County’s Capital Assets by Year
(in thousands)
CAPITAL ASSETS
The County’s investment in capital assets for its governmental and business-type activities as of
September 30, 2021, amounts to $506,651,746 (net of accumulated depreciation).
Investment in capital assets includes land, buildings, improvements, machinery and equipment, park
facilities, roads completed and put into use during the period from fiscal year 1980 to 2021, and
construction in progress.
GOVERNMENTAL
ACTIVITIES
BUSINESS-TYPE
ACTIVITIES TOTAL
2021 2020 2021 2020 2021 2020
Land $109,455 $109,474 $3,183 $3,183 $112,638 $112,657
Buildings 158,933 152,894 190 268 159,123 153,162
Improvements other
than Buildings 22,919 22,905 6,928 6,975 29,847 29,880
Machinery and Equipment 27,158 22,054 610 753 27,768 22,807
Infrastructure 139,370 147,407 - - 139,370 147,407
Construction in Progress 37,768 42,781 138 102 37,906 42,883
Total $495,603 $497,515 $11,049 $11,281 $506,652 $508,796
There was an overall net decrease of approximately $2 million in capital assets. An increase in buildings
included about $8 million for the completion of the new Animal Shelter; these additions resulted in a
decrease in Construction in Progress. In improvements other than buildings, the County completed a
$1 million project to interconnect the downtown Tavares chiller plants and completed approximately
$700,000 in park improvements. The County continued infrastructure road improvements to County
Road 466A and Citrus Grove Road, spending approximately $1 million and $3 million respectively,
and completed approximately $2.6 million for county-wide resurfacing projects. All of these increases
were offset by approximately $27 million in depreciation expenses.
17 • Lake County, Florida
LONG-TERM DEBT
At the end of 2021, the County had a total of $103.7 million in bonded debt outstanding, of which $54.2 million was related to direct placements. This amount is comprised of $11.8 million in limited general obligation bonds and $91.9 million in revenue bonds. The limited general obligation bonds were issued to acquire and improve lands within the County, to protect drinking water sources, preserve natural areas and protect open space from overdevelopment, and are secured by ad valorem taxes.
Capital improvement revenue bonds and pari-mutuel replacement bonds were issued to fund county-wide recreation projects, fund the expansion of the courthouse, and for other governmental buildings in downtown Tavares, and are secured by specific revenue sources, such as the half cent sales tax and sales tax revenues.
Sales surtax revenue and refunding bonds were issued to provide funds to construct a new animal shelter and upgrade the County’s public safety radio network. The bond also provided $10 million for road resurfacing projects. The bond is secured by the one cent local government Infrastructure Sales Surtax Revenues.
The County does not use long-term debt to finance current operations. When the County finances projects through the issuance of bonds, it strives to use self-supporting revenues instead of general obligation bonds and to pay back the bond within a period not to exceed 90% of the useful life of the project.
Other liabilities not shown below include $15.6 million in accrued compensated absences for all County employees, which represents the value of accrued but unused vacation and sick leave benefits; $48 million in other post-employment benefits which represents the County’s financial obligation for retiree and dependents health and medical coverage; a $68 million net pension liability, which represents the county’s proportionate share of the Florida Retirement System liability; and landfill closure and post closure cost of $6.8 million.
DESCRIPTION OUTSTANDING
AMOUNT
MATURITY
DATE
Limited General Obligation Bond, 2015 $11,835 2026
Capital Improvement Revenue Bond, 2015A 14,630 2026
Capital Improvement Revenue Bond, 2015B 49,495 2037
Sales Tax Refunding (Pari-Mutuel Replacement) Bond, 2011 1,940 2030
Sales Surtax Revenue and Refunding Bond, 2019 25,795 2032
Total $103,695
Long-Term Debt Outstanding Amounts & Maturity Dates
(in thousands)
Popular Annual Financial Report • 18
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) & American Rescue Plan Act (ARPA)
In 2021, the COVID–19 pandemic continued to impact the County, but there have been improvements in revenues and economic activity. The County’s response to the pandemic included a vaccine site and assistance to businesses and residents. The County received and expended approximately $60 million in CARES Act funding for expenses related to the pandemic, and also received additional grants in the areas of transportation and housing, including emergency rental assistance. The County is also expected to receive and expend approximately $72 million in ARPA funds through fiscal year 2023/2024; areas of spending will include - public health, negative economic impacts, services to disproportionately impacted communities, premium pay, and infrastructure.
Bassmaster Team Championship
Lake County hosted the 2020 Bassmaster Team Championship in the Harris Chain of Lakes; welcoming anglers from more than 30 states and several countries. The teams competed in the four-day tournament in various competitions. Being selected for this prominent event was an opportunity to showcase the County’s beautiful lakes, and provided advertising and tourism benefits for the County’s branding as “Real Florida, Real Close.”
New Animal Shelter
Lake County hosted the grand opening of its new animal shelter
in January 2021. The shelter, an $8 million project, was funded
through sales surtax revenue bonds. The opening was also an opportunity to celebrate the
fourth anniversary as a no-kill shelter. The new 31,000-square-foot facility features many
improvements and will enable the County to focus on its commitment to better serve the
public and pets.
Economic Development Opportunities
The County was selected by Kroger Company (Kroger) and Ocado as the site of their second U.S.
high-tech customer fulfillment center. The center, which opened in July 2021, is an automated
warehouse facility with digital and robotic capabilities. This center created approximately
600 high-wages jobs in the south Lake County area. In addition, Amazon Logistics opened
a new delivery station in south Lake County, bringing hundreds of
new full-time and part-time jobs. Also, in 2021 Hanover Capital
Partners held a groundbreaking for a new 15,000-square-foot
distribution center. All of these opportunities help to grow
the local economy and further validates
the County’s economic appeal.
Enhancing Public Safety
Neighborhood Lakes Scenic Trail
The Neighborhood Lakes Scenic Trail opened on September 2, 2021 in east Lake County. The trail is a connection to the Wekiva Trail System and offers 2.8 miles of multi-use paved trail into Orange County. The Lake County trailhead offers a variety of recreational activities and has vehicle and horse trailer parking, restroom facilities, and a picnic area for residents to enjoy. The trail offers views of wildlife, vistas and natural areas, provides connectivity to regional trails, and will provide positive economic impacts to the community and all of Lake County.
The Office of Fire Rescue hired 12 new firefighters using a
$1.7 million Staffing For Adequate Fire and Emergency Response
(SAFER) grant from the federal government to enhance their staffing and response times.
The County also will be expanding fire services for the cities of Fruitland Park and Mascotte,
adding coverage and efficiencies to the system. The County spent approximately $1.1 million
on fire station improvements and had a groundbreaking for a new and expanded fire station
to serve the growing communities in east Lake County.