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HomeMy WebLinkAboutPinellas County - Public Financial ReportCCiittiizzeennss’’ GGuuiiddee ttoo CCoouunnttyy FFiinnaanncceess for the fiscal year ended September 30, 2021 Pinellas County, Florida 1 Table of Contents Pinellas County, Florida Pinellas County Organization & Commission Duties of the Clerk of the Circuit Court & Comptroller Sources of County Funds Uses of County Funds General Fund Revenues & Other Financing Sources General Fund Expenditures & Other Financing Uses Enterprise Fund Revenues & Expenses Capital Assets Outstanding Debt Issues & Investment Policy Accomplishments Connect With Us Pinellas County, Florida Citizens of Pinellas County: I am pleased to present the Citizens’ Guide to County Finances (Citizens’ Guide) for the fiscal year ended September 30, 2021. As your elected Clerk, I serve as the Chief Financial Officer of the Board of County Commissioners and share fiscal responsibility for county funds with them. This report provides you, the citizens, a brief analysis of where county revenues came from and where those dollars were spent during the last fiscal year. It also shows trend information on revenues and expenditures for the previous three fiscal years. The report gives you an easy-to-read synopsis of the County’s financial health. The Citizens’ Guide summarizes the financial activities of the primary government of Pinellas County. The reports included in the Citizens’ Guide condense and simplify the format used in our Annual Comprehensive Financial Report, described below. The presentation of Citizens’ Guide does not conform to Generally Accepted Accounting Principles (GAAP) and governmental reporting standards. The report is prepared in this format so that the non-financial reader can easily understand it and omits information required by GAAP such as Management’s Discussion and Analysis, footnotes, and component units. However, the financial data presented in the Citizens’ Guide is derived from the Annual Comprehensive Financial Report, which is consistent with GAAP. The Government Finance Officers Association of the United States and Canada (GFOA) awarded Pinellas County the Award for Outstanding Achievement in Popular Annual Financial Reporting for the fiscal year ended September 30, 2020, for its Citizens’ Guide for the fifteenth consecutive year. In addition to the Citizens’ Guide, the Finance Division produces the Annual Comprehensive Financial Report, which contains more detailed financial information. Pinellas County’s Annual Comprehensive Financial Report for the fiscal year ended September 30, 2020, was awarded the Certificate of Achievement for Excellence in Financial Reporting by the GFOA. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. This is the 40th consecutive year that we have achieved this prestigious award. To receive a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report, whose contents conform to program standards. Such an Annual Comprehensive Financial Report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual Comprehensive Financial Report conforms to the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. Financial reports are available on the Clerk’s website www.mypinellasclerk.org. Copies may also be obtained by contacting the Clerk’s Finance Division at (727) 464-8300. If you have any comments or suggestions on how we may improve this report, please contact my office at (727) 464-3341. Thank you for the opportunity to serve as your Clerk and may you find this Citizens’ Guide informative and useful in enhancing your understanding of our county’s finances. Sincerely, Ken Burke, CPAClerk of the Circuit Court and Comptroller Ken Burke, CPA Clerk of the Circuit Court and Comptroller Pinellas County, Florida Clerk of Board of County Commissioners Clerk of Water and Navigation Control Authority County Auditor and Treasurer Clerk to the Value Adjustment Board 2 3 4 5-7 8 9 10 11-12 13 14 15-16 17 2 Table of Contents Pinellas County, Florida Pinellas is an urban county, on a peninsula on the western coast of Florida, bounded on the east by Tampa Bay and on the west by the Gulf of Mexico. Pinellas County is the most densely populated of all sixty-seven Florida counties. The County is the second smallest in landmass in Florida; measuring up to thirty-eight miles long and fifteen miles wide. The sparkling water of the Gulf of Mexico, award- winning beaches, stunning sunsets and balmy weather make Pinellas an inviting destination for visitors and home to a diverse population of residents. Pinellas County is home to the major league baseball team, Tampa Bay Rays (St. Petersburg) as well as the spring training home for the Philadelphia Phillies (Clearwater) and the Toronto Blue Jays (Dunedin). Numerous parks and preserves throughout the county support a variety of recreational activities such as fishing, boating, and other outdoor activities. Accolades & Awards: St. Pete Beach was ranked #5 for the Top 25 Beaches in the World by TripAdvisor’s 2021 Traveler’s Choice “Best of the Best”. The St. Pete Pier was named the #2 new attraction in the country by USA Today. Visitors can find waterfront restaurants, a market place, a fishing deck, art and interactive areas and a splash pad. The Chihuly Collection located in St. Petersburg is a permanent collection of world renowned artist Dale Chihuly’s unique artwork. Pinellas County School District 13,000 (2.61%) Publix 6,000 (1.20%) Pinellas County Board of County Commissioners 6,200 (1.24%) Morton Plant Hospital 2,900 (0.58%) Walmart3,000 (0.60%) Bay Pines VA Medical Center4,500 (0.90%) St. Petersburg College2,500 (0.50%) Johns Hopkins All Children’s Hospital 3,000 (0.60%) City of St. Petersburg 3,500 (0.70%) Raymond James 3,800 (0.76%) Top 10 Employers 48,400 employees, 9.69% of County employment 3 Pinellas County Organization & Commission Pinellas County is a charter county established under the Constitution and laws of the State of Florida in 1911. In 1968, the Florida Constitution was amended to provide home rule powers for counties and municipalities. The voters of Pinellas County approved the first home rule charter in 1980. Pinellas was the first county in Florida to operate under a Board of County Commissioners/Administrator form of government. The elected Constitutional Officers include the Clerk of the Circuit Court and Comptroller, Supervisor of Elections, Tax Collector, Property Appraiser and Sheriff. The seven member Board serves as the legislative body, and budgets and provides the funding for its departments, the entire operations of the Sheriff and the Supervisor of Elections and portions of the operations for the other Constitutional Officers. Citizens Board of County Commissioners Janet C. Long District 1 Vice-Chair Pat Gerard District 2 Charlie Justice District 3 Chair Dave Eggers District 4 Karen Williams Seel District 5 Kathleen Peters District 6 René Flowers District 7 Clerk of the CirCuit Court and Comptroller tax ColleCtor supervisor of eleCtions property appraiser sheriff Duties of the Clerk of the Circuit Court & Comptroller 4 Pinellas County Organization & Commission The Clerk of the Circuit Court was established as a public trustee by the Florida Constitution in 1838. Today, the Florida Statutes assign more than 1,000 tasks to the Clerk of the Circuit Court. The Clerk serves as the Clerk of the Circuit and County Courts, Recorder of Deeds, Clerk and Accountant to the Board of County Commissioners, custodian of all county funds and as the County Auditor. The Clerk’s role as an elected public trustee is one of the most important aspects of the position because he serves at the will of the people. It is the Clerk’s responsibility to serve as a “watchdog” for the citizens of Pinellas County to ensure funds expended are only for a public purpose and for the benefit of the public as a whole. Duties of the Clerk of the Circuit Court & Comptroller As Clerk of the CirCuit And County Courts, the Clerk maintains custody of court records and all related pleadings filed, secures evidence entered in court, and ensures the integrity of court files is protected. The Clerk also collects and disburses court fines and assessments and court ordered child support and summons prospective jurors. As reCorder of deeds, the Clerk maintains Official Records of the County and ensures their integrity is protected. As Clerk And ACCountAnt of the BoArd of County Commissioners, the Clerk maintains official records of the Board. The Clerk also maintains county financial records and prepares financial reports, in addition to providing accounting services to all departments under the Board. The Clerk programs and maintains software for the financial accounting system and processes and pre-audits accounts payable, accounts receivable and payroll transactions. As CustodiAn of All County funds, the Clerk receives and records county revenue and invests county funds. As County Auditor, the Clerk performs the comptroller function in pre-audit of invoices before payment, and performs internal audits of county departments. Additional services include performing Inspector General investigations. 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 Pinellas 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. To receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government must publish a Popular Annual Financial Report conforming 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. 1 2 3 4 5 5 Sources of County Funds: Governmental Activities Revenues General revenuesGeneral revenues Property taxes are ad valorem taxes levied on an assessed valuation of real and/or personal property. These taxes are collected annually and are computed as a percentage of the fair market value of locally assessed real estate, and tangible personal property. Property taxes are considered general revenue for the county. Sales taxes and other taxes are comprised of the following: The one cent infrastructure sales tax or the Penny for Pinellas is imposed for funding infrastructure projects that normally would have to be funded by increased property taxes or other revenue sources. The Penny for Pinellas is earmarked for capital improvement projects for roads, flood control, park improvements, preservation of endangered lands and public safety. The Penny for Pinellas is paid by all who spend money in the county, including tourists and visitors. Tourist development tax is a local tax imposed on most rentals or leases, which have been contracted for periods of six (6) months or less, or living accommodations in hotels, motels, apartment houses, rooming houses, and mobile home parks. The revenues may be used for tourist development, beach re-nourishment, debt service and promoting and advertising tourism internationally, nationally and in the State of Florida. Fuel tax (local option gas tax) is a tax on every net gallon of motor and diesel fuel sold in Pinellas County. It is a county imposed tax for the purpose of paying the cost of establishing, operating and maintaining a transportation system and related facilities and the cost of acquisition, construction, reconstruction and maintenance of roads and streets. Communication service tax is comprised of two components: a state communications services tax and a local communication services tax. The tax is imposed on retail sales of communications services which originate and terminate in the state, or originate or terminate in the state and are billed to an address within the state. Tax proceeds are transferred to the county. Communications services are defined as voice, data, audio, video or any other information or signals, including cable services. Interest income is the revenue earned from investments. proGram revenuesproGram revenues Charges for services are made up of fees collected from the public for services rendered (e.g. court costs, building permits, park fees, animal licenses, etc.). Operating grants and contributions include monies received from the federal and state levels to fund the operating expenses of a specific program or project. Operating expenses can include salaries and wages, rent, utilities and more. Capital grants and contributions include monies received from the federal and state levels for the acquisition of capital assets, such as buildings, land or equipment. Sources of County Funds: Revenue Descriptions Chil d r e n a t P l a y Baby Loggerhead Turtle $543,977 $273,690 $140,312 $204,896 $584,609 $247,185 $204,153 $182,750 $626,386 $255,969 $267,015 $213,812 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Property Taxes Charges for Services Capital & Operating Grants & Contributions Sales & other taxes & investment earnings 2021 2020 2019 $79,376,212 $85,468,864 $91,725,857 $543,977 $584,609 $626,386 $100,000 $1,000,000 $10,000,000 $100,000,000 2019 2020 2021 Property Tax Revenues Taxable Assessed Values Property Tax Values & Revenues (Dollars in Thousands) 6 $467,875 $229,013 $118,014 $179,477 $504,585 $234,646 $128,820 $189,740 $543,977 $273,690 $140,312 $204,896 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Property taxes Charges for services Capital & operating grants & contributions Sales & other taxes & investment earnings 2019 2018 2017 Governmental Activities Revenues (Dollars in Thousands)Pinellas County receives its revenue from many sources, the largest being property taxes, to fund governmental activities. Total revenues for the County increased 10.3 percent over last year. Approximately 36.4 percent of the County’s total revenues come from property taxes and 12.4 percent from other taxes. Fees, service charges, revenues from other governments and unrestricted interest earnings account for 51.1 percent of all revenues. Revenues in the County’s governmental activities increased $144.5 million or 11.9 percent over the prior year. Key factors attributing to these changes are described below. Sources of County Funds: Governmental Activities Revenues Property tax revenues increased by $41.8 million, or 7.1 percent over last year for all governmental activities due to an increase in property tax values of 7.3 percent. The millage rates remained unchanged. Charges for services amounted to $256.0 million for the current year compared to $247.2 million realized in the prior year, an increase of $8.8 million. The primary contributor to this increase is a higher volume of court filings in the current year, as there was reduced court activity in the prior year during the apex of the Coronavirus pandemic. Capital, Operating Grants & Contributions increased by $73.1 million from the prior year, due primarily to 1) an increase in federal funding for the Coronavirus Aid Relief & Economic Security (CARES) Act for supplies, human services assistance and aid to small businesses affected by the Coronavirus pandemic. Sales, Other Taxes & Investment Earnings increased by $41.5 million; or 28.3 percent, reflecting signs of the recovery from the economic impact of the Coronavirus pandemic. Sources of County Funds: Revenue Descriptions $543,977 $273,690 $140,312 $204,896 $584,609 $247,185 $204,153 $182,750 $626,386 $255,969 $267,015 $213,812 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Property Taxes Charges for Services Capital & Operating Grants & Contributions Sales & other taxes & investment earnings 2021 2020 2019 7 Uses of County Funds The real estate property tax is a tax on land and improvements. Real estate property taxes are considered ad-valorem, meaning “according to worth” or that they are based on the value of the property, as determined by the Pinellas County Property Appraiser. The Pinellas County Property Appraiser’s Office establishes the value of property every year. The board of county commissioners, school board, municipalities, and other levying bodies set millage rates – the amount per $1,000 that is used to calculate taxes on property. A “mill” is equal to $1 of tax for every $1,000 of assessed property value. Using the taxable values and millage rates, the Property Appraiser prepares the “tax roll” and sends it to the Tax Collector. The Tax Collector then mails an annual tax notice to the property owner’s address of record as it appears on the tax roll. Sources of County Funds: Property Taxes Example - City of Belleair Bluffs ResidentBreakdown of Property Tax Bill Countywide & City Portion - Total Taxes: $2,278.19 The example is based on a taxable value of $ $107,527 (assessed value is $157,527 with $50,000 exemptions for all taxing authorities except the School Board which has exemptions of $25,000). Fort De Soto Beach School Board $838.23 36.79% County $658.60 28.91% City $575.27 25.25% Juvenile Welfare Board $96.57 4.24% Suncoast Transit Authority $80.65 3.54% SW Florida Water Management $27.26 1.20% Planning Council $1.610.07% 8 $205,955 $591,729 $45,054 $86,530 $101,259 $67,358 $31,750 $218,548 $649,516 $38,814 $69,151 $101,593 $65,740 $31,675 $194,238 $645,669 $42,237 $71,997 $70,886 $63,033 $38,258 $0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 General government Public safety Physical environment Transportation Economic environment Human services Culture and recreation 2021 2020 2019 Governmental Activities Revenues (dollars in thousands) Governmental activities include most of the basic services offered to citizens, including tax assessment and collections, election services, fire and law enforcement protection, judicial services, emergency medical services, civil emergency services, construction and maintenance of highways, streets and other infrastructure, natural resources conservation, economic and community development, social and human services, and cultural and recreational services. Property and sales and use taxes, intergovernmental revenues and various user fees finance these operations. During the year, expenses for governmental activities decreased by 4.1 percent or $48.7 million from the prior year. Uses of County Funds Public safety expenses decreased by $3.8 million, primarily due to reduced pension assumptions that offset the increase in aid provided to the community through CARES Act funding. General government expenses decreased by $24.3 million, primarily as a result of additional cost recovery allocations of approximately $6.1 million for internal information technology, which provides various infrastructure, application support, and project management. Economic Environment expenses decreased by $30.7 million, primarily due to a reduction of payments associated with the completion of the Toronto Blue Jays spring training facility in the prior year. Sources of County Funds: Property Taxes 9 $450,840 $87,999 $49,535 $6,328 $26,055 $12,525 $484,406 $143,296 $49,032 $6,485 $26,261 $10,780 $517,537 $219,862 $55,694 $546 $31,877 $12,462 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Taxes Intergovernmental Charges for services Investment income Miscellaneous Transfers in 2021 2020 2019 General Fund Revenues & Other Financing Sources (Dollars in Thousands) The General Fund is the primary operating fund of the county that accounts for all financial resources of the general government, except for those that are required to be accounted for in another fund. Appropriations for the General Fund for FY2021 including reserves totaled $997.6 million. General Fund Revenues & Other Financing Sources Key financial factors for the year were as follows: • Overall General Fund revenues and other financing sources increased by $117.7 million or 16.3 percent from last year. • Tax revenue increased by $33.1 million, due primarily to the 7.3 percent increase in taxable property values. • Intergovernmental revenues were up by $76.6 million or 53.4 percent. The increase was primarily due to Coronavirus Aid, Relief, and Economic Security (CARES) Act grant funding due to the pandemic. • Overall General Fund expenditures and transfers out increased by 14.8 percent or $100.2 million. Approximately $34.4 million of the increase is related CARES Act Small Business Grants which provided funding to businesses affected by the pandemic. Other significant increases included $7.1 million for the additional purchases of supplies in response to COVID-19 and $12.9 million in additional funding transferred to the Sheriff’s Operations for funding of personnel and operating increases and the COVID-19 expenditures. General Fund Expenditures & Other Financing Uses 10 General Fund Revenues & Other Financing Sources General Fund Expenditures & Other Financing Uses The General Fund is used to pay the general operating and administrative expenditures not accounted for in other funds. General fund expenditures and transfers out increased by $100.2 million (14.8 percent) in FY2021. From FY2019 to FY2021, general fund expenditures increased $170.0 million (28.0 percent). The following expenditures for the departments are paid from the General Fund (including transfers of funds). GenerAl Government Board of County Commissioners, County Administrator, Public Defender, State Attorney, County Attorney, Court Technology, Technology, Communications, Office of Management and Budget, Developmental Review Services, Purchasing, Engineering and Technical Support, Administrative Office of the Courts, Planning, Law Libraries and Human Resources. PuBliC sAfety Medical Examiner, Emergency Communications (911), Fire Operations, Justice Coordination, Consumer Protection Services, Emergency Management, Code Enforcement and Emergency Events. PhysiCAl environment Air Quality, Vegetation Management, Urban Forestry, Public Works Customer Service, Stormwater and Vegetation Planning and Engineering, Stormwater Management, Water and Navigation, Environmental Monitoring, Watershed Planning, Ecological Services, and Coastal Management. trAnsPortAtion Transportation Engineering and Design. eConomiC environment Tax Increment Financing Program, BP Economic Settlement Projects, Office of Human Rights, Community Housing Trust Fund, Economic Development, Small Business Development Center and Veteran’s Services. humAn serviCes Animal Services, State Mandates-Medicaid and Burials, Administration, Coordination and Quality Assurance, Healthcare Services, Behavioral Health Services, Homeless Prevention and Self-Sufficiency, Eligibility Services and Mosquito Control. Culture And reCreAtion Cultural Services, Libraries, Parks and Recreation, Horticultural Operations, Parks and Environmental Lands, Heritage Village, Ft. Desoto Park, Parks and Natural Resources and Asset Management. trAnsfers out Appropriated fees to fund Constitutional Officer budgets and other funds. Financial support to other funds. $3 6 4 , 9 9 1 $1 0 3 , 1 7 6 $2 8 , 8 4 1 $5 7 , 7 2 8 $2 0 , 2 8 2 $1 7 , 6 5 8 $1 3 , 6 9 3 $3 8 6 , 0 4 1 $1 0 4 , 5 6 1 $7 9 , 9 4 4 $5 6 , 5 4 7 $2 3 , 1 4 5 $1 7 , 2 6 8 $8 , 6 6 4 $3 9 5 , 7 1 4 $1 0 6 , 3 0 6 $1 6 4 , 6 0 5 $5 5 , 1 2 0 $2 5 , 4 1 3 $1 8 , 3 2 0 $1 0 , 8 5 8 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 2019 2020 2021 General Fund Expenditures and Other Financing Sources(Dollars in Thousands) 11 Enterprise Fund Revenues & Expenses St. Petersburg/ Clearwater International Airport Solid Waste System Sewer System Water System Enterprise fund or business-type activities offer goods and services to the citizens of the county and are intended to be self-supporting. In FY2021, revenues in business-type activities increased 4.6 percent over the prior year by $15.8 million. Expenses were up by $7.7 million or 2.9 percent. From FY2019 to FY2021, revenues increased by $22.3 million (6.7 percent) and expenses decreased $0.2 million (0.1 percent). The following charts reflect the enterprise fund revenues and expenses for the last three years. Enterprise Fund Revenues & Expenses Recycl i n g F a c i l i t y $97.5 $83.3 $114.1 $38.4 $96.5 $90.5 $117.0 $35.8 $98.0 $95.8 $125.9 $35.9 $0.0$20.0$40.0$60.0$80.0$100.0$120.0$140.0 Enterprise Fund Revenues (in Millions) 2021 2020 2019 $89.9 $73.7 $89.1 $21.7 $88.1 $73.0 $84.2 $21.1 $88.8 $72.0 $89.5 $23.9 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 Enterprise Fund Expenses (in Millions) 12 Enterprise Fund Revenues & Expenses The Business-type activities of the county are: WAter system • Total program revenues for the Water System, including charges for services, investment income, miscellaneous revenue and capital contributions, increased by $2.1 million or 2.2 percent from the prior year. This was primarily due to an increase in the water base rate and wholesale charges. seWer system • Total program revenues increased by $5.9 million or 6.5 percent over the prior year. Charges for services to customers increased by $8.7 million or 10.1 percent. The largest contributing factor was retail rate increases. solid WAste system • Total program revenues of the system increased by $7.6 million or 6.5 percent over the prior year. • Electrical sales revenue increased by $3.0 million resulting from an increase in demand, while charges for electrical capacity resulted in additional revenues of $3.8 million over the previous fiscal year due to contractual rate increases. • Revenues for tipping fees were up $4.5 million due to an increase in waste disposal tonnage processed compared to prior year. • Operating expenses for the system were down by $3.1 million or 3.7 percent over the prior year due to decreased costs of operating the waste-to-energy facility. st. PetersBurG/CleArWAter internAtionAl AirPort • Total operating revenues for the Airport increased by $2.7 million (18.1 percent) over the prior year. This increase was primarily due to the lifting of travel restrictions and increased traffic that resulted. The previous year saw a 30% decrease in passengers. The airport continued to receive federal and state grants for capital projects such as runway rehab and new exit lane portals as well as CARES Act funding. Operating expenses increased by $2.2 million (10.3 percent) due to an increase in personal services and other operating expenses. Federal funding for the Runway 18-36 project decreased $5.1 million while CARES Act funding increased $3.3 million. State funding for various projects decreased $0.7 million. Enterprise Fund Revenues & Expenses Solar Cells 13 Land12% Buildings15% Improvements39% Machinery and equipment2% Infrastructure 23% Intangible assets1% Construction in progress8% Capital Assets Capital Assets Governmental and Business-Type Activities P inellas County’s investment in capital assets for governmental and business-type activities is $3.7 billion, net of accumulated depreciation. This includes land, buildings, improvements, equipment, roads, bridges, drainage systems, intangible assets and construction in progress. The total increase in capital assets was 1.1 percent over the prior year (1.3 percent increase for governmental activities and a 0.8 percent increase in business-type activities). Brick laying at a construction site 14 Land12% Buildings15% Improvements39% Machinery and equipment2% Infrastructure 23% Intangible assets1% Construction in progress8% Capital Assets Pinellas County Board of County Commissioners Investment Portfolio In recent years the County has been successful in reducing its debt; as a result, there were no outstanding public bonds as of September 30, 2021. In January 2021, the County issued a Taxable Sewer Refunding Revenue Note, Series 2021A, for $44.4 million. The proceeds were utilized to advance refund the outstanding Sewer Refunding Bonds, Series 2012, for an estimated aggregate savings of $3.3 million. The County also issued a tax-exempt Sewer Refunding Revenue Note, Series 2021B, for $5.3 million. These proceeds were utilized to refund the outstanding Sewer Revenue Refunding Bonds, Series 2003, for an aggregate saving of $1.6 million. Outstanding Debt Issues & Investment Policy ISSUE DATE ORIGINAL ISSUED AMOUNT (in Thousands)AMOUNT OUTSTANDING AT YEAR END (in Thousands) CURRENT MATURITIES (in Thousands) July 2008 $ 42,005 $ 36,660 - July 2008 32,700 14,870 - July 2016 14,733 5,824 - January 2021 44,400 40,862 - January 2021 5,292 5,288 - Totals:$ 139,130 $ 103,504 - Sewer Revenue Note 1 Series 2008 A Sewer Revenue Refunding Note: Series 2008 B-1 Sewer Revenue Refunding Note: Series 2016 Sewer Revenue Refunding Note: Series 2021A The Clerk of the Circuit Court and Comptroller, through the Finance Division, conducts all investment activity of the Board of County Commissioners in accordance with Section 218.415, Florida Statutes, Local Government Investment Policies, as well as the investment ordinance adopted by the Board (Pinellas County Code, Investment of Surplus Public Funds, Section 2-144) and Board Resolution 17-33 adopting investment policies. The investment policy and the ordinance can be found at: http://www.pinellasclerk.org/Financial-Reports The Board’s investment policy applies to all funds in excess of those required to meet current expenses for the Board of County Commissioners. The Association of Public Treasurers of the United States and Canada (APT US&C) awarded Pinellas County in January 2022 with the Certification of Excellence for its investment policy for the fifth time. This certification should be renewed every three years. Receiving this certification denotes the county has a sound investment policy founded upon professional standards to assist in ensuring prudent management of public funds. investment oBjeCtives• Safety - Protection of the County funds.• Liquidity - Provide sufficient liquidity to meet the County’s operating, payroll and capital expenses. • Income - Maximize the return, but avoid assuming unreasonable risk. Certificate of Deposit$20,5150.002%External Investment Pools$282,124,00724.935% Money Market Funds$855,252 0.076% Direct Obligations of the U.S. Treasury$433,138,07138.282% Federal Agencies and Instrumentalities$415,290,99936.705% Sewer Revenue Refunding Note: Series 2021B 15 GenerAl Government For the first time since 2007, the County voluntarily decreased the FY 2022 general fund millage rate, putting the Countywide property tax at its lowest rate in more than 30 years. The County also became the first community to earn a new rating with FEMA providing homeowners a 35% discount on flood insurance. eConomiC environment In October, Pinellas County recorded the lowest unemployment rate among Florida’s large urban counties. The recovery of the county’s businesses and workers saw the County hit an all-time high in total jobs. Over $17 million was invested in contracts with small businesses. The County generated over $8 billion in economic development from tourism, including $45.9 million in sales tax and $73 million in bed taxes from visitors. PuBliC sAfety The County’s bilingual COVID-19 website shared valuable resources and data, reaching 7.5 million page views since its original launch in 2020. Pinellas also implemented a vaccine program to protect County residents and staff of long-term care facilities. The County helped over 669,000 residents who received at least one dose of a COVID vaccine. Pinellas was recognized as No. 1 in Florida for nursing home vaccine missions. Pinellas County EMS Staff won the 2021 EMS 10 Innovation Award for their model COVID-19 vaccination program implemented for emergency responders and skilled nursing home facility residents and staff. 911 employees answered 879,000 calls in an average of eight seconds, beating the industry standard of 10 seconds. EMS and Fire responded to more than 788 calls per day and assistance was provided in 4.5 minutes, on average. trAnsPortAtion The County operated airport, St. Pete -Clearwater International Airport (PIE) expanded to 65 non-stop destinations, the most in its history, and added two new commercial airlines. To improve its roadways, the County secured a $4.6 million grant for smart transportation technologies to advance mobility and safety. Additionally, over 77 miles of roadways were resurfaced, nearly 100% of reported potholes were fixed within three days of being reported, 841 emergency maintenance service requests were responded to within 24 hours and 27,000 linear feet of sidewalk was replaced or repaired. PhysiCAl environment Park and environmental lands were preserved with Penny for Pinellas proceeds including the Douglas Property in Dunedin. The County participated in Duke Energy’s Connection Program in an effort to offset County energy use with solar energy power. This allowed the County to build toward its goal of 100% renewable, zero-emission clean energy consumption by 2050. The County also performed nearly 65,000 water laboratory tests to provide over 18 billion gallons of safe drinking water to the community. Over 10 billion gallons of wastewater were treated and 6.93 billion gallons of reclaimed water were produced. To maintain the utility systems and reduce overflows, over 23,000 feet of pipe was lined and replaced. Accomplishments Lowest Property Tax Rate since 1991 16 To clean up the community, the County removed or trimmed vegetation from 7,700 acres of public lakes, ponds, and canals as well as nearly 95,000 feet of ditch line, 180 acres in permitted facilities, and 769 miles of rights-of- way to improve drainage and reduce mosquito breeding. Waste management activities included recycling 52 million pounds of metal, turning 97 million pounds of yard waste into mulch, and collecting 1.2 million pounds of household electronics and chemicals. humAn serviCes The County distributed $24.6 million in rent and utility assistance to over 8,600 households through the Pinellas Cares Financial Assistance Program in partnership with 211 Tampa Bay Cares. Over $17 million in emergency rental assistance for more than 2,000 families was also paid. The County’s Penny for Pinellas supported the approval of eight new affordable housing developments planned to produce more than 880 new homes. The County also earned the National Association of Counties’ Best in Category and National Association of County and City Health Officials’ Innovative Practice Award for providing safe isolation and quarantine facilities for residents experiencing homelessness. CAres ACt During FY 2020 Pinellas County received approximately $170 million of Coronavirus Relief Funds (CRF) from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to respond to the COVID-19 pandemic and address the community’s most pressing needs. Eligible CRF expenditures totaled $106 million in FY 2021, and CRF proceeds were fully expended by September 30, 2021. Uses of Coronavirus Relief Funds included the following: • Emergency financial support for qualified small businesses negatively impacted by the COVID-19 pandemic; • Financial assistance for overdue rent, mortgage, and utility bills up to $5,000 per household; • Emergency financial support for licensed child care providers negatively impacted by the COVID-19 pandemic; • Workforce reemployment, retraining, and placement for residents that suffered economic impact due to COVID-19; • Bolstering local pandemic response through increasing local capacity for testing, contact tracing, personal protective equipment (PPE), vaccinations, and other public health measures; • Reimbursement to Pinellas County local government agencies to enable their response efforts. Accomplishments Accomplishments Individual and Small Business Assistance $109,422,76471% PPE, Testing, Vaccinations, Testing, & Other Measures$13,340,7399% Reimbursement to Pinellas County Local Governments$31,547,33720% CARES Act Expenditures 17 Charlie justiCe Board of County Commissioners, Chair cjustice@pinellascounty.org (727) 464-3363 www.pinellascounty.org Connect With Us Pinellas County Government is committed to progressive public policy, superior public service, courteous public contact, judicious exercise of authority and sound management of public resources, to meet the needs and concerns of our citizens today and tomorrow. BoB Gualtieri sheriff bgualtieri@pcsonet. com (727) 582-6200 www.pcsoweb.com Charles W. thomas tax ColleCtor charlesthomas@taxcollect.com (727) 562-3262 www.taxcollect.com ken Burke Clerk of the CirCuit Court and Comptroller kburke@mypinellasclerk.org (727) 464-3341 www.mypinellasclerk.org julie marCus supervisor of eleCtions jmarcus@votepinellas.com (727) 464-5710 www.votepinellas.com mike tWitty property appraiser mtwitty@pcpao.org (727) 464-3207 www.pcpao.org Pinellas County Property Appraiser Mike Twitty and his staff are dedicated to producing a fair and equitable tax roll while providing courteous, competent, and efficient customer service. “It is a privilege and an honor to serve as the Sheriff of Pinellas County.” Julie Marcus has dedicated her career to ensuring equal access to voter registration and ballots and transparency of the electoral process. Mr. Thomas takes pride in the Pinellas County Tax Collector Office’s dedication to “customer-focused excellence” and is honored to serve the residents of Pinellas County. In Pinellas County, we believe in delivering the highest level of local government excellence. That’s why our vision remains to be the standard for public service in America. “My team and I are proud to be Serving You with integrity, transparency, and compassion.” Connect With Us Photo on the front cover courtesy of the Pinellas County Marketing & Communications Department Ken Burke, CPA Clerk of the Circuit Court and Comptroller Pinellas County, Florida 315 Court St. Clearwater, FL 33756 (727) 464-7000 www.mypinellasclerk.org Citizens’ Guide This Citizens’ Guide to County Finances was prepared by the Clerk’s Finance Division, Clerk’s Print Shop, and the Board of County Commissioners Marketing & Communications Department. Pinellas County complies with the Americans with Disabilities Act. To obtain accessible formats of this document, please contact the Finance Division at (727) 464-8300.