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Home My WebLink AboutSeminole County - Public Financial Report Prepared by Office of the Clerk of the Circuit Court and Comptroller Live, Work & Play SEMINOLE COUNTY, FLORIDA Popular Annual Financial Report for the Fiscal Year Ended September 30, 2021 Citizens’ Financial Report A Practical Guide of Your Tax Dollars Grant Maloy Seminole County Clerk of the Circuit Court and Comptroller Page 2 Grant Maloy Seminole County Clerk of the Circuit Court and Comptroller Clerk Maloy grew up in Seminole County and is a graduate of the University of Florida. He has been an active community and business leader who served on the Seminole County Board of County Commissioners from 1996 through 2004. Clerk Maloy was elected Clerk in 2016 and reelected in 2020. Providing exceptional service to the public and protecting the public trust are two of his top priorities. A Message from Clerk Grant Maloy To the Citizens’ of Seminole County, As your elected Clerk and Comptroller, my primary focus is providing outstanding service to you. I am pleased to inform you my Offices’ commitment to closely monitor the Seminole County Board of County Commissioners’ (the County) fiscal responsibilities on your behalf, our valued citizens. I firmly believe our local county government should be fully transparent, while ensuring we provide straightforward information on how our tax dollars are managed, spent and invested. It is my pleasure to present the Popular Annual Financial Report, also known as the Citizens’ Financial Report, which provides the citizens of the County an easy-to-read overview of the County’s revenues, expenditures and other key economic indicators for the fiscal year ended on September 30, 2021. The Citizens’ Financial Report is a summarized operational and financial report prepared especially for you, our citizens. It is a high-level overview that covers the County’s operational structure and shows the County’s revenues and how they were spent during the fiscal year. As your Clerk and Comptroller, I am proud to report that we have received our third consecutive Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR) for the 2020 Citizens’ Report and our fortieth Certificate of Achievement for Excellence in Financial Reporting for our 2020 Annual Comprehensive Financial Report from the Government Finance Officers Association (GFOA). Since the Citizens’ Financial Report contains simplified information, it does not conform to Generally Accepted Accounting Principles (GAAP) for governmental entities and excludes discretely presented component units. I believe it is my responsibility, and personal duty, to safeguard our County’s funds. I am wholly committed to promoting government transparency and citizens’ participation in providing accountability for the County’s finances. For more in-depth information concerning the County’s financial activities, please review the award-winning Annual Comprehensive Financial Report for 2021. This Report is available on our website at www.seminoleclerk.org/ departments/county-comptroller/annual-comprehensive- financial-report/. Once again, it is both my honor and privilege to serve as your Clerk and Comptroller. I encourage you to reach out to my office for any questions or information regarding the Citizens’ Financial Report. Sincerely, Grant Maloy Seminole County Clerk of the Circuit Court and Comptroller Page 3 SEMINOLE COUNTY FAST FACTS Source: Seminole County’s FY 2021 Adopted Budget CONTENT Introduction A Message from Clerk Grant Maloy ........................................ 2 Fast Facts ........................................................................................... 3 About This Report ......................................................................... 4 Role of The Clerk ............................................................................ 5 About Seminole County County Overview ............................................................................ 6 Elected Constitutional Officers ................................................. 7 Board of County Commissioners ............................................. 8 Major County Initiatives and Accomplishments ............... 9 Local Economy ............................................................................. 10 Property Taxes ............................................................................. 11 Financial Information Statement of Net Position ........................................................ 12 Statement of Activities .............................................................. 13 Governmental Revenues .......................................................... 14 Governmental Expenditures .................................................. 15 Fund Balance in General Fund .............................................. 16 General Fund Budgetary Comparison ................................ 17 Capital Assets ............................................................................... 18 How Tax Dollars are Managed Debt .................................................................................................. 19 Cash and Investments ............................................................... 20 Investment Earnings ................................................................. 21 Contact Information Contacting Your Government ................................................ 22 Clerk’s Online Services ............................................................. 23 SEMINOLE COUNTY, FL GEOGRAPHY FOUNDED IN APRIL 1913 344 SQUARE MILES OF LAND & WATERWAYS 2,000 FRESH-WATER LAKES & RIVERS 7 INCORPORATED CITIES 5 UNINCORPORATED COMMUNITIES MEDIAN HOME PRICE $319,355 MEDIAN HOUSEHOLD INCOME 55,556 $ $ $ POPULATION 477,455 Page 4 ABOUT THIS REPORT 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 Seminole County for its Citizens’ Financial Report for the fiscal year ended September 30, 2020. The Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR Award) is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive a PAFR Award, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability and reader appeal. A PAFR Award is valid for a period of one year. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA to determine its eligibility for another award. The Citizens’ Financial Report, which is also known as the Popular Annual Financial Report (PAFR), is a summary of the County’s Annual Comprehensive Financial Report and does not conform to generally accepted accounting principles and reporting requirements for government entities. Central Florida Zoo, Florida Lake Monroe, Florida Page 5 ROLE OF THE CLERK For the Fiscal Year Ended September 30, 2021 CLERK OF THE CIRCUIT AND COUNTY COURT — The Clerk ensures the integrity of all court-related documents in Seminole County. The Clerk processes and files all case documents and evidence, making them available to the general public. The Clerk is also responsible for managing the county’s jury system. COMPTROLLER — To protect taxpayers, the Clerk records revenues and processes payments on behalf of the county commissioners and ensures that all taxpayer funds are being used lawfully. The Clerk also invests all available county funds, prepares and publishes the County’s financial reports. COUNTY RECORDER — The Clerk preserves and ensures the integrity of the Official Record Books of Seminole County dating back to 1913. Documents such as mortgages, deeds, liens, judgments and marriage licenses are recorded and digitally indexed into the County’s “Official Records”. The Clerk also serves as a passport agent on behalf of the U.S. Department of State. CLERK TO THE BOARD OF COUNTY COMMISSIONERS — The Clerk prepares and maintains the records of county commission and other government meetings for the public. The Clerk also administers the Value Adjustment Board process to allow citizens to contest their property value. AUDITOR — The Clerk operates the Office of Inspector General for the County to ensure government compliance with laws, policies, established procedures, and accountability for the use of public funds. The Clerk audits guardianship cases for fraud and also investigates reports of fraud, waste or abuse within Seminole County government operations, including those reported by citizens via the fraud telephone number and website. 94,524 new cases filed • 644,832 e-filed documents • 45,420 jurors $627 million invested at September 30, 2021 • $529 million invoices audited & paid 3,838 passports applications • 3,014 marriage licenses • 171,656 official records 885 VAB petitions • 50,000 pages of BCC and VAB documents archived 10 Board/Clerk-related audits performed • 300 guardianship cases audited Page 6 Seminole County, Florida (the "County") consists of seven incorporated cities: Altamonte Springs, Casselberry, Lake Mary, Longwood, Oviedo, Sanford and Winter Springs. The County is located in the central part of Florida between Orlando to the south and Deland/Daytona Beach to the north. Seminole County’s close proximity to Orlando makes it one of the fastest growing counties in Florida. The Greater Orlando Metropolitan District which includes Seminole and the surrounding counties of Osceola, Lake, Orange, Volusia and Brevard counties creates a viable, progressive and diverse setting for economic growth and residential development. The County is a political subdivision and a charter county of the State of Florida established by and operating pursuant to the Constitution of the State of Florida, Article VIII, Section 1(g). The Florida Constitution provides for "home rule" county charter government when approved by the voters by referendum. Seminole County voters approved a charter form of county government effective November 8, 1988. The Charter was amended in November 1994 and November 2006. Counties operating under county charters have all powers of local self-government consistent with general law, or with special law approved by vote of the electors. The County, pursuant to its home rule powers, may enact county ordinances consistent with general law. ABOUT SEMINOLE COUNTY COUNTY OVERVIEW Seminole County Criminal Justice Center Sanford Riverwalk Page 7 ABOUT SEMINOLE COUNTY ELECTED CONSITUTIONAL OFFICERS The Property Appraiser’s function is to inventory and assess all real estate and tangible personal property in the County for ad valorem purposes. The mission statement of the Seminole County Property Appraiser's Office is to serve the citizens of Seminole County in a courteous and professional manner by providing a fair and equitable tax roll annually in accordance with the laws of the State of Florida. The Supervisor of Elections (the “Supervisor”) is responsible for preparing for and conducting all county, state and federal elections held in the County. The Supervisor maintains records for all registered voters within the County. The Supervisor qualifies all county candidates and receives all financial reports due from candidates. In addition, the Supervisor’s office handles filings of certain financial disclosure forms by appointed and elected officials that are required by the Ethics Commission. Under the authority of the Florida Constitution, the Sheriff is the chief law enforcement officer of the county, the chief executive and administrative officer of the court, the chief correctional officer of the county, and the conservator of the peace. In addition to law enforcement and correctional services, the Sheriff also provides a wide range of services such as rehabilitative programming for offenders, child protective services, youth intervention, probation, school safety, and other community-based programs. The mission of the Sheriff’s Office is to enhance the quality of life by reducing crime and the fear of crime throughout Seminole County. The Clerk of the Circuit Court and Comptroller (the “Clerk”) is responsible for safeguarding all public records and public funds. The Clerk manages five primary functions and over 1,000 statutory responsibilities. Dennis M. Lemma Sheriff J.R. Kroll Tax Collector David Johnson Property Appraiser Grant Maloy Clerk of Court and Comptroller Christopher Anderson Supervisor of Elections The Tax Collector’s Office is responsible for providing a wide range of services including the collection and administration of ad valorem taxes, non-ad valorem assessments, motor-vehicle and vessel registrations, title fees, concealed weapons, hunting and fishing license fees, and issuance and renewal of driver’s licenses. These services are performed on behalf of local government and agencies of the State of Florida. Page 8 ABOUT SEMINOLE COUNTY BOARD OF COUNTY COMMISSIONERS Lake Mary, Florida Policymaking and the legislative authority are vested in the Board of County Commissioners (the Board), a five-member board elected to four-year terms in partisan, countywide elections, representing specific geographic districts. The Board chooses a Chairperson, who presides over the Commission and appoints the members of its legislative committees. The Board of County Commissioners is the legislative branch of county government and individual Commissioners serve as both legislative officers and fiscal representatives of the County. Acting in good faith and within their statutory authority, the Commissioners have wide discretion. The multiple services of the Board of County Commissioners are provided by administrative departments and divisions under the direction of the County Manager. The Board adopts the County budget, levies property taxes and other fees, and hires the County Manager and County Attorney. The County provides a full range of services: the construction and maintenance of the County’s infrastructure, public safety, recreation, health and human services, and development and protection of the physical and economic environment. In addition to the Board, there are five Constitutional Officers who are elected to partisan, four-year terms in accordance with the constitution of the State of Florida. The responsibilities of the County include a full range of services including, but not limited to, construction and maintenance of roadways, fire protection services, comprehensive planning, environmental protection, library operations, natural lands preservation, parks and recreation improvements, water and sewer utility services, licenses and permits, and solid waste management. Andria Herr District 5 Lee Constantine District 3 Bob Dallari District 1 Jay Zembower District 2 Amy Lockhart District 4 Page 9 ABOUT SEMINOLE COUNTY MAJOR COUNTY INITIATIVES AND ACCOMPLISHMENTS Major Projects Included in The 2021-2025 5-Year Capital Improvements Plan with Cost Estimates: Altamonte SunRail Bike and Pedestrian Improvements - $3.8 million: This project will include bicycle and pedestrian improvements that will connect to the SunRail Station. This budget includes the County’s portion to the construction of these improvements that will be done by City of Altamonte Springs. US 17-92 Five-Points Roadway - $3.0 million: This project consists of the design and permitting of a new connector roadway from Bush Blvd to US Highway 17-92 north of Tropic Park Dr. Narcissus Ave Roadway Improvements - $2.6 million: This project will involve the design and construction of approximately 1,300 linear feet of new urban/rural 2-lane undivided roadway along Narcissus Ave from Monroe Rd to 500ft West of N. White Cedar Road. Wekiva Springs Rd Intersection Improvements - $1.8 million: This project will create a Westbound through lane from East of Sabal Palm Dr to West of Fox Valley Dr and will also add a second Eastbound through lane from S. Sweetwater Blvd to East of Fox Valley Dr. Major Capital Projects Completed in Fiscal Year 2021: W. Airport Blvd Paving - $1.2 million: This project involved resurfacing pavement from the SR 417 overpass to County Club Road . The project was completed in June 2021. Smith Canal Drainage - $1.5 million: This project was designed to improve drainage and water quality in the Smith Canal from Hickman to Seminole Harley Davidson. The project was completed in July 2021. Pump Station Generators - $ 2.9 million: This project included the installation of generators at various pump stations in the County to provide emergency power to ensure services to customers are not interrupted by power outages. The project was completed in May 2021. Osceola Landfill Scalehouse - $2.2 million: This project built a new scalehouse with multiple inbound scale lanes, scales, and automated management system at the Osceola Landfill. The scalehouse was completed in September 2021. Longwood Station Page 10 PRINCIPAL EMPLOYERS COUNTY DEMOGRAPHICS ABOUT SEMINOLE COUNTY LOCAL ECONOMY Source: Dun & Bradstreet The top 10 employers in the County keep our economy strong, accounting for more than 19,000 jobs, representing 8.16% of 241,924 total jobs in the County. The School Board (Seminole County Public Schools) is the top employer with 6,623 jobs. NU M B E R O F E M P L O Y E E S Seminole County has experienced signs of economic growth for the last ten years. The County’s population has been steadily increasing, growing from 425,527 in 2012 to 477,455 in 2021. Unemployment rate at September 30, 2021 was 3.8% compared to 7.9% in 2012 and 6.0% in 2020 when the economy was impacted by the COVID-19 pandemic. Per capita personal income increased by 90.1% from $29,225 in 2012 to $55,556 in 2021. 476,727 477,455 425,527 431,074 437,086 442,903 449,124 454,757 463,560 471,735 $53,893 $29,225 $31,412 $43,507 $44,326 $45,774 $47,648 $48,944 $51,227 $55,556 6.0% 2.7% 2.6% 3.0% 4.3% 4.6% 5.1% 5.7% 7.9% 3.8% 2020 2021 2019 2018 2017 2016 2015 2014 2013 2012 Population Unemployment Rate Per Capita Personal Income 6,623 1,900 1,900 1,850 1,479 1,394 1,300 1,300 1,070 925 Seminole County Public Schools Liberty Mutual Insurance Seminole County Sheriff Central Florida Regional Hospital Verizon Corporate JP Morgan Chase Card Services Concentrix Deloitte Consulting Seminole State College of Florida Seminole County Government City of Longwood, Florida Page 11 The Board of County Commissioners and other taxing entities each sets a property tax rate called a “millage rate”. This rate is used to calculate overall property taxes. A “mill” is equal to $1 of tax for every $1,000 of assessed property value. The picture above illustrates how each dollar of the County-wide portion of the property tax bill is broken down. The County-wide portion is paid by all property owners within the County boundaries. Depending on where you live, your tax bill may also include millage rates for taxes paid to cities, such as the City of Sanford, or a special taxing district, such as the St. Johns River Water Management District. For illustrative purposes only. Amounts shown in the example do not include cities, unincorporated areas, or any applicable districts within.. Amounts shown are also net of applicable exemption amounts. Breakdown of the County-wide Portion of a Property Tax Bill Total Property Taxes: $2,782.68 Based on Assessed Property Value of $200,000 How property taxes are calculated: [Assessed Property Value minus Exemption(s)] ÷ 1,000 x Total Millage Rate = Total Property Taxes ABOUT SEMINOLE COUNTY PROPERTY TAXES Source: Seminole County Property Appraiser Unincorporate d Road MSTU 0.1107 mills: $22.14, 1% Seminole County School Board 5.9340 mills: $1,186.80, 42% Seminole County 4.8751 mills: $975.02, 35% Fire/Rescue MSTU 2.7649 mills: $552.98, 20% St. Johns Management District 0.2287 mills: $45.74, 2% AS S E S S E D P R O P E R T Y V A L U E 5.9340 $380,095,467 $194,307,271 $123,032,560 $109,773,620 $103,988,853 $103,660,478 $101,908,095 $83,192,232 $81,693,952 $80,522,323 Duke Energy Florida MAA Alloy, LLC Altamonte Mall A Jt. Venture Wal-Mart Stores East, LP HCA Florida Power and Light United Dominion Realty TR, Inc. F7 CCO, LLC Starwood CAP Group Global Primera Towers PRINCIPAL TAXPAYERS Page 12 The Statement of Net Position is a summary of what the County owns (assets) and owes (liabilities). The difference between the two is reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. In the case of the County, assets and deferred outflows of resources exceeded liabilities and deferred inflows by $1.4 billion at the close of fiscal year 2021. The largest portion of the County’s net position reflects its investment in capital assets. The net investment in capital assets amounted to $1.1 billion, or 79.4% of the County’s net position. Restricted net position in the amount of $281.2 million represents resources that are subject to external restrictions on how they may be used. The remaining balance is unrestricted net position, which is positive $2.3 million. The County’s total net position increased by $40.8 million or 3.1% in fiscal year 2021. This increase is primarily attributable to a reduction in Net Pension Liability in connection with the County’s portion of Florida Retirement System (FRS) pension liability. (Amounts in thousands) Governmental Activities Business-Type Activities Totals 2021 Versus 2020 2021 2021 2021 2020 2019 Increase (Decrease) Percent Change ASSETS Current and other assets $538,305 $201,487 $739,792 $712,321 $599,850 $27,471 3.9% Capital assets 908,097 503,783 1,411,880 1,415,188 1,418,371 (3,308) (0.2%) Total Assets 1,446,402 705,270 2,151,672 2,127,509 2,018,221 24,163 1.1% Deferred Outflows of Resources 64,767 5,067 69,834 113,854 101,673 (44,020) (38.7%) LIABILITIES Current and Other liabilities $115,901 $7,386 $123,287 $114,483 $52,146 $8,805 7.7% Long-Term Liabilities 271,291 256,601 527,892 781,502 721,126 (253,610) (32.5%) Total liabilities 387,192 263,987 651,179 895,985 773,272 (244,805) (27.3%) Deferred Inflows of Resources 187,349 7,081 194,430 10,243 23,546 184,187 1,798.2% NET POSITION: Net Investment in Capital Assets $802,034 $290,391 $1,092,425 $1,090,427 $1,090,097 $1,998 0.2% Restricted 265,301 15,862 281,163 278,424 268,450 2,739 1.0% Unrestricted (130,707) 133,016 2,309 (33,716) (35,471) 36,025 106.8% TOTAL NET POSITION $936,628 $439,269 $1,375,897 $1,335,135 $1,323,076 $40,762 3.1% FINANCIAL INFORMATION STATEMENT OF NET POSITION Condensed Statement of Net Position As of September 30, 2021, 2020, and 2019 Key Terms: Governmental Activities: Functions principally supported by taxes and intergovernmental revenues. Business-Type Activities: Functions that are intended to recover all or a significant portion of their costs through user fees and charges such as water, wastewater, and solid waste. Assets: Includes such items as pooled cash and investments, receivables, inventories, deposits with others, and prepaid items. Long-term Liabilities: Includes such items as bonds, compensated absences, and other County obligations. Net Investment in Capital Assets: Represents amounts invested in capital assets which include such items as County land, construction in progress, equipment, infrastructure and buildings, and improvements, less accumulated depreciation and any outstanding debt used to acquire these assets. Page 13 The Statement of Activities presents information showing how the County’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The County’s total revenues for fiscal year 2021 decreased by 3.4% from fiscal year 2020. This decrease is primarily attributable to decreases in operating and capital grants and miscellaneous income. The details of these decreases are listed in the Governmental Revenues section on page 14 of this report. Total expenses for fiscal year 2021 decreased by 8.2% from the previous fiscal year, primarily due to decreases in expenses for Public Safety and General Government. These decreases are discussed in more detail in the Governmental Expenditures section on page 15 of this report. FINANCIAL INFORMATION STATEMENT OF ACTIVITIES Condensed Statement of Activities For the Fiscal Years Ended September 30, 2021, 2020, and 2019 Key Terms: Program Revenues: Term used in the statement of activities, which includes charges for services, operating grants, and capital grants. General Revenues: All of the revenues that are not required to be reported as program revenues in the government-wide statement of activities. General revenues include property taxes, sales and use taxes, state-shared revenues, as well as other County–levied taxes, investment income, rents, and the sale of surplus property. (Amounts in thousands) Governmental Activities Business-Type Activities Totals 2021 Versus 2020 2021 2021 2021 2020 2019 Increase (Decrease) Percent Change REVENUES Program revenues: Charges for Services $78,161 $78,354 $156,515 $152,192 $147,518 $4,323 0.03% Operating Grants/Contributions 55,079 118 55,197 88,107 43,367 (32,910) (37.4%) Capital Grants/Contributions 2,244 5,070 7,314 13,347 16,804 (6,033) (45.2%) General Revenues: Property Taxes 252,868 - 252,868 237,221 219,943 15,647 6.6% Sales Taxes 80,827 - 80,827 71,567 75,242 9,260 12.9% Other Taxes 28,842 - 28,842 28,365 29,985 477 1.7% Miscellaneous and Other 20,223 1,756 21,979 33,989 43,545 (12,010) (35.3%) Total Revenues 518,244 85,298 603,542 624,788 576,404 (21,246) (3.4%) EXPENSES General Government 36,394 - 36,394 50,004 44,465 (13,610) (27.2%) Court related 22,406 - 22,406 15,021 15,914 7,385 49.2% Public Safety 226,898 - 226,898 270,832 254,582 (43,934) (16.2%) Physical Environment 20,126 - 20,126 15,894 21,309 4,232 26.6% Transportation 87,809 - 87,809 82,149 75,713 5,660 6.9% Economic Environment 22,605 - 22,605 34,575 19,733 (11,970) (34.6%) Human Services 46,934 - 46,934 36,628 17,503 10,306 28.1% Culture/Recreation 16,860 - 16,860 18,667 16,377 (1,807) (9.7%) Interest and Fiscal Charges 3,978 - 3,978 3,724 4,081 254 6.8% Water and Sewer - 63,852 63,852 70,093 64,897 (6,241) (8.9%) Solid Waste - 14,918 14,918 15,142 13,750 (224) (1.5%) Total expenses 484,010 78,770 562,780 612,729 548,324 (49,949) (8.2%) CHANGE IN NET POSITION 34,234 6,528 40,762 12,059 28,080 28,703 238% Net position - Beginning 902,394 432,741 1,335,135 1,323,076 1,294,996 12,059 0.9% Net position - Ending $936,628 $439,269 $1,375,897 $1,335,135 $1,323,076 $40,762 3.1% Page 14 FINANCIAL INFORMATION GOVERNMENTAL REVENUES WHERE THE MONEY COMES FROM REVENUE SOURCES 2021 2020 2019 2021 Versus 2020 Increase (Decrease) Percent Change Property Taxes $252,867,574 $237,220,897 $219,942,799 $15,646,677 6.6% Sales Taxes 80,826,930 71,566,515 75,241,549 9,260,415 12.9% Charges for Services 78,161,264 75,481,649 73,031,449 2,679,615 3.6% Grants and Contributions 57,323,203 94,525,236 32,429,317 (37,202,033) (39.4%) Gas Taxes 14,640,942 14,291,922 16,263,360 349,020 2.4% Public Service Taxes 14,201,166 14,073,249 13,722,407 127,917 0.9% State Revenue Sharing 12,503,446 11,031,269 11,702,548 1,472,177 13.3% Miscellaneous and Others 6,006,476 11,717,751 17,395,216 (5,711,275) (48.7%) Interest Revenue 1,712,303 7,444,465 10,200,892 (5,732,162) (77.0%) Total Revenues $518,243,304 $537,352,953 $469,929,537 $(19,109,649) (3.6%) Lake Mary, Florida Overall, governmental activities revenues for fiscal year 2021 decreased by $19.1 million, or 3.6%, from the prior year. The net decrease is primarily attributable to decreases in Grants and Contributions, Miscellaneous and Other, and Interest Revenue, offset by increases in Property Taxes, Sales Taxes, and Charges for Services. The County’s primary source of revenue is Property Taxes, amounting to $252.9 million, or 48.8%, of governmental activities revenues in 2021. This is an increase of $15.6 million from fiscal year 2020, mainly attributable to increases in property tax values. Sales Taxes and Gas Taxes had a combined increase of $9.6 million as a result of the re-opening of businesses that were closed due to mandatory closures during fiscal year 2020 from the COVID-19 pandemic. Grants and Contributions for fiscal year 2021 decreased by $37.2 million from the previous year, primarily attributable to a decrease in the CARES Act operating grant revenue recognized in 2020 to address the adverse effect of the COVID- 19 pandemic. Of the $82.3 million CARES Act grant awarded to the County, approximately $67.0 million was recognized as revenue during fiscal year 2020. Miscellaneous and Other decreased by $5.7 million, primarily due to reimbursements received in fiscal year 2020 from the Florida Department of Transportation for advance funding paid by the County in prior years for construction work associated with State Road 46. Interest Revenue decreased by $5.7 million due to lower interest rates on investments as a result of the Federal Reserve Bank reducing interest rates to zero because of the COVID-19 pandemic. Property Taxes 48.8% Sales Taxes 15.6% Charges for Services 15.1% Grants & Contributions 11.1% Interest Revenue, 0.3% State Revenue Sharing, 2.4% Miscellaneous and Other, 1.2% Gas Taxes, 2.8% Public Service Taxes, 2.7% Page 15 EXPENDITURES 2021 2020 2019 2021 Versus 2020 Increase (Decrease) Percent Change Public Safety $226,898,109 $270,832,307 $254,581,850 $(43,934,198) (16.2%) Transportation 87,808,840 82,148,757 75,712,519 5,660,083 6.9% Human Services 46,934,164 36,628,100 17,503,305 10,306,064 28.1% General Government 36,394,297 50,004,498 44,465,286 (13,610,201) (27.2%) Economic Environment 22,604,888 34,574,729 19,733,344 (11,969,841) (34.6%) Court-Related 22,406,449 15,021,065 15,914,433 7,385,384 49.2% Physical Environment 20,125,763 15,893,892 21,308,860 4,231,871 26.6% Culture/Recreation 16,859,832 18,666,761 16,377,022 (1,806,929) (9.7%) Interest and Fiscal Charges 3,977,758 3,723,599 4,080,960 254,159 6.8% Total Expenditures $484,010,100 $527,493,708 $469,677,579 $(43,483,608) (8.2%) WHERE THE MONEY GOES FINANCIAL INFORMATION GOVERNMENTAL EXPENDITURES Governmental activities expenditures for fiscal year 2021 totaled $484 million, which was a net decrease of $43.4 million or 8.2%. The net decrease is attributable to the following: • Public Safety, General Government and Economic Environment expenditures decreased by approximately $69.5 million or 13.2%, over the prior year, due to COVID-19 expenditures that were significantly higher in fiscal year 2020 to ensure the public’s safety as it relates to the pandemic. In addition, greater financial assistance was provided to small businesses as a result of business closures. • Transportation expenditures increased by $5.6 million or 6.9% due to acceleration of some transportation projects during the mandatory closures in connection with the COVID-19 pandemic. • Human Services expenditures increased by $10.3 million or 28.1% due to funding received during fiscal year 2021 to provide emergency rental assistance to families negatively impacted by the COVID-19 pandemic. • The remaining expenditures for Court Related, Physical Environment and Culture and Recreation had a net overall increase of $9.8 million or 1.9% due to additional expenditures in connection with the reopening of courts and parks that were partly closed during the previous year due to the COVID-19 pandemic. Key Terms: Public Safety: Law enforcement, correctional facilities, fire rescue, and emergency management. Transportation: Transportation related activities such as road and traffic maintenance and improvements. Human Services: Animal control, health services, social services and other human services. General Government: Services provided by the County for the benefit of the public and the governmental body as a whole. Economic Environment: Planning, veteran services, and other economic environment activities. Court-Related: County Court, Circuit Courts, and other Court services. Physical Environment: Flood control and agriculture. Culture/Recreation: Historical commission, library services, parks and recreation. Public Safety 46.9% Transportation 18.1% Interest & Other Fiscal Charges, 0.8% Court Related, 4.6% Culture/Recreation, 3.5% Economic Environment, 4.7% Physical Environment, 4.2% Page 16 The General Fund is the chief operating fund of the County. At September 30, 2021, the unassigned fund balance of the General Fund was $73.4 million, and the total fund balance was $99.9 million. The fund balance of the County’s General Fund decreased by $2.8 million, or 2.7% from the previous year. The decrease is a result of revenues being under expenditures and transfers during fiscal year 2021. 2021 Versus 2020 FUND BALANCE COMPARISON 2021 2020 2019 Increase (Decrease) Percent Change Nonspendable $ 314,332 $ 281,933 $ 388,761 $ 32,399 11.5% Restricted 1,822,869 1,922,217 2,854,128 (99,348) (5.2%) Committed 237,378 149,193 147,078 88,185 59.1% Assigned 24,095,398 33,921,339 9,884,955 (9,825,941) (29.0%) Unassigned 73,401,952 66,353,458 65,430,068 7,048,494 10.6% Total $99,871,929 $102,628,140 $78,704,990 $(2,756,211) (2.7%) 14 Fund Balance Trend (in millions as of September 30) FINANCIAL INFORMATION FUND BALANCE IN GENERAL FUND Key Terms: Fund Balance: The difference between assets plus deferred outflows of resources, less liabilities and deferred inflows of resources reported in the balance sheet of a governmental fund. Nonspendable: Amounts that are not in spendable form or are required to be maintained intact; e.g., inventories and prepaid amounts, advances. Restricted: Amounts that can be spent only for the specific purposes stipulated by external sources such as debt covenants, grantors, laws or regulations of other governments or imposed by law through constitutional provision or enabling legislation. Committed: Amounts that can be used for specific purposes pursuant to the constraints imposed by formal actions (e.g., ordinance) of the Board, the County’s highest level of decision making authority. Amounts specifically committed for use in satisfying contractual obligations are also included in this classification. Assigned: Amounts are constrained by the County’s intent to be used for specific purposes and amounts that are not classified as nonspendable and neither restricted nor committed. Unassigned: Amounts in the general fund that have not been classified within the above-mentioned categories. Unassigned amounts are technically available for any purpose. 2020 2021 2019 2018 2017 2016 2015 2014 2013 2012 $102.6 $78.7 $69.9 $61.5 $63.0 $62.7 $65.9 $74.4 $76.9 $99.9 Page 17 Year Ended September 30, 2021 Budgeted Amounts Actual Amounts Variance with Final Budget Positive (Negative) Original Final Revenues Taxes $191,414,300 $191,414,300 $192,589,366 $1,175,066 Permits and Fees 106,000 106,000 101,823 (4,177) Intergovernmental Revenues 35,399,401 36,269,115 44,563,556 8,294,441 CARES Act Grant Revenue - 310,111 - (310,111) Charges For Services 25,520,405 33,203,101 31,393,476 (1,809,625) Fines And Forfeits 861,500 861,500 687,238 (174,262) Court-Related Revenues 229,680 217,397 217,397 - Investment Income 1,077,000 1,078,365 217,322 (861,043) Miscellaneous Revenues 2,265,190 2,275,688 2,290,748 15,060 Total Revenues 256,873,476 265,735,577 272,060,926 6,325,349 Expenditures General Government 42,795,471 100,208,173 49,729,439 50,478,734 Court-Related 12,797,192 12,908,716 12,098,704 810,012 Public Safety 144,015,452 168,907,987 155,722,862 13,185,125 Physical Environment 2,384,565 2,524,043 2,264,432 259,611 Economic Environment 8,556,485 17,668,363 9,577,851 8,090,512 Human Services 14,842,997 30,651,889 27,265,868 3,386,021 Culture/Recreation 19,245,978 22,913,795 18,028,687 4,885,108 Total Expenditures 244,638,140 355,782,966 274,687,843 81,095,123 Excess of revenues over (under) expenditures 12,235,336 (90,047,389) (2,626,917) 87,420,472 Other Financing Sources (Uses) Transfers in 160,068,063 223,941,060 21,473,834 (202,467,226) Transfers out (176,929,255) (181,424,335) (21,603,128) 159,821,207 Reserve for Contingency (47,299,549) (53,222,805) - 53,222,805 Total Other Financing Sources (Uses) (64,160,741) (10,706,080) (129,294) 10,576,786 Net Change In Fund Balances (51,925,405) (100,753,469) (2,756,211) 97,997,258 Fund Balances At Beginning Of Year (15,000) 102,628,140 102,628,140 - Fund Balances At End Of Year $(51,940,405) $1,874,671 $99,871,929 $97,997,258 Each year the County carefully reviews expenditures to determine what needs to be increased or decreased without reducing services to citizens. Below is a budget-to-actual comparison of revenues and expenditures of the General Fund for fiscal year 2021. Actual revenues for the General Fund for fiscal year 2021 were $6.3 million higher than anticipated. This includes approximately $1.2 million in property taxes; $8.3 million in grants and contributions, offset by $3.2 million lower than budgeted in charges for services, investment income, fines, permits revenue. Actual expenditures for the General Fund for fiscal year 2021 were $81.1 million lower than anticipated. The net variances are primarily attributable to the following: • $47.1 million in unspent funding for COVID-19 response • $18.3 million for unspent capital outlay • $15.7 million unspent for general government services FINANCIAL INFORMATION GENERAL FUND BUDGETARY COMPARISON Budgetary Comparison Schedule Page 18 The County’s investment in capital assets for its governmental and business-type activities as of September 30, 2021 amounted to $1.4 billion, net of accumulated depreciation. The investment in capital assets decreased by 0.2% from the previous year. The net decrease is attributable to a decrease in infrastructure projects, offset by increases in land acquisitions, construction in progress, and depreciation expenses. Construction in progress increased due to the construction work for the following projects in fiscal year 2021: • Five Points Development Projects - $5 million • E-911 System Replacement - $2.2 million • Various other Projects - $1.6 million CAPITAL ASSETS (Amounts in thousands) Governmental Activities Business-Type Activities Totals 2021 Versus 2020 2021 2021 2021 2020 2019 Increase (Decrease) Percent Change Infrastructure $336,938 $357,208 $694,147 $711,260 $737,517 $(17,113) (2.4%) Land 338,420 25,630 364,049 362,022 352,311 2,027 0.6% Buildings and Improvements 132,178 72,028 204,206 210,142 222,824 (5,936) (2.8%) Equipment 53,248 23,442 76,690 67,396 68,010 9,294 13.8% Construction in Progress 47,313 24,674 71,987 63,113 34,526 8,874 14.1% Intangibles - 801 801 1,255 3,183 (454) (36.1%) Total Capital Assets $908,097 $503,783 $1,411,880 $1,415,188 $1,418,371 $(3,308) (0.2%) FINANCIAL INFORMATION CAPITAL ASSETS Central Florida Zoo, Sanford, Florida Infrastructure, 49.2% Buildings and Improvements, 14.4% Land, 25.8% Intangibles, 0.1% Page 19 HOW TAX DOLLARS ARE MANAGED DEBT The County has Special Obligation Bonds, Revenue Bonds and Direct Borrowings. At September 30, 2021, the County had approximately $310.7 million in outstanding debt, which is a $3 million decrease from the previous fiscal year as a result of principal payments made. During fiscal year 2021, the County entered into a Line of Credit Agreement not to exceed $75 million to provide interim financing for the Five Points Development Projects. At September 30, 2021, the unused line of credit was $65,246,306. The Line of Credit matures on October 29, 2023. During fiscal year fiscal year 2021, the County refunded Capital Improvement Revenue Bonds, Series 2012 and 2013A&B. As a result of the refunding, the County issued Capital Improvement Revenue Bond, Series 2021 in the amount of $19.7 million, which matures on October 1, 2027. (Amounts in thousands) Governmental Activities Business-Type Activities Totals 2021 Versus 2020 2021 2021 2021 2020 2019 Increase (Decrease) Percent Change Special Obligation Bonds Special Obligation Bonds, Series 2014 $24,070 $24,070 $24,705 $25,315 $(635) (2.6%) Revenue Bonds Sales Tax Rev. Refunding Bonds, Series 2005B 24,655 24,655 26,495 28,240 (1,840) (6.9%) Capital Improvement Rev. Bonds, Series 2012 - - 11,050 12,520 (11,050) (100.0%) Capital Improvement Rev. Bonds, Series 2013A&B - - 8,567 9,875 (8,567) (100.0%) Capital Improvement Rev. Bonds, Series 2021 16,772 16,772 - - 16,772 100.0% Sales Tax Rev. Refunding Bonds, Series 2015 22,700 22,700 23,850 24,980 (1,150) (4.8%) Water & Sewer Rev. Bonds, Series 2010A&B - 1,940 1,940 2,290 73,330 (350) (15.3%) Water & Sewer Rev. Refunding Bonds, Series 2015A - 144,650 144,650 147,015 149,270 (2,365) (1.6%) Water & Sewer Rev. Refunding Bonds, Series 2015B - 4,050 4,050 7,905 11,575 (3,855) (48.8%) Water & Sewer Rev. Refunding Bonds, Series 2019 - 62,105 62,105 62,105 - - 100.0% Direct Borrowings Line of Credit 9,754 - 9,754 - - - 100.0% Total $97,951 $212,745 $310,696 $313,982 $335,105 $(3,286) (1.0%) The chart below shows the amount of debt per capita within the County. There was a slight increase in fiscal year 2014 over the previous year due to the issuance of a $28.0 million Special Obligation Bonds, Series 2014 to finance a portion of the costs for the Sports Complex and renovations of the Soldiers Creek Park. The debt per capita has been steadily decreasing over the last five fiscal years, and fell by another $43.00 during fiscal year 2021 as a result of scheduled principal payments. 2020 2021 2019 2018 2017 2016 2015 2014 2013 2012 $651 $694 $732 $779 $795 $861 $868 $919 $902 $899 Debt Per Capita (Amounts in Dollars) Page 20 The County’s investment portfolio is managed according to the investment policy adopted by the Board of County Commissioners and the Clerk of the Circuit Court and Comptroller, pursuant to Florida Statues Section 218.412 that established permitted investments; asset allocation limits; issuer limits; credit ratings requirements; and maturity limits to protect the County’s cash and investment assets. Cash and Cash Equivalents reported on the financial statements include bank deposits, cash on hand, demand deposit accounts, all highly liquid investments with maturities of ninety days or less when purchased, and investments in money market funds sufficiently liquid to permit withdrawal of cash at any time without prior notice or penalty. As of September 30, 2021, the County’s investment portfolio was invested in the categories listed in the chart below. The fair market value of the investments was 627.4 million and the weighted average maturity was approximately 186 days. CASH & INVESTMENTS AMOUNT PERCENTAGE OF PORTFOLIO Cash and Cash Equivalents $ 231,226,577 36.9% Certificate of Deposits 163,551,555 26.1% US Treasuries 103,380,153 16.5% Florida Public Assets For Liquidity Management (FL PALM) 61,762,254 9.8% US Agencies 40,285,531 6.4% Florida PRIME 12,699,431 2.0% Florida Cooperative Liquid Assets Securities System (FLCLASS) 5,378,676 0.9% The Florida Trust 5,212,944 0.8% FL Safe 2,005,953 0.3% Money Market Funds 1,890,928 0.3% Total: $627,394,002 100% HOW TAX DOLLARS ARE MANAGED CASH AND INVESTMENTS Crane Roost Park Fountain Cash and Investment Balances (in millions as of September 30) 2020 2021 2019 2018 2017 2016 2015 2014 2013 2012 $627.4 +13.7% $551.7 +15.6% $477.4 +13.9% $419.3 +3.3% $405.8 +1.9% $398.2 -7.1% $428.8 -4.0% $446.6 -5.8% $473.9 -13.6% $548.7 -9.0% Cash and Cash Equivalents, 36.9% Certificate of Deposits, 26.1% US Treasuries, 16.5% Money Market Funds, 0.3% FL Safe, 0.3% The Florida Trust, 0.8% FL Class, 0.9% Florida PRIME, 2.0% Page 21 Section 218.415, Florida Statutes provides the County the ability to conduct investment activity consistent with a written investment plan adopted by its local governing body. The County’s Investment Policy was adopted by the Board of County Commissioners, and is administered by the Seminole County Clerk of the Circuit Court and Comptroller’s Office. The Investment Policy describes authorized investment types and provides portfolio composition guidelines, in order to achieve the County’s primary investment objectives which, in priority order, are: Safety, Liquidity and Yield. Cash balances of County funds are pooled and invested pursuant to the County’s investment policy. During fiscal year 2021, the County’s investment portfolio generated a total return of 1.7%, earning $4.8 million in investment income. This is a decrease of $5.4 million, or 52.9% over the previous year. The decrease is primarily attributable to decreased interest rates on deposits and investments due to the Federal Reserve Bank reducing interest rates to zero in March 2020 as a result of the COVID-19 pandemic. Investment Earnings By Fiscal Year (in millions as of September 30) HOW TAX DOLLARS ARE MANAGED INVESTMENT EARNINGS Winter Springs, Florida $7.6 +100.6% $10.2 -22.2% $4.8 -52.9% $3.8 +173.6% $13.1 +72.9% $1.4 -13.7% $1.6 +60.1% $1.0 +161.9% $0.4 -86.3% $2.8 -57.9% 2012 2013 20142 2015 2016 2017 2018 2019 2020 2021 Altamonte Springs, Florida Page 22 County Elected Officials Clerk of the Circuit Court and Comptroller Grant Maloy www.seminoleclerk.org Seminole County Civil Courthouse 301 N. Park Ave. Sanford, FL 32771 407-665-4300 Sheriff Dennis M. Lemma www.seminolesheriff.org 100 Eslinger Way Sanford, FL 32773 407-665-6600 Tax Collector J.R. Kroll www.seminolecounty.tax Seminole County Service Building 1101 E. 1st Street. Sanford, FL 32771 407-665-1000 Property Appraiser David Johnson www.scpafl.org Seminole County Service Building 1101 E. 1st Street. Sanford, FL 32771 407-665-7506 Supervisor of Elections Christopher Anderson www.voteseminole.org 1500 E. Airport Blvd. Sanford, FL 32773 407-585-8683 Board of County Commissioners Bob Dallari – District 1 Jay Zembower – District 2 Lee Constantine – District 3 Amy Lockhart – District 4 Andria Herr – District 5 www.seminolecountyfl.gov Seminole County Service Building 1101 E. 1st Street. Sanford, FL 32771 407-665-0000 Seminole County School Board Kristine Kraus – District 1 Karen Almond – District 2 Abby Sanchez – District 3 Amy Pennock– District 4 Tina Calderone – District 5 www.scps.k12.fl.us 400 E. Lake Mary Blvd Sanford, FL 32773 407-320-0000 State Elected Officials Governor Ron DeSantis www.flgov.com 850-717-9337 Attorney General Ashley Moody www.myfloridalegal.com 1-866-966-7226 Chief Financial Officer Jimmy Patronis www.myfloridacfo.com 850-413-3100 Commissioner of Agriculture Nicole Fried www.freshfromflorida.com 1-800-435-7352 State Attorney 18th Judicial Circuit Phil Archer www.sa18.org 407-665-6000 Public Defender 18th Judicial Circuit Blaise Trettis www.pd18.net 407-665-4540 State Senate – District 9 Jason Brodeur www.flsenate.gov/senators/s9 407-333-1802 House of Representatives District 28 David Smith www.myfloridahouse.gov 407-971-3570 House of Representatives District 29 Scott Plakon www.myfloridahouse.gov 407-262-7423 House of Representatives District 30 Joy Goff-Marcil www.myfloridahouse.gov 407-623-1010 Federal Elected Officials United States Senator Rick Scott www.rickscott.senate.gov 850-942-8415 United States Senator Marco Rubio www.rubio.senate.gov 407-254-2573 United States Representative District 7 Stephanie Murphy www.murphy.house.gov 888-205-5421 CONTACT INFORMATION CONTACTING YOUR GOVERNMENT Black Bear Wilderness Area. Florida Lake Monroe View of Lake Monroe in Sanford, Florida Page 23 For more information about the Seminole County Clerk of the Circuit Court and Comptroller, visit the Clerk’s website at: seminoleclerk.org To search Records: seminoleclerk.org/records-online For Passports: seminoleclerk.org/departments/passports To Make Online Payments: seminoleclerk.org/online-services/online-payments For Online Marriage License: seminoleclerk.org/departments/marriage-license To Report Fraud, Waste or Abuse: seminoleclerk.org/reporting-fraud-waste-and-abuse (866) 889-8808 CONTACT INFORMATION CLERK’S ONLINE SERVICES Lake Jessup, Florida Wilson’s Landing Park ‘s Future Courthouse Annex Prepared under the supervision of: GRANT MALOY Seminole County Clerk of the Circuit Court and Comptroller This financial report is designed to provide a general overview of the County’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Clerk of the Circuit Court and Comptroller Attention: Comptroller’s Office 301 N Park Avenue Sanford FL 32771 (407) 665-7665