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Home My WebLink AboutCitrus County - Public Financial Report • .�1, ` 'fir - �- /.711111r1P.'i .. s.., — li' ...... ..i . . • : ,•,:...-,..tr".;' //' of _ - ‘s. . ,. , C! • 1 Pcni.,,,..__ T77 . U.. . _ 2- • 4:-- — . --. - . • . . 4Fisi,f _.- 0.000,11.jkitir-eir-7.":' • . f ;40‘6':1!",-'1.•:.7:' - .,. i .. ..,,.,,;,:t. ..,.. , • - , . ., . . . .._ , _.:-_ , ...... _4; ... . ....,. . _ ....4. ' - M ON EY MATTERS ITRUS OUNTY FL � RI � A POPULAR ANNUAL FINANCIAL REPORT FEAR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021III ', lid ....: - ri 11: , 4,.. - li 12;rft- G 1 & IF 111P••' .• . ,, ,-• .. -4. - ‘k katik;'L, .:Ii4.-.41' i iii V, " / 44. • - ' \ . 'wit i .) . 4-7 ' '';,.9 k .., 0 - - - ..., : 1• , ,,,, ' ..4 to a ip ir itil , 4. '. i . t st:A4k, • 4 .ow . •146N-w1/1 'r . , , • big 1. ' I ---�aL , ,%sit i' '- �� 1. '�•• . fel "1 177 --�� i"r ' 411 .1,- `-, --4,f_. '"J \. '._p\ , _ R.i`` . \ \ , 1/44- - Table of Contents Message from the Clerk 1 Government-Wide Financial Statements ... 12 About this Report 2 Primary Gov't Revenues & Expenses 14 Board of County Commissioners 4 Property Taxes 15 Elected Constitutional Officers 5 Key Financial Information 18 About the Clerk & Comptroller 6 Capital Assets 19 County Demographics 7 Cash and Investments 20 Budgeting 9 Long Term Debt 21 Fund Financial Statements 10 The Clerk would like to thank professional photographer and former County Administrator, Gary Kuhl, for the cover photograph as well as the picture above of a Sandhill Crane and her chick. The Rosette Spoonbill is native to the Gulf Coast of the United States and South and Central America.They typically feed in shallow fresh or saltwater utilizing their spoon-shaped bill to collect food in a sweeping motion along the bottom. Their beautiful colors are a result of the crustaceans, such as shrimp, that they feed on. zC Khoima r CCIN C E aCCC Dear Citizens, I am pleased to share with you this edition of the Citrus County Popular { Annual Financial Report (PAFR). The goal of this report is to provide you with '- an easy to understand summary of the financial activities of Citrus County `` with a brief analysis of County revenues and how those dollars were managed and spent during the past fiscal year. As your Clerk of the Circuit Court and Comptroller, it is my responsibility to safeguard our County's public records and funds. I take my responsibility to provide a check and balance on the County budget, revenue, and spending very seriously. I remain committed to reviewing our County's financials each year and reporting to you through the Annual Comprehensive Financial Report (ACFR) and this PAFR. In this report you will see many graphs and charts to assist readers with comparing data over time, as well as analysis of significant trends. Information about County debt and investments is also provided and charted. The ACFR referenced within this document is the county financial statements prepared by my . office. The ACFR runs almost 200 pages and is full of technical jargon. While this is necessary to comply with generally accepted accounting principles, it is not necessarily easy to understand or digest in one sitting. It is a privilege to serve as your Clerk of Court and Comptroller. I am committed to providing exemplary customer service and to manage this office in an environment of transparency and efficiency. Our vision of "Serving Together...Dedicated to Excellence", is more than just a catchy phrase. It is the pursuit of every deputy clerk. f E Kindest regards, • , it. . "0 t-: "I‘ lij V Angela Vick, ��,.'p. '� bf I Si C.gttiy.�'C Clerk of the Circuit Court and Comptroller Money Matters . Your Guide to County Finances ABOUT THIS REPORT We all understand the necessity of All prior editions of this report have received budgeting — knowing how much money is the prestigious Award for Outstanding coming in and prioritizing how that money is Achievement in Popular Annual Financial ultimately spent. Budgets and spending are Reporting. Citrus County is one of only 43 especially important in government, since governments in the State of Florida to every dollar used comes from taxpayers. achieve this award, and one of 512 in the Just as you track your personal budget, it is United States and Canada for Fiscal Year important to have transparency around how 2019. We were notified we received the your tax money is budgeted and spent. award March 7, 2022 for our 2020 report. The Citrus County Clerk of the Circuit Court As part of its commitment to cost savings, & Comptroller is proud to offer this edition the Clerk & Comptroller's office has printed of Money Matters. This annual guide should a limited number of copies of this guide. provide an essential tool to help you Citizens are encouraged to view the online understand how public money is managed. edition at www.citrusclerk.org . Most of the information in this report is Because this is a summary, Money Matters derived from the Clerk & Comptroller's does not conform to generally accepted Annual Comprehensive Financial Report accounting principles and reporting (ACFR) for the fiscal year that ended on requirements for government entities. September 30, 2021. The ACFR was Additionally, this guide does not include prepared in accordance with Generally financial information on Nature Coast EMS Accepted Accounting Principles (GAAP). The or Citrus Information Cooperative, legally ACFR, available at www.citrusclerk.org separate entities from the County. includes detailed County financial statements, notes, schedules and reports. On the cover: Money Matters, which is also known as the Yellow-bellied sliders are Florida's most Popular Annual Financial Report (PAFR), common freshwater turtles. They are well includes condensed and simplified known for sunning on logs in groups of information from the ACFR, County budget several up to many! They are easily 'spooked'by observers and are slow to and other financial reports. This guide is a return to their resting spot. They may live 40 recommended practice of the Government to 50 years feeding on fish, aquatic insects Finance Officers Association (GFOA), the and frog spawn. authority on best practices in governmental Photo courtesy of Gary Kuhl accounting and financial reporting. Ili . Angela Vick . Clerk of the Circuit Court .Citrus County - -- The GFOA established the Popular Annual Financial I IL. ' 1 Reporting Awards Program (PAFR Program) in 1991 to , ' encourage and assist state and local governments to '+, /,i, - 'c' . extract information from their Annual Comprehensive ,' h i _, ISll ,a „' Financial Report to produce high quality popular annual � 4'. financial reports. These should be specifically designed to ra Ark="• be readily accessible and easily understandable to the -- ==• -ill . ` . - '•4generalpublic and other interested parties without a t tit ;r1 :� , � .. � r" - - background in public finance. The program recognizes -� _1'�. k, ;: � ,. � k�1,,, 1., individual governments that are successful in achieving '--a. .. - .' =rf,___ that goal. "Nli 'r- a �••g:X ill:4 s Popular annual financial reports submitted to the PAFR Program are reviewed by selected members of the GFOA ~ f professional staff and by reviewers with experience in ' "; t 'u _.bdt - governmental accounting and financial reporting. The GFOA has given an Award for Outstanding Achievement in Popular Financial Reporting to Citrus County, Florida V r) for its Popular Annual Financial Report for the fiscal year ended September 30, 2020. Government Finance Officers Association This award is a prestigious national award recognizing conformance with the highest Award for standards for preparation of the state and Outstanding local government popular reports. Achievement in In order to receive the Award for Popular Annual Outstanding Achievement in Popular Financial Reporting, a government unit must Financial Reporting publish a Popular Annual Financial Report, Presented to whose contents conform to program standards of creativity, presentation, Citrus County understandability and reader appeal. Florida An Award for Outstanding Achievement in For its Annual Financial Report Popular Financial Reporting is valid for a for the Fiscal Year Ended period of one year only. We believe our September 30,2020 current report continues to conform to the - pw requirements,as it has for the past five years, and we are submitting it to GFOA. Money Matters . Your Guide to County Finances BOARD OF COUNTY COMMISSIONERS Citrus County is a non-charter county established under the Constitution and the laws of the State of Florida. It is governed by a five member Board of County Commissioners (Board) elected at large from the five districts within the County. A county administrator is hired by the Board and oversees ten (10) county departments and twenty-eight (28) divisions under the Board of County Commissioners and serves the Board as its agent in administrative matters. County Administrator, Randy Oliver, is responsible for implementing the policies set by the Board and for the day-to-day operations of the County government. L---..-- - . ,.., . A, 4. "..* C 11 ' '; ' — . 1 1146 A. V -,,- 1 . i ii.ikL.,1..- , -,., , 414. Vot ]F I 1 r ; :.c F . r , . ,, • ,1 _ _ , . , . _ 1 ... Scott E. Carnahan Ronald E. Kitchen Ruthie Davis Schlabach Jeff Kinnard Holly 1. Davis District 4 District 2 District 3 District 1 District 5 Commissioner Chair 1st Vice-Chair Commissioner 2nd Vice-Chair --.— 77 LHa J y am-. t.-N-\\\-\\ - ` .\ 489 - - -- -495 49: 200 District 1 District 3 Ruthie Davis Schlabach left!Utica rd 1.i.. 2Distrrct 5 44 CRYSTAL RIVER' 489 Holly L.Davis 1 .. L P i.-..`. �11 -1 4 470 S44` 194 »q fRYVER'IESS 1.+ 490 .490A Ei j 49l 581 30A 394 aiStr Kt 2 Ron Kitchen �� District r A Ftv--� Scott Car nahayB __—--- 48 .4 ____ : 39 I w! 460 1 it , lot? 1441,t 4 Angela Vick . Clerk of the Circuit Court .Citrus County ELECTED CONSTITUTIONAL OFFICERS In addition to the Board, there are five elected Constitutional Officers serving specific governmental functions: Clerk, Property r Angela Vick Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Clerk of Court& Although the funding for all Constitutional Offices is part of the Comptroller County's General Fund,the Board does not have direct responsibility for, or authority over, their operations. The framers of the Florida Constitution intentionally made these countywide offices separate and independent from the rest of County government to ensure the entity that decides how to spend Cregg E. Dalton Property your tax dollars (BOCC) is not the same entity that pays the County's �, Appraiser bills (Clerk & Comptroller), assesses your property's taxable value Y " (Property Appraiser), collects your taxes (Tax Collector), protects its icitizens (Sheriff), or oversees the election process (Supervisor of Elections). The Clerk, Sheriff, and Supervisor of Elections submit proposed operating budgets to the Board prior to June 15t. The Property Mike Prendergast Appraiser and the Tax Collector submit their budgets to the Florida Sheriff Department of Revenue. Once those budgets are approved,they are i ,= * 1 forwarded to the Board. The Clerk submits the court-related portion of her budget to the Florida Clerks of Court Operations Corporation (CCOC) prior to May 1st The Constitutional Officers, all Board departments and outside State Maureen Baird and local agencies submit their budgets to the Department of Supervisor of Management and Budget for assistance, review and compilation. \ Elections The County Administrator reviews all the Board departmental budgets, state and local agencies and makes the budget recommendation to the Board in July. Public budget hearings are conducted in September, pursuant to Janice Warren Florida Statutes, where public input is welcomed on the tentative Tax budget. After consideration, at the final budget hearing, the Board Collector enacts ordinances to legally adopt the budget for the coming year it for all governmental fund types. Money Matters . Your Guide to County Finances ABOUT THE CLERK & COMPTROLLER The Clerk & Comptroller's office, established in 1838 by the Florida Constitution as an independently elected officer, is charged with safeguarding your public records and public funds. The Clerk manages four primary functions and nearly 1,000 statutory responsibilities. CHIEF FINANCIAL OFFICER, TREASURER AND AUDITOR To protect the taxpayers, the Clerk monitors the County budget, revenue, debt 1 and spending. The Clerk records revenues, pays County bills and produces I III required financial statements and reports. The Clerk also invests all available county funds to earn interest. CLERK OF THE CIRCUIT COURT The Clerk of the Circuit Court and Comptroller supports Citrus County's criminal, civil, and juvenile courts; and manages jury administration. We process, record and file court documents; act as custodian of the court's records and evidence; and perform such duties as are enjoined by statute or imposed by lawful authority of the court. COUNTY RECORDER The Clerk is responsible for creating the permanent record of all mortgages, liens, deeds, and other documents having an effect on real property into the County's Official Records and collecting the documentary tax on behalf of the State of Florida. The recorder issues marriage licenses and serves as an acceptance agent for the issuance of passports. CLERK TO THE BOARD OF COUNTY COMMISSIONERS The Clerk serves as the custodian of the Board's records and is the official minutes-taker of commission and other board committee meetings. The Clerk also administers the Value Adjustment Board to allow citizens to contest their property values. 6 Angela Vick . Clerk of the Circuit Court .Citrus County COUNTY DEMOGRAPHICS Citrus County was established in 1887 as a Fw`;-:: j .. political subdivision of the State of Florida. The 4). population is 153,843, increasing almost 4,500 ��8 ‘-lci"-:- - _ from the previous year. Citrus County,the heart 7 of the "Nature Coast", is located 70 miles north The year Citrus County was of Tampa and 60 miles northwest of Orlando, formed when the legislature split along Florida's west-central coast and the Gulf of Hernando into Citrus, Hernando and Mexico.There are two incorporated cities within Pasco counties the county: Inverness and Crystal River. 2 ,t,, 3� 37i Population of the ` _ City of Crystal River - oF►NvE-R A. " 7� 540 3 T'' %�' Inverness, the county seat, is located on the t Population of the east side of the county and occupies 7.7 FLORTA' City of Inverness square miles and is home to almost 7,500 people. The County, Florida's Manatee Capital, bordered on three sides by water and home to three 1st magnitude springs, is a popular ecotourism destination. Citrus County provides a full range of The number of 15T magnitude3 services including, but not limited to, springs in Florida's Manatee construction and maintenance of highways Capital, which provide cold water refuge to the West Indian and other infrastructure, law enforcement, Manatee fire rescue, library services, parks and recreation, human services, building inspection, water and wastewater utility services, emergency medical services and refuse disposal. Money Matters . Your Guide to County Finances e DEMOGRAPHICS Population mr�i. 153,843 Nt Increasing . BEI Property Values $14.4 Billion it 16 ., III Improving ir II .-4;.• tsli'ril5 Ng. lir Unemployment , -:'"`" Rate Public School 5.3%Decreasing Enrollment 15,857 in 2021 Land in Steady Conservation 36% Steady lilillik Median Home Sales Price High School $246,835 Graduations P 88.1%in 2021 Improving Improving Residential Building Permits 2,255 in 2021 County Parks Wealth Increasing 32 Steady Migration $118 Million per Year Steady Population Trend a Unemployment Rates FY 2014-2021 mow - !- 160,000 1 _ 10.0% / 8.0% 150,000 rnI w e 140,000 ly V. h 1 ea 6.0% 1 111 190000 ■ ■110,000 ■ ■ ■ ■ ■ 1 2.0% ■ ■ ■ ■ ■ ■ 100,000 INNEN 0.0% 2016 201.7 2018 2014 2020 2021 2030 2014 2015 2016 2017 2018 2019 2020 2021 Citrus — United States —*—Florida 8 Angela Vick . Clerk of the Circuit Court .Citrus County BUDGETING Citrus County's total adopted budget, which is the financial plan for funding all County operations, totaled $324,138,176 for fiscal year 2021. The overall budget increased 8.99% compared with fiscal year 2020. Constitutional Officers comprise 40.5% of the General Fund budget. State mandated programs consume 31.98% of the General Fund budget with increases to Medicaid costs projected at $2.27 million for fiscal year 2021. Spending that lies within the control of the Board of County Commissioners is only 14% of the budget. The General Fund millage increased slightly from 6.2142 to 6.2172, or .003 mills. The millage rate is used to calculate your property tax. (See Property Taxes, page 15). Reserves are steady at 15%, in accordance with the Board's fund balance policy. BUDGET BASICS FUND TYPES 1. By law, Citrus County government must General Fund—Primary operating fund that pays develop and approve a balanced for government operations budget that gives the County the legal authority to spend money on Special Revenue Funds— Used for money that is operations, services, and projects. restricted for specific uses, such as gas taxes, grants, and tourist tax 2. The proposed budget is reviewed and revised by the Board of County Debt Service Funds—Designated to pay principal Commissioners prior to September 30 and interest on the County's long-term debt each year. Capital Projects Funds — Include money for Enterprise General Fund Funds 33% major projects such as roads, parks and buildings 31% Enterprise Funds — Used for activities that run like a business, the Landfill, Public Utilities, Emergency Medical Services, and Building Non-Major Special Inspection Funds Revenue 12% Funds Internal Service Funds — Include money paid by 10% Library Fire County departments to other departments for District Transportation Funds Protection' 9% services, such as insurance or maintaining cars, 1% 4% trucks, and other rolling stock 9 Money Matters . Your Guide to County Finances FUND FINANCIAL STATEMENTS REVENUES Governmental fund revenues have been S1s0,000 $160,000 increasing steadily over the last four years. Sl4tl'°0° S3z0,000 $100,000 Property taxes, the primary revenue for local 0�0°0 $e0,o00 governments, have increased 20% between �0 2018 and 2021, mainly due to increasing s- 2018 2019 2020 2021 property values and new construction. ■Taxes and special assessments ■Licenses and permits ■Intergovernmental revenue ■Charges for services L Fines and Forfeitures ■Miscellaneous revenue ■Communication 2018 Services Tax ■Tourist Tax 2019 ■Gas Tax - 2020 F ■Sales Tax 2021 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 Other tax revenue sources the County relies upon include sales tax,gas taxes,the Communication Services tax (CST), and tourist tax. These have mostly trended upward since 2018. The Communication Services tax has averaged out to $1.6 million per year.Tourist tax increased 30% to $2.4 million. Gas taxes also increased 6% in 2021. Sales tax increased 14% and topped $10 million for the first time. 10 Angela Vick . Clerk of the Circuit Court .Citrus County EXPENDITURES Governmental fund expenditures have increased 26% over the last four years. Public Safety is almost always a government's largest expenditure. This year expenditures related to the pandemic have greatly increased economic environment and public safety outlays. The normal operations of the Sheriff, fire services, emergency management, and radio communications are just some of the functions your county government provides to ensure the safety of its citizens. General government is the second largest function. Some of this is comprised of administration, budgeting,the other four constitutional officers, building maintenance, and software systems. In other words, all the things that keep the government running. $80 $70 $60 $50 $40 $30 ■ , , ' ::00 1 Il_i di. v11.11111. v11_i ■ v Il_ui. ■ 2018 2019 2020 2021 •General government •Public safety ■Physical environment II Transportation E Economic environment .1 Human services •Culture and recreation Capital outlay •Debt Service Economic environment is not usually a huge expenditure for the government. However,this year the American Rescue Plan funding was used to help with housing, business support, and economic recovery. Transportation is also another large expenditure for local governments. Maintaining roadways, bridges, and traffic control systems is critical to our citizens. Our capital outlay is usually related to construction or expansion of the County's roadways and drainage systems. The expansion of the Suncoast Parkway 2 is nearly complete and the County wants to be prepared to handle the additional volume and provide the infrastructure to attract new business. Most of the County's human services expenditures are funded through grants, which provide everything from in-home assistance to putting disadvantaged citizens into homes of their own with rental assistance. Money Matters . Your Guide to County Finances FINANCIAL STATEMENTS - GOVERNMENTWIDE • STATEMENT OF NE I + 'SI;TI Q '' 1- RIMARY GOVERNMENT _.:_ i 4,,A„„ lit ing'' ` The Statement of Net Position presents information on all the County's assets, liabilities and deferred inflows/outflows of resources. The difference is reported as net position. Changes in net position over time 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 ;`k. '' deferred inflows of resources by $797 million at the close of the fiscal year. The largest portion \ \ of the County's net position reflects its investment in capital assets, such as land, buildings, infrastructure, intangibles, machinery and equipment, less any related outstanding debt used to Sysk.,1 , acquire those assets. This net investment in capital assets amounted to $692 million, or 87% of the County's net position. $71 million, or 9.1%, represents resources that are subject to external \ \ . . , restrictions on how they may be used. The remaining $29.2 million is unrestricted and may be , •\ \ i • t used to meet the County's ongoing obligations to citizens and creditors. 4 ,f 1 The decreases in deferred outflows and deferred inflows and increase in long-term liabilities is primarily due to the changes in the County's net pension and net other postemployment benefits liabilities. + ff i a, -,' +I.' ., 44 `= Xi/ t + In thousands 1 . 1 f .11 Increase f >.." 2021 2020 (Decrease) r . ' = 'Y ,' 'Assets ' - 4 aF= Current and other assets $ 267,001 $ 223,603 $ 43,398 ,`- Capital assets 809,843 818,409 (8,566) ler71"iv—‘'-14VA 44 Total assets 1,076,844 1,042,012 34,832s4......--\\ " , Deferred Outflows of Resources 30,581 42,911 (12,330) •Liabilities j Other liabilities 64,863 48,893 15,970 . Long-term liabilities 186,474 266,172 (79,698) ' Total liabilities 251,337 315,065 (63,728) 4' /Deferred Inflows of Resources 63,333 9,960 53,373 Pr Net Position Net investment in capital assets 691,582 711,516 (19,934) , • - Restricted 71,876 31,076 40,800 Unrestricted 33,670 17,305 16,365 .,,• - t Total net position $ 797,128 $ 759,897 $ 37,231 `,t Angela Vick . Clerk of the Circuit Court .Citrus County ,41 .7'P. -• • •1S12, 8,.•,%,._, A e ,A o.-.vplirasi.,e_-tt•rtr,..,1/4.?-„.Co:1,.,-*.s.dot'-..n4i-.,.".*,*4A.1 42.;-4r". :ei0,.1,, 11ITy, . ____i,.aJsP k .1 PRIMARY _4•G OVlgOW.ER N M_...N.-,_.o_P.E:-,,,v,,,-.,..Ni:•,ii.-k...-,T i ' • NI, ,,..,,,.1 The Statement of Activities presents information showing how the County's net position changediPt4"-,: !'!"' N' ''kk.,:"."64:••• ,.-•i0li.;. •-'. **--- . during the most recent fiscal year. All changes in net position are reported as soon as the lik.teatoLt'... ‘iii-40..-•:',4.;_,.r underlying event giving rise to the change occurs, regardless of the timing of related cash flows. '"ill' '\101-11C - Thus, revenues and expenses are reported in this statement for some items that will only result . 1„,.....,..r.,;:„ in cash flows in future fiscal periods (for example, accounts payable and uncollected taxes). ivii.. I.:Z•'''.4%. ,' ii,gi r,.;el: .,„4-mi.6..;1,. . ,- i- • - - :- '1‹1212170W." "-: . ' - 4- '-,•;',g, ._ . - :•:', ...CP:.7k,;- 2'A....' kli•S "Al 110.jitiy.--,t a . ' , i ••••'1..:•_:; - ' Irt.,:r rai.,,4,;,,, ,,,.. .. , - 'lleraillik I.: • In thousands Increase Percentage *,_ ':: 7-::. .51D '-:-- 2021 2020 (Decrease) Change --,..- ,'.i../1.'" .•-•;„ REVENUES Program Revenues: vr#4,,::'• er.,‘ ; n.r.'itiiik Charges for services $ 69,114 $ 63,214 $ 5,900 9.3% - ,..-. Operating grants and contributions 36,273 16,630 19,643 118.1% Capital grants and contributions 12,576 37,252 (24,676) -66.2%General Revenues: k.-7-- Property taxes 80,736 76,957 3,779 4.9% 't.' •• I\Shared revenues revenues 28,649 25,633 3,016 11.8% Ki Investment income 617 3,572 (2,955) -82.7% Total revenues 227,965 223,259 4,706 2.1% geg, Vp... EXPENSES . ,..x. t-'• General government 35,974 43,991 (8,017) -18.2% i -• -• - R.. Public safety 64,736 76,942 (12,206) or - -15.9% -- O..; Physical environment 2,970 3,344 (374) -11.2% o IL. i jf. Transportation 25,574 30,515 (4,941) -16.2% Of, Economic environment 12,925 6,743 6,182 , ItAkti„ . 91.7% 5_ 4716 1 r ili 0, Human services 10,905 11,107 (202) -1.8% 1 ; Culture and recreation 6,765 5871 894 15.2% t . . Interest on long-term debt 2,108 2,416 (308) -12.7% Sanitary Landfill 3,273 5300 (2027) -38.2% Public Utility 21,600 19,923 1,677 8.4% _ Non-major enterprise funds 3,904 3636 .: 7.4% Total expenses Net position - beginning.A11 Net position -ending 190,734 759,897 209,789 (19,055) 746427 13,470 $ 797,128 $ 759,897 $ 37,231 -9.1% )1 1.8% 4.9% -, --.. i-- '-.1'..•04 tr ,- - 7- - -= - ----•-w__-.. ,N .: • -h, •,,4it.. , ill* , 'S.,t,• -- - - - - - Money Matters . Your Guide to County Finances PRIMARY GOVERNMENT REVENUES & EXPENSES Operating Capital Grants/Contributions, Grants/Contributions, 36,272,701 l 12,576,344 Primary government revenues increased $334,186, or .156%. The County received $26 million Charges for in American Rescue Plan Services, funding. Last year's donation of 69,113,851 Hall's River Bridge and 11 miles Property /11 Taxes, of roadway diminishes this 80,736,253 year's increase. This significant ARP funding helped many Other Local people and businesses in the Taxes, 2.570,176 Investment recovery effort. State Shared Sales Tax, Income, Revenues, 10,604,499 617,282 15,474,595 Interest, Public Utilities, 2,108,251 21,600 022 Physical Emergency Medical Environment, Services, 120,623 — I 2,970,129 Sanitary J Landfill, Primary government declined 3,273,399 Transportation, $19.6 million, or 9.3%. General Public Safety, 25,573,510 Government and Public Safety 64,736,283 accounted for more than $20 million of this decrease. Transportation and the Sanitary \114443/4414%. Economic Environment, Landfill combined for $6.96 12,925,436 million of the decrease. Citrus Economic Environment expenses Information General Human Services, 10,904,948 Coop, Government, doubled to $12.9 million, 1,090,501 35,974,260 Building primarily as a result of the ARP Inspection, Culture&Recreation, funding. 2,692,796 6,765,747 14 Angela Vick . Clerk of the Circuit Court .Citrus County PROPERTY TAX E S Property Tax Millage Rates FY 2016-2021 ►a Other o School Board o County I 4 1.455 2021 5.930 6.88111.. v•iwilimilei 1.414 2020 6.125 7.034 1 .11 1 440 Ili 2 01-11it Ili s. 2019Iii4i.338 6.882 E d 1.410 The average county-wide single-family 2018 Ili.581 7.119 home's just value increased 9.7% from $158,455 in 2020 to $173,859 in 2021. For L....A 1.446 existing homestead properties without 2017 Immint.i.925 added new construction or a change of 7.332 ownership, assessed value may not increase 1.458 more than 1.4%.. 11 2016 1A17.189 7.455 0 2 4 6 8 10 Tax roll value changes were primarily driven by increased valuations resulting from higher 2020 residential sale prices and the addition of $165 million in residential and commercial net new construction taxable value. The 2021 tax roll included 4,513 homestead exemptions. Money Matters . Your Guide to County Finances PROPERTY TAX LEVIES & COLLECTIONS IN MILLIONS 2021 116. 80.70 ill 83.50 2020 76.96 78.94 2019 . . 72.15 2018 69.47 2017 1 66.2C� 68.52 2016 65.52 68.33 2015 67.5Q 69.97 2014 72.19 91.20 2013 t_ 54.97 Mil 63,42 2012 E 60.90 163.13 PROPERTY TAX TIMELINE JAN41111) AUG NOV NOV Property Appraiser The BOCC and other The Property Property tax bills are The Tax Collector determines market taxing authorities set Appraiser mails mailed and the Tax distributes property value and exemption millage rates sufficient proposed tax bills Collector begins tax collections to local eligibility to calculate to cover expenses. (TRIM notices)to collecting payments. governments and taxable value. property owners. taxing authorities. 16 Angela Vick . Clerk of the Circuit Court .Citrus County 2021 10.60 HALF-CENT SALES TAX 2020 9.33 Local governments receive a 2019 9.31 share of the state sales tax 2018 8.77 collections. This is the largest 2017 8.51 state shared revenue for local 2016 8.21 governments. In 2021, Citrus County received $10,604,499. 2015 7.49 —2014 6.93 2013 6.42 2012 6.23 2021 8.94 GAS TAXES 2020 8.42 Citrus County implements five 2019 8.70 different gas tax revenues, all 2018 8.76 of which are restricted for 2017 8.62 transportation purposes. In 2016 8.48 2021 Citrus County received - 2015 8.03 $8,941,324. 2014 7.75 2013 7.58 2012 7.51 PRINCIPAL PROPERTY TAXPAYERS ASSESSED PROPERTY VALUE Duke Energy 1,941,248,070 WalMart Stores East LP 41,979,381 Citrus Memorial Hospital 98,276,067 7 Rivers Regional Medical Center 40,984,700 Florida Gas Transmission 91,463,623 Sumter Electric Cooperative 39,403,833 Withlacoochee River Electric 67,936,033 SHP V/ Ryan Citrus 33,626,623 Sabal Trail Gas Transmission 56,775,139 Hampton Hills 29,513,638 Money Matters . Your Guide to County Finances KEY FINANCIAL INFORMATION GENERAL FUND, FUND BALANCE TREND - IN THOUSANDS AS OF SEPTEMBER 30 �1 2021 ."-- - - - - - 41,442 2019 2020 2015 2016 2017 2018 28,048 128,677 . 2014 24,012 124,225 L5,748 24,640 - -.‘1-.. --T7g-:;:1:\T-1: 2012 21—- Mi - 18,062 ; . 1 ,::1.e:of. . -.' • lit, --__-.; k_.. ,. t. ' .-0----- T 1 !iT 12,080 k � FV,- - GENERAL FUND, FUND BALANCE COMPARISON ''• A IN THOUSANDS ; ,, �, _I _ t FY 2018 FY 2019 FY 2020 FY 2021 1 . • 11 Nonspendable 685 539 1,110 1,213 J - _ _ - r Restricted 242 180 136 2,428 _ 117.41 -' --.\S Committed - - - 4,372 z_ � .p j __Assigned 4,479 4,342 6,739 6,160 _ =''4 A Unassigned 19,234 22,987 20,691 27,269 • - ter— - Total Fund Balance 24,640 28,048 28,677 41,442 ,,, • _- - _ : — . 18 Angela Vick . Clerk of the Circuit Court .Citrus County CAPITAL ASSETS '' %... [ tt+fprncnt.3% - • Alt it L . Construction in Progress 1.5% 437 Buildings 12.2% '� MAJOR CAPITAL PROJECTS & ADDITIONS - FISCAL YEAR 2021 •.. Land 20% - Garcia Point Sewer Collection $2.3M • 11,.:. Airport Hangar Building $1.14M - ti.. r Landfill Gas Collection System $1.1M '* Three Fire Pumper Trucks $1.6M t `a■ E re'‘-1, • .•• . �v _ , \ Infrastructure 66% ,-;-: . v\•4 1 ,-- , ,.. --7., .. \--N., \ , , sin* - 1 1/. . .4( , I.„.k. , i. • ''. MAJOR CAPITAL PROJECTS � , T01 ` ��,,.~- ONGOING AT FISCAL YEAR END S ,, -ice �,, °fir .� lik :. ' F - Suncoast Parkway Water Main $6M --14414 � US 19 Sewer Projects $2.5M war-- :k• ' 1 Landfill Cell Expansion $1.1M • Other Utility Expansions $17.2M 1 = -.1., ,$& - - County Road 491 Phase II $2.1M A 'ti 'x~ ; - - '\ - 'i NV J ^�' -� •r Apb. t,.. ,,......__, :)_iiiril-, v.im11 4 :Fi- 7,...• i fir_ ► _ 19 Money Matters . Your Guide to County Finances CASH AND INVESTMENTS The County receives the majority of its income in December and January, when most property owners pay their annual tax bills. As treasurer and custodian of County funds, the Clerk is responsible for investing your tax dollars until that money is needed to pay County expenses. The Clerk invests this money according to a written investment policy approved by the Board. This policy dictates how the County's money, or portfolio, can be invested. The foundations of this policy are Safety, Liquidity, and Yield, in that order. This means the policy first assures that any investments are of a minimum risk. Although sometimes higher interest rates are bypassed to do this,the primary concern is to prevent any principal being lost through unsafe investments. The policy also assures liquidity, or that cash will be available as needed to pay any bills. The third criterion considered is yield, or interest rate. If risk and liquidity are the same for different investments, the final selection will be based on the highest yield. Investment earnings sharply declined with the pandemic's effects on the economy in fiscal years 2020 and 2021. Investment Earnings 3,959,664 Investment Earnings 3,568,935 2,106,068 ,512 1,370,855 617,282 40_ 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 Cash and Investment Balances-September 30, 2021 Cash on hand $ 369,569 Investments at Fair Value: Amount insured by FDIC 504,021 U.S.Treasury Securities 44,869,345 Amount collateralized-Chapter 280 FS 65,092,736 Agency Fund Instruments 10,307,262 Florida PRIME 90,112,473 State & Municipal Revenue Bonds 817,216 FLPALM 16,296,965 Corporate Notes and Bonds 11,752,987 FLCLASS 2,063,856 Goldman Sachs Money Market 94,943 FLGIT 11,698,171 Total Cash and Investments $253,979,544 20 Angela Vick . Clerk of the Circuit Court .Citrus County LONG -TERM DEBT Special Assessment Revenue Notes r $1,260,000 $14,826,785 1.0% Revenue Bonds 11.5% $44,059,451 34.2% Capital Leases $4,788,855 3.7% Utility Debt! $63,929,588 49.6% The County's long-term debt can be separated into four types: Revenue Bonds, Special Assessment Debt, General Long-Term Debt, and Utility Fund Debt. Revenue Bonds are secured by a pledge of special revenue, such as the Half-Cent Sales Tax. These bonds are typically issued to fund large capital or construction projects. Special Assessment Debt is secured by the proceeds of various special assessments. This debt is issued to fund a project that benefits a particular group. These individuals are then levied an assessment to fund the debt service payments. General Long-Term Debt is secured by various revenue sources, ranging from Impact Fees to State Revenue Sharing proceeds. This debt is issued to fund a wide range of projects and the terms of the loans are generally shorter than the terms of the revenue bonds. Utility Fund debt is generally secured by charges to customers, the users of the system. This debt typically funds improvements to infrastructure. Outstanding Debt S13g 10 $134.35 $117.12 5112.37 $103.81 $105.90 $108.69 N ■ ■ ■ ■ ■ ■c 0 2015 2016 2017 2018 2019 2020 2021 Money Matters . Your Guide to County Finances ANGELA VICK Clerk of the Circuit Court and Comptroller �Q000�oo jz® o , oo° °° ii; -• Aff, % I. :rel °v LI . I : ° ® Dedicated to Excellence Serving Together... / U : ill I�`\ •i IT 0 hIn God We Trust .. Arsi AU C'ounty,T ..,:ir ANW www.citrusclerk.org 352-341-6424 Courthouse Clerk's Annex Administration & Financial Services, Official Records, Court Services Internal Audit 110 N Apopka Avenue 120 N Montgomery Avenue Inverness, FL 34450 Inverness, FL 34450 West Citrus Government Center Official Records, Marriage Licenses, Passports & Passport Photos, Limited Court Services 1540 N Meadowcrest Blvd Crystal River, FL 34429 This report is provided as a public service to the citizens of Citrus County. This report was funded through fees collected, not tax dollars. This report is provided electronically on the Clerk's website at www.citrusclerk.org. A limited number of copies have been printed. eAngela Vick . Clerk of the Circuit Court .Citrus County