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Home My WebLink AboutCounty of Lee - Public Financial ReportSandDOLLARDOLLAR Popular Annual Financial Report for the Fiscal Year Ended September 30, 2021 www.LeeClerk.org L County Demographics • Trends • Public Finances FLORIDA Your Access to County Finances The Dear Lee County Residents, Each and every one of us has the right to know how our government manages and spends the public’s money. One of the Clerk & Comptroller’s most important duties is to provide clear, concise, and transparent information about county financials. It is my pleasure, for the first time in the Lee Clerk’s office history, to present The Sand Dollar, my office’s annual citizen’s guide to Lee County finances. As your Clerk, I serve as the Chief Financial Officer for 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 come from and where those dollars are spent (see Revenue, page 11 and Expenses, page 15). It is designed to give you an easy-to-read synopsis of the county’s financial health and covers the fiscal year that ended Sept. 30, 2021. As your Clerk & Comptroller, my primary focus is to provide outstanding service to you. The Sand Dollar shows you in a clear, straightforward manner how your tax money is managed, spent and invested. You can view and download all of our financial reports at www.leeclerk.org/finance. If you have any questions about the information provided in this report, please do not hesitate to reach out to me at KKarnes@LeeClerk.org. I hope you find this report contains the facts you need to be an informed and engaged citizen. Thank you for trusting me to serve as your Clerk, and I look forward to serving you for many years to come. Sincerely, Kevin Karnes Clerk of the Court & Comptroller, Lee County Clerk Karnes is Lee County’s 16th Clerk of the Court & Comptroller. He was appointed by Gov. DeSantis in 2022 and previously served as the office’s Chief Operating Officer. As a 15-year veteran of the Clerk‘s office, Karnes has served as Chief Officer of the Courts, Operations Manager and Evidence Clerk. In these roles, Karnes focused heavily on process improvement, making it easier for the judiciary, attorneys, and public to access Clerk services. Throughout his tenure, he has instituted new technologies to improve efficiencies, enhance services, and cut costs. Karnes holds a master’s degree in Legal Studies from American Public University and a bachelor’s degree from Florida Gulf Coast University. Kevin has always worked to provide improved services to the public and reduce operational costs through reducing our reliance on paper records, streamlining many data entry processes, and adding online services. Kevin proudly serves on the Board of Directors of the United Way of Lee, Hendry, Glades, and Okeechobee counties. MESSAGE FROM Clerk Karnes TABLE OF About the Clerk 4 About Lee County 5 Demographics At-A-Glance 6 Resident Services 6 Major Initiatives 7 Population & Housing 8 Workforce & Employment 9 Net Position 10 Revenue 11 Taxes 12 Expenses 15 Investments 16 Capital Assets 17 Debt 18 Looking Ahead 19 CtentsABOUT THIS The Sand Dollar is your easy-to-read guide on Lee County’s fiscal and economic health. Also known as the Popular Annual Financial Report, this inaugural report is a recommended best practice of the Government Finance Officers Association (GFOA), North America’s leading authority on governmental accounting and financial reporting. Content for The Sand Dollar is derived from the Clerk’s Annual Comprehensive Financial Report (ACFR) for the Fiscal Year that ended Sept. 30, 2021. Unlike this report, the ACFR presents the county’s financial position and operating activities in great detail and in conformity with the General Accepted Accounting Principles. The Clerk’s office has received the GFOA’s Certificate of Achievement for Excellence in Financial Reporting for an exceptional 36 consecutive years. Financial information provided throughout this guide is based on fiscal year 2021, which began on Oct. 1, 2020, and ended on Sept. 30, 2021. Lee County’s financial information is prepared by the Clerk of the Court & Comptroller. The information is audited by an independent audit firm, CliftonLarsonAllen. The independent auditors rendered an unmodified, clean opinion that the county’s financial statements for the fiscal year ended Sept. 30, 2021, are fairly presented in conformity with GAAP. GAAP stands for Generally Accepted Accounting Principals, which is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. The Sand Dollar provides an overview of the areas of responsibility and finances of Lee County’s primary government, which includes the Board of County Commissioners, Constitutional Officers, and the Port Authority. Visit www.leeclerk.org/finances to download these financial reports or to submit your feedback. Guide NEUTRAL PARTNER IN THE COURT SYSTEM One of the Clerk's primary functions is to maintain the court records of Lee County. The Clerk processes all filed documents, attends court hearings, and manages submitted evidence. The Clerk is also responsible for managing jurors, collecting and dispersing all court-related monies, and helping self-represented individuals navigate their way through the court process. OVERSIGHT OF YOUR TAX DOLLARS As Comptroller, the Clerk is responsible for oversight of all expenditures of the Board of County Commissioners. To ensure proper government accounting, the Clerk audits all county invoices prior to payment. The Clerk monitors the county's debt and generates investment income on the county’s investment portfolio. PRESERVING THE RECORDS OF YOUR LIFE The Clerk records, processes and maintains all Official Records of Lee County dating back to 1887 when the county was founded. Mortgages, deeds, wills, marriage licenses, and liens are some of the many public records made available online. Citizens can also apply for their U.S. passport at the Clerk’s office. PROTECTING TAXPAYERS & ENSURING ACCOUNTABILITY The Clerk’s certified Inspector General performs internal audits and conducts fraud, waste, and abuse investigations of the operations and financial records of Lee County government agencies, departments, employees and others under the authority of the Board of County Commissioners, Port Authority, and Clerk. $1.47B tax dollars managed & invested • $947.5M bills audited & paid $52.8M tourist tax collected & disbursed • $850,000 recovered after fraud scheme found at Port Authority 726,602 official records recorded • 4,707 passports processed 4,634 marriage licenses issued 104,264 cases filed • 1,109,946 e-filed documents processed • 55,142 jurors summonsed CONSTITUTIONAL & STATUTORY DUTIES ClerkABOUT THE The Lee County Clerk of the Court & Comptroller is one of five constitutional officers independently elected by county citizens every four years. The public trustee is designated with more than 1,000 statutory duties supporting the state court system and county government agencies. The Clerk also protects the Official Record and serves as the county treasurer. 4 | THE SAND DOLLAR Kevin Karnes* Clerk & Comptroller leeclerk.org Matthew Caldwell Property Appraiser leepa.org Carmine Marceno Sheriff sheriffleefl.org Tommy Doyle Supervisor of Elections lee.vote Noelle Branning Tax Collector leetc.com *Linda Doggett served as Clerk of the Court & Comptroller from Jan. 8, 2013 until her retirement Feb. 18, 2022. CONSTITUTIONAL OFFICERS Kevin Ruane District 1 Cecil Pendergrass District 2, Chairman Ray Sandelli District 3, Vice Chair Brian Hamman District 4 Frank Mann District 5 BOARD OF COUNTY COMMISSIONERS The Lee County Board of County Commissioners serves as the Board of Port Commissioners for the Port Authority. The term of each Port Commissioner coincides with their regular term of office as a County Commissioner. Lee County was founded in 1887 and is located in Southwest Florida on the Gulf Coast. The county encompasses approximately 811 square miles and has an estimated growing population of 750,492 as of the 2020 census. The City of Fort Myers is the center of a popular tourist area in Southwest Florida and the seat of Lee County. However, the City of Cape Coral ranks as the largest residential community with more than 180,000 residents. Lee County is about 120 miles south of Tampa at the meeting point of the Gulf of Mexico and the Caloosahatchee River. Lee County is home to one of the fastest-growing populations in the country, increasing by 24% since 2010. While the county is well known as a retirement destination, the Bureau of Economic and Business Research projects a 38% increase in the county’s 25-54 age group by 2040. Lee County is the spring training home of the Boston Red Sox and Minnesota Twins Major League Baseball teams. Tourism employs one out of every five people with an estimated 4.8 million visitors annually generating $3 billion in economic impact. In Fiscal Year 2021, a record $52.8 million in Tourist Development Tax was collected. ABOUT L County KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 5 DEMOGRAPHICS RESIDENT At a Glance Services POPULATION782,579 MEDIAN HOUSE SALE PRICE$360,000 COUNTY OPERATING BUDGET $803,252,985 TOURISTS VISITED4,483,700 SCHOOLENROLLMENT95,023 DEBT PER CAPITA$1,021.24 PER CAPITAPERSONAL INCOME$54,707 MEDIAN AGE48.5 FY2021 General Government Lee County government, county attorney, county planning, hearing examiner, court services, Supervisor of Elections, and the Clerk of the Court’s finance, value adjustment board, recording, and board services functions. Public Safety Sheriff, fire control, county jail, protective inspections, emergency & disaster relief, ambulance & rescue services, medical examiner and animal services. Physical Environment Electric, water services, garbage/solid waste control, recycling, sewer services, hazardous waste, conservation and resource management, flood control, extension services, and other physical environmental needs. Transportation Roads, bridges, traffic engineering, and transit systems (Lee Tran). Economic Environment Economic Development, Visitor and Convention Bureau, Veterans Services, Sports Authority, and neighborhood improvements. Human Services Care, treatment, and control of human illness and injury, such as Health Department, family services and community agency support. Culture & Recreation Library costs, recreational programs, public parks and preservation lands. 6 | THE SAND DOLLAR Throughout this guide, you will see several references to fiscal year, or FY. The fiscal year runs from Oct. 1 to Sept. 30, as opposed to a calendar year that runs from Jan. 1 to Dec. 31. WHAT IS AFISCALYEAR? Since 2010, Lee County’s population has grown 24%, making it the seventh fastest growing county in Florida. To meet the increased demand on county resources and infrastructure, the county has started numerous initiatives and improvement projects, such as buildings, roads, bridges, and parks. The significant ongoing project are grouped into eight categories below and total nearly $1.72 billion. More information on completed capital projects is available on page 17. Initiatives $120M$100M$80M$60M$40M$20M$0 $140M EMERGENCY RENTAL ASSISTANCE AMERICAN RESCUE PLAN CORONAVIRUS Federal Relief SPENT FUNDS RECEIVED FUNDS Lee County has received $239.9 million in federal COVID-19 relief since the pandemic started. As of Sept. 2021, $144.2 million has been distributed to CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT those in need. An additional $95.7 million is among the unspent funds to be disbursed with more federal aid to come. MAJOR $809.2M $15.0M $15.3M $16.5M $32.3M $299.3M $522.8M $6.6M Southwest Florida International Airport Transit Water & Wastewater Solid Waste Transportation Culture & Recreation Natural Resources Facilities KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 7 HousingPOPULATION & 665,8452015 680,5782016 2017698,468 2019735,148 713,9032018 750,4932020 2021782,579 POPULATION HOME SALES VS. MEDIAN SALES PRICES* 90,000 70,000 50,000 30,000 DEEDS MORTGAGES FY2020FY2019FY2018FY2017 FY2021 DEEDS & MORTGAGES RECORDED EVICTIONS & FORECLOSURES FILED Lee County’s population has increased 24% since 2010, creating a stronger demand for housing and increasing real estate prices. From fiscal years 2020 to 2021, the median single-family home sales price increased 23.2% and total home sales increased 24.8%. *Single-Family Homes Deeds recorded with the Clerk’s office into Lee County’s official records increased 50% from fiscal years 2020 to 2021. As of Sept. 30, 2021, 90,902 deeds and 56,154 mortgages were recorded. 3,200 2,600 2,000 1,400 800 200 EVICTIONS FORECLOSURES FY2020FY2019FY2018FY2017 FY2021 In fiscal year 2021, foreclosures in Lee County dropped to 265, a new record low. Meanwhile, evictions increased slightly to 2,477, an 18% increase from the fiscal year 2020. $400k $360k $320k $280k $240k $200k 14k 13k 12k 11k 10k 9k FY2020FY2019FY2018FY2017 FY2021 HOME SALES MEDIAN SALE PRICES 8 | THE SAND DOLLAR WORKFORCE & Employment 14,028 11,003 4,624 3,467 2,696 1,858 1,819 1,564 1,532 1,522 Lee Health Lee County School District Publix Super Market Walmart Lee Board of County Commissioners City of Cape Coral Gartner, Inc. Lee County Sheriff's Office Chico's FAS Inc. McDonald's EmployersLARGEST Lee County’s strong workforce saw an increase in per capita personal income, which is calculated by the total personal income of all residents divided by the entire population. The unemployment rate also trended lower than the state and nation over the past five years. PER CAPITAPersal Ince FY2017 FY2018 FY2019 FY2020 FY2021 $52,064 $51,266 $50,390 $48,537 $54,707 TOP CORPORATEtaxpayers $339,265 $115,728 $111,150 $110,813 $90,866 $88,810 $88,182 $80,477 $62,199 $61,809 Christian & Missionary Alliance, Inc. Coconut Point Developers LLC Miromar Outlet West LLC GCTC Holdings LLC Lurin Real Estate Holdings XVI Lennar Homes LLC Quadrum Lakes Park LLC Mall Ground Portfolio LLC Hertz Corporation Bell Tower Shops LLC IN THOUSANDS UNEMPLOYMENT Rate 8% 7% 6% 5% 4% 3% 2% Source: Regional Economic Research Institute, Lutgert College of Business, Florida Gulf Coast University UNITED STATES FLORIDA LEE COUNTY FY2020FY2019FY2018FY2017 FY2021 KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 9 The statement of activities is a summary of changes in net position and reflects the expenses of a given function or program, which are offset by program revenues. Program revenues are defined as charges for services, operating grants and contributions, and capital grants and contributions directly associated with a given function. Taxes are reported under General Revenue. The statement includes governmental and business-type NET activities of the primary government. General government and intergovernmental revenues support the governmental activities, whereas the business-type activities are primarily supported by user fees and charges for services. As of the close of fiscal year 2021, the county reported a total net position of $3,153,811,000 which is an increase of $221,042,000, or 7.5%, in comparison to the prior year. SUMMARY IN CHANGES OF NET POSITION AS OF SEPT. 30, 2021 • IN THOUSANDS Positi FY2021 $536,377 $166,297 $139,437 $532,426 $84,359 $12,841 $1,471,737 $339,647 $269,623 $15,965 $72,252 $30,870 $33,412 $79,949 $6,389 - $113,608 $128,047 $32,692 $24,705 $103,536 $1,250,695 $221,042 - $221,042 $2,932,769 $3,153,811 REVENUESProgram Revenues: Charges for services Operating grants and contributions Capital grants and contributionsGeneral Revenues: Taxes Grants and contributions not restricted to specific programs OtherTotal Revenues EXPENSESProgram Activities: General government Public safety Physical environment Transportation Economic environment Human services Culture and recreation Interest on long-term debt Indirect expensesBusiness-type Activities: Airport Water and Wastewater Transit Transportation Facilities Solid WasteTotal expenses Total change in net position before transfers Transfers Change in net positionNet position - BeginningNet position - Ending FY2020 $483,973 $154,535 $66,230 $486,616 $70,123 $37,888 $1,299,365 $337,632 $292,276 $16,458 $75,765 $28,098 $24,125 $83,546 $6,771 - $122,825 $134,432 $32,087 $22,650 $103,007 $1,279,672 $19,693 - $19,693 $2,913,026 $2,932,719 INCREASE(DECREASE)FY 2020 V. FY 2021 $52,404 $11,762 $73,207 $45,810 $14,236 ($25,047) $172,372 $2,015 ($22,653) ($493) ($3,513) $2,772 $9,287 ($3,597) ($382) ($9,217) ($6,385) $605 $2,055 $529 ($28,977) $201,349 - $201,349 $19,743 $221,092 PERCENTCHANGE FY 2020 V. FY 2021 10.83% 7.61% 110.53% 9.41% 20.30% -66.11% 13.27% 0.60% -7.75% -3.00% -4.64% 9.87% 38.50% -4.31% -5.64% -7.50% -4.75% 1.89% 9.07% 0.51% -2.26% 1022.44% - 1022.44% 0.68% 7.54% 10 | THE SAND DOLLAR Capital Grants and Operating Grants are both state, federal, other government and private contributions. Capital Grants fund capital purchases for specific programs, while Operating Grants fund specific programs. CAPITAL GRANTS&OPERATING GRANTS COUNTY The county’s total primary government revenues have increased by $172 million. The total revenues increase is mainly due to capital grants and contributions, which received a $72 million increase, or 109%. Governmental Activities are activities supported mainly by taxes. The county maintains governmental funds that are used to account for taxes, program and other miscellaneous revenues. Taxes generate more than half of the governmental activities revenue for the county. This includes ad valorem property taxes, half-cent sales tax, tourist tax, gas tax, state-revenue sharing, and communication service tax. Revenue Revenue GOVERNMENTAL ACTIVITIES TAXES$526,971 · 54.2% CHARGES FOR SERVICES$147,253 · 15.1% OPERATING GRANTS AND CONTRIBUTIONS$137,039 · 14.1% GRANTS & CONTRIBUTIONS NOT RESTRICTED$84,359 · 8.7% CAPITAL GRANTS AND CONTRIBUTIONS$66,888 · 6.9% OTHER$9,994 · 1.0% FY2021 | THOUSANDS FY2017 - FY2021 TRENDS IN GOVERNMENTAL ACTIVITIES $500M $400M $300M $200M $100M $0 Operating Grants& ContributionsCharges forServicesTaxes Capital Grants& Contributions Grants & ContributionsNot Restricted Other(Interest & Misc) Revenue 2020201920182017 2021 This graph shows primary revenue sources for the county to operate for the past five years. Taxes, charges for services, and grants & contributions all show strong gains in fiscal year 2021. KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 11 CALCULATIONS &Timeline taxesPROPERTY Property taxes are the largest source of funding for Lee County, accounting for half of the total revenues in FY2021. Total revenue from property taxes reached a record high in FY2021. A millage rate represents the tax rate levied on real estate or other property. The taxable value of your property can be calculated using the following equation: Assessed Value - Exemptions = Taxable Value Taxable Value / 1,000 Total Millage Rates = Total Property Tax NOVEMBER- MARCH Tax Collector distributes funds to government agencies and taxing authorities. County funds are invested by the Clerk until needed for expenses. NOVEMBER Tax Collector mails tax bills to property owners and begins collecting payments. AUGUST Property Appraiser mails TRIM (Truth in Millage) notices. Property owners may challenge the assessed value by petitioning the Clerk’s Value Adjustment Board. JULY County Commissioners and other taxing districts propose millage rates, which are used to calculate taxes. JANUARY- JUNE Property Appraiser determines property value and exemptions, which is used to calculate the property’s taxable value. TAX BILLING CYCLE SPECIAL DISTRICTS14.6% SHERIFF14.5% SCHOOL BOARD40.5% COURTS0.9% COUNTY GOVERNMENT11.4% OTHER CONSTITUTIONALS3.5% MUNICIPAL SERVICE TAX UNITS0.6% CITIES14.1% TAX BILLBreakdown Your property tax bill is composed of many tax levying authorities, including Lee County government, the School Board, and the Sheriff. For a complete breakdown of your property tax bill, visit the Tax Collector’s website at leetc.com. To contest the Property Appraiser’s assessed value of your property, you can file a petition with the Clerk’s Value Adjustment Board. Learn more about leeclerk.org/vab. 12 | THE SAND DOLLAR PROPERTY TAX & Coectis Levies BUDGET PROCESS Lee County must prepare an annual budget authorizing the spending of public funds. Florida law requires the county to have a balanced budget that can only be amended during public board meetings of the Board of County Commissioners. The fiscal year of the budget begins Oct. 1 and ends Sept. 30. In addition to the county, the school board, cities, utilities, and other taxing districts, may also impose taxes on property owners. In Lee County, there are more than 90 taxing authorities. SEPARATION OF POWERS Florida’s constitution established several government offices designed to ensure a check and balance to protect Floridians. The Board of County Commissioners and other taxing districts levy property taxes. The Property Appraiser assesses the property taxable value. The Tax Collector collects and disburses taxes. The Clerk of the Court & Comptroller pays the county’s bills and manages the Value Adjustment Board. SAVE OURHOMES The Florida Constitution was amended effective 1995 to limit annual increases in assessed value of property with homestead exemptions. The limit is 3% or the change in the Consumer Price Index, whichever is lower. No assessment shall exceed current fair market value. This cap only applies to property value, not property taxes. If the property is sold, the cap and exemption are removed and taxes are then calculated on the full just/market value. To learn more about Save Our Homes, visit the Property Appraiser’s website at leepa.org. FY20 $407,406$391,520 FY19 $382,202$367,531 FY18 $367,004$352,033 FY17 $336,533$323,518 FY16 $316,672$304,527 FY15 $299,665$288,255 FY14 $280,806$270,349 FY13 $251,106 • $260,982 FY21 $436,447$419,287 FY12 $252,281 • $262,901 As new housing is being developed and property values are increasing, property tax revenues increased 66% over the past decade. In fiscal year 2021, Lee County hit a new record, with more than $419 million in property taxes collected. FY2012 - FY2021 | THOUSANDS KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 13 COUNTY Taxes As the county recovered from the pandemic, tourism quickly rebounded and broke new records. The local 5% bed tax brought in $52.8 million in 2021, a 24% increase over the pre-pandemic previous record of $42.6 million in 2019. The Lee Clerk’s office is one of the only Clerk’s offices in Florida to collect and distribute Tourist Development Tax. The local gas tax also reached a new record in 2021, bringing $32 million. Lee County’s strong growth didn’t slow down during the pandemic. Impact fees on new development also increased 374% in the past five years. 30M25M20M15M10M5M FY2020 FY2019 FY2018 FY2017 FY2021 IMPACT FEES Impact fees ensure that new development helps pay for the increased transportation, parks, schools, fire protection and emergency medical services that will be needed by that development. 35M30M25M20M15M10M5M 40M 45M 50M FY2020 FY2019 FY2018 FY2017 FY2021 TOURIST DEVELOPMENT TAX For every gallon of gas purchased in Lee County, a 5-cent gas tax is imposed. The funds have raised $153.6 million over the past five years. LOCAL OPTION GAS TAX 30M25M20M15M10M5M FY2020 FY2019 FY2018 FY2017 FY2021 14 | THE SAND DOLLAR COUNTYExpenses In fiscal year 2021, the county incurred $1.25 billion in expenses, with nearly half designated to general government and public safety. Business-type activities are activities supported by user charges. The county maintains five business-type funds that are used to account for activities for which a fee is charged to external users for goods or services. There was an increase in expenditures in General Government in fiscal years 2020 and 2021 due to COVID-19-related expenditures paid with federal funds received to manage the pandemic. COUNTY EXPENDITURE & Expenses AIRPORT$113,608 · 9.1% WATER AND WASTEWATER$128,047 · 10.3% TRANSIT$32,692 · 2.6% TRANSPORTATION FACILITIES$24,705 · 2.0% SOLID WASTE$103,536 · 8.3% GENERAL GOVERNMENT$339,647 · 27.3%PUBLIC SAFETY$269,623 · 21.7% PHYSICAL ENVIRONMENT$15,965 · 1.3% TRANSPORTATION$72,252 · 5.8% ECONOMIC ENVIRONMENT$30,870 · 2.5% HUMAN SERVICES$33,412 · 2.7% CULTURE & RECREATION$79,949 · 6.4% FY2021 | THOUSANDS GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES TRENDS IN COUNTY EXPENDITURES &Expenses FY2017 - FY2021 | MILLIONS-BILLIONS $300M $250M $350M $200M $150M $100M $50M $0 TransportationPhysicalEnvironmentGeneralGovernment EconomicEnvironment HumanServices Culture &RecreationPublicSafety 2020201920182017 2021 KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 15 The Clerk manages the county’s investment portfolio with the primary objectives of safeguarding principal, ensuring liquidity to meet daily cash needs, and maximizing investment earnings within statutory and fiduciary constraints. The investment types are either allowed by Florida Statutes Section 218.415, the county’s adopted investment policy, or various bond covenants. INVESTMENTS At Sept. 30, 2021, the county investment portfolio was invested in the categories listed in the Portfolio Allocations chart below. All amounts reflect their fair market value as of Sept. 30, 2021. For safety and flexibility, the county maintains a short overall weighted average maturity. As of Sept. 30, 2021, its weighted average maturity for fixed income investments was 3.32 years. FY2017 - FY2021 SECURITIES - AGENCY$294.5M · 20.06% SECURITIES - TREASURY$185.0M · 12.60% DEPOSIT/NOW ACCOUNTS$141.1M · 9.61% FLORIDA CLASS$21.4M · 1.46% FLORIDA SAFE$45.95M · 3.13% FLORIDA PRIME$758.7M · 51.69% FLORIDA FIT$21.1M · 1.44% PORTFOLIOAocati The county’s investment portfolio stood at $1,467,774,992 at the end of fiscal year 2021. Of the seven primary investment categories, more than half is invested in Florida Prime. Securities make up 32.7% of the portfolio. AS OF SEPT. 30, 2021 INVESTMENTInce Investment income is largely dependent on federal interest rates, not the size of the investment portfolio. Investment income decreased during FY2021 in response FY2021 FY2020 FY2019 FY2018 FY2017 $4,639,471 $20,542,156 $30,657,532 $20,367,385 $12,598,407 to the lower federal interest rates and the markets reacting to the COVID-19 pandemic. Since FY2017, the county’s investment portfolio has generated $88,804,951. 16 | THE SAND DOLLAR COMPLETED CAPITAL Projects $3.2M $3.9M $9.1M $18.8M $28.1M Replacement of 27 passenger boarding bridges at Southwest Florida Int’l Airport Kismet/Littleton Realignment Gateway/Commerce Roundabout North Lee County Deep Injection Well Alico Road widening – Ben Hill to Airport Road CAPITALAets FY2021 Funding for these major capital projects are from grants, impact fees, tourism taxes, property taxes, gas taxes, proceeds from loans, and municipal bond issues. Capital assets are major fixed assets or infrastructure with long-term value, such as buildings, roads, bridges, and parks. Funds budgeted for a specific project remain allocated until the project is completed. Additionally, construction project budgets are reviewed annually and, if needed, funding may be adjusted. Projects may be funded by current revenues or by debt financing, depending upon the availability of funds, the nature of the project, and the policies of the Board of County Commissioners. The pie chart to the right outlines the county’s governmental capital assets. LAND$699.5M · 24.0% BUILDING$622.1M · 21.4% MACHINERY & EQUIPMENT$282.8M · 9.7% IMPROVEMENTS (NO BUILDINGS)$236.0 · 8.1% CONSTRUCTION IN PROGRESS$78.2M · 2.7% EASEMENTS & RIGHTS OF WAY$69M · 2.4% SOFTWARE$19.6 · 0.7% INFRASTRUCTURE$905.2M · 31.0% KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 17 As of Sept. 30, 2021, Lee County had total outstanding debt of $729.6 million. This included $630 million in outstanding bonded debt, $55 million in bank loans, $41 million in DEP loans, and $2.9 million in MSBU loans. Standard & Poor’s Rating Group suggest that debt service should not exceed 10-15% of appropriations. Fiscal year 2021 debt service was 4.0% of appropriations, which is within the suggested guidelines. The Clerk’s Finance Department is responsible for preparing and paying the county’s debt service payments, monitoring compliance with bond resolutions, including debt service coverage and monitoring post issuance compliance. DEBT OUTSTANDING WATER & WASTEWATER$211,885,039 • 22.0% TOURIST TAX$109,125,000 • 14.96% TRANSPORTATION FACILITIES$78,955,000 • 10.82% NON-AD VALOREM TAXES$74,850,000 • 10.26% SOLID WASTE$43,580,000 • 5.97% OTHER$2,946,937 • 0.4% PORT AUTHORITY$208,275,000 • 28.55% OUTSTANDING DEBT BY PLEDGED REVENUE Lee County’s debt is repaid with pledged revenues from tourist tax, non-ad valorem funds, net revenues of the Port Authority, net revenues of the Water and Wastewater system, net revenues of the Sanibel, Cape Coral, and Midpoint Memorial bridges (Transportation Facilities), and net revenues of the Solid Waste system. Approximately 28% of the county’s outstanding debt is payable from revenues of the Port Authority. COUNTYDebt BONDED DEBT$630,185,000 • 90.15% BANK LOANS$55,281,000 • 4.98% DEP LOANS$41,204,039 • 4.55% MSBU LOANS$2,946,937 • 0.32% Revenue Bonds make up 100% of the outstanding bonded debt, and 90% of total debt outstanding. The outstanding bonded debt balance decreased $71.5 million, or 10.2% as a result of scheduled debt service payments and refunding Airport Revenue bonds. On June 30, 2021, the county issued the Airport Revenue Refunding Bonds, Series 2021A in the amount of $139.5 million. The proceeds were used to currently refund $172.7 million of outstanding Airport Revenue Refunding Bonds, Series 2011A. 18 | THE SAND DOLLAR The safety and security of our great residents is my number one priority. By constantly upgrading our technology, adjusting our practices, and improving our already positive relationships with residents, working together, we are able to keep our residents safer than ever before. Lee County has experienced an overall crime reduction of 11% in 2020, as well as the preceding year (2019) where crime dropped 18.6%. SHERIFFCARMINE MARCENO “ Lee County’s Board of County Commissioners has voted to continue to prioritize water quality, access to public lands, investment in human services, infrastructure and clear communication with the community. The board formally adopted its strategic priorities in March 2022, which include: • Complete the Countywide Wastewater Management Plan for submission to the Florida Department of Environmental Protection in January 2023. • Identify project(s) to be submitted in the 2023 legislative session for septic-to-sewer grant funding. • Analyze the feasibility and impacts of the county purchasing Florida Governmental Utility Authority’s (FGUA) assets. • Submit recommendations for spending of American Rescue Plan Act funds that continue to focus on human services, affordable housing, workforce training and infrastructure. • Develop options for the Civic Center complex after an engineering study is completed. • Continue working on access to Conservation 20/20 properties, including the GS-10 preserve in Lehigh Acres. • Continue public education using social media platforms, including information about the county’s comprehensive plan. Lee County has created a special landing page with the strategic priorities and additional information from the Strategic Planning Workshop, including the presentation, minutes and information from last year’s workshop. To learn more about the workshop, visit www.leegov.com/bocc/strategicworkshop. A video of County Commission Chairman Cecil Pendergrass discussing the strategic priorities can also be viewed on the website. LOOKINGAhead IMPORTANT DATES OBSERVED HOLIDAYS Clerk & County Government Offices Closed Memorial Day May 30, 2022 Independence Day July 4, 2022 Labor Day Sept. 5, 2022 Veteran's Day (observed) Nov. 11, 2022 Thanksgiving Nov. 24 & 25, 2022 Christmas (observed) Dec. 23 & 26, 2022 New Year’s Day (observed) Jan. 2, 2023 Dr. Martin Luther King, Jr. Day Jan. 16, 2023 TAX DEADLINES Homestead Exemption Deadline March 1, 2023 2022 Property Tax Deadline March 31, 2023 Pay your property taxes to the Tax Collector early to receive savings on your bill. Get 4% savings in November, 3% savings in December, 2% savings in January, or 1% savings in February. Tourist Development Taxes Due 1st of each month UPCOMING ELECTIONS Primary Election Aug. 23, 2022 General Election Nov. 8, 2022 The deadline to register to vote is 29 days before an election. Learn more at www.lee.vote. KEVIN C. KARNES · CLERK OF THE COURT & COMPTROLLER, LEE COUNTY | 19 PAY & BID Traffic Citations • Child Support • Court Fees • Tourist Development Tax • Foreclosure & Tax Deed Auctions E-SERVICES Court Date Reminders • E-Certify Documents • E-File Court Cases • E-Record Documents • Jury Duty Check-In • E-File Value Adjustment Board Petitions • Report Fraud • Public Records Requests VIEW & DOWNLOAD Case Documents • Court Calendars • Official Records • Court Forms • County Commission Minutes • Video Archives • Lobbyist Logs • Passport Forms • Clerk Budgets • Audit Reports • County Financial & Investments Reports PRE-APPLY & REGISTER Marriage License • Property Fraud Alert SELF-HELP COURT ASSISTANCE Evictions, Small Claims, & Domestic Violence assistance • TurboCourt • Free Legal Consultations ServicesCLERK