HomeMy WebLinkAboutPasco County - Public Financial ReportPasco County, Florida
Annual Comprehensive Financial Report
For the Fiscal Year Ended
September 30, 2021
PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED
SEPTEMBER 30, 2021
Prepared in the Office of the
Honorable Nikki Alvarez-Sowles, Esq., CPM
Clerk of Circuit Court and County Comptroller
Chief Financial Officer
Heather Grimes, MBA, CPM
Chief Administrative Officer
Matthew Lazar, MBA., CPM
Finance Director
TABLE OF CONTENTS
PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
i
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of Transmittal ......................................................................................................................... A-1
GFOA Certificate of Achievement .................................................................................................... A-9
Organizational Chart ........................................................................................................................ A-10
List of Elected and Appointed Officials ............................................................................................. A-11
FINANCIAL SECTION
Independent Auditors’ Report .................................................................................................................... B-1
Management’s Discussion and Analysis ................................................................................................... C-1
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ..................................................................................................... D-1
Statement of Activities .......................................................................................................... D-3
Fund Financial Statements:
Balance Sheet – Governmental Funds ................................................................................. D-5
Reconciliation of Balance Sheet – Governmental Funds
to the Government-wide Statement of Net Position ......................................................... D-6
Statement of Revenues, Expenditures, and Changes in
Fund Balances – Governmental Funds ............................................................................ D-7
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances – Governmental Funds to the Government-wide
Statement of Activities ...................................................................................................... D-8
Statement of Net Position – Proprietary Funds ..................................................................... D-9
Statement of Revenues, Expenses, and Changes in
Net Position – Proprietary Funds...................................................................................... D-11
Statement of Cash Flows – Proprietary Funds ..................................................................... D-12
Statement of Fiduciary Net Position – Custodial Funds ........................................................ D-14
Statement of Changes in Fiduciary Net Position – Custodial Funds .................................... D-15
Notes to the Financial Statements .............................................................................................. E-1
Summary of Significant Accounting Policies ......................................................................... E-1
Reporting Entity .............................................................................................................. E-1
Government-wide and Fund Financial Statements ........................................................ E-3
Measurement Focus, Basis of Accounting, and Financial Statement Presentation ....... E-5
Assets, Liabilities, Deferred Inflows/Outflows and Net Position ..................................... E-7
Receivables, Payables, and Amounts Due From/Due To .............................................. E-7
Inventories and Assets Held for Resale ......................................................................... E-8
Restricted Assets ............................................................................................................ E-8
Capital Assets ................................................................................................................. E-8
Deferred Outflows/Inflows of Resources ........................................................................ E-9
Long-term Obligations and Amortization ........................................................................ E-10
Unearned Revenue ......................................................................................................... E-10
Pension Costs ................................................................................................................. E-10
Postemployment Benefits Other Than Pensions ............................................................ E-10
Compensated Absences ................................................................................................ E-11
Property Taxes ............................................................................................................... E-11
Tax Abatements .............................................................................................................. E-11
Classification of Fund Balances and Net Position .......................................................... E-11
Adoption of New Accounting Principles .......................................................................... E-13
Future Accounting Pronouncements .............................................................................. E-13
Subsequent Events......................................................................................................... E-13
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PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS (CONTINUED)
Notes to the Financial Statements (continued)
Stewardship, Compliance & Accountability ........................................................................... E-13
Cash and Investments .......................................................................................................... E-16
Insurance and Collateralization of Demand Deposits .................................................... E-16
Investments .................................................................................................................... E-17
Reconciliation of Cash and Cash Equivalents and Investments to
Basic Financial Statements ...................................................................................... E-18
Fair Value Measurements .............................................................................................. E-19
Receivables and Due From Other Governments .................................................................. E-21
Accounts, Assessments, and Notes Receivable ............................................................ E-21
Due from Other Governments ........................................................................................ E-21
Payables and Due to Other Governments ............................................................................ E-22
Payables ......................................................................................................................... E-22
Due to Other Governments ............................................................................................ E-22
Interfund Balances and Interfund Transfers.......................................................................... E-23
Interfund Balances .......................................................................................................... E-23
Interfund Transfers ......................................................................................................... E-24
Capital Assets ....................................................................................................................... E-25
Capital Assets Activity .................................................................................................... E-25
Depreciation Expense .................................................................................................... E-28
Long-Term Liabilities ............................................................................................................. E-29
Changes in Long-Term Liabilities ................................................................................... E-29
Debt Service Requirements ............................................................................................ E-33
Debt Issues ..................................................................................................................... E-35
Other Long-Term Liabilities Information ......................................................................... E-40
Due From Tampa Bay Water ................................................................................................ E-44
Restricted Assets of Enterprise Funds .................................................................................. E-45
Landfill Closure and Long-Term Care Costs – Solid Waste Disposal and
Resource Recovery System Operations .......................................................................... E-46
Pollution Remediation ........................................................................................................... E-47
Employee Retirement Plans.................................................................................................. E-48
Other Postemployment Benefits (OPEB) .............................................................................. E-53
Plan Description.............................................................................................................. E-53
Summary of Membership Information ............................................................................ E-53
Changes in the Total OPEB Plan Liability ...................................................................... E-54
Actuarial Valuation Date ................................................................................................. E-54
Actuarial Methods and Assumptions .............................................................................. E-54
Discount Rate ................................................................................................................. E-55
Sensitivity of Total OPEB Plan Liability to Changes in the Discount Rate ..................... E-59
Sensitivity of Total OPEB Plan Liability to Healthcare Cost Trend Rate Assumption .... E-59
Risk Management ................................................................................................................. E-60
Expenditures in Excess of Appropriations ............................................................................ E-61
Deficit Fund Equity ................................................................................................................ E-64
Commitments, Contingencies, and Other Matters ................................................................ E-65
Prior Period Adjustment ........................................................................................................ E-66
Fund Balances ...................................................................................................................... E-68
Subsequent Events ............................................................................................................... E-70
Required Supplementary Information:
General Fund – Schedule of Revenues, Expenditures, and Changes in Fund
Balances – Budget and Actual ................................................................................................ F-1
American Rescue Plan Act Fund – Schedule of Revenues, Expenditures, and Changes in Fund
Balances – Budget and Actual ................................................................................................ F-3
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PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS (CONTINUED)
Required Supplementary Information (continued):
Schedule of County’s Proportionate Share of the Net Pension Liability and Related Ratios
Florida Retirement System Pension Plan ............................................................................... F-4
Contribution Requirements – Florida Retirement System Pension Plan ..................................... F-5
Notes to Required Supplementary Information – Florida Retirement System (FRS) Pension Plan ...... F-6
Schedule of County’s Proportionate Share of the Net Pension Liability and Related Ratios
Florida Retirement System Retiree Health Insurance Subsidy Program ................................ F-7
Contribution Requirements – Florida Retirement System Retiree
Health Insurance Subsidy Program ........................................................................................ F-8
Notes to Required Supplementary Information
Health Insurance Subsidy Program ....................................................................................... F-9
Schedule of Changes in Total OPEB Liability and Related Ratios -
Other Post-Employment Benefits ........................................................................................... F-10
Notes to Required Supplementary Information ......................................................................... F-11
Combining and Individual Fund Financial Statements and Schedules:
Combining Balance Sheet – General Fund ............................................................................... G-1
Combining Schedule of Revenues, Expenditures, and Changes in Fund
Balances – General Fund ....................................................................................................... G-3
Combining Balance Sheet – Nonmajor Governmental Funds ................................................... G-5
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances – Nonmajor Governmental Funds ........................................................................... G-37
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual:
Municipal Service Fund .......................................................................................................... G-69
Building Inspections and Permitting Fund .............................................................................. G-70
County Transportation Fund ................................................................................................... G-71
Law Enforcement Fund .......................................................................................................... G-72
Coronavirus Relief (CARES ACT) Fund ................................................................................. G-73
Tourist Development Tax Fund .............................................................................................. G-74
Special Assessment Fund ...................................................................................................... G-75
Intergovernmental Radio Communication Fund ..................................................................... G-76
Restore Act Fund .................................................................................................................... G-77
Federal Forfeiture Fund .......................................................................................................... G-78
Quail Hollow Village MSBU Fund ........................................................................................... G-79
Municipal Fire Service Unit Fund ............................................................................................ G-80
Criminal Justice (FDLE) Fund ................................................................................................ G-81
HUD Housing and Recovery NSP - II Fund ............................................................................ G-82
American Recovery Reinvestments Act Fund ........................................................................ G-83
HUD Housing and Recovery Fund ......................................................................................... G-84
Department of Housing and Urban Development (HUD) Fund .............................................. G-85
Department of Community Affairs Grants Fund ..................................................................... G-86
Department of Transportation Fund ....................................................................................... G-87
Home Program Fund .............................................................................................................. G-88
HUD Housing and Recovery NSP - III Fund ........................................................................... G-89
US Department of Health and Human Services Fund ............................................................ G-90
Project Ledger Grants Fund ................................................................................................... G-91
Parks Fund ............................................................................................................................. G-92
Division of Library Services Fund ........................................................................................... G-93
Department of Elder Affairs Fund ........................................................................................... G-94
US Department of Justice Fund ............................................................................................. G-95
Public Transportation Fund .................................................................................................... G-96
Title III-B Transportation Fund ................................................................................................ G-97
Department of Children and Families Fund ............................................................................ G-98
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PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS (CONTINUED)
Combining and Individual Fund Financial Statements and Schedules (continued):
Elderly Nutrition Fund ............................................................................................................. G-99
Department of Homeland Security Fund ................................................................................ G-100
Florida Office of Tourism Trade and Economic Development Fund ...................................... G-101
Department of Environmental Protection Fund ...................................................................... G-102
My Safe Florida Home Grant Fund ........................................................................................ G-103
US Environmental Protection Agency Fund ........................................................................... G-104
Williamsburg West MSTU Fund ............................................................................................. G-105
911 Emergency Services Fund .............................................................................................. G-106
School Impact Fee Fund ........................................................................................................ G-107
Highlands MSBU Fund ........................................................................................................... G-108
Court Facilities Improvement 939.185, F.S. Fund .................................................................. G-109
Alcohol and Other Drug Abuse Fund ..................................................................................... G-110
Teen Court Fund ..................................................................................................................... G-111
Plantation Palms MSBU Fund ................................................................................................ G-112
Multi-Modal Transportation Fund ............................................................................................ G-113
Fire Impact Fee Fund ............................................................................................................. G-114
Rescue Impact Fee Fund ....................................................................................................... G-115
Hurricane Mitigation Fee Fund ............................................................................................... G-116
Grants Fund ............................................................................................................................ G-117
Stormwater Management Fund .............................................................................................. G-118
Fox Ridge MSBU Fund ........................................................................................................... G-119
Tree Fund ............................................................................................................................... G-120
Municipal Service Benefit Units Fund ..................................................................................... G-121
Timber Oaks MSBU Fund ....................................................................................................... G-122
Magnolia Valley MSBU Fund .................................................................................................. G-123
Street Lighting Assessment Fund ........................................................................................... G-124
Library Projects GO Bond Series 2021A Fund ....................................................................... G-125
Park Projects Non-Ad Valorem Revenue Bond Series 2020A Fund ...................................... G-126
Second Local Option Fuel Tax Refunding Revenue Bond Series 2020 Fund ....................... G-127
Fire-Rescue Projects GO Bond Series 2020A Fund .............................................................. G-128
Second Local Option Fuel Tax Refunding Bond Series 2021 Fund ....................................... G-129
Tourist Development Tax Revenue Bond Series 2021 Fund ................................................. G-130
HUD Section 108 Note, Series 2006 Fund ............................................................................. G-131
Guaranteed Entitlement Refunding Revenue Bond Series 2013A Fund ................................ G-132
Half-Cent Sales Tax Refunding Bond Series 2013A Fund ..................................................... G-133
Guaranteed Entitlement Loan Series 2013B Fund ................................................................. G-134
Penny for Pasco Public Safety Note Series 2016 Fund ......................................................... G-135
Sheriff GO Bond Series 2019A Fund ..................................................................................... G-136
Public Safety GO Bond Series 2019B Fund ........................................................................... G-137
Parks and Recreation GO Bond Series 2019C Fund ............................................................. G-138
Library GO Bond Series 2019D Fund ..................................................................................... G-139
Sheriff Go Bond Series 2021B Fund ...................................................................................... G-140
Debt Service Fund .................................................................................................................. G-141
Penny for Pasco Fund ............................................................................................................ G-142
Board Capital Improvements Fund ......................................................................................... G-143
Sunlake Blvd Project Series 2021 Fund ................................................................................. G-144
Second Local Option Fuel Tax Fund ...................................................................................... G-145
Libraries Projects GO Bond Series 2021A Fund .................................................................... G-146
Capital Improvement Plan Fund ............................................................................................. G-147
Sheriff Projects Go Bond Series 2021B Fund ........................................................................ G-148
Fire-Rescue Projects Go Bond Series 2020A Fund ............................................................... G-149
Parks Projects Go Bond Series 2020A Fund ......................................................................... G-150
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PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS (CONTINUED)
Combining and Individual Fund Financial Statements and Schedules (continued):
Penny for Pasco JEO Trust Fund ........................................................................................... G-151
Penny for Pasco Public Safety Fund ...................................................................................... G-152
Penny for Pasco Environmental Lands Fund ......................................................................... G-153
Penny for Pasco Transportation Infrastructure Fund ............................................................. G-154
Transportation CIP Fund ........................................................................................................ G-155
Road and Bridge Transportation Trust Fund .......................................................................... G-156
Paving Special Assessment Fund .......................................................................................... G-157
Stormwater Fund .................................................................................................................... G-158
HUD Section 108 Fund ........................................................................................................... G-159
Fire Impact Fee (Land) Fund .................................................................................................. G-160
Fire Impact Fee (Facilities) Fund ............................................................................................ G-161
Rescue Impact Fee (Land) Fund ............................................................................................ G-162
Rescue Impact Fee (Facilities) Fund ...................................................................................... G-163
Library Impact Fee (Land) Fund ............................................................................................. G-164
Library Impact Fee (Facilities) Fund ....................................................................................... G-165
General Obligations Fund ....................................................................................................... G-166
Park Impact Fee West (Land) Fund ....................................................................................... G-167
Park Impact Fee West (Fields) Fund ...................................................................................... G-168
Park Impact Fee West (Water Access) Fund ......................................................................... G-169
Park Impact Fee West (Other) Fund ...................................................................................... G-170
Park Impact Fee Central (Land) Fund .................................................................................... G-171
Park Impact Fee Central (Fields) Fund .................................................................................. G-172
Park Impact Fee Central (Water Access) Fund ...................................................................... G-173
Park Impact Fee Central (Other) Fund ................................................................................... G-174
Park Impact Fee East (Land) Fund ........................................................................................ G-175
Park Impact Fee East (Fields) Fund ....................................................................................... G-176
Park Impact Fee East (Water Access) Fund .......................................................................... G-177
Park Impact Fee East (Other) Fund ....................................................................................... G-178
Florida Boating Improvement Fund ........................................................................................ G-179
Mobility Fee West (Road) Fund .............................................................................................. G-180
Mobility Fee West (Transit) Fund ........................................................................................... G-181
Mobility Fee West (Bike) Fund ............................................................................................... G-182
Mobility Fee Central (Road) Fund .......................................................................................... G-183
Mobility Fee Central (Transit) Fund ........................................................................................ G-184
Mobility Fee Central (Bike) Fund ............................................................................................ G-185
Mobility Fee East (Road) Fund ............................................................................................... G-186
Mobility Fee East (Transit) Fund ............................................................................................ G-187
Mobility Fee East (Bike) Fund ................................................................................................ G-188
Mobility Fee VOPH (Road) Fund ............................................................................................ G-189
Mobility Fee VOPH (Transit) Fund ......................................................................................... G-190
Mobility Fee VOPH (Bike) Fund ............................................................................................. G-191
Capital Projects Fund ............................................................................................................. G-192
Combining Statement of Net Position – Internal Service Funds ................................................ G-193
Combining Statement of Revenues, Expenses, and Changes in Fund
Net Position – Internal Service Funds .................................................................................... G-194
Combining Statement of Cash Flows – Internal Service Funds ................................................. G-195
Combining Statement of Fiduciary Net Position – Custodial Funds ............................................ G-197
Combining Statement of Changes in Fiduciary Net Position – Custodial Funds ........................ G-198
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PASCO COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS (CONTINUED)
STATISTICAL SECTION
Financial Trends:
Net Position by Component – Last Ten Fiscal Years ................................................................ H-1
Changes in Net Position – Last Ten Fiscal Years ...................................................................... H-2
Fund Balances, Governmental Funds – Last Ten Fiscal Years ................................................. H-4
Net Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years ....................... H-5
Direct and Overlapping Property Tax Rates (Millage Rate) – Last Ten Fiscal Years ................ H-6
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .... H-7
Principal Taxpayers – Current Year and Ten Years Ago .......................................................... H-8
Property Tax Levies and Collections – Last Ten Fiscal Years ................................................... H-9
Debt Capacity:
Outstanding Debt by Type – Last Ten Fiscal Years ................................................................... H-10
Direct and Overlapping Governmental Activities Debt as of September 30, 2021 .................... H-11
Schedule of General Government Bond Coverage – Last Ten Fiscal Years:
Gas Tax Refunding Revenue Bonds .................................................................................... H-12
Guaranteed Entitlement Refunding Revenue Bonds ............................................................ H-12
Half-Cent Sales Tax Revenue Bonds ................................................................................... H-12
Tourist Development Tax Bonds ........................................................................................... H-13
General Obligation Bonds ..................................................................................................... H-13
Schedule of Water and Sewer Unit Bond Coverage – Last Ten Fiscal Years ........................... H-14
Schedule of Solid Waste Disposal and Resource Recovery System Bond Coverage .............. H-15
Demographic and Economic Information:
Demographic and Economic Information – Last Ten Fiscal Years ............................................ H-16
Principal Employers – Current and Ten Years Ago ................................................................... H-17
Operating Information:
Employment Statistics by Function – Last Ten Fiscal Years ..................................................... H-18
Operating Indicators by Function/Program – Last Ten Fiscal Years ......................................... H-19
Capital Assets and Infrastructure Statistics by Function/Program – Last Ten Fiscal Years ...... H-20
BOND COMPLIANCE
Schedules of Receipts, Disbursements and Balances – All Funds and Accounts
in Compliance with Section 714(3), Indenture of Trust between Pasco County,
Florida And First Union National Bank of Florida (“US Bank”) as Trustee (Bond
Compliance Disclosure) ............................................................................................................. I-1
COMPLIANCE SECTION
Independent Auditors’ Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards ......................................................................... J-1
Independent Auditors’ Report on Compliance for Each Major Federal Program and State
Project and on Internal Control Over the Compliance Required by the Uniform Guidance
and Chapter 10.550, Rules of the Auditor General............................................................................ J-3
Schedule of Expenditures and Federal Awards ..................................................................................... J-5
Schedule of Expenditures of State Financial Assistance ....................................................................... J-13
Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance ....................... J-16
Schedule of Findings and Questioned Costs.......................................................................................... J-17
Corrective Action Plan ............................................................................................................................ J-21
Management Letter ................................................................................................................................. J-24
Independent Accountant’s Report on Compliance with Sections 365.172(10) and
365.173(2)(d), Florida Statutes .................................................................................................... J-26
Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes ................... J-27
Florida Impact Fee Act Affidavit .............................................................................................................. J-28
INTRODUCTORY SECTION
May 31, 2022
The Honorable Jack Mariano, Chairman
Board of County Commissioners
Pasco County, Florida
37918 Meridian Avenue
Dade City, FL 33525
Dear Chairman Mariano:
The Annual Comprehensive Financial Report (ACFR) of Pasco County, Florida (County), for the fiscal
year ended September 30, 2021, is respectfully submitted. The Financial Services Department, within the
Office of the Clerk of Circuit Court and County Comptroller (Clerk & Comptroller), prepared this report.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the County. We believe the data, as presented, are
accurate in all material respects and are presented in a manner designed to present fairly the financial
position and results of operations of the various funds. All disclosures necessary to enable the reader to
gain an understanding of the County's financial activities have been included. The report fulfills the
requirements set forth in Section 218.39, Florida Statutes, and the Rules of the Florida Auditor General,
Chapter 10.550.
In accordance with Section 218.39, Florida Statutes, each county is required to have an annual financial
audit of its accounts and records by an independent certified public accountant. The County has complied
with this requirement, engaging the firm of Carr, Riggs & Ingram, LLC, Certified Public Accountants, to
perform the audit for the fiscal year ended September 30, 2021. The goal of an independent audit is to
obtain reasonable assurance that the financial statements are free of material misstatement. The
independent audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. It also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. Carr,
Riggs & Ingram, LLC, concluded, based on the audit, there was a reasonable basis for rendering an
unmodified (clean) opinion that Pasco County’s financial statements for the fiscal year ended September
30, 2021, are fairly presented, in all material respects, and in conformity with U.S. generally accepted
accounting principles (GAAP).
ORGANIZATION AND CONTENT OF THE ACFR
The ACFR complies with the financial reporting model, as required by Governmental Accounting
Standards Board (GASB) Statement No. 34, Basic Financial Statements – and Management’s Discussion
and Analysis – for State and Local Governments.
A-1
The ACFR is organized into four sections:
Introductory Section
This section is intended to familiarize the reader with the organizational structure of the County, the
nature and scope of the services it provides, and the specifics of its legal environment. It also provides
economic and major initiative highlights.
Financial Section
This section includes the audited basic financial statements, notes to the financial statements, and
supporting statements and schedules necessary to fairly present the financial position and the results
of operations of the County, in conformity with GAAP and the independent auditors’ report. Also
included in this section are the narrative introduction, overview, and analysis found in Management’s
Discussion and Analysis (MD&A). MD&A is intended to disclose any known significant events or
decisions that affect, or may affect, the financial condition of the County.
Statistical Section
This section includes selected financial and demographic information, generally presented on a
multi-year basis.
Compliance Section
This section includes the independent Auditors’ Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Governmental Auditing Standards, Management Letter, Independent Accountant’s
Report on Compliance with Sections 365.173(10) and 365.173(2) (d), Florida Statutes, and the
Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes.
THE REPORTING ENTITY AND ITS SERVICES
Pasco County is a non-charter county established under the Constitution and the laws of the State of
Florida. The ACFR is a county-wide report which discloses the results of operations for the following
entities: Board of County Commissioners (BCC), Clerk & Comptroller, Property Appraiser, Sheriff,
Supervisor of Elections, and Tax Collector. The BCC is the legislative body for Pasco County and, as
such, it budgets and provides all funding used by the BCC's departments and the separate Constitutional
Officers, with the exception of certain fees and service charges collected by the Clerk & Comptroller,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector.
Under the direction of the Clerk & Comptroller, the Financial Services Department maintains the
accounting records for the BCC and the Clerk & Comptroller operations. The Property Appraiser, Sheriff,
Supervisor of Elections, and Tax Collector maintain their own accounting systems and records. However,
for purposes of the ACFR, the operations of the County, as a whole, including those of the Constitutional
Officers, have been presented.
The process of evaluating potential component units involves the application of criteria set forth by the
GASB. The financial reporting entity consists of the primary government, organizations for which the
primary government is financially accountable, and other organizations for which the nature and
significance of their relationship with the primary government are such that exclusion would cause the
reporting entity's financial statements to be misleading or incomplete. The definition of the reporting entity
is based primarily on the notion of financial accountability. The primary government is financially
accountable for the organizations that make up its legal entity - the Board and the Constitutional Officers.
The primary government is also financially accountable for legally separate organizations if its officials
appoint a voting majority of an organization's governing body and, either it is able to impose its will on that
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organization, or there is a potential for the organization to provide specific financial benefits to, or to
impose specific financial burdens on, the primary government.
Based on the application of the aforementioned criteria, the Pasco County Housing Finance Authority, the
J. “Ben” Harrill Villages of Pasadena Hills Stewardship District, and Connected Cities Stewardship District
were determined to be discretely presented component units properly included in the County's reporting
entity.
Pasco County provides a full range of services. These include public safety (law enforcement and fire),
culture and recreation, health and social services, streets and highways, public improvements, planning
and zoning, utility services, resource recovery, and general and administrative services.
ECONOMIC CONDITION AND OUTLOOK
Pasco County is part of the nine-county region commonly referred to as the “Nature Coast.” Sitting
approximately 30 miles north of Tampa and 50 miles west of Orlando, Pasco County can be defined by
three distinct demographic areas:
Eastern Pasco County is defined as being a largely rural and agriculturally diverse region. It is also
home to the County Seat, located in Dade City.
Central Pasco County remains the main contributor in regard to development. Once considered a
discreet area of the county, it has quickly developed into the county’s main tourist draw with various
forms of shopping and entertainment.
Western Pasco County is highly developed suburban area of the county. The West Pasco
Government Center and West Pasco Judicial Center are located on this side of the county, in New
Port Richey.
According to the Florida Office of Economic and Demographic Research (EDR), the per capita
personal income level was $45,461 in 2020, up 7.0% from the prior year. The median household
income level was $53,431.
Pasco County is considered by many to be located in the heart of the “Super Region.” The population
of Pasco County increased from 479,340 in 2014 to 575,891 as of April 2021. Currently coming in as
the 11th most populous county in Florida, the population is projected to grow another 19.1% (or to
651,000) by 2025.
479 488 496 506 515 527
542
575
450
470
490
510
530
550
570
590
2014 2015 2016 2017 2018 2019 2020 2021
Pasco County Population
(in thousands)
Source: Florida Legislature, Office of Economic & Demographic Research
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As of September 30, 2021, Pasco County’s unemployment rate stood at 4.4%. This is a decrease
from the previous year’s rate of 7.7%, is 0.2% below the state average, and 0.4% below the national
average, respectively. The expectation for 2022 is to see the unemployment rate for the county
remain in line with the state and national averages. The economy bounced back in 2021, following a
profound impact from the global shutdown resulting from the COVID-19 pandemic.
As of September 30, 2021, the median sale price of a single-family home in Pasco County was
$325,745. This is 23.0% higher than in the same period 12 months earlier ($264,900), according to
Pinellasrealtor.org, which tracks local real estate data. With higher home prices and a 19.6% reduced
inventory of active listings, Pasco proves to be a county where new and existing residents want to
live.
According to the cost of living calculator at www.bestplaces.net, and using Pasco County’s most
populated cities, it costs an overall average of 19.5% less to live in Pasco than in major cities like New
York or Chicago, 15.1% less than in smaller cities like Boston or Tampa, and 2.3% less than in
popular suburbs or emerging areas like Hackensack or Valdosta.
Following five years of decline due to the Great Recession, total taxable assessed values (TTAV)
have increased each year since 2014. In fact, TTAV increased by more than 56% since 2014, with
the value of new construction accounting for a significant portion of that increase.
6.7%6.0%
5.1%5.2%4.4%3.8%
7.7%
4.4%
6.3%
5.2%4.9% 4.5%4.0% 3.6%
8.2%
4.6%
6.3%
5.0%4.9%4.5%3.7%3.6%
7.9%
4.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2014 2015 2016 2017 2018 2019 2020 2021
Unemployment Rate
Pasco County
Florida
National
$20,261,141
$21,433,772
$22,522,061
$22,922,358
$24,668,410
$26,992,520
$29,390,564
$31,743,617
$‐
$10,000,000
$20,000,000
$30,000,000
$40,000,000
2014 2015 2016 2017 2018 2019 2020 2021
Total Taxable Assessed Value
(in thousands)
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Following a COVID-related increase in outstanding delinquent taxes in 2020, totals decreased by
35.9% and fell to a low rate of only .05% of the total tax levy, which is .02% lower than 2019 and .09%
lower than 2018.
MAJOR COUNTY INITIATIVES
Abate flood impacts on life and property. ($866,576)
Plan, build, operate and maintain a safe, resilient, and efficient multi-modal transportation and
roadway infrastructure system. ($395,329)
Efficiently operate, maintain, and expand utilities systems to provide potable water, wastewater,
reclaimed water, and solid waste services to our customers. ($3,045,076)
Incorporate sustainable practices into the development and redevelopment of Pasco communities
in order to provide a diversity of land uses while prioritizing alternative modes of transportation and
promoting great public spaces for everyone. ($973,245)
Improve public safety response and service delivery capabilities to meet resiliency in the
community’s growing and challenging needs. ($13,200,570)
Deliver services creating impactful change that enhance self-sufficiency and quality of life.
($397,428)
Provide cultural, educational, recreational, and social opportunities in Pasco County to improve
overall quality of life. ($895,226)
Protect, conserve, manage, and restore the County’s natural resources including land, water, and
wildlife habitat. ($324,898)
Employ sound financial management practices leading to sustainable fiscal decision-making.
($245,382)
Become a regional leader attracting, retaining, and growing businesses to achieve a strong, stable,
diversified business mix, and tax and employment base. ($2,000,000)
Simplify and streamline review, inspections, and permitting processes to facilitate commercial
growth to make Pasco a great place to locate and operate a business. ($1,559,535)
‐
200
400
600
800
1,000
2014 2015 2016 2017 2018 2019 2020 2021
$970
$819
$397 $320 $254
$136 $194 $125
Outstanding Delinquent Taxes as of September 30, 2021
(in thousands)
A-5
Foster and promote relationships through a collaborative environment that provides for positive
economic and community outcomes. ($258,148)
Deliver Services that exceed customer expectations in a manner that builds trust, inspires
confidence, and promotes accountability. ($924,766)
Foster a Safe Organizational Culture that is characterized by open communication, high
performance, and an engaged workforce. ($428,487)
Systematically develop, evaluate, and improve organizational performance. ($143,150)
Foster a transformational culture that promotes innovation. ($65,418)
The following schedule reflects capital projects budgeted for $500,00 or more in CFY 2021-2022:
The complete CFY 2021-2022 Pasco County CIP consists of 101 projects for a total of $180 million.
FINANCIAL INFORMATION
The County's accounting records for general governmental operations are maintained on the modified
accrual basis, with revenues recorded when measurable and available. Expenditures are recorded when
the services or goods are received. Except for principal and interest on general long-term debt and
compensated absences, liabilities, are recognized as expenditures to the extent that they have matured.
Accounting records for the County's enterprise and internal service operations are maintained on the
accrual basis, with the revenues recorded when earned and expenses recorded when the liabilities are
incurred. Procedures have been developed for financial reporting adjustments and reconciling data in
order to apply the accrual method of accounting across all funds and in accordance with GASB
Statement No. 34.
In developing the County's accounting system, consideration is given to the adequacy of internal
accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute,
A-6
assurance regarding the safeguarding of assets against loss from unauthorized use or disposition,
reliability of financial records for preparing financial statements, and maintaining accountability for assets.
The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits
likely to be derived, and the evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. We believe the Office’s internal
accounting controls adequately safeguard assets and provide reasonable assurance of proper recording
of financial transactions.
Budgetary control is maintained at the department level by encumbrance of estimated purchase amounts
prior to the release of purchase orders to vendors. Purchase orders, which would result in an overrun of
sub-function balances, are not released until additional appropriations are made available. Depending on
how the original resources were classified, encumbrances open at September 30, 2021, are reported as
“unassigned” or “assigned.”
Capital Assets
Under Section 273.02, Florida Statutes, “property” means equipment, fixtures, and other tangible
personal property of a non-consumable and non-expendable nature, costing over $1,000, with a normal
expected life of one year or more, and which shall be periodically reviewed for inventory purposes. These
properties, as well as the capital assets of the County, are used in the performance of governmental and
business-type activities. The County capitalizes all tangible assets with a value in excess of $5,000 and
recognizes depreciation based upon their useful lives (see Note 1H in the Notes to Financial Statements).
In accordance with U.S. GAAP, capital assets in Pasco County are recorded at either historical (original)
cost, or estimated historical cost, if original cost data is not available, except for contributed property,
which is recorded at its estimated fair value at the date of contribution. In accordance with GASB
Statement No. 34, the County has recorded and reported all infrastructure assets acquired since 1980.
Infrastructure assets include streets, roads, sidewalks, and bridges.
Independent Audit
Section 218.39, Florida Statutes, requires an independent certified public accountant's financial audit of
counties in the State. Pasco County has complied with this requirement, and the report of our
independent auditor, Carr, Riggs & Ingram LLC, has been included in this report. As a recipient of federal
awards and state assistance, the County is responsible for maintaining an adequate internal control
framework to ensure compliance with applicable laws and regulations related to these assistance
programs. The independent certified public accountant issues a report on compliance and internal control
over compliance in the annual Single Audit, which covers major federal grant programs, and in the annual
Florida Single Audit, which covers major state grant programs. The federal and state single audits were
designed to meet the requirements of Title 2, U.S. Code of Federal Regulations, Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance), as well as Section 215.97, Florida Statutes, respectively. The independent certified public
accountants’ Single Audit Report is issued separately.
Reporting Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Pasco County, Florida, for its ACFR
for the fiscal year ended September 30, 2020. This was the thirty-eighth consecutive year Pasco County
has achieved this prestigious award. To be awarded a certificate of achievement, a government must
publish an easily readable and efficiently organized ACFR. This report must satisfy both GAAP and
applicable legal requirements. A certificate of achievement is valid for a period of one year only.
A-7
We believe that our current ACFR continues to meet the Certificate of Achievement Program's
requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.
Acknowledgements
We would like to express our appreciation to the Financial Services Management Team and all
teammates of the Pasco County Clerk & Comptroller’s Financial Services Department, for their
dedicated service in preparing the Annual Comprehensive Financial Report.
We would also like to offer our gratitude to the Board of County Commissioners and its staff, as well as
the respective offices and staff of the Pasco County Property Appraiser, Sheriff, Supervisor of Elections,
and Tax Collector, all of whom have been instrumental in the completion of this report.
We want to further extend our thanks to all the departments and agencies outside the County that
contributed financial information for use in this report.
Sincerely,
Nikki Alvarez-Sowles, Esq., CPM
Clerk of Circuit Court and County Comptroller
Chief Financial Officer
Heather Grimes, MBA, CPM
Chief Administrative Officer
Matthew Lazar MBA, CPM
Finance Director
A-8
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A-10
PASCO COUNTY, FLORIDA
FOR THE YEAR ENDED
SEPTEMBER 30, 2021
PRINCIPAL OFFICIALS
as of September 30, 2021
BOARD OF COUNTY COMMISSIONERS
Ron Oakley, Chairman – District 1
Kathryn Starkey, Vice Chairman – District 3
Mike Moore – District 2
Christina Fitzpatrick – District 4
Jack Mariano – District 5
COUNTY ADMINISTRATOR COUNTY ATTORNEY
Dan Biles Jeffrey Steinsnyder
CLERK OF CIRCUIT COURT AND COUNTY COMPTROLLER
Nikki Alvarez-Sowles, Esq., CPM
PROPERTY APPRAISER
Mike Wells
SHERIFF
Chris Nocco
SUPERVISOR OF ELECTIONS
Brian Corley
TAX COLLECTOR
Mike Fasano
A-11
FINANCIAL SECTION
•Independent Auditors’ Report
•Management’s Discussion and Analysis
•Basic Financial Statements
Government-Wide Financial Statements
Fund Financial Statements
Notes to Financial Statements
•Required Supplementary Information
•Combining and Individual Fund Statements and
Schedules
INDEPENDENT AUDITORS’ REPORT
Distinguished Members of the
Board of County Commissioners
Pasco County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business‐type
activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of Pasco County, Florida (the County) as of and for the year ended September 30, 2021 and
the related notes to the financial statements, which collectively comprise the County’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business‐type activities, the aggregate discretely
presented component units, each major fund, and the aggregate remaining fund information of Pasco County,
Florida, as of September 30, 2021, and the respective changes in financial position, and, where applicable, cash
flows thereof for the year then ended in accordance with accounting principles generally accepted in the
United States of America.
B-1
Emphasis of Matters
Corrections of Prior Period
As described in Note 19 to the financial statements; governmental activities – net position beginning of the
year and aggregate remaining fund information – fund balance beginning of the year, were restated in the
amount of $6,125,936 and component units – fund balance beginning of the year, were restated in the amount
of $2,160,062 due to a correction of the prior period. Our opinions were not modified with respect to these
matters.
Corrections of Misstatements
As discussed in Note 19 to the financial statements, the 2021 financial statements have been restated to
correct a misstatement. Our opinion is not modified with respect to this matter.
Changes in Accounting Principle
As discussed in Note 1 to the financial statements, in the year ended September 30, 2021, the County adopted
the provisions of Governmental Accounting Standards Board (“GASB”) Number 84, Fiduciary Activities. As a
result of the implementation of GASB Number 84, the County reported a restatement for the change in
accounting principle which is described in Note 19. Our opinion is not modified with respect to this matter.
As discussed in Note 19 to the financial statements, in the year ended September 30, 2021, the County has
adjusted opening net position for the discretely presented component units due to evaluation of GASB Number
61, The Financial Reporting Entity: Omnibus. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information, and other required supplementary information as
listed in the table of contents be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board, who considers it to be an essential part of financial reporting for placing the basic financial statements
in an appropriate operational, economic, or historical context. We have applied certain limited procedures to
the required supplementary information in accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries, the
basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures do
not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the County’s basic financial statements. The introductory section, combining and individual nonmajor
fund financial statements, budgetary comparison schedules, statistical section and the schedules of receipts,
disbursements, and balances in compliance with Section 714(3) of the indenture trust are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The schedule of
expenditures of federal awards and state financial assistance and related notes is presented for purposes of
additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards and Chapter 10.550, Rules of the
Auditor General, and is also not a required part of the basic financial statements.
B-2
The combining and individual nonmajor fund financial statements and the schedule of expenditures of federal
awards and state financial assistance are the responsibility of management and were derived from and relate
directly to the underlying accounting and other records used to prepare the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial
statements and the schedule of expenditure of federal awards and state financial assistance are fairly stated
in all material respects in relation to the basic financial statements as a whole.
The introductory and statistical sections and the schedules of receipts, disbursements, and balances in
compliance with Section 714(3) of the indenture trust have not been subjected to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide
any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 1, 2022, on our
consideration of Pasco County, Florida’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of
Pasco County, Florida’s internal control over financial reporting or on compliance. That report is an integral
part of an audit performed in accordance with Government Auditing Standards in considering the Pasco County,
Florida’s internal control over financial reporting and compliance.
Tampa, Florida
May 31, 2023
B-3
MANAGEMENT’S DISCUSSION AND ANALYSIS
Provides an objective analysis of the County’s financial activities.
MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s discussion and analysis provides an overview of the financial activities of Pasco
County, Florida (County), for the fiscal year ended September 30, 2021. Readers are
encouraged to consider the information presented here in conjunction with additional
information provided in the Letter of Transmittal, on page A-1, and in the County’s financial
statements that begin on page D-1.
FINANCIAL HIGHLIGHTS
Government-wide Statement
As of September 30, 2021, the County’s assets and deferred outflow of resources exceeded its
liabilities and deferred inflow of resources by $2.655 billion (net position), an increase of $273.2
million over the prior year.
The total net position of $2.655 billion is comprised of the following: (1) $947.3 million is
restricted as a result of constraints imposed by parties outside the County, such as debt
covenants, laws, or regulation; (2) $1.735 billion of net investment in capital assets, which
includes property and equipment, net of accumulated depreciation, reduced for outstanding debt
related to the purchase or construction of those capital assets; and (3) a deficit of $27.6 million
in unrestricted net position.
Fund Statements
For the fiscal year ended September 30, 2021, governmental funds reported a combined ending
fund balance of $847.6 million, an increase of $152.3 million (or 21.9%) over the prior year. Of
the total, $267.4 million is available for spending at the County’s discretion (assigned or
unassigned fund balance), subject to the intent of the Board of County Commissioners or the
Office of the Clerk & Comptroller, to which the authority to assign amounts for specific purposes
has been delegated by the Board.
On September 30, 2021, the fund balance of the County’s General Fund was $84.0 million,
representing an increase of $15.9 million (or 23.4%) over the prior year. $80.8 million of the fund
balance total was assigned or unassigned.
Governmental fund revenues increased by an overall $35.4 million, or 4.8%, from the prior year.
This can be attributed to an increase of $51.7 million in charges for services and fines and
forfeitures, an $46.8 million increase in special assessments, a $29.7 million increase in taxes, a
decrease in intergovernmental revenues of $63.0 million, and a decrease of $18.0 million in
licenses and permits, a $15.1 million decrease in interest, and an increase in miscellaneous
revenue of $3.3 million.
As of September 30, 2021, there was a $192.1 million net increase in bonds payable. This can
be attributed mostly due to the additional tranches for the general obligation bonds referendum
passed November 6, 2018.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to Pasco County’s Basic
Financial Statements. The Basic Financial Statements include three components: (1)
Government-wide Financial Statements, (2) Fund Financial Statements, and (3) Notes to the
Financial Statements. This Annual Comprehensive Financial Report also contains other
required supplementary information and supplemental information, in addition to the basic
financial statements themselves.
C-1
Government-wide Financial Statements
The government-wide financial statements are designed to provide a broad overview of the
County’s finances in a manner similar to a private-sector business. The information consists of
the following statements:
The Statement of Net Position presents information on all of the County’s assets and liabilities,
as well as the deferred inflows/outflows of resources. The differences between the two are then
reported as net position. Over time, changes in net position may serve as an indicator as to
whether the financial position of the County is strengthening or weakening.
The Statement of Activities presents information showing how the government’s net position
changed during the fiscal year. Changes in net assets are reported as soon as the underlying
event giving rise to the change occurs, regardless of when cash is received or paid. Therefore,
some of the revenues and expenses reported in the statement of activities will only result in
cash flows in future periods. For example, certain uncollected taxes are shown as revenues,
although cash receipts will occur in the following year. Also, an increase in earned, unused
vacation leave is recorded as an expense, but the related cash outflows will occur in the future.
Both financial statements distinguish between activities of the County supported primarily by
program revenues, taxes, and intergovernmental revenues (governmental activities) and
activities that recover all or a significant portion of their costs through user fees and charges
(business-type activities). The governmental activities of the County include general
government, public safety, physical environment, transportation, economic environment, human
services, culture and recreation, and court-related functions. The business-type activities of the
County are the Water and Wastewater Unit and the Solid Waste Disposal and Resource
Recovery System. In the government-wide financial statements, emphasis is placed on the
position of governmental activities and business-type activities and on the change in net
position.
The government-wide financial statements include not only the County itself (known as the
primary government), but also legally separate entities, the Pasco County Housing Finance
Authority and Connected Cities, for which the County is financially accountable. The financial
information for these component units is reported separately from the financial information of the
primary government. To obtain financial statements of theses discretely presented component
units, see Note 1, Summary of Significant Accounting Policies, Reporting Entity, in the Notes to
Financial Statements. The J. “Ben” Harrill Villages of Pasadena Hills Stewardship District, the
other discretely presented component unit, had no financial activities during the year.
Fund Financial Statements
A fund is a subgrouping of related accounts used to maintain control over resources segregated
for specific activities or objectives. The County uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements, including those involving legislative,
administrative and contractual obligations. All of the County’s funds can be divided into three
categories: governmental, proprietary, and fiduciary.
Governmental Funds
Most of the County’s basic services are reported in governmental funds. Governmental funds
are used to account for essentially the same functions as governmental activities in the
government-wide financial statements. However, unlike the government-wide financial
statements, governmental fund financial statements are reported using an accounting method
called modified accrual accounting, which measures cash and all other financial assets that can
readily be converted to cash. Consequently, governmental fund financial statements provide a
detailed focus on near-term inflows and outflows of spendable resources, as well as on
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balances of spendable resources available at the end of the fiscal year. This information may be
useful in evaluating a government’s near-term financing requirements. Since the focus of
governmental funds is narrower than that of the government-wide financial statements, it is
useful to perform a comparison of the information presented for the governmental funds with
similar information for governmental activities in the governmental-wide financial statements.
This will provide readers with a better understanding the long-term impact of the government’s
near-term financing decisions.
As of September 30, 2021, the County maintains 148 individual governmental funds.
Information regarding these funds can be located within both the governmental fund balance
sheet and governmental fund statement of revenues, expenditures and changes in fund balance
on pages D-5 and D-7 respectively. The financial information represented in these statements
shows a breakdown of the County’s General Fund and American Rescue Plan Act Fund, with
the remaining funds represented as Other Governmental Funds. To view financial information
for the remaining non-major funds readers should reference the Combining and Individual Fund
Statements and Schedules section of this document. Within this section, readers will not only
see financial information related to the Board of County Commissioners, but also the
Constitutional Officers’.
The County also adopts an annual budget for its general, special revenue, debt service, and
capital project funds. Budgetary comparison schedules have been provided for these funds to
demonstrate budgetary compliance.
Proprietary Funds
The County maintains two different types of proprietary funds. The County uses enterprise
funds to account for its major business-type funds: the Water and Wastewater Unit and the
Solid Waste Disposal and Resource Recovery System, which are presented as business-type
activities in the government-wide financial statements. In addition, internal service funds are
used to accumulate and allocate costs among the County’s various functions. The County uses
the internal service funds to account for equipment service, County insurance, County self-
insurance, Clerk and Comptroller’s insurance, and the Sheriff’s health insurance. As these
operations predominantly benefit governmental, rather than business-type functions, they are
included within governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements can be found in the
Basic Financial Statements. Individual fund data for the internal service funds are provided in
the Combining and Individual Fund Statements and Schedules section of this report.
The basic proprietary fund financial statement can be found on pages D-9 to D-13 of this
document.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not included in the government-wide financial statements
because the resources of these funds are not available to support the County’s own programs.
However, the separate Statement of Fiduciary Net Position – Custodial Funds and Statement of
Changes in Fiduciary Net Position – Custodial Funds are included in the Basic Financial
Statements since the County has custodial responsibility. Additionally, the individual custodial
funds are included in the Combining and Individual Fund Statements and Schedules section of
this report.
The basic fiduciary fund financial statements can be found on page D-14 of this document.
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Notes to the Financial Statements
The notes provide additional information essential for a full understanding of the data provided
in both the government-wide financial and fund financial statements. The notes to the financial
statements can be found starting on page E-1, with the index starting on the first page.
Other Information
The combining statements for the non-major funds, internal service funds, agency funds, and
individual fund budget-to-actual comparison schedules, are found in the Combining and
Individual Fund Statements and Schedules section of this report beginning on G-1.
Additional information of interest to the reader can be found within the Statistical Section, which
starts on page H-1.
Government-Wide Financial Analysis
In accordance with the requirements of Governmental Accounting Standards Board Statement
No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State
and Local Governments (GASBS No. 34), the government-wide financial statements have been
prepared using accrual accounting for all of the County’s activities. Accrual accounting
measures not just current assets and liabilities, but also long-term assets and liabilities like
capital assets and bond-issue debt. The use of accrual accounting results in the reporting of all
revenues and all costs of providing services each year, not just those received or paid in the
current year or soon after year-end, as does modified accrual basis accounting. As noted
earlier, net position may serve, over time, as a useful gauge of a government’s financial
position.
As of September 30, 2021, the County is able to report positive balances in all three categories
of net position for both governmental and business-type activities.
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NET POSITION AND ACTIVITIES
The County’s total net position on September 30, 2021, was $2.655 billion. The largest portion
of the County’s net position, $1.735 billion (or 65.4%), is reflected in its investment in capital
assets (e.g., land, buildings, equipment, and infrastructure), less any related debt outstanding
used to acquire those assets. Since Pasco County uses these capital assets to provide services
to its citizens, the net assets represented by “investment in capital assets, net of related debt”
are not available for future spending. Although the County’s investment in capital assets is
reported net of related debt, the resources needed to repay this debt must be provided from
other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
Pasco County’s net position includes a restricted $947.3 million (or 35.7%) subject to external
restrictions on how funds may be used, such as those imposed by debt covenants, grantors,
laws, and regulations. The deficit balance of $27.6 million (or 1.0%) is unrestricted, and
accounts for the shortfall the county would face in the event it would have to liquidate all non-
capital liabilities. These deficits can be partly attributed to the implementation of GASB
Statements No. 68, 71 and 75.
The changes in net position for the years ended September 30, 2021, and 2020 are presented
in the following table, followed by information regarding those governmental and business-type
activities contributing most significantly to the changes.
2020 2021 2020 2021 2020 2021
Current Assets:
Unrestricted 881,002$ 1,116,366$ 396,962$ 354,758$ 1,277,964$ 1,471,125$ 15.1%
Noncurrent assets:
Restricted - - 193,522 301,096 193,522 301,096 55.6%
Unrestricted 52,034 51,467 11,466 9,981 63,500 61,448 -3.2%
Capital, net 1,199,714 1,360,463 782,566 826,878 1,982,280 2,187,341 10.3%
Total assets 2,132,750 2,528,296 1,384,516 1,492,713 3,517,266 4,021,009 14.3%
Deferred outflows of resources:
Pension related 163,756 112,174 8,897 3,832 172,653 116,006 -32.8%
OPEB related 15,382 14,839 808 779 16,190 15,618 -3.5%
Deferred amounts on debt refundings - - 5,383 3,693 5,383 3,693 -31.4%
Deferred amounts related to acquisition - - 6,653 6,357 6,653 6,357 -4.4%
Total deferred outflows 179,138 127,013 21,741 14,661 200,879 141,674 -29.5%
Liabilities:
Payable from current assets 100,701 105,204 16,734 13,810 117,435 119,014 1.3%
Payable from restricted assets - - 25,422 26,285 25,422 26,285 3.4%
Noncurrent liabilities 757,343 735,988 394,474 326,679 1,151,817 1,062,667 -7.7%
Total liabilities 858,044 841,192 436,630 366,774 1,294,674 1,207,966 -6.7%
Deferred inflows of resources:
Deferred amounts on pension 6,012 253,272 461 20,317 6,473 273,589 4126.6%
Deferred amounts related OPEB 27,733 24,907 1,457 1,308 29,190 26,215 -10.2%
Total deferred inflows of resources 33,745 278,179 1,918 21,625 35,663 299,804 740.7%
Net Position:
Net investment in capital assets 865,085 1,152,236 506,048 582,956 1,371,133 1,735,191 26.6%
Restricted 483,811 646,191 193,522 301,096 677,333 947,288 39.9%
Unrestricted 71,203 (262,490) 268,139 234,924 339,342 (27,566) -108.1%
Total net position 1,420,099$ 1,535,938$ 967,709$ 1,118,975$ 2,387,808$ 2,654,913$ 11.2%
Net Position
Pasco County, Florida
Percent
Change
(in thousands)
Governmental Business-Type
Activities Activities Total – All Activities
C-5
Governmental Activities
Governmental activities increased Pasco County’s net position by $122.0 million, or 8.6%,
during fiscal year 2021. The cost of all governmental activities in 2021 was $723.8 million,
14.0% higher than in 2020.
In addition, the amount taxpayers paid through property, sales, communications, fuel, and
tourist development taxes increased by approximately 6.9%, to $355.7 million, in 2021. This
increase can be attributed to the continued influx of population during fiscal year 2021. Those
who directly benefit from the programs paid some of the cost ($308.2 million) through charges
for services, while other governments and organizations subsidized programs with grants and
contributions, as well as shared revenues ($157.2 million).
The pie chart in the diagram on the next page demonstrates how the County earns and receives
a majority of the available revenue during the course of the fiscal year. The largest portion, at
35% of the total revenue receipted, is related to charges for services. Property taxes also
increased by 8.7% due to a rise in home ownership and improved property values.
Percent
Change
2020 2021 2020 2021 2020 2021
Revenues:
Program revenues:
Charges for services 168,249 308,192 207,278$ 287,114$ 375,527$ 595,306$ 58.5%
Operating grants and contributions 160,915 71,955 - - 160,915 71,955 -55.3%
Capital grants and contributions 3,734 15,899 20,088 32,923 23,822 48,822 104.9%
General revenues:
Property taxes 266,656 289,826 - - 266,656 289,826 8.7%
State-shared revenue 49,724 69,395 - - 49,724 69,395 39.6%
Other taxes 65,954 65,894 - - 65,954 65,894 -0.1%
Interest earnings 16,556 1,442 12,952 1,263 29,508 2,705 -90.8%
Miscellaneous 18,909 23,153 1,372 1,936 20,281 25,089 23.7%
Total revenues 750,697 845,756 241,690 323,236 992,387 1,168,992 17.8%
Expenses:
General government 112,870 72,691 - - 112,870 72,691 -35.6%
Public Safety 317,024 309,562 - - 317,024 309,562 -2.4%
Physical environment 14,556 40,029 - - 14,556 40,029 175.0%
Transportation 78,383 98,387 - - 78,383 98,387 25.5%
Economic environment 16,865 51,611 - - 16,865 51,611 206.0%
Human services 22,328 27,338 - - 22,328 27,338 22.4%
Culture and recreation 40,406 60,542 - - 40,406 60,542 49.8%
Court-related 17,170 387 - - 17,170 387 -97.7%
Interest/LT Debt 15,590 63,244 - - 15,590 63,244 305.7%
Water/Sewer - - 130,448 134,606 130,448 134,606 3.2%
Solid Waste Disposal/Resource Recovery - - 36,029 37,364 36,029 37,364 3.7%
Total expenses 635,192 723,791 166,477 171,970 801,669 895,761 11.7%
Increase in net position before transfers 115,505 121,965 75,213 151,266 190,718 273,231 43.3%
Transfers (net) 1,089 - (1,089) - -- -
Change in net position 116,594 121,965 74,124 151,266 190,718 273,231 43.3%
Net position, beginning as restated - Note 19 1,303,505 1,413,973 893,585 967,709 2,197,090 2,381,682 8.4%
Net position, ending 1,420,099$ 1,535,938$ 967,709$ 1,118,975$ 2,387,808$ 2,654,913$ 11.2%
Pasco County, Florida
Net Position
(in thousands)
Governmental Business-Type
Activities Activities Total – All Activities
C-6
C-7
Business-type Activities
As stated earlier, the County has two business-type major funds, the Water and Wastewater
Unit and the Solid Waste Disposal and Resource Recovery System.
The Water and Wastewater Unit provides a potable water supply and its distribution, as well as
wastewater collection and treatment, disposal, and reuse. These services are provided through
facilities owned by the County and through contracts with other entities. The water distribution
system, including pump stations, treatment plants, water mains, and water storage facilities, is
connected to two major supply sources - Tampa Bay Water (Starkey, Cypress Creek, and Lake
Bridge) and twenty-five individual water-supply wells throughout the County. The County also
operates thirteen wastewater treatment plants, a residual management facility, and a grease
facility. Disposal of wastewater is primarily accomplished through the use of reclaimed water
systems, spray irrigation, evaporation/percolation ponds, and cooling tower water for the
County’s Waste-to Energy Facility.
As is expected in a growing county, the County’s enterprise fund revenue continues to
experience an overall increase. The increase in revenue has also led to a corresponding
increase in expenses, as the County attempts to maintain the expected levels of service that
come with Water and Wastewater and the Solid Waste Disposal and Resource Recovery Units.
As can be seen in the diagram on the next page, a majority of the receipted revenue for the
enterprise funds comes in the form of the always increasing charges for services. With an
increase in county population, this has led to an increase in the number of customers the
enterprise funds serve during the course of the fiscal year.
C-8
The County annually updates its Capital Improvement Plan, which produces population and
wastewater flow projections, examines service areas, wastewater treatment, and disposal
alternatives, and includes recommendations concerning construction and implementation
schedules.
The Solid Waste Disposal and Resource Recovery System is an integrated approach to waste
management. Collection is primarily achieved by private hauling firms licensed by the Board of
County Commissioners. Processed solid waste is trucked to the mass-burn Resource Recovery
Facility (the “Facility”) or to the East Pasco Transfer Station for subsequent transportation to the
Facility. The Facility converts solid waste to electrical power through a combustion process that
generates approximately 31 megawatts of electricity, for sale to Duke Energy under a power
purchase agreement. The Facility has a current capacity of 1,200 tons per day.
Non-processed solid waste disposal is provided for by landfill facilities. The County also actively
pursues recycling, following the mandate provided for in the Recycling Act. The recycling rate in
the County was 56.9% with the addition of waste-to-energy credits (2020 rate published by the
State of Florida, the latest reporting period available). This is above with the State’s rate of 50%.
The activities of the Water and Wastewater Unit, and the Solid Waste Disposal and Resource
Recovery System are analyzed at C-11 in the proprietary funds section of the Financial Analysis
of the County’s Funds.
FINANCIAL ANALYSIS OF THE COUNTY’S FUNDS
As noted earlier, Pasco County uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental Funds
The focus of the County’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. This information is useful in assessing Pasco
County’s financing requirements. In particular, unreserved fund balance may serve as a useful
measure of the net resources available for spending at the end of the fiscal year. Governmental
fund types include the general, special revenue, debt service, and capital projects funds.
C-9
As noted previously, as of September 30, 2021, Pasco County governmental funds reported an
increase in combined fund balances of $146.2 million over the prior year. Of the total combined
ending fund balances of $847.6 million, 68.4%, or $580.2 million, represents restricted amounts
that can only be used for specific purposes imposed by external constraints such as bond
covenants, grantors, or regulations of other governments; $61.7 million or 7.3% is non-
restricted; and 24.3%, or $205.7 million, are amounts assigned by either the Board, or the Office
of the Clerk Comptroller, to be used for specific purposes that are neither restricted nor
committed, such as disaster recovery.
Major Governmental Funds
The General Fund, the chief operating fund of the County, increased by $15.9 million during
fiscal year 2021. In FY 2021, General Fund revenues increased by $50.7 million, or 15.9%, from
fiscal year 2020. The net increase in revenue is attributed to an increase of $17.2 million in the
collection of taxes, a net decrease in intergovernmental revenues of $2.0 million, a $34.7 million
increase in charges for services, a minor net decrease in licenses and permits and fines and
forfeitures, $3.3 million decrease in interest and other earnings, and a $4.1 million increase in
miscellaneous revenue. With Pasco’s expansion, expenditures also grew by $35.7 million, or
13.7%. The increased total ending fund balance is comprised of the additional revenue, together
with increased expenses, transfers, and adjustments to the beginning fund balance.
For fiscal year 2021, the American Rescue Plan Act met the requirements to be reported as a
major fund. The American Rescue Plan Act Fund is used to account for funding received from
the American Rescue Plan Act of 2021, to assist in the recovery from the economic and health
effects of the COVID-19 pandemic. This was a newly established fund for fiscal year 2021 and
due to federal requirements only $6.6 million in revenues were recorded with $47.2 million being
deemed unearned revenue.
Non-major Governmental Funds
Those funds that do not meet GASB Statement No. 34 criteria for major fund classification are
considered non-major. Total fund balances of all non-major special revenue funds decreased by
$43.4 million from the prior year. The decrease in fund balance is, in part, due to the net effect
of a significant increase in general government expenditures.
Debt service funds, all of which are classified as non-major, are used to account for the
accumulation of resources for, and the payment of long-term debt principal and interest. During
fiscal year 2021, there was an overall fund balance decrease of $3.3 million.
Capital projects service funds, which account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by proprietary
funds), exhibited an overall increase in fund balances of $183.2 million.
General Governmental Functions
For the purpose of this section, general governmental functions are defined as those that
include the General, Special Revenue, Debt Service, and Capital Projects Funds. This data is
the result of the application of the modified accrual basis of accounting for general governmental
functions.
Revenues for general governmental functions totaled $845.8 million in fiscal year 2021, an
increase of $95.1 million, or 12.7% over the prior year. An increase of $23.2 million in tax
revenue was realized, along with a $46.7 million increase in special assessments. Licenses and
permits decreased by $18.0 million, intergovernmental revenues decreased $62.9 million,
charges for services, fines, and forfeitures increased by $51.7 million, and interest, other
earnings, and miscellaneous revenues decreased by $11.8 million.
C-10
Expenditures for general fund governmental functions totaled $723.8 million in fiscal year 2021,
an increase of $88.6 million, or 14.0%, from 2020. The cost of general government decreased
by $40.2 million, public safety decreased $7.5 million, physical environment and transportation
increased by $23.7 million, economic environment increased by $34.8 million, human services
increased $5.0 million, culture and recreation increased $20.1 million, court-related
expenditures decreased $16.8 million, and interest and long-term debt increased by $69.5
million.
Proprietary Funds
Proprietary funds statements provide the same type of information found in the government-
wide financial statements, because they follow the accrual method of accounting; however, the
information is in more detail.
The County’s proprietary funds include enterprise funds, comprised of the Water and
Wastewater Unit Fund and the Solid Waste Disposal and Resource Recovery System Fund,
both of which are classified as major funds of the County, and internal service funds that
account for equipment and insurance services.
The Water and Wastewater Unit Fund had total net position of $884.3 million on September 30,
2021, which represented a $121.3 million increase over fiscal year 2020. The increase was
driven by operating income increasing by $72.0 million to $96.1 million, while non-operating
revenues decreased by $9.1 million, resulting in a net contribution before capital grants and
contributions of $62.9 million; capital grants contributed $11.6 million.
The Solid Waste Disposal and Resource Recovery System Fund’s net position at year-end was
$234.7 million, which represented an increase of $30.0 million over 2020, and includes the
operating net income and non-operating revenues for 2021. This increase was the result of an
increase of $2.5 million in charges for services revenue, an increase of just under $485,000 in
operating expenses, and a $28.5 million increase in funds available at the start of the year.
The Internal Service Funds had net position at year-end of $106.8 million, an increase of $15.6
million over the prior year net position of $91.2 million. An increase in charges for services
revenue, along with lesser increases in operating expenses netted an operating income of $5.5
million. Interest and investment earnings declined by almost $1.5 million due to changes in the
economy. Capital contributions increased from $1.3 to $1.7 million, and transfers netted an $8.1
million increase over 2020.
General Fund Budgetary Highlights
The budget and actual comparison statement for the General Fund displays the original adopted
budget, the final revised budget, and actual costs. The original budget, as approved, may be
revised during the year for a number of reasons. The General Fund’s amendments and
supplemental appropriations for the year were not material. Actual revenues for fiscal year 2021
fell short of the final budget by $15.1 million. While there were an additional $16.8 million in
intergovernmental revenues and charges for services came in $15.2 million over budget,
miscellaneous revenue received was $47.5 less than what was budgeted. The largest decrease
in expenses was in the general government category, with only $5.6 million expended,
compared to the $40.1 million budgeted.
C-11
Capital Assets
The County’s capital assets, for both governmental and business-type activities on September
30, 2021, totaled approximately $2.2 billion, net of accumulated depreciation. Capital assets
include land, buildings, improvements other than buildings, equipment, construction in process,
infrastructure, and intangibles. Infrastructure includes roads, streets, and sidewalks. The
County’s intangible assets include easements and internally generated software. The balances
are summarized below (in thousands).
The increase in total capital assets from the prior year was 10.3%.
Additional information about Pasco County’s capital assets can be found in the Notes to
Financial Statements (Note 7).
Debt Administration
For the fiscal year ending September 30, 2021, Pasco County had (net) total outstanding
bonded debt of $584.1 million. Of this amount, $329.1 million comprises debt related to
governmental activities, and $255.0 million is related to business-type activities. All bonded debt
of the County is in the form of revenue bonds. Additional information about Pasco County’s
long-term debt issues can be found in the Notes to Financial Statements (Note 8).
Percent
Change
2020 2021 2020 2021 2020 2021
Land $ 217,703 $ 226,470 $ 24,942 25,083$ 242,645$ 251,553$ 3.7%
Buildings 249,371 266,638 169,860 169,910 419,231 436,548 4.1%
Improvements 108,033 111,973 1,065,660 1,151,259 1,173,693 1,263,232 7.6%
Equipment 223,142 233,113 11,802 13,343 234,944 246,456 4.9%
Construction in process 271,649 401,939 89,825 76,019 361,474 477,958 32.2%
Infrastructure 687,258 714,046 - - 687,258 714,046 3.9%
Intangibles 24,538 29,285 14,302 18,513 38,840 47,798 23.1%
Total capital assets 1,781,694 1,983,464 1,376,391 1,454,127 3,158,085 3,437,591 8.9%
Accumulated depreciation (581,980) (623,001) (593,825) (627,248) (1,175,805) (1,250,249) 6.3%
Total capital assets, net $ 1,199,714 $ 1,360,463 $ 782,566 826,879$ 1,982,280$ 2,187,342$ 10.3%
Governmental Business-Type Total
Activities Activities All Activities
C-12
Debt Ratings
The following table shows the ratings for each County bond issue on September 30, 2021:
C-13
The highest quality ratings available from the respective services are as follows: Fitch AAA;
Moody’s Aaa. With the exception of the bank qualified issue (1) and those issues which are
uninsured, and for which a stand-alone rating is presented (2), all Pasco County bond issues
are insured, and the payment of principal and interest is guaranteed. Such insurance is non-
cancellable.
(Note: Bonds with higher ratings offer cost savings to issuers like Pasco County)
Currently Known Facts and Conditions
Since 2014, there has been an increase of taxable assessed values of about 57%. The main
source of this increase is due to increased new construction that comes with the growing county
population. The approved total County budget for fiscal year 2022 increased by $336.5 million,
or 24.0%, to $1.736 billion. The County continues to cautiously pursue new initiatives by
ensuring they can be sustained in the long run.
Many actions have taken place that will have long-standing effects. To ensure a safe and
secure community, the County has invested funds to update and add existing infrastructure for
multiple fire stations throughout the community. State roads, as well as county-maintained
thoroughfares, are being expanded to accommodate Pasco’s burgeoning population. Single-
family home development is in full swing and affordable housing remains in Pasco’s sights as
new residents from other parts of the U.S. continue to arrive at a steady pace.
Economic Factors and Next Year’s Budgets and Rates
Pasco County considered many factors in preparing the budget for the 2022 fiscal year,
including the following:
- Total taxable assessed values have increased each year since 2014, following five years of
decline. In fact, TTAV has increased by approximately 57%, with the value of new
construction accounting for a significant portion of that increase.
- In 2021, the amount of delinquent taxes totaled $124,904. This is about 35.9% lower than
2020, and well below the 10-year average of $513,654.
- The population of Pasco County has experienced rapid growth every year since 2010
(437,500), hitting an all-time high in 2021 of 575,891. The County’s population is projected
to continue growing at a steady pace for the foreseeable future.
- Pasco County’s unemployment rate for the fiscal year ended September 30, 2021, was
4.4%. This reflects a decrease of 3.3% from 2020, when the COVID-19 pandemic greatly
affected the survival of local business and commerce. With mandated stay-at-home orders
being lifted and reduced public health risks due to vaccinations, work-at-home
arrangements, and social distancing, the community is once again thriving.
Requests for Information
This financial report is designed to provide users with a general overview of Pasco County’s
finances, as well as demonstrate the County’s accountability. Any questions concerning
information provided in this report, or requests for additional information, should be addressed
to the Finance Director, Clerk of the Circuit Court, Pasco County, 38053 Live Oak Avenue,
Dade City, FL 33523. Additional financial information, including financial reports from prior
years, can also be found at the following website:
https://www.pascoclerk.com/
C-14
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS
AND
FUND FINANCIAL STATEMENTS
PASCO COUNTY, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2021
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE COMPONENT
ACTIVITIES ACTIVITIES TOTAL UNIT
ASSETS
Current assets:
Cash and cash equivalents 532,455,951$ 167,725,961$ 700,181,912$ 121,849$
Investments 490,494,936 168,517,727 659,012,663 122,424
Accounts receivable, net 21,384,397 15,280,066 36,664,463 74,690
Notes receivable 5,718,560 - 5,718,560 -
Assessments receivable 17,550,678 - 17,550,678 -
Due from other governments 35,883,727 1,370,705 37,254,432 -
Prepaid items 10,619,337 - 10,619,337 -
Inventories 267,931 1,864,011 2,131,942 -
Other assets 1,990,649 - 1,990,649 -
Total current assets 1,116,366,166 354,758,470 1,471,124,636 318,963
- -
Noncurrent assets:
Restricted cash and cash equivalents - 216,783,147 216,783,147 -
Restricted investments - 84,312,432 84,312,432 -
Notes receivable 51,467,038 - 51,467,038 -
Due from other governments - 9,500,257 9,500,257 -
Water entitlements - 480,302 480,302 -
Capital assets:
Land 226,469,643 25,082,593 251,552,236 -
Intangibles 29,285,282 18,512,680 47,797,962 -
Buildings 266,637,985 169,909,792 436,547,777 -
Improvements other than buildings 111,972,846 1,151,259,076 1,263,231,922 -
Equipment 233,113,625 13,342,868 246,456,493 -
Contruction in process 401,938,612 76,018,731 477,957,343 -
Infrastructure 714,046,409 - 714,046,409 -
Less accumulated depreciation (623,001,307) (627,247,796) (1,250,249,103) -
Capital assets, net 1,360,463,095 826,877,944 2,187,341,039 -
Total noncurrent assets 1,411,930,133 1,137,954,082 2,549,884,215 -
Total assets 2,528,296,299 1,492,712,552 4,021,008,851 318,963
- -
DEFERRED OUTFLOWS OF RESOURCES
Pension related 112,173,645 3,831,917 116,005,562 -
OPEB related 14,838,861 779,349 15,618,210 -
Deferred charges on debt refundings - 3,693,408 3,693,408 -
Deferred charges on acquisitons - 6,357,120 6,357,120 -
Total deferred outflows of resources 127,012,506 14,661,794 141,674,300 -
- - -
The notes to financial statements are an integral part of this statement.
D-1
PASCO COUNTY, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2021
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE COMPONENT
ACTIVITIES ACTIVITIES TOTAL UNIT
LIABILITIES
Current liabilities:
Accounts payable 36,091,156$ 10,996,682$ 47,087,838$ -$
Contracts payable 6,805,483 1,021,140 7,826,623 -
Accrued liabilites 12,702,239 1,579,283 14,281,522 -
Claims payable 7,872,202 - 7,872,202 -
Due to other governments 19,739,031 22,849 19,761,880 12,938
Deposits 6,531,026 - 6,531,026 -
Interest payable 4,756,861 - 4,756,861 -
Other liabilities 22,289 - 22,289 -
Compensated absences 2,673,485 189,931 2,863,416 -
Notes payable 2,645,000 - 2,645,000 -
Bonds payable, net 5,365,077 - 5,365,077 -
Payable from restricted assets:
Deposits - 10,018,822 10,018,822 -
Interest payable - 4,058,031 4,058,031 -
Bonds payable, net - 12,208,525 12,208,525 -
Total current liabilities 105,203,849 40,095,263 145,299,112 12,938
- -
Noncurrent liabilities:
Estimated landfill closure costs - 30,702,564 30,702,564 -
Claims payable 9,347,652 - 9,347,652 -
Compensated absences 26,771,799 3,293,532 30,065,331 -
Unearned revenue 104,703,654 35,250,663 139,954,317 74,690
Notes payable 9,507,000 - 9,507,000 -
Total OPEB liability 71,686,089 3,602,240 75,288,329 -
Net pension liability 156,953,944 7,073,948 164,027,892 -
Bonds payable, net 357,018,326 246,755,783 603,774,109 -
Total noncurrent liabilities 735,988,464 326,678,730 1,062,667,194 74,690
Total liabilities 841,192,313 366,773,993 1,207,966,306 87,628
- -
DEFERRED INFLOWS OF RESOURCES
Pension related 253,272,068 20,316,763 273,588,831 -
OPEB related 24,907,329 1,308,153 26,215,482 -
Total deferred inflows of resources 278,179,397 21,624,916 299,804,313 -
- -
NET POSITION
Net investment in capital assets 1,152,235,576 582,955,831 1,735,191,407 -
Restricted for:
Debt service 5,386,508 55,211,036 60,597,544 -
Public safety 260,592,534 - 260,592,534 -
Physical environment 111,194,120 83,130,796 194,324,916 -
Transportation 107,725,078 - 107,725,078 231,335
Economic environment 23,396,182 - 23,396,182 -
Human services 22,342,336 - 22,342,336 -
Culture and recreation 17,575,229 - 17,575,229 -
Court-related 7,756,563 - 7,756,563 -
Educational 13,726 - 13,726 -
Impact fees 90,209,149 119,444,140 209,653,289 -
Renewal and replacement - 4,822,090 4,822,090 -
Landfill closure - 38,487,517 38,487,517 -
Unrestricted (262,489,906) 234,924,027 (27,565,879) -
Total net position 1,535,937,095$ 1,118,975,437$ 2,654,912,532$ 231,335$
-
The notes to financial statements are an integral part of this statement.
D-2
PASCO COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2021
PROGRAM REVENUES
OPERATING CAPITAL
CHARGES FOR GRANTS AND GRANTS AND
FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS
PRIMARY GOVERNMENT
Governmental activities:
General government 72,961,719$ 112,980,758$ 6,928,430$ -$
Public safety 309,783,245 48,117,831 13,794,973 885,239
Physical environment 40,058,284 50,054,106 223,584 8,263,103
Transportation 98,467,205 27,196,528 15,566,319 5,575,597
Economic environment 51,621,361 - 3,544,643 936,522
Human services 27,362,145 4,563,234 25,434,852 121,448
Culture and recreation 60,605,056 53,249,747 72,776 117,250
Court-related 393,603 12,029,850 6,389,857 -
Interest and debt service charges 62,539,528 - - -
Total governmental activities 723,792,146 308,192,054 71,955,434 15,899,159
Business-type activities:
Water and Wastewater unit 134,605,215 222,656,617 - 31,670,493
Solid waste disposal and resource recovery 37,364,274 64,457,768 - 1,252,374
Total business-type activities 171,969,489 287,114,385 - 32,922,867
-
Total primary government 895,761,635$ 595,306,439$ 71,955,434$ 48,822,026$
COMPONENT UNIT:
Housing Finance Authority 29,279 - - -
Total component units 29,279$ -$ -$ -$
The notes to financial statements are an integral part of this statement.
D-3
PASCO COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2021
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE COMPONENT
FUNCTIONS/PROGRAMS ACTIVITIES ACTIVITIES TOTAL UNIT
PRIMARY GOVERNMENT
Governmental activities:
General government 46,947,469$ -$ 46,947,469$ -$
Public safety (246,985,202) - (246,985,202) -
Physical environment 18,482,509 - 18,482,509 -
Transportation (50,128,761) - (50,128,761) -
Economic environment (47,140,196) - (47,140,196) -
Human services 2,757,389 - 2,757,389 -
Culture and recreation (7,165,283) - (7,165,283) -
Court-related 18,026,104 - 18,026,104 -
Interest and debt service charges (62,539,528) - (62,539,528) -
Total governmental activities (327,745,499) - (327,745,499) -
Business-type activities:
Water and sewer unit - 119,721,895 119,721,895 -
Solid waste disposal and resource recovery - 28,345,868 28,345,868 -
Total business-type activities - 148,067,763 148,067,763 -
Total primary government (327,745,499)$ 148,067,763$ (179,677,736)$ -$
COMPONENT UNITS:
Housing Finance Authority - - - (29,279)
Total component units -$ -$ -$ (29,279)$
General revenues and transfers:
General revenues:
Property taxes 289,826,011 - 289,826,011 -
Sales tax 36,530,330 - 36,530,330 -
Communications tax 4,076,264 - 4,076,264 -
Fuel taxes 21,807,280 - 21,807,280 -
Tourist development tax 3,479,805 - 3,479,805 -
State shared revenues not restricted to specific programs 69,394,686 - 69,394,686 -
Interest earnings 1,441,921 1,262,645 2,704,566 (16)
Miscellaneous 23,152,830 1,935,610 25,088,440 79,454
Total general revenues 449,709,127 3,198,255 452,907,382 79,438
Change in net position 121,963,628 151,266,018 273,229,646 50,159
Net position - beginning as restated - Note 19 1,413,973,467 967,709,419 2,381,682,886 181,176
Net position - ending 1,535,937,095$ 1,118,975,437$ 2,654,912,532$ 231,335$
- - - -
The notes to financial statements are an integral part of this statement.
D-4