Comprehensive Annual Financial Report for Fiscal Year Ended September 30, 2017 Sarasota County Sarasota, Florida
Total Page:16
File Type:pdf, Size:1020Kb
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED SEPTEMBER 30, 2017 SARASOTA COUNTY SARASOTA, FLORIDA BOARD OF COUNTY COMMISSIONERS NANCY DETERT MICHAEL MORAN ALAN MAIO PAUL CARAGIULO CHARLES HINES COUNTY ADMINISTRATOR JONATHAN R. LEWIS APPOINTED JANUARY 17, 2018 CLERK OF CIRCUIT COURT AND COUNTY COMPTROLLER KAREN E. RUSHING DIRECTOR OF FINANCE NICOLE E. JOVANOVSKI, CPA Prepared by the Office of the Clerk of Circuit Court and County Comptroller 1 This Page Intentionally Left Blank 2 SARASOTA COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS INTRODUCTORY SECTION: Page Letter of Transmittal .............................................................................................................................................................. 11 Certificate of Achievement for Excellence in Financial Reporting for 2016 .......................................................................... 18 Sarasota County Government Organizational Chart ............................................................................................................ 21 FINANCIAL SECTION: Independent Auditors’ Report ............................................................................................................................................... 25 Management’s Discussion and Analysis ............................................................................................................................... 29 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ........................................................................................................................................ 44 Statement of Activities .............................................................................................................................................. 46 Fund Financial Statements: Governmental Funds: Balance Sheet – Governmental Funds ............................................................................................................. 48 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position .................................................................................................................... 51 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds .......................................................................................................... 52 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities ............................................................................................. 55 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - General Fund ............................................................................................................................................... 56 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - Emergency Services Special Revenue Fund ............................................................................................... 58 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual - Capital Revenue Programs Special Revenue Fund .................................................................................... 59 Proprietary Funds: Statement of Net Position – Proprietary Funds ................................................................................................. 60 Reconciliation of the Proprietary Funds Statement of Net Position to the Statement of Net Position .................................................................................................................... 65 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ......................... 66 Reconciliation of the Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position to the Statement of Activities ...................................................................................................... 69 Statement of Cash Flows – Proprietary Funds .................................................................................................. 70 Fiduciary Funds: Statement of Fiduciary Net Position – Fiduciary Funds .................................................................................... 74 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ................................................................. 75 Notes to the Financial Statements: 1) Summary of Significant Accounting Policies ..................................................................................................... 77 2) Stewardship, Compliance, and Accountability .................................................................................................. 92 3) Cash and Investments ....................................................................................................................................... 93 4) Receivables ..................................................................................................................................................... 100 5) Interfund Receivables, Payables, and Transfers ............................................................................................. 101 6) Capital Assets .................................................................................................................................................. 103 7) Long-Term Debt............................................................................................................................................... 107 8) Lease Obligations ............................................................................................................................................ 117 3 SARASOTA COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS 9) Landfill Closure and Postclosure Care Cost .................................................................................................... 117 10) Risk Management ............................................................................................................................................ 117 11) Employee Retirement Plans ............................................................................................................................ 118 12) Deferred Compensation Plan .......................................................................................................................... 129 13) Post Employment Benefits (Other Than Pensions) ......................................................................................... 129 14) Contingencies .................................................................................................................................................. 133 15) Subsequent Events ......................................................................................................................................... 133 16) Deficit Fund balances ...................................................................................................................................... 133 17) Tax Abatement ................................................................................................................................................ 134 18) Change in Accounting Principle ....................................................................................................................... 135 Required Supplementary Information: Schedule of Changes in the County’s Net OPEB Liability and Related Ratios ..................................................... 138 Schedule of Contributions for the County’s OPEB Trust Fund .............................................................................. 139 Schedule of Proportionate Share of Net Pension Liability ..................................................................................... 140 Schedule of Contributions ...................................................................................................................................... 143 Governmental Funds Financial Statements: Combining and Individual Fund Statements and Other Supplemental Information: Combining Balance Sheet – Nonmajor Governmental Funds ............................................................................... 152 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds ...................................................................................................................... 154 Special Revenue Funds: Subcombining Balance Sheet – Nonmajor Special Revenue Funds ........................................................ 156 Subcombining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Special Revenue Funds ..................................................................................... 162 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Nonmajor Special Revenue Funds: Transportation Special Revenue Fund ............................................................................................... 168 Building and Zoning Special Revenue Fund ...................................................................................... 169 Tourist Development Special Revenue Fund ....................................................................................