legistarweb-production.s3.amazonaws.com...FINANCIAL PLAN FOR FISCAL YEAR OCTOBER 1, 2020 THROUGH SEPTEMBER 30, 2021 including General Fund, Special Revenue Funds, Debt Service Funds,

Fiscal Year Ending September 30, 2021

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FINANCIAL PLAN FOR FISCAL YEAR OCTOBER 1, 2020 THROUGH SEPTEMBER 30, 2021

including General Fund, Special Revenue Funds, Debt Service Funds, Enterprise Funds, Internal Service Funds, Trust Funds, and the Capital Improvement Plan

ELECTED OFFICIALS

JENNIFER AHEARN-KOCH, MAYOR SHELLI FREELAND EDDIE, VICE MAYOR

LIZ ALPERT, COMMISSIONER HAGEN BRODY, COMMISSIONER

WILLIE CHARLES SHAW, COMMISSIONER

CHARTER OFFICIALS

THOMAS W. BARWIN CITY MANAGER

SHAYLA GRIGGS ROBERT M. FOURNIER, ESQ.

CITY AUDITOR & CLERK CITY ATTORNEY

KELLY R. STRICKLAND FINANCE DIRECTOR

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City of Sarasota Charter Officials • Fiscal Year 2020-21

City of Sarasota Elected Officials • Fiscal Year 2020-21

Jennifer Ahearn-Koch At-Large MAYOR

Willie Charles Shaw District 1

Commissioner

Liz Alpert District 2

Commissioner

Shelli Freeland Eddie District 3

VICE MAYOR

City Attorney Robert Fournier, ESQ.

City Manager Thomas W. Barwin

City Auditor & Clerk Shayla Griggs

Hagen Brody At-Large

Commissioner

❶

❷

❸ City

Commission Districts

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TABLE OF CONTENTS: PROPOSED FY 2020-21 FINANCIAL PLAN

The entire Proposed Financial Plan is available at www.SarasotaFL.gov/Government/Financial-Administration

City Manager’s Message Discussion, Priorities and Issues, Budget Summary, Budget Highlights Reader’s Guide Table of Organization Budget Calendar Budget Overview (In Depth Analysis) Introduction Statistics and Supplemental Information Controls and Policies Financial Control Budgetary Control Financial Policies Summary of All Funds Summary Charts Summary of All Funds Summary of Special Revenue Funds Summary of Debt Service Funds Summary of Enterprise Funds Summary of Trust Funds Summary of Personnel

General Fund ........................................................................................................................................................ Summary Tab 01 .............................................................................................................. Unclassified Administration Tab 02 ..................................................................................................................................................Police Tab 03 ............................................................................................................................... City Commission Tab 04 ....................................................................................................................... City Manager’s Office Tab 05 .............................................................................................................. Office of Public Information Tab 06 ....................................................................................................................... Facilities Management Tab 07 .............................................................................................................................. Human Resources Tab 08 ....................................................................................................................... Development Services Tab 09 ................................................................................................................... Financial Administration Tab 10 .......................................................................................................................City Auditor and Clerk

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https://www.sarasotafl.gov/government/financial-administration

Tab 11 .................................................................................................................................... City Attorney Tab 12 ............................................................................................................................................ Planning Tab 13 ......................................................................................................................................Sustainability Tab 14 ...................................................................................................... Street and Highway Maintenance Tab 15 ......................................................................................................................... Engineering Services Tab 16 .....................................................................................................................Homelessness Response Tab 17 ..................................................................................................................... Economic Development Tab 18 ........................................................................................................................ Special Events Office Tab 19 ...................................................................................................................... Non-Park Maintenance Special Revenue Funds ........................................................................................................................................................ Summary Tab 20 .............................................................................................................Parks and Recreation District Tab 21 .......................................................................................... Golden Gate Streetscape Special District Tab 22 ..................................................................................................................... Economic Development Tab 23 ................................................................................................. Community Redevelopment Agency Tab 24 ......................................................................... St. Armand’s Business Improvement District (BID) Tab 25 ........................................................................................... Downtown Improvement District (DID) Tab 26 .................................................................................................................Development Applications Tab 27 ................................................................................................................................. Penny Sales Tax Tab 28 ........................................................................................... Multimodal Transportation Impact Fund Tab 29 .............................................................................................................................................. Gas Tax Tab 30 ........................................................................................................................ Local option Fuel Tax Tab 31 ......................................................................................................................... Tourist Development Tab 32 ............................................................................. Office of Housing and Community Development Tab 33 ........................................................................................................................................... Public Art Tab 34 ............................................................................................................................... Building Services Tab 35 ..................................................................................................... County Occupational License Tax Tab 36 .................................................................................................................................... Stadium Grant Tab 37 ..................................................................................................................... Tree Replacement Fund Tab 38 ................................................................................................................... Citizens with Disabilities Enterprise Funds ........................................................................................................................................................ Summary Tab 39 ....................................................................................................................... Water and Wastewater Tab 40 ............................................................................................................... Bobby Jones Golf Complex Tab 41 ...................................................................................................................... Municipal Auditoriums Tab 42 ....................................................................................................... Van Wezel Performing Arts Hall Tab 43 ........................................................................................................................................ Solid Waste Tab 44 ......................................................................................................................... Parking Management Tab 45 ........................................................................................................ St. Armand’s Paid Parking Area

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Internal Service Funds ........................................................................................................................................................ Summary Tab 46 ................................................................................................ Vehicle and Equipment Maintenance Tab 47 .................................................................................................................... Information Technology Tab 48 .................................................................................................................... Equipment Replacement Tab 49 .....................................................................................................................................Self Insurance Trust Funds ........................................................................................................................................................ Summary Tab 50 ........................................................................................ Other Post-Employment Benefits (OPEB) Tab 51 ...................................................................................................... 401(a) Defined Contribution Plan Debt Service Funds Capital Improvement Plan Glossary of Terms

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City Manager’s Letter forthcoming.

City Manager's Message - 1

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READER’S GUIDE

What’s included in this document: The City’s Adopted Financial Plan provides a framework for the overall fiscal management of the City of Sarasota for FY 2020-21 and beyond. It includes both day-to-day operating funds and capital improvement funds. This document is divided into sections including a Message from the City Manager in which he summarizes the budget (including the City’s priorities and issues), a Budget Overview (In-Depth Analysis report), detailed information regarding the City’s Planning Processes for goal-setting and budgeting, an Introduction to the City (Statistics and Supplemental information), information regarding the City’s Budgetary and Financial Administration Policies, a Summary of all City funds section, a series of tables presenting the City’s current and historical Budgeted Positions, individual budgets and operating details for each unit of the organization (grouped by fund and by department, including Debt Service and Trust Funds), and a section presenting the City’s five-year Capital Improvement Program (all projects programmed for FY 2020-21 are adopted as part of the FY 2020-21 budget). Additionally, a Glossary of Terms is provided for readers who encounter words in the document they may be unfamiliar with.

How to read this document: The budget document is organized by fund. Each fund includes revenues, expenditures, and a description of each department and/or program budgeted out of that fund. For each City department/program with operating staff, revenues, and/or expenditures, readers will find:

• Department Summary and summary of all divisional budgets therein (when applicable) • A statement of Purpose, and a description of Operations • Three fiscal years of financial data by type • Number of requested positions • Any proposed changes to Level of Service (identified as “Budget Issues”)

Values provided in columns labeled FY 2021 TOTALU reflect the total proposed budget values for the respective entity. Amounts requested in the UFY 2021 ISSUES columns will be described in detail immediately following the request. An ‘Issue’ is a request for something over and above the prior year’s continuation budget and can be understood to mean a change is being proposed in the ‘level of service’ of the associated operating unit. All additional supporting information for this document is available for review in the Department of Finance, City Hall, 1565 First Street, Sarasota, FL 34236. Questions regarding the material presented may be directed to the Department of Finance at (941) 954-4185, or visit the City’s web site at 2TUwww.SarasotaFL.Gov


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Fiscal Year 2020–21TABLE OF ORGANIZATION, City of Sarasota, Florida

Submitted in accordance with the Sarasota City Charter, Article V, Section 3,4,and 5; Article VI, Section 3, and 4; and Article VII.

PUBLIC

City Commission

City ManagerThomas Barwin

Public Information Office

Development Services

Interim-Gretchen Schneider

Police DepartmentBernadette DiPino

UtilitiesWilliam Riebe

Human Resources

Stacie Mason

PublicWorks

Douglas Jeffcoat

Information TechnologyHerminio Rodriguez

Van WezelPerformingArts HallMary Bensel

FinanceKelly Strickland

CityAttorney

Robert Fournier

City Auditor& Clerk

Shayla Griggs

Advisory Boardsand Committees

Sustainability

Homelessness Response

Clerk

Internal Audit

Pensions

Central Records

Commission Svcs.

Communications

Financial Administration

Purchasing

ADA Coordination/ Title VI,VII Oversight

Benefits

RiskManagement

Building, Zoning, LBTRPlanning

Transportation/City Engineer

Housing and Community Dev.

Water

Wastewater

Utility Billing

FacilitiesManagement

Solid Waste Collection

Vehicle & Equip. Maintenance

Streets and Hwy Maintenance

ConstructionServices

Indep. PoliceAdvisory Panel

PlanningSteven Cover

AssistantCity Manager

John Lege

DeputyCity Manager

Marlon Brown

Parks and Recreation

DistrictJerry Fogle

Municipal Auditoriums

Robert L. Taylor Complex

Bobby JonesGolf Club

SpecialEvents

PublicParks

Non-ParkMaintenance

Economic Development

Parking

CodeCompliance

Human Resources Management

Recreational Facilities

Inter-Governmental

PROPOSED


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Fiscal Year 2020-21 BUDGET CALENDAR

JANUARY 2020 31 Clerk distributes budget reporting instructions to City Advisory Boards FEBRUARY 2020 24 Departments submit City Board Reports and Budgets to Deputy City Manager with copy to Finance MARCH 2020 2 Capital Improvement Plan (CIP) Citywide Kickoff; Public Works transmits CIP packages to Departments;

Budget Season Citywide Kickoff; Orientation and discussion for all City Departments 16 Clerk presents City Advisory Board Reports at Commission Meeting APRIL 2020 10 Departments completed budget proposals due to Finance, including Purpose, Operations, and Strategic Plan

Tasks 11 – May 28 Analysis of Citywide Departments’ Budget Proposals by Management/Financial Staff and Directors MAY 2020 14 City Commission Workshop on CIE, and CIP JULY 2020 6 Proposed FY 2019-20 Financial Plan distributed to City Commission 27, 28 City Commission Workshops with Staff to review citywide Budget Proposals (All Departments and Funds)

City Commission Workshop on CIE, and CIP 28 Special City Commission Meeting for budget discussions and City Commission direction and City

Commission to provide action on certification of millage to County Property Appraiser SEPTEMBER 2020 8 City Commission 1st Public Hearing to Adopt FY 2020-21 Budget, and CIP 21 City Commission Final Public Hearing to Adopt FY 2020-21 Budget, and CIP


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BUDGET OVERVIEW In-depth Analysis of the FY 2020-21 Financial Plan by Fund

GENERAL FUND

REVENUES The General Fund is the primary operating fund of the City. It is used to account for and report all financial resources not accounted for and reported in another fund. The General Fund revenues for Fiscal Year (FY) 2020-21 are projected at $67,844,653 and are $130,639 less than the adopted budget for FY 2019-20 excluding the transfer to the Parks District of $7,217,697. The projected General Fund revenues by major categories are as follows:

The major General Fund revenue sources are presented in the following graphs which demonstrate the multi-year trend for each revenue. The graphs track the actual revenues for the past eight years from FY 2011-12 through FY 2018-19, the estimated revenues for FY 2019-20, and the projected revenues for FY 2020-21. A trend line has been added to each applicable graph for these major revenue sources. The FY 2020-21 budgets for these revenues are based upon our projections considering several factors including state projections and recent population estimates for the City compared to other cities and unincorporated Sarasota County. Several years ago, the City Commission had the foresight to establish a Revenue Stabilization Fund to help mitigate cyclical downturns in the General Fund revenue base. The balance of the Revenue Stabilization Fund at Sept 30, 2019 is $2,527,116.

Ad Valorem Taxes are monies collected through a levy on all non-exempt real and tangible personal property in the City. The official estimated taxable assessed values as of July 1, 2020, for the City increased approximately $525 million or 4.67%. Ad valorem tax revenue designated for the General Fund decreased $5,936,941. This is attributable to a proposed decrease in the taxable millage of 3.2632 to 2.5963 for the General Fund. The difference in the taxable millage of .6669 is proposed for the City’s Parks and Recreation District, adopted on November 5, 2018, by Ordinance No. 19-5271. The overall increase in Ad Valorem tax revenue from the increase in assessed values is $1,609,739. The assessed values of the Newtown Redevelopment Area are $43,524,905 higher than the base year, generating $137,059 in Tax Incremental Financing for the Community Redevelopment Agency for FY 2020-21. The following graph presents the taxable values for the City from FY 2011-12 through FY 2020-21’s July 1, 2020 Official Estimate of Taxable Value.

Ad Valorem Taxes43%

Other Taxes17%

Licenses & Permits

9%Inter-

governmental10%

Charges for Services

5%

Charges to Other Funds

8%

Fines2%

Investment Earnings

0.6%

Misc.2%

Other Financing Sources

3%

% of General Fund Revenuesby Major Source

$5.7 $5.7 $6.0 $6.3 $6.7 $7.2 $9.6 $10.5 $11.2

$11.7 $1.2 $1.1 $1.2 $1.3 $1.4

$1.6 $- $0.02

$0.03 $0.04

$0

$2

$4

$6

$8

$10

$12

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Bill

ions

Taxable Values for the City of Sarasota

Value before TIF Tax Increment Financing (TIF)

Ad Valorem Taxes $29,394,884 Other Taxes & Fees 11,726,234 Licenses and Permits 6,298,500 Intergovernmental 6,956,123 Charges for Services 3,263,248 Charges to Other Funds 5,215,207 Fines and Forfeitures 1,156,853 Investment Earnings 400,000 Miscellaneous 1,445,505 Other Financing Sources 1,988,099

Total $67,844,653

Budget Overview - 1 Page 11 of 437

Xfer to P&R

With the creation and execution of the Parks and Recreation District, a proposed millage of .6669 of the 3.2632 City millage, or $7,546,680 is budgeted within the Parks and Recreation District Special Revenue Fund.

Excise Taxes are the revenues derived from a tax on electricity, water, bottled gas, and home heating fuels. The electric, water, and gas excise tax revenues for FY 2020-21 are budgeted at $7.5 million. The FY 2020-21 excise taxes are anticipated to decrease by $436,750 over the FY 2019-20 estimate of $7.9 million.

Communication Services Tax (CST) is budgeted at $3.4 million. The CST was created in FY 2001-02 when the Florida Department of Revenue began collecting the communication excise tax, telephone franchise fee, and the cable franchise fee. The decrease in the CST since FY 2005-06 has been mostly attributed to the reduction in taxable minutes for cell phone usage due to the popularity of bundled usage packages including text messaging and social media and the increasing use in internet communication, which is exempt from the CST. Communication Services Tax for FY 2020-21 is expected to increase slightly from the previous fiscal year.

$16.0 $16.3 $18.5 $19.4 $20.7$22.2

$29.5 $33.0$35.3 $36.8

$- $5.0

$10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0

Mill

ions

Fiscal Years

Ad Valorem Tax Revenue

$6.08 $6.48$6.93 $7.10 $7.22 $7.39

$7.70 $7.82 $7.59 $7.52

$3.5 $4.0 $4.5 $5.0 $5.5 $6.0 $6.5 $7.0 $7.5 $8.0 $8.5

Fiscal Years

Mill

ions

$3.76 $3.60$3.18 $3.09 $3.11 $3.18 $3.27 $3.27 $3.36 $3.42

$- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0

Mill

ions

Fiscal Years

Communication Services Tax

Electric, Water & Bottled Gas Excise Taxes


Licenses and Permits revenues include engineering fees, permit revenues, and the electric, water, and natural gas franchise fee charges. The Franchise Fee revenues for FY 2019-20 are estimated at $5.8 million. The FY 2020-21 franchise fees are projected to decrease at $5.3 million. In FY 2017-18 a new water and sewer franchise fee was collected attributing to a $1.1 million increase.

Intergovernmental revenues include the local Half Cent Sales Tax distribution, State Revenue Sharing allocation, boat registration fees, and alcoholic license fees. Half Cent Sales Tax revenues are budgeted at $4.5 million for FY 2020-21. Although sales tax has had an upward trend in revenues since FY 2011-12, any changes in the economy such as unemployment rates will have a noticeable effect on this revenue stream. The FY 2020-21 decrease of $1,076,000 is due to a projected short-term downturn in the economy.

State Revenue Sharing is budgeted at $1.65 million FY 2020-21, which is a decrease over FY 2019-20 due to a short-term decline in the economy. State Revenue Sharing is funded through 1.3409% of the sales and use tax collections, the one-cent municipal fuel tax, and 12.5% of the state alternative fuel user decal fees.

$4.6 $4.5 $4.8 $4.8 $4.6 $4.7

$5.9 $6.0$5.5 $5.3

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

$6.0

$6.5

M i

l l i

o n

s

Fiscal Years

Franchise Fee

$3.5 $3.8$4.1 $4.5

$4.7 $4.8$5.1 $5.2 $4.8 $4.6

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

M i

l l i

o n

s

Fiscal Years

Half Cent Sales Tax

$1.75 $1.77 $1.79 $1.83 $1.84 $1.88 $1.95 $2.02 $1.85 $1.65

$(0.45)

$0.05

$0.55

$1.05

$1.55

$2.05

Mill

ions

Fiscal Years

State Revenue Sharing


Charges for Services are the revenues collected from services provided by the City to the community and other governmental agencies. These services include Police, Streets & Highways, Landscape Maintenance, and various General Government services. Charges for Services are budgeted at $3,263,248 for FY 2020-21. Charges to Other Funds are the fees charged to enterprise funds for their prorated cost of the general government operations that support these services. Charges to other funds are budgeted at $5,515,207 for FY 2020-21. Fines and Forfeits are the revenues paid to the City for violations of various laws and ordinances. Red Light Camera revenues are budgeted at $661,550 for FY 2020-21. Total fines and forfeits are budgeted at $1,156,853 for FY 2020-21.

Investment Earnings is the revenue derived from the investment of funds not needed to pay current operating expenditures. Investment Earnings are budgeted at $400,000 for FY 2020-21. To protect invested funds, the investment portfolio strictly follows the City’s investment policy guidelines with these three strategies in priority order of: safety, liquidity, and yield.

Miscellaneous Revenues include the revenue from leases of City properties and reimbursement for services. These revenues increase based on lease provisions that provide for CPI adjustments to the base rent. Miscellaneous Revenues are budgeted at $1,445,505 for FY 2020-21. Other Financing Sources includes the reimbursements from Special Revenue Funds, and Enterprise Funds for services provided by General Fund departments. Other Financing Sources are budgeted at $1,988,099 for FY 2020-21. EXPENDITURES

The General Fund FY 2020-21 budget of $67,844,653 includes the operating expenditures for general government services, public safety, physical environment, human services, transportation, economic environment, and subsidies. The graph below tracks the actual General Fund expenditures from FY 2011-12 through FY 2019-20 (estimated) with the last bar graph representing the FY 2020-21 budget. Budgeted expenditures in the General Fund for FY 2020-21 have decreased from the prior year, FY 2019-20 adopted budget of $75,192,989 primarily due to the transfer of $7,217,697 to the Parks District FY 2019-20. When comparing proposed expenditures to the previous fiscal year after removing the Parks and Recreation District transfer, expenditures have decreased $130,639.

$0.3 $0.0 $0.1

$0.2$0.3

$0.2 $0.2

$0.8

$0.5$0.4

$- $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 $0.7 $0.8 $0.9

M i

l l i

o n

s

Fiscal Years

Investment Earnings

$53.

8

$54.

7

$55.

5

$59.

2

$55.

8

$58.

6

$68.

4

$74.

5

$78.

3

$67.

8

$- $10 $20 $30 $40 $50 $60 $70 $80 $90

Mil

lio

ns

Fiscal Years

General Fund Expenditures


The following graph details the number of full time General Fund employees over ten budget years compared to the population. In the last ten years, the number of General Fund employee positions have fluctuated in relation to the City Population. The decrease in employees for FY 2019-20 in the General Fund is due to the transfer of Parks and Recreation employees to the new Parks and Recreation Special District Fund. There are no new positions added in the General Fund for FY 2020-21.

Public Safety (61%) continues to be the major part of General Fund expenditures. In addition, personal services, including benefits, represent the major cost of providing General Fund services. The first of the following graphs exhibits the relationship of public safety and other functional expenditures to total General Fund expenditures. The second graph depicts expenditures by major object type as a percentage of total General Fund expenditures. This graph clearly indicates that the City’s employees (78%) are its major resource in providing services to its citizens. Detailed budgets for each General Fund department can be found in the General Fund section of this document.

FUND BALANCE The difference between a fund’s total assets and total liabilities is fund balance and generally indicates the amount that could be used to finance the next fiscal year’s activities. Fund balance is created from excess revenues over expenditures. This can be a combination of collections/revenues being higher than budget and actual expenditures being lower than budget. The unassigned fund balance of the General Fund at September 30, 2021 is estimated at $18,462,764 or 27.2% of total expenditures. The actual unassigned fund balance at September 30, 2019 was $22,991,192 or 30.9% of total expenditures and the estimated fund

352 348 339 342 359 380

404 425 393 393

300

350

400

450

500

550

600

Employees in General Fund Compared to Population

General Fund Employees Population Trend

Transfers Out, $250,000 0%

Personal Services, $52,853,131 78%

Supplies & Materials, $2,056,149 3%

Contract Services$9,258,650 14%

Contract Maintenance,

$2,451,858 4%

Grants,$308,738 0%

Capital, $666,127 ,

1%

General Fund Expenditures by Object

General Government$17,545,874

26%

Xfers to Parking$250,000

0%

Public Safety$41,649,437

61%

Physical Environment

$2,292,498 3%

Transportation$4,588,289

7%

Human Services$989,740

2%

Economic Development

$528,815 1%

General Fund Expenditures by Function


balance at September 30, 2020 is $18,462,764 or 23.6% of budgeted expenditures. The City’s General Fund reserve policy states that the General Fund will maintain a reserve (fund balance) that is equal to 2 to 3 months of operating expenses. This equates to 17% to 25%.

SPECIAL REVENUE FUNDS PARKS AND RECREATION DISTRICT The City of Sarasota Parks and Recreation Special District, adopted by the City Commission on November 5, 2018 by Ordinance No. 19-5271, as a dependent special district was created to acquire, construct, re-construct, maintain, repair, add to and operate recreational facilities. The District will create a reliable, predictable funding source which will provide for orderly and efficient planning, staffing, capital improvements, maintenance, and programming of parks and recreation. FY 2020-21 the District’s Ad Valorem tax revenues are $7,546,680. Additionally, the last year of a contribution of $881,682 from Sarasota County for the transition of the parks and recreational facilities that were previously operated by the County, charges for services of $727,100 and miscellaneous revenues of $272,209. Total budgeted revenues for FY 2020-21 are $9,427,671. Expenditures of $9,703,151 are budged for the operations of the District and includes a $200,000 subsidy to the Municipal Auditorium for FY 2020-21. Expenditures for the District exceed revenues by $275,480 and estimated Unassigned Fund balance FY 2020-21 is $2,113,557 or 21.8% which is well within the City’s fund balance policy. COMMUNITY REDEVELOPMENT AGENCY (CRA) The July 1, 2020 Official Estimate of Taxable Value for the Newtown Redevelopment Area totals $187,184,296 which is $13.7 million, or 7.89% more than last year’s official estimate at July 2019. The following table lists the valuations provided by the Sarasota County Property Appraiser for prior years, and the respective base year:

Tax Year

Newtown Certified Taxable Value

% Change from Prior Year

Tax Year

Newtown Certified Taxable Value

% Change from Prior Year

2020 $187,184,296 7.89% 2015 116,247,877 9.12% 2019 173,489,435 8.43% 2014 106,529,738 5.38% 2018 159,685,190 12.40% 2013 101,087,986 7.00% 2017 143,659,391 New Base 2012 94,478,726 (1.96%) 2016 127,945,996 10.06% 2011 96,370,154 (27.38%)

* July 1, 2020 Official Estimate Taxable Value

$14.

1

$15.

2

$15.

5

$15.

3

$15.

7

$17.

7

$16.

9 $23

.0

$18.

5

$18.

5

$-

$5.0

$10.0

$15.0

$20.0

$25.0

Mill

ions

Fiscal Years

Unassigned Fund Balance

25.8%

27.3%

26.0%29.6%

30.5%

30.5%24.7%30.9%

23.6%27.2%

17%

22%

27%

32%

37%

Percent of Fund Balance to Expenditures by Fiscal Year

Fiscal Year Ending


The Newtown Redevelopment Area assessed value is $43,524,905 higher than the base year value of $143,659,391 that was reset to the 2017 tax year. Based upon this valuation, the millage rate of 3.2632 will generate $137,059 in revenues from the City. Additional revenue in this fund for FY 2020-21 will be $136,828 from the Downtown Improvement District as a repayment towards specific capital expenditures and miscellaneous income of $20,000 for total budgeted revenue of $293,887. The projected fund balance at September 30, 2020 of $145,011 in addition to the FY 2020-21 revenues will be sufficient to provide for FY 2020-21 expenditures of $311,118. ECONOMIC DEVELOPMENT The Economic Development Fund was created in FY 2017-18 and is funded with Local Business Tax Receipts. The Economic Development Fund was developed to facilitate the implementation of economic and physical improvements in the City of Sarasota through public/private projects and initiatives as directed by the City Commission.

Estimated Local Business Tax Receipts for FY 2019-20 are $943,493. Estimated expenditures for FY 2019-20 are $3,090,000 for projects and $7,000 for administrative fees. The projected fund balance for FY 2019-20 is $91,364.

For FY 2020-21, Local Business Tax Receipts are budgeted at $850,000 and miscellaneous revenues are budgeted at $2,000. Expenditures are budgeted at $835,000 for projects and $17,000 for administrative fees leaving a remaining fund balance of $91,364.

BUILDING SERVICES The purpose of the Building Services Fund is to track the cost of services provided for development. Specifically, the costs to administer the Florida Building Code are accounted for in this fund in accordance with Florida Statutes and revenues are used to pay the cost of building/development services. Revenues for FY 2019-20 are estimated to be $5,601,500 or $494,005 more than the adopted budget due to the number of building permits issued and the significant construction value of the building projects for the current year. For FY 2020-21 the City is expecting to process a slightly higher number of permits compared to this fiscal year’s number of permits which is expected to be over 9,000. Total Building revenues are budgeted for FY 2020-21 at $5,283,000. The graph below shows budgeted building permit revenue over the past 10-year period.

The following represents a list of the major construction projects under construction or completed during FY 2019-20: Completed

• 609 Golden Gate -The Pearl • 1700 S Tamiami Trail - Sarasota Memorial Hospital

Renovation 9th &10 Floors • 300 S Pineapple Ave - Sansara • 505 N Orange Ave - Citrus Square • 711 S Palm 711 Condos

Active • 555 N Orange Ave Citrus Residences • 2413 N Tamiami Trail North Trail Apartments • 1912 N Orange Amaryllis Apartments • 1000 Blvd of the Arts The Auteur • 1501 N Orange The Pine New building • 2150 Ringling Blvd. Sarasota County Cooling Plant • 601 Quay Commons The Belle Haven Interior

renovation • 332 Cocoanut 332 Condos

$1,800 $1,100$1,300

$1,900$2,100

$2,200

$3,200$3,000 $3,600

$4,000

$800$1,300$1,800$2,300$2,800$3,300$3,800$4,300

Tho

usan

ds

Fiscal Years

Budgeted Permit Revenue


• 333 N Tamiami Trail Ritz Residences • 1243 2nd St. The Beacon • 33 S Palm from 2016 The DeMarcay still active and

will soon begin demolition/construction • 1743 Main St. SMH Parking Garage • Payne Park Village… multiple addresses • 601 Quay Commons Quay landscaping and site work • 1660 Ringling Blvd. • 2257 Fruitville Rd WAWA • 5400 Old Bradenton Rd Circle K • 2145 3rd St Marriott Residence Inn • 1700 S Tamiami Trail SMH Oncology Tower • 6000 Airport Circle Parking lot and landscaping

renovations

• 430 Kumquat Ct Villa Ballada • 1852 Hillview St. SMH renovation • 851 N Lemon Ave Lofts of Lemon • 501 N Beneva Rd Ste 180 Publix • 501 N Beneva Rd Ste 181 & 191 1 building 2 tenants • 1889 N Tamiami Trail The Strand • 1335 2nd St. The Collection • 1224 BOTA The Blvd. • 605 S Gulfstream The Epoch • 501 N Beneva Rd Ste 141 & 151 new comm bldg. • 2901 Fruitville Rd. Arbor Village • 2331 15th St. Humane Society • 17th St. All Children’s Home • 1329 4th St 4th & Cocoanut (The Drapok)

FY 2020-21 budgeted expenditures of $6,591,020 decreased by $4,957,922 from the prior year original budget of $11,548,942. The primary cause of this decrease is the inclusion of $4,800,000 capital expense in FY 2019-20 for the purpose of relocating the Building Department. The projected fund balance at September 30, 2021 is $4,871,414. DEVELOPMENT APPLICATION SYSTEM The Development Application System Fund accounts for funds collected and expenditures incurred in the review and approval of development applications. The City determined that the most practical method of defraying the costs of development review functions was through a schedule of fees based upon the type of development. For FY 2020-21, revenues from billable fees have been projected at $625,000. Operating costs are budgeted at $289,000, along with a transfer to the General Fund of $357,500 and a designation of fund balance for the Building Services Fund of $192,550 to recover personal service expenses used in the operations of this fund.

Recovered Expenses Operating Costs Office/Postage $13,500 Advertising 36,000 Special services 150,000 Annual Software Maintenance 12,000 Duplicating and printing 6,500 Filing fees 1,000 Legal fees 70,000 Sub total 289,000 Transfer to General Fund 357,500 Funds Designated for Building Services 192,500

Total Recovered Expenses $839,000 PUBLIC ART The Public Art Fund accounts for all revenues and expenditures to acquire and maintain public art. An important part of the City of Sarasota’s public art collection comes from the contributions provided by the developers of commercial projects. Developers of projects within certain downtown districts must either contribute to the public art fund or provide art that is visible for the public to enjoy. Due to the variability of developer contributions, revenues are not appropriated until the City Commission has approved a specific project. The ending fund balance at September 30, 2019 was $661,894. Contributions of $261,489, expenses of $38,220 for maintenance and $449,050 for public art capital acquisition has been estimated for FY 2019-20, which will leave a fund balance at September 30, 2020 of $436,113. Expenditures of $30,000 are budgeted in FY 2020-21 for maintenance of the current public art which will leave an estimated fund balance at September 30, 2021 at $406,113.


GAS TAX The Seven Cent Gas Tax revenues are estimated to be $1,531,000 for FY 2019-20 and increase to $1,561,000 for the FY2020-21 budget. As exhibited in the next graph, this revenue has shown increases since FY 2013.

The estimated fund balance of $165,225 as of September 30, 2020 results in total resources available for FY 2020-21 of $1,726,225 which funds $1,635,599 in expenditures as follows:

Gas Tax Expenditures Transfer to General Fund for Transportation $1,017,486 Transfer to Solid Waste for Street Sweeping 200,000 Advanced Traffic Management Systems 25,000 Removal of dead trees 5,000 Pressure cleaning sidewalks 25,000 Traffic signalization 60,000 Traffic signal parts and controller 35,000 Streetlight/signal maintenance 70,000

(Gas Tax Expenditures – continued) Bridge & large culvert maintenance 10,000 Traffic loop replacements 10,000 Traffic control & overhead signs 15,000 Traffic control pavement markings 40,000 Transfer to General Fund for: Traffic Signal Technician 81,218 Project Engineering 41,895

Total Gas Tax Expenditures $1,635,599

The Five-Cent Local Option Fuel Tax (LOFT) went into effect January 1, 2001. For FY 2020-21 revenues are projected to be $986,300. As exhibited in the below graph, revenues have shown increases since FY 2012.

$1.40 $1.40 $1.44$1.49 $1.52

$1.55$1.63 $1.64

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$0.90 $0.91 $0.92$0.95 $0.97

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Combining the FY 2020-21 projected revenues of $986,300 with the estimated fund balance of $72,076 at September 30, 2020 provides total funds available of $1,058,376 for funding the following projects:

Local Option Fuel Tax Expenditures Street Reconstructions $450,000 Intersection Improvements 150,000 Bridge Replacement 100,000 Traffic Signal Rebuild 83,000 New Curb & Gutter Construction 50,000 Construct New Sidewalks 70,000 Total $903,000

MULTIMODAL TRANSPORTATION IMPACT FEES The Multimodal Transportation Impact Fee is a one-time fee paid by new development to recoup the proportional cost of the development’s impact to the transportation system. These fees provide additional flexibility to fund capital infrastructure for transit, bicycle, and pedestrian facilities, in addition to roads. FY 2020-21 projected revenues are $500,000. The estimated fund balance of $1,256,979 as of September 30, 2020 results in total resources available for FY 2020-21 of $1,781,979 which funds $1,350,000 in projects and initiatives as follows:

Multimodal Transportation Impact Fees Expenditures US 41 and Gulfstream Roundabout $750,000 Main Street Streetscape Improvements 300,000 Legacy Trail Network 300,000

Total $1,350,000 TOURIST DEVELOPMENT TAX The original two cents Tourist Development Tax (TDT) has been in effect since November 1, 1988. In addition, the Board of County Commissioners of Sarasota County (BOCC) increased the TDT an additional one cent to a total of three cents effective April 1, 1997. Effective May 1, 2007, the BOCC increased the TDT an additional one cent for a total of four cents. On May 1, 2010, the BOCC increased the TDT an additional half cent for a total of four and half cents. The last change occurred on May 1, 2011 with an additional increase of a half cent for a total of five cents.

The City receives a portion of the initial 2% levy for beach maintenance, beach restoration, beach re-nourishment and beach erosion control. In addition to a portion of the initial 2% levy, the City receives a portion of 20% of the 3rd percent levy for beach maintenance. Since inception and through September 30, 2020, the City has been allocated an estimated total $17,381,874 of Tourist Development Tax revenues. Through the same date, the City will have expended approximately $15,456,846 of that amount, which leaves an estimated carryover of $1,925,028 for FY 2020-21. This carryover amount and the estimated fund balance at September 30, 2020 of $481,044 provides $2,406,072 of matching funds for further protection of Lido Beach’s shoreline. Every year the Van Wezel applies for a portion of the 25% Cultural and Fine Arts Entertainment portion (or the 1st half cent levy). The award is based on size and budget. The Van Wezel falls into the highest category of the award. For FY 2019-20, the Van Wezel Performing Arts Hall expects to receive $88,547 of Tourist Development Tax funds. It is anticipated the Van Wezel will receive $65,000 for FY 2020-21. PENNY SALES TAX The original Penny Sales Tax went into effect September 1, 1989. The City bonded a large portion of this ten-year revenue source to initiate major capital improvements including roadways, park improvements and office space. On November 4, 1997, the voters of Sarasota County approved the extension (Phase II) of the Penny Sales Tax for an additional ten years. On November 6, 2007, voters approved a Sarasota County Referendum to continue the One-Cent Sales Tax (Phase III) through December 31, 2024. The Penny Sales Tax revenue for FY 2020-21 is budgeted at $8,109,741, and miscellaneous revenue of $359,225, which is $157,575 lower than the current FY 2019-20 estimate of $8,626,541. As detailed in the following graph, revenues have been increasing steadily since FY2011-12.


For FY 2020-21, total revenues of $8,478,966, which includes $369,225 of investment earnings, funds $10,205,764 of expenditures as listed below:

Penny Sales Tax Expenditures Parks and Recreation $3,883,710 Streets and Highways 3,255,000 Police Capital Lease 1,200,000 City Municipal Facilities 510,000 Debt Service 1,357,054

Total Penny Sales Tax Expenditures $10,205,764 HOUSING AND COMMUNITY DEVELOPMENT The Office of Housing and Community Development (OHCD) is a joint effort of the City of Sarasota and Sarasota County Government. The Office administers state and federal housing and community development programs both in the City and the County. The City of Sarasota’s Community Development Block Grant entitlement for FY 2020-21 is $473,110, and an estimated $5,000 in loan repayment program income will fund $478,110 in expenditures. The following projects are included for funding:

Administration $88,622 Program Delivery/ Underwriting 135,000 Housing Partnership 219,488 Housing Rehabilitation Loan 35,000 Total $478,110

In 1990, the Federal government created a new housing initiative entitled the HOME Partnership Program under the purview of the U.S. Department of Housing and Urban Development (HUD). Under the program, cities and counties are eligible to receive federal funding for affordable housing initiatives. Because neither the City nor County qualified to receive direct funding, they formed a new entity entitled the Sarasota Consortium. The City of Sarasota was designated as the lead agency or recipient of funds for the Consortium. The FY 2020-21 HUD-HOME Program funding is estimated to be $890,226 and an estimated $500,000 in loan repayment program income. Expenditures totaling $1,390,226 will include partnerships with non-profit developers and home rehabilitation:

Administration $139,023 Foster Care Youth Assist 350,000 Rental Housing Units 800,000 Home Rehabilitation 101,203 Total $1,390,226

$5.8 $6.2 $6.7$7.3 $7.6 $7.7

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During FY 2020-21, OHCD will administer $1,425,000 in State Housing Initiative Partnership (SHIP) funds. These funds will be spent within Sarasota County both inside and outside the City. Use of these funds for FY 2020-21 are as follows:

Administration $114,000 Housing Partnership 400,000 Rental Housing Units 750,000 Home Rehabilitation 161,000 Total $1,425,000

COUNTY OCCUPATIONAL LICENSE TAX Effective December 12, 1991, the Sarasota Board of County Commissioners adopted an ordinance implementing an occupational license tax in Sarasota County. The ordinance allocated proceeds from this tax to each municipality based upon the respective ratio of their population to the total County population. Effective October 1, 1994, as authorized under State Statutes, the Sarasota County Commission decided to distribute these funds using the alternative formula. This formula allocates the applicable taxes to each municipality using the previous formula but allows each municipality to receive only the pro-rata share of taxes collected within its boundaries. For FY 2020-21, this revenue is estimated at $11,200 plus an estimated fund balance carryover FY 2019-20 of $0 which will fund the following:

Economic Development $9,000 Administrative expenses 508 Total $9,508

These revenues and expenditures produce a projected fund balance of $1,692 as of September 30, 2021. CITIZENS WITH DISABILITIES Section 33-83 of the Code of the City of Sarasota requires that revenue collected from fines imposed for illegal parking in parking spaces provided for citizens with disabilities shall be accounted for separately and used for projects or facilities to benefit citizens with disabilities. Currently, the fine for illegally parking in a citizen with disabilities parking space is $250, of which $167 is allocated to this fund, and $83 is allocated to the Parking Management Fund. Revenues for FY 2020-21 are budgeted at $25,000. Expenditures in this fund include support staff expenses as well as closed captioning expenses of $36,731. This leaves an estimated fund balance of $76,009 available for future appropriation. It has been the internal policy of the administration to bring all other expenditures of this fund to the City Commission for approval before the expenditure is authorized. OFFICE OF TOURISM, TRADE AND ECONOMIC DEVELOPMENT (OTTED) On December 31, 2006, Sarasota County's application was approved for certification as a Facility for Retained Spring Training Franchise by the Office of Tourism, Trade and Economic Development. In March 2007, the Florida Department of Revenue agreed to make Pro Sports payments in the amount of $15 million over the next 30 years or $41,667 a month. This $41,667 that the City receives monthly is used to pay debt service on the 2010 Stadium Bonds. In July of 2010, an interlocal agreement between the City of Sarasota and Sarasota County for Major League Baseball Spring Training Use by the Baltimore Orioles obliged the City to transfer the accumulated OTTED funds and actual OTTED bond proceeds less the costs of issuance to Sarasota County. In November 2010, the City Commission voted to authorize the early transmission of up to $1.6 million of the accumulated OTTED funds to Sarasota County to fund ongoing construction at the Sports Complex. The $8,153,523.81 of excess bond proceeds was transferred to the County for construction of the stadium facilities and environmental remediation of the site. For FY 2020-21, grant revenue is estimated to be $500,004. This same amount will be expended in a transfer to fund debt service payments.


ST ARMAND’S SPECIAL BUSINESS IMPROVEMENT DISTRICT The St Armand’s Special Business Improvement District (BID) was created under Section 163.511, Florida Statutes and empowered by City Ordinance No. 02-4382 adopted July 16, 2002. The boundaries of the BID are made up of all parcels of real property located within the CT Zone District in the vicinity of St Armand’s Circle. The BID is a dependent taxing authority with the power to levy up to two mills for the purpose of purchasing supplemental services (maintenance, security, sanitation, promotions, special services and capital improvements). The taxes are collected and disbursed by the City, but all funds are used for the BID at the direction of the Board of Directors. In September 2013, the property owners in the St. Armands Special Business Improvement District voted to extend the Business Improvement District for an additional 10 years, through FY 2022-23. The Official Estimated Taxable Value, as of July 1, 2020, for the St. Armands Business Improvement District, from the Sarasota County Property Appraiser, is $172,808,979 which is a 4.29% percent increase from the prior year value of $165,693,906. By a unanimous vote of the BID Board of Directors, the BID plans to levy 2.0 mills, which will generate approximately $331,793 of ad valorem tax revenue for FY 2020-21. Total expenditures are budgeted as follows:

Description Amount Personnel expense $54,523 Operating costs (supplies, rent, etc.) 27,544 Enhanced land maintenance 42,000 Special Events/Music 10,000

Grants 18,000 Promotional activities 115,601 Contingency 100,000 Total Expenditures $367,668

GOLDEN GATE POINT STREETSCAPE SPECIAL DISTRICT The Golden Gate Point Streetscape Special District (GGP) was created under Section 189.4041, Florida Statutes and empowered by City Ordinance No. 05-4624 adopted September 6, 2005. The boundaries of the GGP are made up of all parcels of real property located on Golden Gate Point. GGP is a dependent taxing authority with the power to levy millage to construct and maintain enhancements and improvements within the public rights of way on Golden Gate Point including, but not limited to, brick pavers, sidewalks, striped perpendicular parking, the undergrounding of all utilities and provision of landscaping enhancements. To accomplish this streetscape project, in March 2008, the GGP borrowed $5.8 million at 3.93% payable over twenty years. In FY 2009-10, excess debt proceeds of $2 million were repaid, reducing the total amount of outstanding debt by the same. In FY 2015-16, the City approved the refunding of the Series 2008 General Obligation Bond (Golden Gate) by issuing Series 2016 General Obligation Refunding Bond (Golden Gate) in order to take advantage of a lower interest rate of 2.11% which will result in a net present value savings through the Bond’s maturity in 2028. The Official Estimated Taxable Value, as of July 1, 2020, for GGP from the Sarasota County Property Appraiser is $284,998,163 an increase of 1.21% from the prior year value of $281,603,570. Based upon this slightly higher valuation, the millage necessary to cover the annual debt service on the previously mentioned borrowing is .9794 mills. In addition, maintenance costs for the completed project are estimated to be $165,564 for FY 2020-21. An additional millage of 0.6066 mills is levied to cover these costs. The combined millage for paying the debt service on the previously mentioned borrowing and covering the estimated maintenance costs is 1.5860 mills, .0184 mills lower than the previous fiscal year’s millage of 1.6044 mills. DOWNTOWN IMPROVEMENT DISTRICT The Sarasota Downtown Improvement District (DID) was created November 2008, by City ordinance adopted by the City Commission at the request of an ad hoc committee of downtown commercial property owners. The DID has a variety of goals, powers and authority granted in the ordinance to improve the downtown core of the City of Sarasota and is governed by a board of five members, who are non-residential property owners subject to ad valorem taxation within the District and are appointed by the City Commission. The Preliminary Estimated Taxable Value as of June 1, 2020 for the DID from the Sarasota County Property Appraiser is $378,883,892. Based upon the levy of 2.0000 mills for FY 2020-21, property tax revenues are budgeted to be $721,395.


Expenditures are budgeted as follows:

Description Amount Personnel $56,933 Miscellaneous operating expenses 27,302 Enhanced land maintenance 287,000 Capital Improvements 5,000 Contingency 179,875 Transfer to support CIP Program 136,828 Grant-Comprehensive Treatment Court 20,000 Total $712,938

DEBT SERVICE FUNDS A two-year comparison of debt service millage follows:

FY2019-20 FY2020-21 2015 General Obligation Bonds .2339m .2234m

This table shows the estimated millage rate for debt based on projected net assessed valuations through 2026:

Debt Millage on G.O. Bonds 2015 G.O.

2021-22 Estimated millage .2187 m 2022-23 Estimated millage .2127 m 2023-24 Estimated millage .2043 m 2024-25 Estimated millage .1967 m 2025-26 Estimated millage .1888 m

Including the General Obligation Bonds, the City of Sarasota’s total outstanding long-term liabilities on September 30, 2021 are projected at $128,136,959 summarized as follows:

Long Term Liability 9/30/20 9/30/21 General Obligation Bonds $33,430,000 $31,920,000 Special Obligation Bonds & Debt 13,832,000 12,507,117 Capital Lease – Police 1,180,000 797,969 Special Assessment Debt 101,000 94,838 Proprietary Rev. Supported Debt * 87,155,000 81,498,383 Capital Lease – Solid Waste 1,730,000 1,318,651

TOTAL $137,428,000 $128,136,959 * On June 9, 2017, the City entered into a loan agreement with the Florida Water Pollution Control Financing Corporation for $25,115,300 with a 0.25 percent interest rate for the construction of wastewater and reclaimed water facilities. An additional $2,854,400 was authorized on November 6, 2017. Included in the loan are loan fees of $556,800 which will be amortized throughout the life of the loan, for a total loan of $28,526,500. The first payment is due on August 15, 2021. Although the full amount of the loan has not been drawn down, the total loan amount has been reported in the Proprietary Rev. Supported Debt 9/30/2021 debt balance above. * On June 22, 2017, the City entered into a loan agreement with the Florida Department of Environmental Protection for $1,590,700 with a 1.24 percent interest rate for the construction of drinking water facilities. Included in the loan are loan fees of $32,640 which will be amortized throughout the life of the loan, for a total loan of $1,623,340. The first payment is due on January 15, 2022. Although the full amount of the loan has not been drawn down, the total loan amount has been reported in the Proprietary Rev. Supported Debt 9/30/2021 debt balance above.


Per Capita Share 9/30/20 9/30/21 General Obligation Bonds $590 $548 Special Obligation Bonds & Debt 244 215 Capital Lease - Police 21 14 Special Assessment Debt 2 2 Proprietary Rev. Supported Debt 1,537 1,410 Capital Lease – Solid Waste 31 23

TOTAL $2,425 $2,210

The level of outstanding debt is monitored by comparing it with the population and by comparing debt service levels with current revenues. The City Charter provides for a legal debt limit that caps the amount of outstanding long-term liabilities to 10% of the City’s assessed property value. The legal debt margin is defined as the difference between the legal debt limit and net total outstanding long-term liabilities. “Net long-term liabilities” or “Applicable Debt” is defined as long-term liabilities less any deductions allowable by law. Allowable deductions include any debt supported by specific revenue streams and any funds segregated for the retirement of long-term liabilities. As of September 30, 2021, the legal debt limit is projected to be $1,177,001,069 and the legal debt margin is projected to be $1,146,646,107. This large debt margin (shown graphically in the following chart) means that the City has a low debt burden which equates to a minimal impact on our taxpayers to support our debt obligations.

$686 $689 $721 $759 $812

$879 $964

$1,050 $1,125 $1,177

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The Chart below shows the City’s future debt service requirements holding steady for several years before increasing somewhat and holding steady again for several more years before experiencing a significant decrease. No large increases from year to year allows budgeting for principal and interest to have a lesser impact on current and future operations.

Total payments including interest to amortize these long-term liabilities are $161,042,264 ($128,136,959 - principal and $32,909,305 - interest). The total payments necessary to amortize annually all outstanding long-term liabilities is detailed in the table on the following page.

$11.71$12.54

$11.77$11.19 $11.08

$8.53 $8.53 $8.52$7.69 $7.64

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Debt Service Requirements for the Next 10 Years

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Purpose of Issue 2020-21 2021-22 2022-23 2023-24

0Remaining

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GOVERNMENTAL FUNDS (Included in the Debt Service Funds Section)Loans Payable:

Glen Oaks Wallp

Assessment Wall P 6,891$ 7,188$ 7,497$ 7,819$ 65,443$ 94,838$ 199,390 Glen Oaks I 4,078 3,782 3,473 3,150 11,782 26,265

Special Obligation Bonds:2009 Series Penny Strategic Parking/ P 1,131,112 1,197,020 1,265,712 1,338,347 1,414,927 6,347,118

21,066,000 Sales Tax Park/Rec Center I 224,315 179,198 131,472 81,158 27,652 643,795

2010 Series OTTED P 265,000 275,000 285,000 295,000 5,040,000 6,160,000 8,260,000 Grant Stadium I 243,127 232,395 221,265 209,737 1,449,741 2,356,266

General Obligation Bonds:2015 Series Ad Valorem Police P 1,340,000 1,390,000 1,450,000 1,520,000 24,330,000 30,030,000

33,855,000 Taxes Headquarters I 1,195,044 1,141,444 1,085,844 1,013,344 6,327,801 10,763,477

2016 Series Ad Valorem Golden Gate P 225,000 225,000 230,000 235,000 975,000 1,890,000 2,700,000 Taxes Streetscape I 39,974 35,214 30,456 25,591 51,925 183,160

Capital Lease:2019 Lease/Purchase Penny Police P 393,224 404,745 - - - 797,969

1,180,000 Sales Tax Vehicles I 23,381 11,859 - - - 35,240

PROPRIETARY FUNDS - (Included in the Enterprise Funds Section)Revenue Bonds:

2017A Series St Armands Parking P 520,000 540,000 560,000 585,000 10,405,000 12,610,000 13,595,000 Revenue Garage I 455,550 434,750 413,150 390,750 2,708,119 4,402,319

2017B Series St Armands Parking P 80,000 85,000 85,000 90,000 1,575,000 1,915,000 2,075,000 Revenue Garage I 60,007 58,406 55,856 53,307 405,281 632,857

2011 Series Water & Sewer System P 1,460,000 1,535,000 1,270,000 1,335,000 5,995,000 11,595,000 21,885,000 Revenue Improvements I 539,544 466,544 389,794 326,294 643,788 2,365,963

2015 Series Water & Sewer System P 480,000 485,000 500,000 515,000 520,000 2,500,000 4,730,000 Revenue Improvements I 57,750 46,662 35,459 23,909 12,012 175,791

2017 State Revolving Water & Sewer System P 695,579 1,393,821 1,397,379 1,258,602 21,883,612 26,628,993 28,526,500 Revenue Improvements I 36,386 70,109 66,552 55,429 454,908 683,384

2017 State Revolving Water & Sewer System P - 71,991 72,886 73,793 1,495,720 1,714,390 1,623,340 Revenue Improvements I - 19,907 19,012 18,105 158,431 215,455

2019 Series Water & Sewer System P 785,000 800,000 815,000 835,000 21,300,000 24,535,000 24,485,000 Revenue Improvements I 829,283 802,750 775,710 748,163 7,178,275 10,334,181

Capital Lease:2018 Lease/Purchase Solid Waste Solid Waste P 424,863 439,385 454,403 - - 1,318,651

2,126,716 Revenue Vehicles I 45,072 30,550 15,531 - - 91,153 Total Principal (P) 7,806,669 8,849,150 8,392,877 8,088,561 94,999,702 128,136,959 Total Interest (I) 3,753,511 3,533,570 3,243,573 2,948,937 19,429,715 32,909,305 Total Outstanding Principal & Interest 11,560,180$ 12,382,720$ 11,636,450$ 11,037,498$ 114,429,417$ 161,046,264$

Debt Service on Outstanding Long-term Liabilities


ENTERPRISE FUNDS WATER AND SEWER The Water and Sewer Utility System (Utility) provides water, wastewater and reclaimed water service to approximately 19,700 customers. Total projected revenue for FY 2020-21 is $49,503,696. This amount is $6,157,466 less than budgeted revenue for FY 2019-20. This net decrease is due to $6,200,000 in SRF (State Revolving Fund) loan proceeds to fund specific CIP projects, and an increase in water/sewer charges for services of $42,534. The total expenditure budget for FY 2020-21 is $57,390,980 for a net decrease of $6,289,806 over the FY 2019-20 budget. This is due to the completion of water/sewer project in the current year. The projected reserve balance at the end of FY 2020-21 exceeds the minimum reserve balance adopted by the City Commission and required by existing bond and loan covenants. The balance also maintains the Utility Department’s favorable credit rating. The Utility’s Capital Improvement Program incorporates needed infrastructure improvement projects along with adding several utility projects to support street improvements and roundabout projects. In total, the Utility’s Capital Improvement Program totals $126,104,000 over the next five years. This program is necessary at this level to ensure the City continues to address issues within its aging infrastructure. Along with the increased Capital Improvement Program, the Utility is required to have certain staffing levels, repay outstanding indebtedness, perform a variety of maintenance issues (valves, hydrants, lines, lift stations, etc.), and provide customer service and billing functions regardless of the amount of active accounts or water demands. Fundamentally, all the Utility’s operating cost requirements are fixed, with the only variable expenses being electricity and chemicals. The goal continues to be smoothing out any rate hikes and keeping them as low as possible, yet sufficient to sustain the capital infrastructure of the utility and satisfying the required bond covenants as to coverage. The City’s monthly water and sewer rates for FY 2020-21 will increase 3.5%. The rates are $32.41 for water and $53.34 for sewer for a total of $85.75 for 4,000 gallons, excluding excise taxes. The current average total monthly bill in this region for 4,000 gallons is $82.85.

$58.67 $61.68 $62.39$65.99 $67.67 $70.88

$75.07$82.85 $88.85

$90.15$99.92 $102.89 $106.09

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Water and Sewer Rates for Area UtilitiesMonthly Rates for 4,000 Gallons per Month


BOBBY JONES GOLF COMPLEX In 2020 the City Commission voted to reduce the overall footprint of the Bobby Jones Golf Course to include eighteen regulation holes, nine executive holes, and create open park space with the remaining acres. Revenue bonds are anticipated to fund this project, and construction originally planned to begin in April of FY 2019-20 has been postponed until April 2020-21. The course originally was to be closed for approximately 18 months beginning April 1, 2020 for renovations, however, the City Commission directed the reconstruction of the Bobby Jones Golf Course to be postponed due to the changes in plans for renovation. Because the golf course is closed and has no user fee producing activities, this fund has been included as a department in the Parks and Recreation District. The budgeted cost for FY 2020-21 to maintain the grounds as open park space until the reconstruction of the complex is $146,152. The Chart below is a history of the Bobby Jones Golf Complex Profit/Loss, which has been subsidize from other funds.

VAN WEZEL PERFORMING ARTS HALL The Van Wezel Performing Arts Hall, owned and operated by the City of Sarasota, is considered the "Jewel in Sarasota's Arts Crown". The Hall is unique from the standpoint that it provides the physical plant and its facilities for community programming. Additionally, as a presenter, the Van Wezel takes financial risks to bring a broad variety of programming to the City and the community. The Van Wezel presents a broad spectrum of local, regional, national and international performing artists in order to meet the varied cultural needs of all Southwest Florida's residents and to further Sarasota's national and international reputation as the cultural capital of Florida. In addition, the Van Wezel is utilized by other City-based non-profit organizations such as the Sarasota Orchestra, Ringling Town Hall Series and the Sarasota Concert Association. The Van Wezel continues to make prime dates available to these groups, sometimes years in advance, to allow the community groups to plan their programs. The rates for the hall are tiered so that groups wanting to use the hall during the week pay less than those wanting the prime-time weekends. The mid-week rates are still less than the fixed cost of operating the hall for a day. The Van Wezel has a significant economic impact on the City. The 1,300 plus annual visiting artists who come from all over the world to work at the Van Wezel stay in hotel rooms, eat at local restaurants and significantly enhance the retail economy within the City. Patrons who come to the Van Wezel often have a meal before or after the performance at one of the many

$25 ($64)

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Bobby Jones Golf Course Profit/Loss (before subsidy)

Fiscal Years

$23.91 $24.88 $25.87 $26.92 $28.53 $30.24 $30.24 $30.24 $31.31 $32.41

$39.40 $40.97 $42.61$44.32 $46.99

$49.81 $49.81 $49.81 $51.54 $53.34

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Monthly Water & Sewer Rates for 4,000 Gallons per Month

Water Sewer


City restaurants. As in years past, more than half of the attendees come from outside the Sarasota City limits, further illustrating the breadth of the Hall's influence. This includes patrons from other Florida locations, various states and intercontinental residents. The economic impact of the Van Wezel operation in the community has been estimated at $57 million per year. Van Wezel has been ranked the Number 1 Performing Arts Hall in North America in its category (2,000 seats) by “Venues Today” the industry journal and Number 3 internationally. The Van Wezel has a rich programming mix. Programming is focused on shows that have the best risk-reward ratio and will hopefully draw more audience members to the Hall. Subscription campaigns have been instituted for the Broadway Series, Classical Series and Variety Series. The Van Wezel also offers 4 free Friday Fest concerts in the summer. The music ranges from Oldies, to Country, to Motown and to a Latin mix. The Van Wezel is funded through a combination of ticket sales, other earned income such as concessions and rentals, contributed income, grants and sponsorships. The following graph reflects the actual profit or loss for Van Wezel for the past 10-year period.

For the FY 2019-20, the Hall’s revenues are estimated to be $3,031,306 lower than FY 2018-19. This is due to the closure of Van Wezel during the months of March through June 2020 for COVID-19 pandemic. There is a corresponding decrease in operating expenses during this time as well. The estimated decrease in fund balance for FY 2019-20 is $562,612. In FY 2020-21, sources of contributed income will be under economic pressure. Various grants have been either cut or reduced and economic pressure will adversely impact current corporate sponsors and the Van Wezel Foundation. While keeping these conditions in mind, the Hall will continue to seek contributed income increases through sponsorships, ongoing discussions with the Van Wezel Foundation, and foundations that specifically support educational and community events that the Van Wezel provides. Total budgeted revenues for FY 2020-21 of $9,278,639 are $1,950,456 lower than estimated for FY 2019-20. Budgeted expenses for FY 2020-21 of $11,640,479 are $151,228 lower than the FY 2019-20 estimated budget. The 2019-20 fiscal year will be the eleventh year in a row that the Hall has not received a subsidy from the General Fund. The aforementioned revenues and expenses establish a projected fund balance at September 30, 2021 of $3,457,225. The Van Wezel Capital Surcharge Fund, which is funded from a $1.00 per ticket capital surcharge and additional transfers from the Van Wezel Operating fund has budgeted revenues for FY 2020-21 of $172,334 and an estimated fund balance at September 30, 2020 of $537,576. Capital improvements for FY 2020-21 are as follows:

Elevator Upgrades $295,000 Stage Audio and Lighting Upgrades 48,000 Pumps for Chillers 43,000 Dressing/Restroom Remodels 10,000 Security System Upgrades 89,000 Computer Equipment 35,000 Total Capital Expenses: $520,000

$539 $131 $108

$1,273

$239

$866 $851 $1,064

($563)

($2,362)

$(2,700) $(2,400) $(2,100) $(1,800) $(1,500) $(1,200)

$(900) $(600) $(300)

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$1,200 $1,500

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Van Wezel Profit/Loss

Fiscal Years


SOLID WASTE MANAGEMENT The Solid Waste Management Division of the Public Works Department, plans, develops and implements a system of solid waste collection throughout the City that provides a level of service which protects public health and the environment while meeting the requirements of Local, State and Federal regulations. Solid Waste Collection In FY 2020-21, the following level of service is provided for:

Residential - 1 collection per week of a City supplied 90-gallon cart. This collection service is performed with fully and semi-automated trucks. Commercial – Collection services range from 1 to 6 times per week. Container sizes range from the 95-gallon cart up to a 40 yard compactor. Public areas - Collection services changed to twice per day for trash receptacles in the Downtown, St. Armands Circle, Southside Village, and Dr. Martin Luther King Jr. Way business districts along with assorted City parks. In addition, disposal costs for parks, special events, and community clean-up are funded by this operation.

In addition to solid waste collection, the City requires mandatory recycling from City supplied 65-gallon recycling carts. City staff collects all residential recyclable materials, while also collecting residential white goods and bulk trash. City staff direct hauls all recycling materials to a recycling processing facility owned by Waste Pro. Commercial customers select their own provider for recycling collection services. The City also contracts with a private contractor to provide transfer services of the solid waste collected within the City and have an interlocal agreement with Sarasota County for landfill disposal. Street Sweeping This operation removes the accumulation of litter and debris from the City’s paved streets by mechanically sweeping streets on a scheduled basis and provides for the assorted business districts commercial streets to be swept three times per week and the residential streets to be swept quarterly. This budget maintains the same level of service as established in the FY 2019-20 budget. In addition to the scheduled sweeping of streets, work also includes sweeping of parking lots, sweeping after vehicle accidents, street construction and special events such as parades and festivals. Revenues for FY 2019-20 are estimated to be $12,863,567. Estimated expenses for FY 2019-20 are $12,130,536. The following graph reflects the actual profit or loss for the Solid Waste Management operation for the past 10-year period. Fiscal years with losses are covered by fund balance, leaving sufficient balance for equipment replacement reserves.

Revenues for FY 2020-21 are budgeted $12,629,615 which is $233,952 lower than those estimated for FY 2019-20. Expenses for FY 2020-21 are budgeted $13,161,216 or $1,030,680 higher than dollars estimated for FY 2019-20. This is due to the City needing to provide solid waste collection service to the additional City parks and increasing the frequency of collection from once per day to twice per day along Main Street and St. Armands Circle, and at high-profile parks. Also, the Solid Waste department is performing the collection and processing of recyclable materials along with the collection of bulk waste and yard waste versus using outside contracted services. These revenues and expenses contribute to an estimated fund balance at September 30, 2021 of $1,357,001. In addition, the operation maintains an equipment replacement reserve fund which provides funding for large vehicle replacements. Several equipment purchases will be made in FY 2019-20 and FY 2020-21, leaving a projected reserve balance of $816,982 at September 30, 2021.

$752 $174

($1,948)

($575) ($634)

($1,694)

$32

($1,563)

(1,594)

($532)

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Solid Waste Profit/Loss

Fiscal Years


MUNICIPAL AUDITORIUMS The operation includes the Municipal Auditorium, Payne Park Auditorium and the Bayfront Community Center. The historic Municipal Auditorium is located at the northern gateway to downtown Sarasota. It has been on the National Register of Historic Places since February 24, 1995. The Bayfront Community Center is an addition that was added to the back of the Municipal Auditorium in the 1940s. The Municipal Auditorium and the Bayfront Community Center are maintained as one cost center. The main source of revenue is generated through the rental income and sponsored events for the use of the facilities. In FY 2019-20 the estimated revenues are $216,050. For FY 2020-21, it is projected that approximately $271,296 will be generated by leasing the facility to organizations and individuals for a myriad of events including antique, coin, jewelry, stamp and orchid shows, educational programs, proms, weddings and fundraisers. Additionally, staff operates the in-house concession stand generating $17,337 in revenues, and miscellaneous income of $10,000 for total budgeted revenues of $298,633. Expenses for FY 2020-21 are budgeted at $567,666 which is a decrease of $11,232 from the FY 2019-20 estimated expenses. The Payne Park Auditorium is maintained as a separate cost center within this operation. The Payne Park Auditorium is the perfect community venue nestled within the City of Sarasota's Payne Park and offers 5,000 square feet of rental space. The facility was constructed in 1962 and has continued to serve the needs of the community since its inception. A typical month's events include dances, rehearsals, catered luncheons and meetings. For FY 2019-20 the estimated revenues and expenses are $14,745 and $94,882 respectively. For FY 2020-21 the projected revenues and expenses are $32,171 and $105,140 respectively. Based upon the above revenues and expenses for the three facilities, the Parks and Recreation District will be required to subsidize the Municipal Auditoriums for FY 2020-21 in the amount of $200,000. The following graph reflects the actual loss (before operating subsidies) for all auditoriums combined for the past 10-year period. FY 2019-20 is estimating a loss of $340,384, requiring a subsidy of $370,000 and FY 2020-21 has a budgeted loss that will require an additional subsidy of $200,000 leaving a projected fund balance of $70,984 at September 30, 2021.

PARKING MANAGEMENT The mission of the Parking Management Fund, adopted by the Parking Advisory Committee, is Smart, Safe and Sustainable Parking. This mission means that parking customers find the public parking system easy to use, and trouble free. The Parking Management Fund is responsible for the oversight and maintenance of the Palm Avenue Parking Garage, portions of the 2nd Street/Whole Foods Parking Garage, and the State Street Parking Garage. The Parking Management Fund also manages 17 public parking lots, over 2,500 designated on street parking spaces and enforcement of the City codes and regulations pertaining to public parking citywide. The newest addition to the parking program occurred in the summer of FY2018-19 with a parking meter program being implemented in the downtown core area. The Parking Management Fund plays an integral role in monitoring and managing the components of parking & transportation within the City limits.

($25)($39)

($189)($150)

($107)($138)

($180)($225)

($340)

($269)

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Municipal Auditoriums Profit/Loss(before subsidy)

Fiscal Years


For FY 2019-20 estimated revenue is $2,297,211 and estimated expense is $2,937,114 resulting in an estimated $639,903 deficit. The Parking Management Fund has prior year fund balance to absorb this deficit. For FY 2020-21, revenues are projected to total $2,798,331, which is $501,120 higher than FY 2019-20 estimated revenue. Expenses are budgeted at $2,752,686 which is $184,428 lower than FY 2019-20 estimated expenses. With budgeted revenues exceeding budgeted expenses, there is no budgeted General Fund subsidy for FY2020-21. The projected fund balance at September 30, 2021 is $45,645. The graph below reflects the actual profit/loss for the Parking Management Fund for the past 10-year period. Citation revenues have increased over the past 5 years, however additional operating expenses have been incurred with the addition of parking garages.

ST. ARMANDS PAID PARKING AREA FUND The St. Armands Paid Parking Area Fund is newly created for operation of an on-street paid parking program and a parking garage within St. Armands Circle on St. Armands Key. The construction of the Garage was funded by the issuance of the St. Armands Paid Parking Area Improvements Revenue Bonds Series 2017A&B. The debt service and the operating costs for the garage will be funded through a paid parking program around St. Armands Circle and a special assessment to the property owners in the St. Armands Special Business Improvement area of $260,000 assessed annually. This special assessment began in FY 2016-17 and will continue for the life of the 20-year bonds. The parking garage has approximately 500 parking spaces and was completed and opened in March 2019. The Parking Meter Program became active in conjunction with the opening of the St. Armands garage. Projected revenues for FY 2020-21 which includes parking meter fees, garage fees, surface lot spaces and parking permits is $975,720. Projected expenses for FY 2020-21 for personnel, operating and debt service is $996,627. Projected fund balance at September 30, 2021 is $67,525.

INTERNAL SERVICE FUNDS

VEHICLE AND EQUIPMENT MAINTENANCE This operation is responsible for the repair and maintenance of all City vehicles, with the exception of a few police vehicles, which are being serviced at a local dealership. The department operates in the most cost-effective manner and as an Internal Service Fund all costs are passed through to user departments. In addition to the repair facility, the department also operates a 24/7 fully automated fuel station on site. Revenues for FY 2020-21 are budgeted at $3,375,721 which is $356,442 higher than estimated for FY 2019-20. This is primarily attributed to increased equipment repairs and maintenance. Expenses for FY 2020-21 are budgeted at $3,361,702 which is $316,168 higher than those estimated for FY 2019-20. The estimated fund balance at September 30, 2020 is $3,241 Projected fund balance at September 30, 2021 is $17,260.

$(292)

$(388)$(316)

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Parking Management Profit/Loss (Before Subsidy)

Fiscal Years


INFORMATION TECHNOLOGY The Information Technology (IT) Department provides the hardware and software information systems and technologies that enable City departments to accomplish their respective missions. These systems provide department personnel with operationally relevant information, support strat

Documents

legistarweb-production.s3.amazonaws.com...FINANCIAL PLAN FOR FISCAL YEAR OCTOBER 1, 2020 THROUGH SEPTEMBER 30, 2021 including General Fund, Special Revenue Funds, Debt Service Funds,