YOUR GUIDE TO COUNTY FINANCES CITRUS COUNTY, FLORIDA PREPARED BY THE CLERK OF THE CIRCUIT COURT AND COMPTROLLER FOR THE FISCAL YEAR ENDED

Transcription

1 YOUR GUIDE TO COUNTY FINANCES CITRUS COUNTY, FLORIDA PREPARED BY THE CLERK OF THE CIRCUIT COURT AND COMPTROLLER FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016

2 MESSAGE FROM CLERK VICK Dear Citizens, I am pleased to share with you this edition of the Citrus County Popular Annual Financial Report (PAFR). The goal of this report is to provide you summarized financial information about your county in a format and language that is easily understood. The Comprehensive Annual Financial Report (CAFR) referenced within this document is the county financial statements prepared by my office. The CAFR runs almost 200 pages and is full of technical jargon. While this is necessary to comply with generally accepted accounting principles, it is not necessarily easy to understand or digest in one sitting. You will see many graphs and charts that assist readers with comparing data over time, as well as analysis of significant trends. Information about County debt and investments is also provided and charted. It is a privilege to serve as your Clerk of Court and Comptroller. I am committed to providing exemplary customer service and to manage this office in an environment of transparency and efficiency. Our vision of Serving Together Dedicated to Excellence, is more than just a catchy phrase. It is the pursuit of every deputy clerk. Kindest regards, Angela Vick, Clerk of the Circuit Court and Comptroller Clerk Vick holds a Bachelor of Arts in Business Administration with an Accounting Specialization from St. Leo University and also earned certification through the Government Finance Officers Association in Advanced Governmental Accounting, Reporting, Budgeting and Fraud Detection. Further, Angela trained with the Leadership Development Institute at the University of Florida and the Florida Institute of Government from Florida State University.

3 1 INTRODUCTION About This Guide We all understand the necessity of budgeting knowing how much money is coming in and prioritizing how that money is ultimately spent. Budgets and spending are especially important in government, since every dollar spent comes from taxpayers. Just as you track your personal budget, it is important to have transparency around how your tax money is budgeted and spent. The Citrus County Clerk & Comptroller is proud to offer this edition of Money Matters: Your Guide to County Finances. This annual guide should provide an essential tool to help you understand how public money is managed. The inaugural 2015 report won the prestigious Award for Outstanding Achievement in Popular Annual Financial Reporting. Most of the information in this report is derived from the Clerk & Comptroller s Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended on September 30, The CAFR, available at includes nearly 200 pages of detailed County financial statements, notes, schedules and reports. Money Matters, which is also known as the Popular Annual Financial Report (PAFR), includes condensed and simplified information from the CAFR, County budget and other financial reports. This guide is a recommended practice of the Government Finance Officers Association (GFOA), the authority on best practices in governmental accounting and financial reporting. As part of its commitment to cost savings, the Clerk & Comptroller s office has printed a limited number of copies of this guide. Citizens are encouraged to view the online edition at Because this is a summary, Money Matters does not conform to generally accepted accounting principles and reporting requirements for government entities. Additionally, this guide does not include financial information on Nature Coast EMS or Citrus Information Cooperative, legally separate entities from the County. TABLE OF CONTENTS INTRODUCTION About This Guide... 1 YOUR COUNTY Government in Your County... 2 About the Clerk & Comptroller... 3 Your Community YOUR COUNTY S FUNDING County Government Revenue... 6 Property Taxes User Fees YOUR COUNTY S BUDGET Budget at a Glance Select Departmental Budgets YOUR COUNTY S EXPENSES Where Your Money Goes Capital Assets YOUR TAX DOLLARS AT WORK Investments Debt What the County Owns and Owes CONTACT INFORMATION... 18

4 2 YOUR COUNTY Government in Your County Established in 1887 as a political subdivision of the State of Florida, Citrus County is governed by a Board of County Commissioners (BOCC), made up of five citizens elected in separate districts. These commissioners act as a local legislative and executive body, setting public policy, levying taxes and funding projects, programs and the operations for more than 24 County departments. An appointed County administrator carries out the policies and decisions made and approved by the commissioners. The BOCC is regulated by state statutes. BUDGET PROCESS The County must prepare an annual budget authorizing the spending of public money, which comes primarily from your property taxes. State law requires the County to have a balanced budget that can only be amended throughout the year with BOCC approval at public board meetings (see Budget at a Glance, page 11). The fiscal year for the budget begins on October 1 and ends on September 30. In addition to the BOCC, there are two municipalities within Citrus County that create their own budgets and have the ability to tax residents living in the municipality. There also are more than nine different special districts within the County that may levy taxes or assessments. CONSTITUTIONAL CHECK AND BALANCE Voters also elect five independent constitutional officers who are a check and balance on the BOCC. They are the Clerk & Comptroller, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector. The framers of the Florida Constitution intentionally made these countywide offices separate and independent from the rest of County government to ensure that the entity that decides how to spend your tax dollars (BOCC) is not the same entity that pays the County s bills (Clerk & Comptroller), assesses your property s taxable value (Property Appraiser), collects your taxes (Tax Collector), protects its citizens (Sheriff), or oversees the election process (Supervisor of Elections). These offices cannot set public policy or levy taxes like the BOCC. These constitutional officers are audited regularly by the state and are required to follow strict constitutional and statutory guidelines. The Sheriff and Supervisor of Elections are funded by your property taxes, while the Clerk & Comptroller, Tax Collector and Property Appraiser are primarily funded by user fees. As the independent Clerk to the Board of County Commissioners, the Clerk & Comptroller makes it easy to stay informed about County government and BOCC decisions. Detailed meeting minutes linked to videos of meetings are available online through Implemented an electronic agenda process Information Systems and the Building Department worked together to create the online Express Permitting program for licensed contractors MAJOR INITIATIVES FISCAL YEAR 2016 Improved Navigation on Homosassa River with improved buoys and markers Constructed forced water main on Fort Island Trail Received upgraded bond ratings from Fitch, New York General Election on November 8, 2016 with a 76.63% turnout and the first to report our results to the State in the General Election Completion of the Inverness Airport Road project

5 3 YOUR COUNTY About the Clerk & Comptroller The Clerk & Comptroller s office, established in 1838 by the Florida Constitution as an independently elected officer, is charged with safeguarding your public records and public funds. In addition to the roles of Clerk of the Circuit Court, County Recorder and Clerk of the Board of County Commissioners, the Clerk has the following responsibilities as County Comptroller: Chief Financial Officer Monitor the County budget, revenue, debt and spending; Pay County bills; maintain financial records and produce required financial statements and reports Treasurer Manage the County investment portfolio to earn interest income on taxpayer funds. All of the data presented in this report is taken from the Comprehensive Annual Financial Report (the CAFR ), which is published annually in accordance with best practices and has been awarded a certificate of Achievement for Excellence in Financial Reporting every year for the past 18 years. The full CAFR can be viewed online at the Clerk s website: clerk.citrus.fl.us Auditor Conduct independent risk based and financial audits, and audit all County expenditures. As the County s Chief Financial Officer, one of the most important duties of the Clerk is providing clear, concise information about County revenue and spending. We are pleased to offer Money Matters: Your Guide to County Finances as one way of doing so. The Comprehensive Annual Financial Report (CAFR), one of the supporting documents for this guide, has received the GFOA s Certificate of Achievement for Excellence in Financial Reporting for an impressive 18 consecutive years. The Board of County Commissioners also received the GFOA s Distinguished Budget Presentation Award in FY 2015, marking the 11th consecutive year. These are the highest honors bestowed by the organization. You can find all these financial publications online at and Additionally, as part of our commitment to financial transparency, visit us online to view audits conducted by the Clerk, audits of the office conducted by external entities, and Clerks in the Sunshine, a section containing Clerk budget information and efficiency reports. The Clerk & Comptroller s Financial Services department provides accounting and payroll services to all the departments under the Board of County Commissioners, as well as the Clerk, and Supervisor of Elections. The department also processes payroll for the Property Appraiser. In fiscal year 2016, the accounts payable division processed more than 46,000 invoices. The two person payroll division handled compensation and reporting for 865 employees.

6 4 YOUR COUNTY Your Community 145, , , , , , % 10.0% 5.0% 0.0% Population/Growth Rates FY , , , , , , , , , % 0.8% 0.5% 0.1% 1.0% 0.3% 0.9% 0.6% 1.2% Unemployment Rates FY Citrus United States Florida The natural beauty of Citrus County, along with its Central Florida, coastal location makes it an attractive place to live. We are home to approximately 143,054 residents. According to information prepared by the Florida Legislature, Office of Economic and Demographic Research, the median age in Citrus County is 54.0 compared to 40.7 statewide. 15.9% of the population is under 18 years of age compared to 21.3% statewide. 31.9% of the population of Citrus County is over 64 years of age compared to 17.3% statewide. The unemployment rate continues to decline, but still outpaces the state of Florida and the country. Citrus County has the third highest unemployment rate in the state. County employment was heavily concentrated in the construction industry and the housing crisis hit the County particularly hard. Duke Energy has commenced building a natural gas plant, and is employing several hundred people, helping to alleviate the economic impact of the nuclear plant closure. CITRUS COUNTY'S TOP TAXPAYERS* (Total County) Duke Energy Florida $23,002,005 Sumter Electric Coop $600,976 Citrus Memorial Hospital $1,753,777 Seven Rivers Regional $488,341 Florida Gas $1,571,658 Bright House Networks $467,130 Withlacoochee River Electric Coop $953,743 Centurylink $378,537 Wal Mart Stores $694,719 Hampton Hills LLC $350,030 *Including School Board and other special districts The County is heavily reliant upon a single taxpayer, Duke Energy, who paid $11,231,073 in ad valorem taxes in FY This constituted approximately 17% of the County s total ad valorem tax revenue.

7 5 YOUR COUNTY 2,500 2,000 1,500 1, Foreclosure Case Filings ,001 1,562 1,640 1, , Foreclosure filings continue to decline in Citrus County. The inventory of existing homes for sale is shrinking, helping boost sale prices and increase the taxable values. It is estimated that 1 in every 790 homes is currently in foreclosure in the county. The hardest hit areas are Dunnellon and Beverly Hills, where rates are 1 in 686 and 1 in 312, respectively. Average Sale Price Single Family Residental 130, , ,000 Mortgages and deeds recorded 90,000 95,929 78,974 Or median sales price of homes 66,371 70,000 51,140 50,000 30,000 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Citrus County was hard hit by the housing crash with skyrocketing foreclosures and average home sale prices plummeting more than 50% between 2006 and Fortunately, a recovery in housing prices began in 2012 and continues today. Average sale prices are still 34% below the inflated pre crash prices. At $78,974, however, the area is relatively affordable for young families and retirees. Recent national rankings have included Inverness and Citrus Hills in the top retirement destinations Residential Building Permits FY Residential building permits increased slightly from prior years, showing the strongest growth since An impact fee moratorium instituted in February 2015 and continued economic improvements have helped boost the construction industry. While still well below the new construction permits prior to the recession, the results are welcome news.

8 6 YOUR COUNTY S FUNDING County Government Revenue Governmental Activities Revenues FY 2016 Total $126,261,897 Investment Income 403,512 Property Taxes 65,518,960 State Shared Revenues 21,027,046 Other Local Taxes 2,795,853 Charges for Services 20,619,875 Operating Grants & Contributions 11,985,958 Capital Grants & Contributions 3,910,693 Funding for County government and services comes from many sources, the majority derived from property taxes. The total county millage rate decreased.045 mills. Property tax revenue declined $1.9 million from FY 2015, but is still 19% higher than FY The County s other revenue categories remained steady with less than 6% variance from FY 2014, with the exceptions of operating and capital grants and contributions. Operating grants increased $2 million while capital grants decreased a similar amount. In total the two categories only declined 823,911. Interest rates have crept up slightly and the county s investment income came in at $403,512. The Clerk balances the desire for earnings with the foremost objective of safety of the principal. Millions $80 $70 $60 $50 $40 $30 $20 $10 $ Governmental Activities Revenues FY

9 7 YOUR COUNTY S FUNDING Property Taxes The Board of County Commissioners and other taxing entities each set a property tax rate, called a millage rate, which is used to calculate your overall property taxes. A mill is equal to $1 of tax for every $1,000 of assessed property value. The Property Appraiser assesses property values in January, which is the first step to determining how much property owners pay in taxes each year. HOW YOUR TAXES ARE CALCULATED [Assessed Value of Property minus Exemption(s)] 1,000 x Total Millage Rate = Total Property Tax As shown in the taxing cycle chart, the funding of government each year starts with an assessment of your property s taxable value at the beginning of the calendar year.

10 8 YOUR COUNTY S FUNDING Property Taxes If you own property in Citrus County, your annual tax bill funds much more than County government. Other agencies including the Citrus County School Board and the Health Department each establish a millage rate, which is reflected in your annual tax bill. You may also pay taxes to a municipality, and to special taxing districts such as the Southwest Florida Water Management District or Citrus County Mosquito Control. This illustration shows how your tax dollar is divided.

11 9 YOUR COUNTY S FUNDING Property Taxes Ad Valorem taxes account for approximately 60% of the General Fund revenues. Ad Valorem taxes are levied against real estate and certain personal, non real estate property held for commercial or investment purposes. The notice of Ad Valorem taxes which is mailed out to property owners of record in Citrus County incorporates a millage rate made up of five components. Millage is an expression of the number of mills per dollar of assessed valuation levied. The Homestead Exemption is available to permanent residents of the County, and excludes the first $25,000 of appraised value. On January 29, 2008, an amendment was approved which provides an additional $25,000 of homestead exemption for values between $50,000 and $75,000. This additional exemption does not apply to the School. Property Tax Revenues FY $ Millions $80 $60 $40 $20 $62.81M $60.08M $60.9M $54.97M $72.19M $67.5M $65.5M $ FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

12 10 YOUR COUNTY S FUNDING User Fees $ Millions $10 $8 $6 $4 $2 $ Sales Tax Revenues FY $8.21M $6.13M $6.2M $6.23M $6.42M $6.93M $7.49M FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 Sales tax revenue increased $719,313, or 9.6% from FY This revenue is the largest state shared revenue source of the County. The purpose of the program is to provide revenue for local needs and provide relief from ad valorem taxes. The amount received is based on an allocation formula factoring total county population, total unincorporated county population, and total incorporated county population. Some of this revenue is pledged to pay principal and interest on certain County notes and bonds. $ Millions $10 $8 $6 $4 $2 $ Local Option Gas Tax Revenues FY $7.79M $7.64M $7.51M $7.58M $7.75M $8.03M $8.48M FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 Gas tax revenues are comprised of several different taxes, all of which must be used to fund transportation expenses. Some of those expenses are construction or expansion of new roads, like County Road 491, resurfacing of other roads, and payment of principal and interest on financing for road construction. Gas tax revenue increased $444,870, or 5.5% from FY There is a trade off between the positive side of creating more fuel efficient vehicles and the resulting decreases in fuel taxes per mile driven, and therefore money to maintain those roads. $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $ Tourist Tax Revenues FY , , , , , , ,535 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 The Tourist Development Tax is levied at the rate of 3% on the total rental charged for accommodations at any hotel, motel, apartment, RV site, etc. for a period of six months or less. Proceeds must be used to fund the County Tourist Development Plan as approved by the Board of County Commissioners. Revenue increased 13.6%, or $117,206 from FY The Tourist Development Council has focused on promoting the County as a sports and adventure destination.

13 11 YOUR COUNTY S EXPENSES Budget at a Glance Citrus County s total adopted budget, which is the financial plan for funding all County operations, totaled $250,983,322 for fiscal year The overall budget increased 3% compared with fiscal year State mandated programs consume 31% of the general fund property tax levy with increase to Medicaid costs projected at 6.7% per year. Spending that lies within the control of the Board of County Commissioners, is only 15% of the budget. The General Fund millage decreased from to , or.3179 mills, by utilizing the Board s savings account and scrutinizing processes. The millage rate is used to calculate your property tax. (see Property Taxes, pages 7 9). Reserves have been built back up to 16.12%, in accordance with the Board s fund balance policy. BUDGET BASICS By law, Citrus County government must develop and approve a balanced budget that gives the County the legal authority to spend money on operations, services and projects. The proposed budget is reviewed and revised by the Board of County Commissioners prior to September 30 each year. TAKE PART IN THE BUDGET PROCESS A series of budget workshops and public hearings are held before the budget is finalized and adopted at the start of the fiscal year on October 1. For the dates of these meetings, please visit FUND TYPES General Fund Primary operating fund that pays for government operations Special Revenue Funds Used for money that is restricted for specific uses, such as gas taxes, grants, and tourist tax Debt Service Funds Designated to pay principal and interest on the County s long term debt Capital Projects Funds Include money for major projects such as roads, parks and buildings Enterprise Funds Used for activities that run like a business, the Landfill, Public Utilities and Building Inspection Internal Service Funds Include money paid by County departments to other departments for services, like insurance or maintaining cars and trucks Budget by Fund Type FY $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $ General Fund Special Revenue Funds Debt Service Funds Capital Projects Funds Enterprise Funds Internal Service Funds

14 12 YOUR COUNTY S EXPENSES Select Departmental Budgets COMPARISON OF SELECT DEPARTMENTAL BUDGETS County Department FY2015 Budget FY2016 Budget Percent Change Administrative Services $ 1,042,530 $ 1,349, % County Commission 526, , % County Administrator 792, , % County Attorney 445, , % Facilities Management 3,623,836 3,296, % Grounds Maintenance 1,451,804 1,471, % Engineering 1,166,199 1,159, % Road Maintenance 6,075,041 6,257, % Systems Management 1,574,327 1,500, % Public Safety 13,863,000 13,359, % Community Services 4,621,785 4,536, % Parks and Recreation 956,766 1,116, % Dependent Districts Fire Rescue 9,852,853 9,824, % Libraries 4,138,808 3,904, % Constitutional Officers 1 Clerk & Comptroller 2,354,755 2,480, % Property Appraiser 3,407,219 3,182, % Sheriff 28,527,937 28,628, % Supervisor of Elections 883, , % Tax Collector 3,107,120 2,494, %

15 13 YOUR COUNTY S EXPENSES Where Your Money Goes Economic Environment, 1,824,686, 1% Governmental Activities Expenses FY 2016 Total $151,511,755 Transportation, 33,822,913, 22% Physical Environment, 3,256,779, 2% Human Services, 9,754,984, 7% Culture & Recreation, 4,977,906, 3% Interest Expense, 2,819,058, 2% General Government, $32,848,525, 22% Public Safety, 62,206,904, 41% Governmental activities expenses increased $31.4 million from FY 2015, or 26%. The largest proportion (41%) is spent on public safety. Of the $62 million spent, $14.2 million was for the county detention facility, $8.5 million was used for fire services, and $29 million for Sheriff s operations. General government comprises 22%. Operations of the Clerk, Tax Collector, Supervisor of Elections and Property Appraiser account for $12.3 million of the $32 million in expenses. Care and maintenance of county facilities and parks cost $4.4 million. Managerial functions like County Administration, County Attorney, Human Resources, Information Systems, and Budget accounted for $5.3 million. Millions $70 $60 $50 $40 $30 $20 $10 $ Governmental Activities Expenses FY

16 14 YOUR COUNTY S EXPENSES Capital Assets Citrus County s investment in capital assets for its governmental and business type activities as of September 30, 2016, amounts to $788,806,937 (net of accumulated depreciation). This investment in capital assets includes land, buildings, machinery and equipment, software, and infrastructure assets. Included in general government infrastructure assets are the cost of all roads, bridges, and drainage structures acquired or built since The net decrease in Citrus County s investment in capital assets for the current fiscal year was $11.6 million. Infrastructure 55% Capital Assets, Net Total Primary Government September 30, 2016 Intangibles 0.17% Construction in Progress 1% Land 29% Buildings & Improvement 11% Equipment 4% Infrastructure comprises the largest component of capital assets, by far. In addition to roads, bridges, sidewalks, boat ramps and parks, this category includes utility water and wastewater lines. The County s capitalization threshold for financial reporting differs for different classes of assets. Infrastructure and software are recorded as capital if the cost exceeds $50,000. All other classes have a $5,000 threshold. However, we do have a requirement to separately track any assets that cost $1,000 or more, thus safeguarding even the smaller items. CAPITAL ASSETS, NET OF ACCUMULATED DEPRECIATION YEAR END Governmental Activities Business type Activities TOTAL PRIMARY GOVERNMENT Land $ 227,730,787 $ 227,034,524 $ 3,319,316 $ 2,803,817 $ 231,050,103 $ 229,838,341 Buildings & Improvements 89,416,503 92,327,816 2,047,119 2,012,468 91,463,622 94,340,284 Equipment 26,398,740 27,613,375 3,065,600 3,000,691 29,464,340 30,614,066 Infrastructure 339,894, ,841,041 93,421,151 88,877, ,315, ,718,842 Intangibles 1,361,421 1,440, ,361,421 1,440,787 Construction in Progress 3,138,724 8,017,191 4,299,193 6,406,876 7,437,917 14,424,067 TOTALS $ 687,940,697 $ 697,274,734 $ 106,152,379 $ 103,101,653 $ 794,093,076 $ 800,376,387

17 15 YOUR TAX DOLLARS AT WORK Investments The County receives the majority of its income in December and January, when most property owners pay their annual tax bills. As Treasurer and custodian of County funds, the Clerk & Comptroller is responsible for investing your tax dollars until that money is needed to pay County expenses. The Clerk of the Circuit Court and Comptroller invests this money according to a written investment policy approved by the Board. This policy dictates how the County s money or portfolio can be invested. The foundations of this policy are Safety, Liquidity and Yield, in that order. This means the policy first assures that any investments are of a minimum risk. Although sometimes higher interest rates are bypassed to do this, the primary concern is to prevent any principal being lost through unsafe investments. The policy also assures liquidity, or that cash will be available as needed to pay any bills. The third criterion considered is yield, or interest rate. If risk and liquidity are the same for different investments, the final selection will be based on the highest yield. 2.0 Interest Income FY Millions $1.28M $1.14M $.95M $0.60M $0.99M $0.40M Cash and Investments September 30, 2016 Cash on hand $ 232,817 Amount insured by FDIC 524,107 Amount collateralized under Chapter 280 FS 77,357,205 State Board of Administration Investment Pool 52,655,285 Florida Education Investment Trust 10,065,488 Florida Local Government Investment Pool 7,419,410 Cash with fiscal agent 3,830,644 Portfolio Allocation as of September 30, 2016 Investments at Fair Value: Goldman Sachs Money Market 223,477 Agency Notes 3% US Treasury Notes 2% Cash 51% U. S. Treasury Notes 2,523,737 Agency Notes 5,009,712 Corporate Notes 2,424,584 Revenue Bonds 40,024 Local Govt Pools 43% Corporate Notes 1% Revenue Bonds 0.02% Total Cash and Investments $ 162,306,490

18 16 YOUR TAX DOLLARS AT WORK Debt Citrus County uses debt financing to build or acquire capital assets. The same low interest rates that have held down investment earnings have made the cost of borrowing over the last few years very low. The County has or will refinance much of its debt at significant cost savings. When your County issues debt, it pledges specific revenue streams to repay that debt, such as gas taxes, sales tax and utility system revenues. Note 15 of the financial statements discloses the pledged revenues and associated debt service. During FY 2016, the County issued $10.5 million in revenue bonds to finance road construction and refinanced $44 million of Utility revenue bonds to take advantage of favorable interest rates, at an economic savings of $6.8 million. As of September 30, 2016, bonds payable total $93,442,978, notes payable are $11,196,279 and capital leases total $6,097,303. The total maximum annual debt service (principal plus interest) is $11.2 million Debt Service Payments FY (If no new debt is added) Millions Millions $120 $100 $80 $60 $40 EXAMPLES OF OUTSTANDING DEBT Project Original Amount Current Balance Water/Wastewater Assessments 5,000,000 3,035,000 Road Construction 25,010,000 20,365,000 Utility Acquisition & Construction 44,485,000 44,485,000 Emergency Operations Center 12,200,000 9,585,000 Countywide Radio System 6,200,000 5,478,246 Debt Outstanding FY $20 $ Principal Interest Bonds Payable Notes Payable Capital Leases

19 17 YOUR TAX DOLLARS AT WORK What the County Owns and Owes THE CONDENSED STATEMENT OF NET POSITION, or balance sheet, is a summary of everything the County owns (assets) and owes (liabilities). It also provides a snapshot of the County s financial health at the end of each fiscal year. By the end of FY 2016, the County s net position had decreased by $23.2 million from FY This decrease in net position can be attributed primarily to the governmental activities. Business type activities increased in net position $3.7 million. Nearly half of the decrease in governmental net position is attributable to the issuance of $10.5 million in revenue bonds. The County also spent $9.7 million on road resurfacing. Pension accounting entries also had a net negative effect on net position of $3 million. Other non cash accounting entries for depreciation, capital assets and other post employment benefits also contributed to the decline. Operating income for the Public Utility fund was $2.7 million while the Solid Waste Management fund recorded $2.5 million. CONDENSED STATEMENT OF NET POSITION SEPTEMBER 30, 2016 (in thousands) Governmental Activities Business type Activities Total 2016 Total 2015 Assets & Liabilities Current and other assets $ 88,682 $ 88,674 $ 177,356 $ 171,954 Capital assets 687, , , ,377 Total assets 776, , , ,331 Deferred outflows 35,999 4,343 40,342 17,416 Long term liabilities 127,568 67, , ,593 Other liabilities 25,409 14,714 40,123 40,844 Total liabilities 152,977 82, , ,437 Deferred inflows 12, ,607 18,310 Net Position Net investment in capital assets 622,904 35, , ,151 Restricted 22,348 22,481 44,829 20,606 Unrestricted 1,072 53,712 54,784 67,243 Total net position $ 646,325 $ 111,233 $ 757,557 $ 777,000

20 18 CONTACT INFORMATION Elected Officials as of September 30, 2016 CONSTITUTIONAL OFFICERS Clerk & Comptroller Angela Vick BOARD OF COUNTY COMMISSIONERS Property Appraiser Les Cook Sheriff Mike Prendergast Supervisor of Elections Susan Gill Tax Collector Janice Warren District 1 Jeff Kinnard jeff.kinnard@citrusbocc.com District 4 Scott E. Carnahan scott.carnahan@citrusbocc.com District 2 Ronald E. Kitchen ronald.kitchen@citrusbocc.com District 3 Jimmie T. Smith jimmie.smith@citrusbocc.com District 5 Brian Coleman brian.coleman@citrusbocc.com

21 19 Visiting the Clerk of Court & Comptroller Main Office Citrus County Courthouse 110 N Apopka Avenue Inverness, FL Online Services Visit for numerous online services from accessing Board of County Commission meetings to searching public records to paying traffic fines. Historic Courthouse This historic building houses a museum and archived records of the Clerk of Court.

22 20 This report is provided as a public service to the citizens of Citrus County. This report was funded through fees collected, not tax dollars. This report is provided electronically on the Clerk s website at A limited number of copies have been printed.