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Comprehensive AnnualFinancial Report

Fiscal Year ended september 30, 2015

floridamanatee county

Since settlers first arrived on the Manatee River in the 1840s, the area that became Manatee County has been a tourist destination. After building a home and clearing land for farming, Josiah and Mary Gates constructed a hotel and advertised that travelers to the Manatee Lands could enjoy boating, hunting and fishing, be cured of diseases, and relax amidst the tropical environment and salt air. Today, tourism is a vital part of our community’s economy. In 2014, 2.9 million visitors vacationed in Manatee County generating over $994 million in total economic impact. The tourism industry is the leading employer in Manatee County as visitors stimulate our local economy and contribute to our area’s prosperity. Sports Tourism is a growing part of the tourism economy creating $100.9 million in local economic impact. Sporting events and tournaments brought 67,000 overnight visitors to Manatee County and accounted for 11% of the area’s overall overnight commercial lodging visitors in 2014. Sports, particularly baseball spring training, has been a large part of Manatee County’s tourism emphasis since December 9, 1920 when the Bradentown Board of Trade voted to bring a major league baseball team to the county to boost the local economy. Almost a hundred years later, the Bradenton Area Sports Commission markets to both professional and amateur sports in baseball, softball, soccer, golf, tennis, lacrosse, rowing, swimming, boating and a wide variety of other recreational activities and competitive leagues. Major League Soccer, the 2017 World Rowing Championships and the 2014 Florida State League All-Star Game are just some of the events that have called or will call the Bradenton area home. Some of those visitors become repeat customers or even residents, as 94% of visitors say that they plan to return. In Manatee County, the sun shines on average 240 days each year encouraging visitors and residents alike to get outdoors and enjoy our community.

On the Cover:

Manatee County boasts a world class rowing facility on the northern shore of the Manatee River at Fort Hamer Park and also benefits from SANCA, the Suncoast Aquatic Nature Center, and Nathan Benderson Park just south of the Manatee and Sarasota County line. These sites are popular for high school, college and Olympic level rowing competitions as well as for paddle boarding, dragon boating, canoeing, kayaking and wake boarding. In 2017, SANCA and the 400 acre lake at Nathan Benderson Park will host the World Rowing Championship, which is expected to generate $13 million in direct spending over the ten day competition.

Cover and Above Photograph courtesy of AWorthyPhoto.com

MANATEE COUNTY, FLORIDA

COMPREHENSIVE ANNUAL FINANCIAL REPORT

for the fiscal year ended

September 30, 2015

Board of County Commissioners

Betsy Benac, Chairman

Vanessa Baugh Larry Bustle John Chappie Robin DiSabatino

Charles Smith Carol Whitmore

Clerk of Circuit Court and Comptroller Angelina “Angel” Colonneso

County Administrator Ed Hunzeker

Finance Director Daniel R. Wolfson

Prepared by the Office of the Clerk of Circuit Court

Manatee County, Florida

Comprehensive Annual Financial Report Fiscal Year Ended September 30, 2015

Table of Contents

Introductory Section Page

Transmittal Letter of the Clerk of the Circuit Court........................................................................................................................................... i-iii Certificate of Achievement for Excellence in Financial Reporting ...................................................................................................................... iv Organizational Chart ............................................................................................................................................................................................... v

Financial Section Independent Auditor’s Report ........................................................................................................................................................................ 1a-1c Management’s Discussion and Analysis .......................................................................................................................................................... 2-11 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position ............................................................................................................................................................................ 12

Statement of Activities ................................................................................................................................................................................. 13 Fund Financial Statements: Balance Sheet–Governmental Funds ........................................................................................................................................................... 14

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ............................................................ 15 Statement of Revenues, Expenditures and Changes in Fund Balances-Governmental Funds ............................................................... 16 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ......................................................................................................................... 17

Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual-General Fund ........................................................................................................................................................ 18-19 Statement of Revenues, Expenditures and Changes in Fund Balances-

Budget and Actual-Highway Special Revenue Fund .............................................................................................................................. 20 Statement of Net Position-Proprietary Funds ........................................................................................................................................ 21-22 Statement of Revenues, Expenses and Changes in Fund Net Position-Proprietary Funds .................................................................... 23 Statement of Cash Flows-Proprietary Funds ......................................................................................................................................... 24-25 Statement of Fiduciary Net Position-Fiduciary Funds ................................................................................................................................ 26

Statement of Changes in Fiduciary Net Position-Fiduciary Funds ............................................................................................................ 27 Notes to the Financial Statements ............................................................................................................................................................. 28-58 Required Supplementary Information: Schedule of Funding Progress for the Retiree Health Plan ........................................................................................................................... 59 Schedule of Employer Contributions to Retiree Health Plan ......................................................................................................................... 59 Schedule of County Proportionate Share of Net Pension Liability for the FRS and HIS Pension Plans ...................................................... 60 Schedule of County Contributions to the FRS and HIS Pension Plans .......................................................................................................... 61 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet-Nonmajor Governmental Funds ..................................................................................................................... 62-65 Combining Statement of Revenues, Expenditures and Changes in Fund Balances- Nonmajor Governmental Funds .............................................................................................................................................................. 66-69 Schedules of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual:

Special Revenue Funds: Library .................................................................................................................................................................................................. 70 Tourist Development .......................................................................................................................................................................... 71 Children’s Services Tax ...................................................................................................................................................................... 72 Miscellaneous ...................................................................................................................................................................................... 73 Unincorporated Services .................................................................................................................................................................... 74 911 Enhancements ............................................................................................................................................................................. 75 Metropolitan Planning ........................................................................................................................................................................ 76 Assessment Revenue .......................................................................................................................................................................... 77 Impact Fees ......................................................................................................................................................................................... 78 Federal and State Grants .................................................................................................................................................................... 79 Law Enforcement ................................................................................................................................................................................. 80 Affordable Housing ............................................................................................................................................................................. 81 Health Care .......................................................................................................................................................................................... 82 Community Redevelopment ............................................................................................................................................................... 83 Building and Permitting ...................................................................................................................................................................... 84

Debt Service Funds: General Obligation Bonds .................................................................................................................................................................. 85 Revenue Improvement Bonds ............................................................................................................................................................ 86 Revenue Refunding Bonds.................................................................................................................................................................. 87 Revenue Refunding and Improvement Bonds .................................................................................................................................. 88 Revenue Improvement Note............................................................................................................................................................... 89 Combining Statement of Net Position-Nonmajor Enterprise Funds.............................................................................................................. 90 Combining Statement of Revenues, Expenses and Changes in Fund Net Position- Nonmajor Enterprise Funds ......................................................................................................................................................................... 91 Combining Statement of Cash Flows-Nonmajor Enterprise Funds .......................................................................................................... 92-93 Combining Statement of Net Position-Internal Service Funds ...................................................................................................................... 94 Combining Statement of Revenues, Expenses and Changes in Fund Net Position- Internal Service Funds. ................................................................................................................................................................................ .95 Combining Statement of Cash Flows-Internal Service Funds........................................................................................................................ 96 Combining Statement of Fiduciary Net Position-All Agency Funds .............................................................................................................. 97 Combining Statement of Changes in Assets and Liabilities-All Agency Funds ........................................................................................... 98

Page

Statistical Section Net Position by Component ................................................................................................................................................................................. 99 Changes in Net Position ............................................................................................................................................................................. 100-101 Changes in Fund Balances – Governmental Funds .......................................................................................................................................... 102 Fund Balances – Governmental Funds .............................................................................................................................................................. 103 Assessed and Estimated Values of Property .................................................................................................................................................... 104 Property Tax Levies and Collections ................................................................................................................................................................. 105 Principal Property Taxpayers ............................................................................................................................................................................. 106 Direct and Overlapping Property Tax ............................................................................................................................................................... 107 Computation of Direct and Overlapping Debt ................................................................................................................................................. 108 Computation of Legal Debt Margin ................................................................................................................................................................... 108 Ratios of Outstanding Debt by Type ................................................................................................................................................................. 109 Demographic and Economic Statistics .............................................................................................................................................................. 110 Principal Employers............................................................................................................................................................................................. 111 Operating Indicators by Function/Program .............................................................................................................................................. 112-113 Capital Assets by Function/Program ........................................................................................................................................................ 114-115 Full-time Equivalent Government-wide Employees by Function ..................................................................................................................... 116 Special Assessment Collections ......................................................................................................................................................................... 117 Salaries of Principal Officials .............................................................................................................................................................................. 118 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita ............................................................................ 119 Ratio of Annual Debt Service Expenditures for Governmental Bonded Debt to Total General Government Expenditures ................................................................................................................................................. 120 Manatee County Public Utilities System Schedule of Revenue Bond Coverage ............................................................................................. 121 Manatee County Port Authority Schedule of Revenue Bond Coverage .......................................................................................................... 122 Manatee County Port Authority Schedule of State Infrastructure Bank (SIB) Loan Coverage ...................................................................... 123 Manatee County Pot Authority Schedule of 2014A and 2014B Revenue Note Loan Coverage ................................................................... 124 Schedule of Debt Service Payable from Non-Ad Valorem Revenue Sources .................................................................................................. 125 Non-Ad Valorem Revenues Legally Available to Pay Debt Service on Certain Bonds and Other Indebtedness ............................................................................................................................................................................ 126 Bond Issues – Description .......................................................................................................................................................................... 127-129 Schedule of Debt Service Requirements ................................................................................................................................................... 130-136

Single Audit/Grants Compliance Schedules Independent Auditor’s Reports ............................................................................................................................................................. 137a-138b Schedule of Expenditures of Federal Awards and State Financial Assistance ....................................................................................... 139-142 Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance ....................................................................... 143-144 Schedule of Findings and Questioned Costs ............................................................................................................................................ 145-148 Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill ................................................................... 149

Manatee County’s love affair with golf began in May of 1886 when John Hamilton Gillespie built a practice golf course with two holes and one long fairway in Sarasota. This course was only the second course completed in the United States. In 1904, Gillespie constructed a nine hole course on Main Street in what became downtown Sarasota. Today, GolfLink.com ranks Manatee County as the sixth top golfing destination in Florida. The website lists twenty-five golf courses in Manatee County. Two of these courses are owned by Manatee County Government, which leases operations to a concessionaire.

Photography Courtesy of Bradenton Area Convention and Visitors Bureau

INTRO

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Angelina “Angel” Colonneso CLERK OF THE CIRCUIT COURT AND COMPTROLLER OF MANATEE COUNTY

1115 Manatee Avenue West, Bradenton, Florida 34205 - Phone (941) 749-1800 – Fax (941) 741-4082 P.O. Box 25400, Bradenton, Florida 34206 - www.manateeclerk.com

“Pride in Service with a Vision to the Future” Clerk of the Circuit Court – Clerk of Board of County Commissioners – County Comptroller – Auditor and Recorder

May 9, 2016 To the citizens of Manatee County:

We are pleased to present to you, the citizens of Manatee County, the Comprehensive Annual Financial Report of Manatee County,

Florida for the fiscal year ended September 30, 2015. This report was prepared in accordance with generally accepted accounting principles by the Finance Department of the Clerk of the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk of the Circuit Court and Comptroller as Chief Financial Officer of Manatee County (www.manateeclerk.com).

The Clerk of the Circuit Court and Comptroller, through the Finance Department, is responsible for establishing and maintaining internal controls to provide reasonable, but not absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or disposition, the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived, and the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the County's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions.

We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the County as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain a comprehensive understanding of the County's financial activity have been included.

Chapter 218.39 of the Florida Statutes requires an independent certified public accountant’s financial audit of counties in the State. This requirement has been met for the fiscal year ended September 30, 2015 and the report of the independent auditors has been included in the financial section of this report. In addition to meeting the requirements set forth in state statutes, the audit was also designed to meet the requirements of the federal 1996 Single Audit Act Amendments and the related OMB Circular A-133. The standards governing single audit engagements require the independent auditor to report on the government’s internal controls and compliance with legal requirements with special emphasis on the administration of federal awards. Information related to the single audit, including schedules of federal awards and state financial assistance and independent auditor’s reports of the internal control structure and compliance with requirements applicable to federal financial assistance, are included in this report.

Manatee County is a non-charter county established under the Constitution and the laws of the State of Florida. The Board of

County Commissioners is the legislative body for Manatee County and is made up of seven residents elected by county voters; one from each of five districts and two at large. In addition to the county commission, voters elect five constitutional officers: Clerk of Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector.

Governmental accounting and auditing principles require that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Manatee County’s MD&A can be found immediately following the independent auditor’s report. County organization. Manatee County encompasses 740 square miles with a population of 341,405 and has six incorporated cities within its borders; Anna Maria, Bradenton, Bradenton Beach, Holmes Beach, Longboat Key and Palmetto.

Manatee County provides a full range of services including police, health and social services, emergency medical services, water, sewer, garbage and recycling services, mass transportation services, and cultural and recreational programs. Since the county commission also serves as the governing board of the Manatee County Port Authority, this entity is included in this report. Formal budgetary integration is employed as a management control device during the year. Constitutional officers funded by the Board must submit their budgets by May 1 of each year. After work sessions are conducted on departmental budgets and constitutional officers’ requests, a tentative budget is submitted to the public by Board resolution and two public hearings are held to obtain taxpayer comments. At the final public hearing the final budget is adopted. Budget changes at the department level within fund, are approved by the Financial Management Department under the direction of the County Administrator. The Board must approve all other changes. Budget to actual comparisons are presented in this report for each individual fund for which an annual budget has been adopted. For the general fund and the highway special revenue fund, these comparisons are included in the basic financial statement section. The non-major special revenue and debt service funds budget to actual comparisons are included in the combining and individual statements and schedules section of this report. Manatee County follows the laws of Florida regarding the control, adoption and amendment of the budget during each fiscal year; however, the County Commission increases the level of budgetary control because they approve all departmental budgetary changes by resolution.

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http://www.manateeclerk.com/

Local economy. Located in the central part of Florida’s west coast, Manatee County has historically been one of the fastest growing regions in the nation. The economic unease experienced since 2007 continues to impact the County’s ten year average growth rate, decreasing it to .97% per year. The 1.14% increase experienced in the current year is evidence that while certain segments of the local economy are once again seeing growth, it has yet to spread throughout all areas. The County’s industry base is diversified with the three largest industry sectors being services, retail and manufacturing. The County also has a strong agricultural base. Tourism numbers continue to set record levels in 2015, with bed tax revenues topping $11.6 million during the year. Thanks in part to several County initiatives and improved tourism, the County’s estimated unemployment rate dropped from 6.1% last year to a current level of 5.1%. The unemployment rate is expected to decline further in 2016 as both construction and tourism continue to post positive gains.

Another indicator of economic recovery is the 7% increase to the County’s property tax base, resulting in a $12 million increase in taxes. Despite this growth in revenue, the current budget still remains over $67.7 million lower than that of fiscal year 2007. The rebound in values still continues as property tax revenues remain 27.2% lower than in 2007.

Long-term financial planning. Unassigned fund balance in the general fund falls within the informal policy guidelines used by the Financial Management Department for determining budgeting and planning purposes. During fiscal year 2010, the Manatee County Board of County Commissioners (the “Board”) approved and adopted a more formal policy guideline establishing a minimum cash reserve at or around 20% of the fund’s total budgeted operating expenditures, to insulate the general fund from fluctuations in revenues, to be prepared in the event of a natural or man-made disaster, and to reduce the amount that will need to be borrowed to finance future construction.

Relevant financial policies. The Manatee County Financial Management Department began a zero-based budgeting program in fiscal year 2009. The zero-based budget process has produced an orderly, prioritized and fairly precise menu of choices upon which to base recommendations for many of the proposed budget items. This budget process provides opportunities to get a fresh look at County priorities within the services it delivers to the community. The zero-based budget process and changing economy have helped to reverse the traditional expectation that expenses and service levels will always trend upward.

A Budget Stabilization Reserve was established for the fiscal year 2010. This concept will be continued through fiscal year 2016, and is intended to allow for a measured drawdown of reserves through fiscal year 2018, with the expectation that by then revenues will begin to rebound, and the increased revenue can then supplant the diminished, non-recurring reserves in future budgets. The Budget Stabilization Reserve has allowed the County to maintain some level of stability in funding for critical programs during the time that revenues have fallen substantially. Since 2007, Manatee County’s property tax revenues have been reduced by approximately $65 million.

The Treasury Management Division of the Finance Department monitors the daily cash needs of the County and invests the County's portfolio, maximizing investment returns, in accordance with the County's written investment policy.

Major initiatives. Manatee County remained one of Florida’s fastest growing areas in 2015. Nearly 2,300 new homes were built and tourism soared. The County collected more than $11 million in tourist taxes that will be invested in restocking our sandy beaches, local festivals and tourism promotions. County Commissioners approved new Manatee County Area Transit routes to G.T. Bray Recreation Center, the Rubonia area and a new route extension that connects Lakewood Ranch to Anna Maria Island. Construction began on the long-awaited Ft. Hamer Bridge that will connect Lakewood Ranch to Parrish in 2017. The Lake Manatee Dam turned 50 years old in 2015 and is positioned to serve the area for generations to come. A new chiller plant was installed in downtown Bradenton to reduce carbon emissions and energy costs.

The Public Safety Department launched Florida’s first Marine Rescue Paramedic Unit. The new paramedic/lifeguard unit can respond to emergencies on the beach, in county parks and provide first response medical care for any emergency on Anna Maria Island. Commissioners in 2015 also approved funding for a new paramedic unit to serve Parrish and fast-growing areas of northeast Manatee. Awards. The Government Finance Officers Association awarded a Certificate of Achievement for Excellence in Financial Reporting to the Manatee County Clerk of the Circuit Court for its Comprehensive Annual Financial Report for Manatee County for the fiscal year ended September 30, 2014. This was the 36th consecutive year that we have earned this prestigious award for Manatee County. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized Comprehensive Annual Financial Report. This report satisfied both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.

The County has also received the Award for Outstanding Achievement in the Popular Annual Financial Reporting for the past 16 years. This award is given for those reports whose contents conform to program standards of creativity, presentation, understandability and reader appeal.

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In addition, Manatee County also received the GFOA Award for Distinguished Budget Presentation for its annual appropriated budget dated October 1, 2014. This was the 30th time that Manatee County received this award. In order to qualify for the Distinguished Budget Presentation Award, the government's budget document was judged to be proficient in several categories including policy documentation, financial planning and organization.

Acknowledgments. This report is a product of the dedication of the Finance Department of the Clerk of the Circuit Court of Manatee County as Auditor and Comptroller to the Board of County Commissioners. We would like to thank the entire staff of the Finance Department who worked so hard and long on the report. We would also like to express our appreciation and thanks to the firm of Shinn & Company, LLC, CPAs, who helped us with their comments and advice. Thanks also to Jan Brewer and her staff in the Department of Financial Management for Manatee County. Sincerely,

Angelina “Angel” Colonneso Daniel R. Wolfson, CPA Clerk of Circuit Court and Comptroller Senior Director, Finance AC:DRW:jh

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VOTERS

CLERK OF

CIRCUIT COURT

BOARD OF

COUNTY

COMMISIONERS

TAX COLLECTORSUPERVISOR OF

ELECTIONS

PROPERTY

APPRAISERSHERIFF

COUNTY

ADMINISTRATOR

COUNTY

ATTORNEY

CIVIC CENTER

AUTHORITY

COMMUNITY

REDEV AGENCY

COMMUNITY

SERVICES

BUILDING &

DEVELOPMENT

SERVICES

FINANCIAL

MANAGEMENT

HUMAN

RESOURCES

INFORMATION

TECHNOLOGY

NEIGHBORHOOD

SERVICES

PARKS & NATURAL

RESOURCES

PROPERTY

MANAGEMENTUTILITIESPUBLIC SAFETY PUBLIC WORKS

EEO POLICY

ADMINISTRATOR

- - - - - - Does not report to the Board of County Commissioners

CVB/CONVENTION

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MANATEE COUNTY GOVERNMENTSeptember 30, 2015

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Generally, the east coast of Florida and such states as California and Hawaii are best known for United States surfing opportunities, but Anna Maria Island is ranked one of the top destinations to teach beginner surfing. Though the waves do not get as high as they do in some areas, the normally placid shores of the Gulf of Mexico can produce substantial waves when a storm is approaching. A youth surfing camp held each summer on Anna Maria called the Eternal Summer Surf Camp, is a favorite with residents and visitors alike. The island is also host to skim boarding competitions that take place in the shallow waters along Anna Maria’s beaches.

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INDEPENDENT AUDITOR’S REPORT

Honorable Members of the Board of County Commissioners Manatee County, Florida

Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of Manatee County, Florida (the “County”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the County, as of September 30, 2015, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund and Highway Special Revenue Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter Change in Accounting Principles As described in Note 1 to the financial statements, in 2015, the County adopted new accounting guidance, GASB Statements No. 68, Accounting and Financial Reporting for Pensions - an Amendment of GASB Statement No. 27, No. 69, Government Combinations and Disposals of Government Operations, No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an Amendment of GASB Statement No. 68, and No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statement Nos. 67 and 68. Our opinion is not modified with respect to these matters. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 2-11, and the schedule of funding progress, schedule of employer contributions, schedule of county proportionate share of net pension liability for the FRS and HIS pension plans, and schedule of county contributions to the FRS and HIS pension plans on pages 59-61 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County’s basic financial statements. The introductory section, combining and individual nonmajor fund financial statements and schedules, and statistical section, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards and state financial assistance is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the Florida Single Audit Act, and is also not a required part of the basic financial statements. The schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill is presented for purposes of additional analysis as required by the Auditor General of the State of Florida, and is also not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules, the schedule of expenditures of federal awards and state financial assistance, and the schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill are the responsibility of management and were derived from and relate directly to the

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underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules, the schedule of expenditures of federal awards and state financial assistance, and the schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill are fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 9, 2016, on our consideration of the County’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County’s internal control over financial reporting and compliance. SHINN & COMPANY LLC

CERTIFIED PUBLIC ACCOUNTANTS Bradenton, Florida May 9, 2016

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Management’s Discussion and Analysis

As Clerk of Circuit Court and Comptroller for Manatee County, Florida, I offer readers of the County’s audited financial statements this narrative overview and analysis of the financial activities of Manatee County Government for the fiscal year ended September 30, 2015. I encourage readers to consider the information presented here in conjunction with additional information furnished in the letter of transmittal, which can be found on pages i-iv of this report. All amounts, unless otherwise indicated, are expressed in thousands of dollars. Financial Highlights

• In fiscal year 2015, the County implemented Governmental Accounting Standards Board Statement 68, “Accounting and Financial Reporting for Pensions.” Accordingly, the 2014 amounts presented have been restated, resulting in a decrease in net position of $148,448.

• Manatee County’s assets exceeded its liabilities (net position) at September 30 by $1,992,994 for fiscal year 2015 as compared to $1,931,502 for fiscal year 2014, as restated. Unrestricted net position may be used to meet the County’s ongoing obligations to citizens and creditors; Manatee County’s unrestricted net position at September 30 amounted to $290,654, an increase of $4,000 from the previous fiscal year, as restated.

• The County’s total net position this fiscal year increased $61,492 over the previous year, resulting from an increase of $17,221

from governmental activities and an increase of $44,271 from business-type activities, as restated.

• At September 30, Manatee County’s governmental funds statements reported combined ending fund balances of $308,872, a decrease of $25,325 over the previous fiscal year.

• The General Fund reported an unassigned fund balance of $66,252.

• Total bonded debt and loans of Manatee County Government increased $51,331 in fiscal year 2015.

• Closure estimates of the County’s Lena Road Landfill approved by state and federal authorities resulted in an increase to the closure liability of $824 for fiscal year 2015. The County now holds $35,180 for these closure purposes, with the current estimated remaining landfill life of 30 years.

• The County’s average interest earnings rate decreased over the prior year, from .491% in 2014 to .486% in 2015. However, total

interest earnings for the County increased because of investments from bond proceeds.

Overview of the Financial Statements

My discussion and analysis is intended to serve as an introduction to Manatee County Government’s financial statements, which include government-wide statements, fund statements, and notes to the basic financial statements. There is additional supplementary information following these financial statements, which may be of interest to the reader. Government-Wide Financial Statements

Government-wide financial statements are designed to provide you with a broad overview of the financial position of Manatee County and are similar to private-sector financial statements. They include a Statement of Net Position and a Statement of Activities. These statements appear on pages 12 to 13 of the report.

The Statement of Net Position shows the County’s assets and deferred outflows of resources, less its liabilities and deferred inflows of

resources at September 30, 2015. The difference between these assets and deferred outflows of resources and liabilities and deferred inflows of resources is reported as net position. Changes in net position over time may be helpful in indicating an improving or deteriorating financial position.

The Statement of Activities follows the Statement of Net Position and presents information showing how the net position changed

during the fiscal year. The statement presents all underlying events, which give rise to the change, regardless of the timing of the related cash flows. Some included items, such as accounts payable or earned but unused vacation leave, will produce changes in cash in a future fiscal period.

Both of the government-wide financial statements distinguish functions of Manatee County that are principally supported by taxes and

intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities).

Governmental activities reported in the statements include general government, public safety, physical environment, transportation,

economic environment, human services and culture and recreation. Major business activities in Manatee County include water and sewer, seaport, solid waste collections and landfill operations. Other business activities include the County’s stormwater and transit operations, as well as a convention center. Manatee County’s Port Authority is a separate legal entity, but the Manatee County Commission serves as the governing board. The Port Authority functions, for all practical purposes, as a department of Manatee County and has been included as integral parts of Manatee County’s financial statements under business-type activities.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Like other state and local governments, Manatee County uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All funds of Manatee County government can be divided into three categories: governmental, proprietary and fiduciary funds.

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Governmental Funds

Governmental funds, presented on pages 14 to 20, essentially account for the same functions as those reported under the governmental activities column of the government-wide Statement of Net Position and Statement of Activities. However, this set of financial statements focuses on events that produce near-term inflows and outflows of spendable resources as well as on the balances of spendable resources available at the end of the fiscal year and is a narrower focus than the government-wide financial statements. Such information may be useful in evaluating Manatee County’s near-term financing requirements and available resources.

By comparing functions between the two sets of statements for governmental funds and governmental activities, readers may better

understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison.

Governmental funds individually presented in Manatee County’s statements include four major funds: the General Fund, Highway Special Revenue Fund, the Impact Fees Capital Projects Fund and the Capital Improvements Fund. Although there are many smaller governmental funds in Manatee County Government, they have been presented in a total column termed as “other governmental funds.” Combining statements for these other governmental funds have been presented elsewhere in the report. Proprietary Funds

Manatee County maintains and presents two different types of proprietary funds, enterprise and internal service, on pages 21 to 25 of this report.

Enterprise funds report, in greater detail, the same information presented as business-type activities in the government-wide financial statements for water and sewer, port, solid waste and landfill operations, as well as transit, stormwater, and civic center. Civic center, transit, and stormwater are presented in one total column but may be separately reviewed in the combining statements on pages 90 to 93.

Internal service funds are an accounting mechanism to accumulate and allocate costs internally for Manatee County Government. The County uses internal service funds to account for central stores, motor pool, communications, self-insurance, health self-insurance and automated systems maintenance activities. The internal service funds are presented, in total, in the fund financial statements but may be reviewed in the combining statements on pages 94 to 96. Fiduciary Funds

Manatee County uses fiduciary funds to account for resources held for the benefit of parties outside county government. Although these funds are presented in the fund set of statements, they do not appear in the government-wide financial statements because the resources of fiduciary funds are not available to support Manatee County Government’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. These funds are presented on pages 26 to 27 of this report. You will note that funds held by Manatee County for investment at the behest of other local governments are reflected in this section as the Investment Trust Fund. Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in both government-wide and fund financial statements. Notes are presented on pages 28 to 58 of the report. Other Information This report presents certain required supplementary information on pages 59 to 61 concerning Manatee County’s progress in funding its obligation to provide pensions and other post-employment benefits to its employees. Combining and individual statements and schedules referred to earlier, which present more detailed views of nonmajor funds used in governmental and enterprise funds, begin on page 62. This section includes budget to actual schedules for nonmajor special revenue funds and debt service funds. Also included are statements for internal service and agency funds. Additional information about the County, which may be of interest to the reader, is found under the Statistical and Single Audit sections of this report.

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Government-Wide Financial Analysis Comparative data for fiscal years ending September 30, 2015 and 2014 are shown below:

2015 2014 (1) 2015 2014 (1) 2015 2014 (1)

$ 397,548 $ 416,912 $ 348,174 $ 264,595 $ 745,722 $ 681,507 1,022,299 993,610 919,902 886,371 1,942,201 1,879,981 1,419,847 1,410,522 1,268,076 1,150,966 2,687,923 2,561,488

60,304 19,338 9,828 2,853 70,132 22,191

Long-term liabilities 321,701 279,361 306,832 226,123 628,533 505,484 Other liabilities 52,860 48,444 22,818 21,848 75,678 70,292

Total liabilities 374,561 327,805 329,650 247,971 704,211 575,776

53,308 66,994 7,542 9,407 60,850 76,401

925,261 889,297 767,066 739,886 1,692,327 1,629,183 Restricted - 5,306 10,013 10,359 10,013 15,665 Unrestricted 127,021 140,458 163,633 146,196 290,654 286,654

Total net position $ 1,052,282 $ 1,035,061 $ 940,712 $ 896,441 $ 1,992,994 $ 1,931,502

Manatee County Net Position (in thousands)

Governmental Business-typeActivities Activities Total

Deferred inflows of resources

Net investment in capital assets

Current/other assetsCapital assets Total assets

Deferred outflows of resources

(1) Certain balance sheet items have been restated due to the implementation of GASB 68.

As noted earlier in my discussion, changes in net position over time can be one of the best and most useful indicators of financial position. The overall financial position of the County improved in both fiscal years 2015 and 2014; the increase in net position for the fiscal years ending September 30, 2015 and 2014 amounted to $61,492 and $46,786 as restated, respectively. Manatee County’s unemployment rate has decreased to 5.1%, which further supports the continued increases experienced in its building markets and tourism activities.

The County, for both fiscal years, reported positive net position balances in all categories of governmental and business-type activities. At September 30, 2015, the County's unrestricted net position increased by $4,000 and its restricted net position decreased by $5,652. Unrestricted net position is comprised of County resources that may be used to meet the County's ongoing obligations to citizens and creditors, while restricted net position involves resources that are subject to external restriction. The increase in unrestricted net position is principally the result of pension expense related to the implementation of the Governmental Accounting Standards Board’s Statement 68, “Accounting and Financial Reporting for Pensions.” In addition, unrestricted net position was also affected by expenditures utilized for capital assets and construction projects. The restricted net position decrease is reflective of the use of unspent debt proceeds related to construction projects.

Manatee County’s investment in capital assets such as land, roads, parks, buildings, machinery and equipment, as a percentage of net

position, amounts to 84.91% and 84.35% at September 30, 2015 and 2014, respectively. These asset values are presented less any outstanding debt related to the acquisition and accumulated depreciation of those assets. The County uses capital assets to provide services to the citizens and consequently these assets are not available for future spending. Although the investment in capital assets is reported net of related debt, the capital assets themselves cannot be used to liquidate that liability; and other resources will be needed to repay any associated debt.

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2015 2014 (1) 2015 2014 (1) 2015 2014 (1)

Program revenues:Charges for services $ 76,190 $ 75,510 $ 168,930 $ 159,744 $ 245,120 $ 235,254 Operating grants and contributions 20,678 18,413 5,004 5,769 25,682 24,182 Capital grants and contributions 7,797 11,001 39,580 25,125 47,377 36,126

General revenues:Property taxes 172,458 160,543 - - 172,458 160,543 Other taxes 64,164 62,113 - - 64,164 62,113 State revenue sharing 8,543 7,797 - - 8,543 7,797 Interest income 2,473 1,504 34 19 2,507 1,523 Miscellaneous 17,524 16,852 149 143 17,673 16,995 Total revenues 369,827 353,733 213,697 190,800 583,524 544,533

Expenses:General government 83,176 79,466 - - 83,176 79,466 Public safety 152,037 139,344 - - 152,037 139,344 Physical environment 8,482 8,399 - - 8,482 8,399 Transportation 36,644 36,601 - - 36,644 36,601 Economic environment 14,873 13,911 - - 14,873 13,911 Human services 29,387 32,394 - - 29,387 32,394 Culture and recreation 19,654 17,314 - - 19,654 17,314 Interest long-term debt 4,207 4,677 - - 4,207 4,677 Water and sewer - - 103,855 98,059 103,855 98,059 Port Authority - - 13,788 15,258 13,788 15,258 Solid waste - - 34,666 32,954 34,666 32,954 Transit - - 13,525 12,233 13,525 12,233 Stormwater - - 5,070 4,856 5,070 4,856 Civic center - - 2,668 2,281 2,668 2,281 Total expenses 348,460 332,106 173,572 165,641 522,032 497,747 Increase in net position

before transfers 21,367 21,627 40,125 25,159 61,492 46,786 Transfers (4,146) (3,354) 4,146 3,354 - -

Changes in net position 17,221 18,273 44,271 28,513 61,492 46,786 Net position - beginning 1,035,061 1,016,788 896,441 867,928 1,931,502 1,884,716 Net position - ending $ 1,052,282 $ 1,035,061 $ 940,712 $ 896,441 $ 1,992,994 $ 1,931,502

Manatee County Changes in Net Position

Governmental Business-typeActivities Activities Total

(1) Fiscal year 2014 expenses have been restated due to the implementation of GASB 68.

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Total governmental cash and cash equivalents decreased $17,210 from the prior year, predominately due to continued expenditures for the construction of capital projects. Restricted cash and cash equivalents decreased by $13,098, which reflects the spending of bond proceeds for the construction of capital assets.

Total business-type cash and cash equivalents increased approximately $78,860 from the previous year. The $13,638 increase in the

current asset category of cash and cash equivalents can be attributed to the new Utility accounts in fiscal year 2015, as new building starts and housing starts continued to increase. Also due to the increases in building and development, Utilities added 697 new reclaimed water accounts in the current year. The increase of $65,222 in restricted cash and cash equivalents reflects unspent bond proceeds related to the issuance of the 2015 Utility bonds, which will be used for capital asset construction.

A comparison of current unrestricted assets as compared to current unrestricted liabilities for both governmental and business-type

activities can be a good indication of the County’s ability to meet its current and existing operational responsibilities.

The ratio for both years is as follows:

Fiscal year ending September 30, 2015:

Current unrestric ted assets $ 393,385 $ 225,151 Current unrestric ted liabilities $ 50,946 $ 13,011 Ratio of current assets to

current liabilities 7.72 17.30

Fiscal year ending September 30, 2014:

Current unrestric ted assets $ 399,516 $ 206,742 Current unrestric ted liabilities $ 46,717 $ 12,747 Ratio of current assets to

current liabilities 8.55 16.22

Comparison of Current Unrestricted Assets and Liabilit ies

Governmental Business-typeAct ivit ies Act ivit ies

The County continues to maintain healthy ratios as noted above which indicates more than adequate cash flows for Manatee County. Governmental Activities

Overall, spending on governmental activities increased when compared to fiscal year 2014, primarily due to expenditures related to implementation of a new GASB pension standard. Revenues in fiscal year 2015 include increases in charges for services of $680 and operating grants and contributions of $2,265 with additional increases in property taxes, gasoline taxes and tourist taxes. The $2,936 combined increases in gasoline and tourist tax revenues reflect that the tourist component of the County's economy continues to show signs of significant improvement. Capital grants and contributions decreased by $3,204, primarily in the physical environment, transportation and public safety, as funding sources were received for capital projects completed in prior years. General revenues continue to increase primarily due to a continued growth in property values.

All of the above factors contributed to Manatee County posting a $17,221 increase in net position for governmental activities, resulting in an overall decrease of $1,052 for fiscal year 2015, as compared to the $18,273 increase for fiscal year 2014 as restated. The change in net position represents a percentage increase of 1.66% for 2015 and an increase of 1.80% respectively, over the previous year. Business-type Activities

Increases in net position for business-type activities totaled $44,271 and $28,513, as restated, for fiscal years 2015 and 2014, respectively, representing 4.94% and 3.29% increases over the previous fiscal years. This reflects that, while generally the County's business-type activities have been insulated from the same economic pressures as its governmental activities, more of the business-type operations are being impacted by the current growth of our economy. Significant changes can be seen from the previous year to changes in net position from expenses and program revenues. Pension expense related to implementation of the Governmental Accounting Standards Board’s (GASB’s) Statement 68 impacted all of the business-type activities. Water and Sewer continued to show solid revenues from operations, resulting in an increase in net position of $36,040. This increase reflects a $10,520 increase from the previous year’s amount of $25,520, as restated, primarily due to an increase in both water and sewer accounts as well as an increase of utility rates of 4.75% and donated infrastructure in fiscal year 2015. All these increases are attributed to the continued growth within the county. The Port Authority posted a decrease of $2,351 in net position, compared to the $738 increase experienced in fiscal year 2014, as restated. This decrease is attributable to pension expense related to GASB 68, capital grant reimbursements for the Port's Berth 14 extension and the construction of an adjacent intermodal container yard in the prior year. Solid waste's increase in net position of $573 was $510 lower than the $1,083 change in 2014, as restated. This is a function of increases in tipping fees and collections fees, which are offset by higher garbage collection service costs, closure estimate expenses and pension expense related to GASB 68. Transit increased in net position by $10,333, which was $9,489 higher than the $844 change in 2014, as restated. This increase is due to higher amounts of reimbursable grants for the construction of the new transit facility. Transit’s expenses also increased due to fuel costs that are no longer eligible for grant reimbursements and pension expenses required by GASB 68.

Financial Analysis of Manatee County’s Funds As noted earlier, Manatee County employs fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

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Governmental Funds

Governmental funds provide information on near-term inflows, outflows, and balances of spendable resources. In assessing Manatee County’s financing requirements, unassigned fund balance is a particularly useful measure of net resources available for spending at the end of the fiscal year. The governmental fund types include the general fund, special revenue, debt service and capital project funds. Manatee County’s governmental funds reported combined fund balances of $308,872 for 2015, a decrease from the previous year of $25,325. In comparison, fiscal year 2014 showed a decrease of $14,577 from fiscal year 2013. Governmental funds held restricted, committed or assigned amounts totaling $221,037 in 2015 to reflect the various constraints placed on those resources for future use, as well as $21,583 for non-spendable amounts reflecting prepaid items, inventory and long-term advances made to other funds.

Highway Impact FeesSpecial Capital Capital

General Revenue Projects ImprovementsFund Fund Fund Fund

Fiscal Year 2015Revenues and other sources $ 248,822 $ 35,661 $ 13,779 $ 10,056 Expenditures and other uses 249,807 39,935 13,868 23,135 Increase (decrease) in

fund balance $ (985) $ (4,274) $ (89) $ (13,079)

Fiscal Year 2014Revenues and other sources $ 227,650 $ 32,489 $ 10,200 $ 8,876 Expenditures and other uses 234,852 33,907 10,548 11,096 Increase (decrease) in

fund balance $ (7,202) $ (1,418) $ (348) $ (2,220)

Major Fund Informat ion

General Fund The General Fund is the chief operating fund of the County. At September 30, 2015, the total fund balance in the General Fund was $91,485 of which $66,252 was unassigned. As a measure of the General Fund’s liquidity, total fund expenditures compared to both total and unassigned fund balances show percentages of 36.62% and 26.52% for fiscal year 2015 as compared to 39.37% and 29.73%, respectively, for 2014. The County unemployment rate of 5.1%, is slightly less than the state unemployment rate of 5.2%, and is equal to the Federal rate this year. Total revenues in the General Fund increased 7.34%, driven in part by property tax revenues, ambulance services, BP oil settlement and an increase in payment in lieu of franchise fees. The payment in lieu of franchise fees is based on 5.9% of operating revenues collected by the Water and Sewer Fund which saw a $2 million increase based on 5.9% of Utilities $35 million increase in 2015. Expenditures increased 4.03%, which included continued building renovations by Property Management, and public safety expenditures for animal services and EMS personnel, Historical Courthouse and additional Sheriff Support. When these changes in revenue and expenditures are combined with transfer activity, the General Fund experienced a net decrease to fund balance of $985, as compared to fiscal year 2014 net decrease to fund balance of $7,202. Other Major Governmental Funds The major governmental funds table also discloses information regarding the other three major governmental funds of the County. Data for Highway Special Revenue, Impact Fee Capital Projects and Capital Improvements funds are presented for fiscal years 2015 and 2014. The Highway fund’s gas tax revenues increased by $1,762 in fiscal year 2015, this reflects the County’s continued growth of tourism. Ad valorem revenues for the Highway Special Revenue Fund increased by $400, as the County’s property values continue a steady increase from prior years. Operating costs decreased by $1,252 over the prior year due to the completion of several large paving projects in fiscal year 2014. Transfers from the Impact Fee Special Revenue Fund are the major funding source in the Impact Fees Capital Projects Fund and are made as needed to provide funding for the acquisition or construction of qualifying capital improvements. Expenditures in 2015 increased by $3,423 is attributed to the 44th Avenue East road expansion project. Capital Improvements revenues increased by $552 in conjunction with expenditure increases of $12,601 compared to 2014. These increases are attributable to an increase in grant revenue for the E911 State County grant, which is for the County’s new E911 System; expenses increased for the county wide telecommunications radio system upgrade, the energy savings project and the beginning phase of the new county wide financial system upgrade. Budgetary Highlights

Operating a government the size of Manatee County is a dynamic business and budget amendments are approved throughout the year. The budget to actual statement is provided in the financial statements for the General Fund on pages 18 and 19. Budget columns are provided for both the original budget adopted for fiscal year 2015 as well as the final budget.

Budgeted Revenues: A comparison of original budget to final budget for general fund revenues shows a large revenue budget

adjustment in transfers from other fund categories. This increase in transfers from other funds is the result of closing the 14th Street and South County CRA funds.

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A comparison of the final budget to actual general fund revenues shows differences for taxes due to better than anticipated collections, reflecting the County’s generally conservative approach to estimating revenues. Intergovernmental revenues were higher than anticipated, primarily attributable to the Payment in Lieu of Franchise Fee from Utilities. The difference in charges for services is from excess fees earned by constitutional officers and increased indirect cost revenue, which is a function of the interdepartmental cost allocations. Miscellaneous revenues were higher than expected this year, in part due to the BP Oil spill settlement received. Interest earnings had an increase greater than anticipated this year, accounting for the difference from the budgeted amount.

Budgeted Expenditures: Primary General Fund budget changes, followed by the reason for the change, include the following:

BudgetIncrease

General Fund Department (Decrease) Reason for variance

Clerk of Circuit Court $ 1,346 Additional appropriations for renovations of the Historic Courtroom,enhancements for the Clerk's accounts payable and image processes,records retention, network updates, landscaping and stair rehabilitationimprovements to the Historic Courthouse, as well as increases due tooperational expenditures and personnel costs.

Information Technology 1,030 Roll-forward of prior year amounts and additional appropriations for softwareenhancements, support and computer equipment, with additional increasesdue to personnel costs.

Property Management 1,903 Roll-forward of prior year amounts for the renovation of the Supervisor ofElections warehouse, LED lights at parks and tennis courts, health departmentrenovations, with additional appropriations for personnel costs and repairs atvarious County fac ilities.

Public Safety 758 Roll-forward of prior year amounts for the enhanced emergency serv icescommunication system, with additional amounts for the EmergencyCommunications Center to answer serv ice calls, and appropriations for animalmedications, additional beach lifeguards and increased personnel costs.

Sheriff 5,731 Roll-forward of prior year amounts with additional appropriations for SchoolResource Officers for the FY14-15 school year, personnel expenditures,equipment and office accreditation.

Supervisor of Elections 2,653 Roll-forward of prior year amounts for voting equipment.

Budget to Actual: Primary differences between the final amended budget and actual expenditures are briefly summarized as follows:

Posit iveGeneral Fund Department Variance Reason for variance

Clerk of Circuit Court $ 1,236 Appropriations for the Clerk encumbered but not expended in the current year related to various historical projects, and purchases of software, servers andother electronic equipment.

Community Serv ices 1,389 Appropriations encumbered but not expended in the currect year related toreimbursements to non-profit agencies and based on serv ices provided.

Information Technology 1,334 Various software and hardware enhancement costs were not yet expended;appropriations for projects will be carried over to the next fiscal year.

Property Management 1,845 Amounts encumbered but not yet expended inc luded renovations for theSupervisor of Elections and improvements and maintenance at multipleCounty fac ilities.

Sheriff 4,406 Appropriations for replacement of vehic les, computers and computersoftware, Aircraft Downlink upgrade and equipment were not expended in thecurrent year and will be carried over to the next fiscal year.

Supervisor of Elections 3,229 Roll forward of prior year amounts for the acquisition of a new voting system.These amounts were not expended in the current year and will be carriedover to the next fiscal year.

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Proprietary Funds Proprietary fund statements provide the same information as in the business-type activities column of the government-wide statements, but in greater detail and on a fund basis, for enterprise funds and the government’s internal service funds.

Enterprise Funds: At September 30, 2015, total net position amounted to $925,247 for enterprise funds as compared to $881,712 at September 30, 2014, as restated. Net position changes are a result of operations, other non-operating revenues and expenses, capital contributions, donated assets and grants. The increase in net position for enterprise funds of $43,535 was $16,418 more than fiscal year 2014, as restated, representing a 60.55% increase, which is mostly attributable to higher operating revenues accompanied by an increase in capital grants and contributions revenues. Income from operations is the result of operational revenues less operational expenses. The following table shows net income or losses from operations for all enterprise funds. One of the significant operational expenses that affected all enterprise funds is the pension expense related to the implementation of Governmental Accounting Standards Board Statement 68, “Accounting and Financial Reporting for Pensions.” The Water and Sewer Fund continued to show an increase in revenue due to a rate increase of 4.75% which went into effect January 2015 along with the growth of metered accounts. Solid Waste Fund’s expense increased primarily due to waste hauler rate increases; however, it was offset by revenue increases from a growth in the number of accounts and services requested. Although the Port Authority continued to show an operational loss in fiscal year 2015, the revenues have increased because the Port’s shippers are seeing an increase in activity along with the Port’s first shipment of scrap metal, a new type of business for them. Operating expenses were down as a result of the Port Authority completing their role as fiduciary agent. In fiscal year 2014, the Port Authority was the fiduciary agent of the 2011 Port Security Program. As fiduciary agent, sub-grantee expenses were reimbursed by the Port after reimbursement of same from the grantor agency. The Transit Fund normally shows a net loss because the transit system recovers a large portion of its expenses from operating grants. The Transit Fund experienced an increase in operating revenue due to an increase in fares, ridership, and route expansion offset by an increase in expenses for ADA bus stops and the building of the Manatee County Transit Fleet Facility. The Transit Fund also receives transfer funding for its operations and capital projects from the Highway Special Revenue Fund. This year Transit received a transfer of $1,166 from the Motor Pool Fund to cover a portion of the new Manatee County Transit Fleet Facility. The Stormwater Fund continues to experience a decrease in operating revenues due to a reduction in projects billed to other county departments. The expenses increased slightly due to an increase of costs related to watershed studies. It receives transfers from the Solid Waste Fund in support of its operations. Likewise, the Civic Center receives transfers from the General Fund and the Tourist Development Special Revenue Fund to support its operations. The Civic Center’s net position continues to show a loss. Revenues are up slightly as a result of a steady increase in events but are offset by increasing utility and staff costs related to the higher number of events. An increase in promotional events held at The Crosley Estate also contributed to the increase in expense. Transfer funding assists in offsetting losses or enhances earnings for our smaller enterprise operations.

2015 2014 (1)

Water and Sewer $ 14,877 $ 13,236 Port Authority (1,772) (3,986) Solid Waste 5,067 5,271 Transit System (11,966) (11,065) Stormwater (5,187) (4,937) Civ ic Center (1,000) (723)

Total $ 19 $ (2,204)

Operat ing Income (Loss)

(1) Fiscal year 2014 amounts have been restated due to implementation of GASB 68. Major enterprise funds are shown on pages 21 to 25, and nonmajor enterprise funds appear in greater detail on pages 90 to 93 in this annual report.

Internal Service Funds: Internal service funds are designed to recover the internal costs of general services provided to the other fund groups. The increase in total net position balances for internal service funds this fiscal year was $2,393, a $3,142 decrease from the $5,535 change in net position for fiscal year 2014, as restated. All funds posted positive changes in fiscal year 2015, with the exception of Central Stores, which saw a reduction in revenue due to the decrease in fuel costs, and the Self Insurance Fund, which had an increase in the actuarial estimate of claims incurred but not reported for workers compensation, general liability and fleet liability. Internal service funds appear on pages 94 to 96. Capital Assets The financial statements present capital assets in two groups: assets subject to depreciation, such as equipment or operational facilities, and assets not subject to depreciation such as land, construction-in-progress and the County’s historical structures. Manatee County’s investment in capital assets for both governmental and business-type activities, net of accumulated depreciation, at September 30, 2015 totaled $1,942,201 while September 30, 2014 totaled $1,879,981. This investment in capital assets, both purchased and donated, includes land, buildings and systems, improvements, machinery and equipment, software, parks, roads, bridges and major drainage structures.

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Net investment in capital assets increased as follows for fiscal years 2015 and 2014:

2015 2014 Increase Percent

Governmental funds $ 1,022,299 $ 993,610 $ 28,689 2.89%Proprietary funds $ 919,902 $ 886,371 $ 33,531 3.78%

Comparison of Increase in Capital Assets

Major capital asset events during the current and previous fiscal years include the following:

• Assets donated to the general government consist of road and drainage infrastructure, sidewalks, recreational facilities, parks and

parklands. New subdivisions are required to meet County standards, and often must construct various assets as part of the approval process. Once completed, these assets are donated to and accepted by the County. General government’s donated infrastructure in fiscal year 2015 amounted to $2,628; last year donated infrastructure was $4,101. The majority of the total fiscal 2015 activity consisted of $2,361 of donated road and drainage infrastructure; in 2014, there were $3,949 of similar donated assets within the governmental activities.

• Donated water, sewer and reclaimed infrastructure in fiscal year 2015 amounted to $10,789 and $5,189 in 2014. As new subdivisions are constructed, they are required to meet County standards when installing water and sewer services. Once completed, these assets are then donated to and accepted by the County.

• Land reported by the general governmental funds decreased by $2,172 this fiscal year. This amount included the disposition of the Taylor Nursery at Pride Park, as well as the donation of the Old Parrish School House and parking lot to the Parrish Foundation. In addition, there was an increase of $761 for the purchase of two parcels of land for the Tax Collector annex building and the Manatee County Sheriff Child Protective Services building. Also land was purchased for the next phase of the 44th Avenue East project.

• In fiscal year 2015, Water and Sewer had completed the South West Water Restoration Facility – North Pond and Lake Filtration project for a cost of $15,895. Major repairs were done to the dam at a cost totaling $8,123 and Phase 1 of the North West Water Treatment Plant Expansion was completed for $6,972. In fiscal year 2014, Water and Sewer made major structural repairs to the Lake Manatee Dam at a cost totaling $14,436; completed Phase 2 of the effluent storage tank project at the South West Water Restoration Facility for a cost of $1,788; finished process modifications at the South West Water Treatment Plant for a cost totaling $1,960; and completed a Booster and Master Lift Station for a cost of $739.

• In fiscal year 2015, additions to governmental software systems amounted to $230, which included the start of a new jury system software implementation along with additional costs to bring the Public Defender and State Attorney’s office on board with the Mentis software program to further support electronic case management files for the courts and judges. During fiscal year 2014, additions to governmental software systems amounted to $389 and included the continued integration of the Mentis software program with the courts’ Clericus system to further support electronic case management files for the courts and judges.

• The County continues to address the needs of all departments and constitutional officers. As a component of this, the Sheriff’s equipment and vehicles are replaced on a rotating basis; $6,177 was added this fiscal year for a total investment of $53,381.

• In fiscal year 2015, Transit replaced 8 buses for a total of $2,888, and purchased related equipment for these buses. Furthermore, construction of the new Manatee County Transit Fleet Facility began and the Americans with Disabilities Act (ADA) bus stop compliance project continued, adding $1,110 of bus stop retrofitting on both sides of State Road 64/Manatee Avenue and parts of 26th Street West. During fiscal year 2014, Transit replaced 2 new buses and 3 Para buses at a cost of $483. Final improvements to the new downtown transit station were made at a cost of $312. Additionally, bus stops on Cortez Road were improved at a cost totaling $383, in order to be in compliance with the ADA.

• During fiscal year 2015, Port purchased $18 of security cameras for increased security at the Intermodal Container/Transfer Yard; spent an additional $551 on Berth 12’s dredging and completed the periodic dredging of Berths 4 through 11 for $453. In fiscal year 2014, the Port Authority spent $1,236 on the completion of the Berth 14 extension and the South Channel Berth 14 dredging project. The Port also acquired 2 locomotives for $3,029.

• In fiscal year 2015, Solid Waste purchased a $276 generator for phase one of the electric generator project at the Lena Road Landfill; added a $70 new inbound truck scale, kiosk and controls; and spent $548 for the reconditioning of a large compactor. During fiscal year 2014, Solid Waste completed the first phase of an electric generator project at the Lena Road Landfill. This $4,500 generator will convert landfill gases to electric power.

• Additional information on Manatee County’s capital assets can be found in Note 8 on pages 40 and 41 of this report.

Debt Administration

At September 30, 2015, Manatee County had total bonded debt outstanding of $314,170, an increase of $52,028 from the September 30, 2014 outstanding balance of $262,142. As per the following table, general obligation debt decreased by $2,780 during the past fiscal year and revenue bonds increased by $54,808.

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Increase2015 2014 (Decrease)

General Obligation Bonds $ 1,825 $ 4,605 $ (2,780) Revenue Bonds 312,345 257,537 54,808 Revenue Notes 8,959 9,437 (478) Florida Department of Transportation

State Infrastructure Bank Loan 2,590 2,809 (219) Total $ 325,719 $ 274,388 $ 51,331

Outstanding Debt

During the current fiscal year the County issued $91,485 of Public Utilities Revenue Refunding and Improvement Bonds, Series 2015 for the purpose of refunding $18,290 of the Public Utilities Revenue Improvement Bonds, Series 2006 and to finance improvements to the Utilities system. This resulted in a loss of $973, while providing the County with an economic gain of $1,413; the loss is being amortized over the life of the refunded bonds.

The County’s non ad valorem revenue bonds, the Public Utilities’ revenue bonds, and the Port’s revenue bonds all have ratings of AA+ and Aa2 from Fitch’s, Inc. and Moody’s, respectively. The County’s General Obligation refunding bonds were issued as a private placement, so no rating was secured for this debt.

The Constitution of the State of Florida, Florida Statute 200.181 and Manatee County set no legal debt limit. Additional information on Manatee County’s long-term debt can be found in Note 10 on pages 42 to 47 of this report.

Economic Factors and Year 2016 Budgets and Rates Factors considered in preparing Manatee County’s budget for the 2016 fiscal year included: • The Consumer Price Index was essentially unchanged over the previous year’s rate. Although not specific to Manatee County, it does

provide economic guidance for budgeting.

• The unemployment rate for Manatee County at September 2015 was 5.1%, an encouraging decrease from the 6.1% rate reported in the previous fiscal year.

• The number of construction permits issued (not rounded) in fiscal year 2015 was 23,764. This is 1,800 more than the previous year, an 8.20% increase. Consistent growth in new commercial construction is the main component of this increase, reflecting improving market conditions.

• Population increased by 1.14% from the fiscal year ending September 30, 2014 to 341,405.

• Interest earnings rates decreased slightly in fiscal year 2015, resulting in an average portfolio yield of 0.486%. As in prior years, interest earnings continue to be budgeted on a conservative basis for revenue purposes.

During fiscal year 2015, total fund balance in the General Fund decreased by $985. As previously discussed, this was primarily attributed to a major increase in ad valorem taxes collected, ambulance fees collected and monies received as part of the BP Oil settlement with increased Clerk expenditures for the Historic Courtroom remodel and additional Public Safety expenditures. The 2015 appropriations budget included contingency budgets for operations of $2,763. All funds carried over in the General Fund from fiscal year 2015 are planned for expenditures, with the exception of a $59,365 undesignated cash reserve. The County’s healthy fund balance and fiscal restraint combined to enable the County to keep the increase in countywide tax millage rate minimal for the 2016 fiscal year.

Manatee County Public Utilities System bonds may necessitate periodic rate increases to maintain the County’s system, as needed.

There was a utility rate increase of 4.75% effective January 2016.

Requests for Information

This financial report is designed to provide a general overview of Manatee County Government’s finances for all those with an interest in our government. Questions concerning any of the information provided in this report or requests for additional financial information may be addressed to the Clerk of Circuit Court and Comptroller, Manatee County, P.O. Box 25400, Bradenton, Florida 34206-5400. I also suggest you visit our helpful website, www.manateeclerk.com, for further financial information.

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http://www.bls.gov/news.release/cpi.nr0.htm

Manatee County is home to approximately 75 miles of connected paddling trails. Detailed maps of seven different sections of the trails, along with locations of launch points, boat ramps, amenities, parks, preserves, and points of interest can be found on Manatee County’s website at www.mymanatee.org/home/government/departments/parks-and-recreation/natural-resources/education-volunteer/paddle-manatee.html. The guide features GPS coordinates for all sites and also includes “short trip” selections to help readers plan their trip. Areas included in the trail guides are Bishop Harbor, Braden River, Palma Sola Bay, Terra Ceia, Lower Braden River and Sarasota Bay. Other paddling opportunities await at the county’s nature preserves including Robinson Preserve, Rye Preserve and Emerson Point Preserve.

BASIC

FINA

NC

IAL STATEM

ENTS


BASIC FINANCIAL STATEMENTS

Governmental Business-typeTotal Total

Assets Liabilities

Current assets: Current liabilities:

Cash and cash equivalents $ 381,840 $ 179,102 $ 560,942 Accounts payable 16,308 5,895 22,203

Accounts receivable (net) 5,423 17,706 23,129 Wages and benefits payable 8,030 2,340 10,370

Interest receivable 507 138 645 Due to other governmental units 3,362 2 3,364

Internal balances (15,368) 15,368 - Contracts and retainages payable 4,138 3,491 7,629

Assessments receivable 108 43 151 Performance bonds payable 121 - 121

Due from other governmental units 13,057 8,330 21,387 Claims payable 14,074 - 14,074

Prepaid items 4,080 941 5,021 Compensated absences 996 241 1,237

Inventory 1,508 2,725 4,233 Unearned revenue 1,245 263 1,508

Deposits 2,230 798 3,028 Deposits 86 512 598

Total current unrestricted assets 393,385 225,151 618,536 Bonds, notes and loans payable 2,586 267 2,853

Total current liabilities 50,946 13,011 63,957

Current restricted assets:

Cash and cash equivalents 3,979 87,609 91,588 Current liabilities (payable from restricted assets):

Interest receivable 9 53 62 Accounts payable 6 262 268

Total current restricted assets 3,988 87,662 91,650 Contracts and retainages payable 1,908 2,117 4,025

Total current unrestricted and Deposits - 7,428 7,428

restricted assets 397,373 312,813 710,186 Total current liabilities (payable from

restricted assets) 1,914 9,807 11,721

Noncurrent assets: Total current liabilities and current

Restricted cash and cash equivalents - 35,180 35,180 liabilities (payable from restricted assets) 52,860 22,818 75,678

Assessments receivable 175 181 356

Land and other nondepreciable assets 287,129 208,008 495,137 Noncurrent liabilities:

Capital assets, net of depreciation 735,170 711,894 1,447,064 Arbitrage rebate 40 - 40

Total noncurrent assets 1,022,474 955,263 1,977,737 Pension liability 121,816 20,771 142,587

Total assets 1,419,847 1,268,076 2,687,923 Compensated absences 24,945 4,743 29,688 Other post-employment benefits 73,221 13,314 86,535

Deferred Outflows of Resources Closure liability - 28,630 28,630

Bonds, notes and loans payable (net) 101,679 239,374 341,053

Deferred charge on refunding 4,337 1,737 6,074 Total noncurrent liabilities 321,701 306,832 628,533

Deferred pension outflows 55,967 8,091 64,058 Total liabilities 374,561 329,650 704,211

Total deferred outflows of resources 60,304 9,828 70,132

Deferred Inflows of Resources

Deferred pension inflows 53,308 7,542 60,850

Net Position

Net investment in capital assets 925,261 767,066 1,692,327

Restricted for debt service - 3,463 3,463

Restricted for landfill closure - 6,550 6,550

Unrestricted 127,021 163,633 290,654

Total net position $ 1,052,282 $ 940,712 $ 1,992,994 The notes to the financial statements are an integral part of these statements.

Business-typeActivities Activities

Manatee County, FloridaStatement of Net Position

September 30, 2015(Amounts expressed in thousands)

ActivitiesActivitiesGovernmental

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Net (Expense) Revenue and Changes in Net PositionOperating Capital

Charges for Grants and Grants and Governmental Business-typeFunctions/Programs Expenses Services Contributions Contributions Activities Activities TotalGovernmental activities: General government $ 83,176 $ 35,958 $ 1,512 $ 130 $ (45,576) $ (45,576) Public safety 152,037 24,346 6,858 516 (120,317) (120,317) Physical environment 8,482 327 59 1,361 (6,735) (6,735) Transportation 36,644 8,989 2,863 5,402 (19,390) (19,390) Economic environment 14,873 330 2,481 - (12,062) (12,062) Human services 29,387 192 5,916 - (23,279) (23,279) Culture and recreation 19,654 6,048 989 388 (12,229) (12,229) Interest on long-term debt 4,207 - - - (4,207) (4,207) Total governmental activities 348,460 76,190 20,678 7,797 (243,795) (243,795) Business-type activities: Water and sewer 103,855 115,478 124 28,152 $ 39,899 39,899 Port Authority 13,788 10,287 - 733 (2,768) (2,768) Solid waste 34,666 40,083 - - 5,417 5,417 Transit 13,525 1,409 4,866 10,633 3,383 3,383 Stormwater 5,070 49 - 62 (4,959) (4,959) Civic Center 2,668 1,624 14 - (1,030) (1,030) Total business-type activities 173,572 168,930 5,004 39,580 39,942 39,942 Total government $ 522,032 $ 245,120 $ 25,682 $ 47,377 (243,795) 39,942 (203,853)

General revenues:Property taxes 172,458 - 172,458 Gasoline taxes 23,543 - 23,543 Sales tax 23,250 - 23,250 Tourism taxes 11,611 - 11,611 Communication services taxes 4,934 - 4,934 Phosphate severance tax 421 - 421 Vessel tax 405 - 405 State revenue sharing 8,543 - 8,543 Interest income 2,473 34 2,507 Miscellaneous 17,524 149 17,673

Transfers (4,146) 4,146 - Total general revenues and transfers 261,016 4,329 265,345

Change in net position 17,221 44,271 61,492 Net position, October 1, as previously stated 1,162,109 917,841 2,079,950 Restatement of net position due to the implementation of GASB 68 (127,048) (21,400) (148,448) Net position, October 1, restated 1,035,061 896,441 1,931,502Net position, September 30 $ 1,052,282 $ 940,712 $ 1,992,994

The notes to the financial statements are an integral part of these statements.

Primary Government

Manatee County, FloridaStatement of Activities

For the Fiscal Year Ended September 30, 2015(Amounts expressed in thousands)

Program Revenues

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Highway Impact FeesSpecial Capital Capital Other Total

General Revenue Projects Improvements Governmental GovernmentalFund Fund Fund Fund Funds Funds

Assets

Cash and cash equivalents $ 62,648 $ 25,584 $ 67,033 $ 29,034 $ 140,144 $ 324,443 Accounts receivable (net) 4,909 7 - - 61 4,977 Interest receivable 285 18 35 18 128 484 Due from other funds 15,949 8,200 - - - 24,149 Assessments receivable - - - - 283 283 Due from other governmental units 4,355 2,267 - 456 4,804 11,882 Advance to other funds 17,331 - - - - 17,331 Prepaid items 1,382 93 - - 53 1,528 Inventory 302 258 - - - 560 Deposits - 70 13 - 2,081 2,164 Total assets $ 107,161 $ 36,497 $ 67,081 $ 29,508 $ 147,554 $ 387,801

Liabilities, Deferred Inflows of Resources and Fund Balances

Liabilities: Accounts payable $ 7,280 $ 818 $ 348 $ 1,032 $ 4,647 $ 14,125 Wages and benefits payable 6,169 475 - - 1,132 7,776 Due to other funds - - - 15,000 9,149 24,149 Due to other governmental units 673 317 - - 1,740 2,730 Contracts and retainages payable - - 2,014 2,158 1,874 6,046 Performance bonds payable 29 82 - - 10 121 Unearned revenue 150 - - - 810 960 Deposits 75 11 - - - 86 Advance from other funds 1,300 - - 7,830 13,434 22,564 Total liabilities 15,676 1,703 2,362 26,020 32,796 78,557

Deferred Inflows of Resources: Unavailable revenue - - - - 372 372

Fund balances: Non-spendable 19,015 421 13 - 2,134 21,583 Restricted 70 11,683 64,706 1,354 85,109 162,922 Committed 1,121 - - - 16,900 18,021 Assigned 5,027 22,690 - 2,134 10,243 40,094 Unassigned 66,252 - - - - 66,252 Total fund balances 91,485 34,794 64,719 3,488 114,386 308,872 Total liabilities, deferred inflows of resources and fund balances $ 107,161 $ 36,497 $ 67,081 $ 29,508 $ 147,554 $ 387,801


Governmental FundsSeptember 30, 2015

(Amounts expressed in thousands)

Manatee County, FloridaBalance Sheet

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Differences in amounts reported for governmental activities in the Statement of Net Positionon pages 12:

Fund balances - total governmental funds $ 308,872

Capital assets used in governmental activities are not financial resources and are thereforenot reported in the governmental funds. 999,547

Assessment receivables are not available to pay current period expenditures and thereforeare unearned revenue in the funds. 283

Deferred outflows of resources related to pensions apply to a future period consumptionof net position and therefore are not reported in the govermental funds. 55,058

Certain liabilities will not require current financial resources and therefore are not reportedin the governmental funds. (672)

Certain liabilities are not due and payable in the current period and therefore are not reported in the funds. Bonds and notes payable $ (104,265) Less: deferred charges on refunding (to be amortized as Interest expense) 4,337 Accrued pension liability (119,735) Accrued other post-employment benefits (73,221) Accrued compensated absences (25,401) Arbitrage rebate payable (40) Net adjustment to reduce fund balance - total governmental funds to arrive at net position - governmental activities (318,325)

Deferred inflows of resources related to pensions apply to a future period increase innet position and therefore are not reported in the governmental funds. (52,485)

The assets and liabilities of Internal Service Funds (fund used to charge the costs of certainactivities to individual funds) are included in the governmental activities in the Statement ofNet Position. 60,004

Total net position $ 1,052,282


Manatee County, FloridaReconciliation of the Balance Sheet of Governmental Funds

to the Statement of Net PositionSeptember 30, 2015


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Highway Impact FeesSpecial Capital Capital Other Total

General Revenue Projects Improvements Governmental GovernmentalFund Fund Fund Fund Funds Funds

Revenues: Taxes $ 140,633 $ 25,191 $ - $ - $ 41,940 $ 207,764 Licenses and permits 720 - - - 25,091 25,811 Intergovernmental 46,899 4,921 - 478 16,567 68,865 Charges for services 37,657 894 - - 4,642 43,193 Fines and forfeitures 660 - - - 5,906 6,566 Interest income 573 213 341 151 876 2,154 Assessments - - - - 141 141 Contributions 1,175 1,356 - - 2,692 5,223 Miscellaneous 5,887 379 - - 752 7,018 Total revenues 234,204 32,954 341 629 98,607 366,735

Expenditures: Current: General government 64,464 - - - 10,792 75,256 Public safety 138,038 - - - 12,088 150,126 Physical environment 2,500 - - - 2,507 5,007 Transportation - 19,774 - - 3,154 22,928 Economic environment 4,358 - - - 10,999 15,357 Human services 12,832 - - - 16,620 29,452 Culture and recreation 8,477 - - - 6,875 15,352 Intergovernmental 594 3,767 - - - 4,361 Debt service - - - 59 17,938 17,997 Capital projects - - 13,868 23,076 15,476 52,420 Total expenditures 231,263 23,541 13,868 23,135 96,449 388,256 Excess (deficiency) of revenues over expenditures 2,941 9,413 (13,527) (22,506) 2,158 (21,521)

Other financing sources (uses): Transfers from other funds 14,618 2,707 13,438 9,427 32,269 72,459 Transfers to other funds (18,544) (16,394) - - (41,325) (76,263) Total other financing sources (uses) (3,926) (13,687) 13,438 9,427 (9,056) (3,804)

Net change in fund balances (985) (4,274) (89) (13,079) (6,898) (25,325) Fund balances, October 1 92,470 39,068 64,808 16,567 121,284 334,197 Fund balances, September 30 $ 91,485 $ 34,794 $ 64,719 $ 3,488 $ 114,386 $ 308,872


Manatee County, FloridaStatement of Revenues, Expenditures and Changes in Fund Balances

Governmental FundsFor the Fiscal Year Ended September 30, 2015


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Differences in amounts reported for governmental activities in the Statement of Activities on pages 13:

Net change in fund balances - total governmental funds $ (25,325)

Capital outlay, reported as expenditures in governmental funds, are shown as capitalassets in the Statement of Net Position. 62,793

Donations of capital assets are not financial resources to governmental funds, however, increase net position in the Statement of Net Position. 2,627

Depreciation expense on governmental capital assets included in the governmentalactivities in the Statement of Activities. (33,859)

In the Statement of Activities, only the loss on the sale of capital assets is reported. However, in the governmental funds, the proceeds from the sale increase financialresources. Thus, the change in net position differs from the change in fund balance by thecarrying value of the capital assets sold. (5,031)

The repayment of the principal of long-term debt consumes the current financial resources of the government funds. This transaction, however, has no effect on the net position. Also, governmental funds report the effect of issuance costs, premiums and similar items when debt is first issued, and are amortized in the Statement of Activities.

Bond principal payments 13,079

The amortization of bond premium, issuance and similar items do not require the use of financial resources of the governmental funds and therefore are not reported as expenditures in govenmental funds: Amortization of deferred charge on refunding $ (1,049) Amortization of bond premium 1,760 Net adjustment to increase net changes in fund balances - total governmental funds to arrive at changes in net position of governmental activities 711

The (increase) decrease in certain accrued liabilities reported in the Statement of Activitiesdoes not require the use of current financial resources and therefore is not reported asexpenditures in the governmental funds: Accrued liability for amounts due to the State of Florida 362 Accrued pension liability (47,134) Accrued other post-employment benefits (7,087) Accrued compensated absences (289) Other accrued liabilities (40)

The increase (decrease) in deferred outflows of resources related to pensions does not require the use ofcurrent governmental fund financial resources and therefore are not reported in the governmental funds. 41,388

The (increase) decrease in deferred inflows of resources related to pensions does not require the use ofcurrent governmental fund financial resources and therefore are not reported in the governmental funds. 13,510

Assessment revenues will not be collected for several months after the fiscalyear and are deferred in the governmental funds. (141)

The net revenues of internal service funds (funds used to charge the costs ofcertain activities to individual funds) are reported with governmental activities. 1,657

Change in net position $ 17,221


Manatee County, FloridaReconciliation of the Statement of Revenues, Expenditures and

Changes in Fund Balances of Governmental Fundsto the Statement of Activities

For the Fiscal Year Ended September 30, 2015


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Original Budget

Final Budget Actual

Variance with Final

Budget Positive

(Negative)Revenues: Taxes $ 138,313 $ 138,313 $ 140,633 $ 2,320 Licenses and permits 782 782 720 (62) Intergovernmental 40,535 40,460 46,899 6,439 Charges for services 31,698 31,837 37,657 5,820 Fines and forfeitures 668 635 660 25 Interest income 285 293 573 280 Contributions 864 979 1,175 196 Miscellaneous 5,372 5,397 5,887 490 Total revenues 218,517 218,696 234,204 15,508

Expenditures: Current: General government Clerk of Circuit Court 12,833 14,179 12,943 1,236 Community services 136 136 136 - County administration 2,363 2,694 2,601 93 County Attorney 2,112 2,574 2,524 50 Court administration 1,320 1,374 1,331 43 Property management 11,554 13,265 11,710 1,555 Financial management 1,784 1,847 1,819 28 General government 2,032 2,253 1,741 512 Guardian Ad Litem 57 57 29 28 Human resources 1,029 1,134 1,041 93 Information technology 7,600 8,630 7,296 1,334 Property Appraiser 4,623 4,880 4,809 71 Public Defender 130 130 128 2 Sheriff 4,682 4,722 4,712 10 State Attorney 520 510 497 13 Supervisor of Elections 2,462 5,115 1,886 3,229 Tax Collector 9,531 9,531 9,261 270 Total general government 64,768 73,031 64,464 8,567

Public safety Community services 4,872 5,062 4,268 794 Ordinance codification 7 14 12 2 Public safety 18,968 19,366 18,496 870 Sheriff 113,967 119,658 115,262 4,396 Total public safety 137,814 144,100 138,038 6,062

(Continued)The notes to the financial statements are an integral part of these statements.

Manatee County, FloridaGeneral Fund

Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual


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Original Budget

Final Budget Actual

Variance with Final

Budget Positive

(Negative) Physical environment Community services 891 892 802 90 Parks & natural resources 1,798 1,946 1,698 248 Total physical environment 2,689 2,838 2,500 338

Economic environment Community services 267 277 261 16 Financial management 3,474 3,481 3,481 - Neighborhood services 679 1,104 616 488 Total economic environment 4,420 4,862 4,358 504

Human services Community services 11,074 11,052 10,564 488 Public safety 1,938 2,298 2,268 30 Total human services 13,012 13,350 12,832 518

Culture & recreation Community services 37 37 36 1 Parks & natural resources 2,701 3,031 2,667 364 Property management 5,872 6,064 5,774 290 Total culture & recreation 8,610 9,132 8,477 655

Intergovernmental 264 264 594 (330)

Total expenditures 231,577 247,577 231,263 16,314

Excess (deficiency) of revenues over expenditures (13,060) (28,881) 2,941 31,822

Other financing sources (uses): Reserved for contingencies (5,271) (2,763) - 2,763 Transfers from other funds 12,642 16,726 14,618 (2,108) Transfers to other funds (11,350) (36,152) (18,544) 17,608 Total other financing sources (uses) (3,979) (22,189) (3,926) 18,263

Net change in fund balances (17,039) (51,070) (985) 50,085 Fund balances, October 1 92,470 92,470 92,470 - Fund balances, September 30 $ 75,431 $ 41,400 $ 91,485 $ 50,085


Manatee County, FloridaGeneral Fund - Continued

Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual


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Original FinalBudget Budget Actual

Revenues: Taxes $ 22,765 $ 24,253 $ 25,191 $ 938 Intergovernmental 4,238 4,238 4,921 683 Charges for services 770 770 894 124 Interest income 135 135 213 78 Contributions - 452 1,356 904 Miscellaneous 1,438 1,438 379 (1,059) Total revenues 29,346 31,286 32,954 1,668

Expenditures: Current: Transportation 26,777 29,023 19,774 9,249

Intergovernmental 3,468 3,770 3,767 3 Total expenditures 30,245 32,793 23,541 9,252

Excess (deficiency) of revenues over expenditures (899) (1,507) 9,413 10,920

Other financing sources (uses): Reserved for contingencies (748) (307) - 307 Transfers from other funds 2,588 2,707 2,707 - Transfers to other funds (14,405) (24,594) (16,394) 8,200 Total other financing sources (uses) (12,565) (22,194) (13,687) 8,507

Net change in fund balances (13,464) (23,701) (4,274) 19,427 Fund balances, October 1 39,068 39,068 39,068 - Fund balances, September 30 $ 25,604 $ 15,367 $ 34,794 $ 19,427


(Negative)

Manatee County, FloridaHighway Special Revenue Fund

Statement of Revenues, Expenditures and Changes inFund Balances - Budget and Actual


Variance withFinal Budget

Positive

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Water Port Solid OtherAssets and Sewer Authority Waste Funds Total

Current unrestricted assets: Cash and cash equivalents $ 145,134 $ 1,856 $ 26,563 $ 5,549 $ 179,102 $ 61,376 Accounts receivable (net) 11,739 1,509 4,431 27 17,706 446 Interest receivable 98 1 35 4 138 32 Assessments receivable 43 - - - 43 - Due from other governmental units 1,803 215 - 6,312 8,330 1,175

Prepaid items 261 279 373 28 941 2,552

Inventory 2,695 - - 30 2,725 948

Deposits 612 - - 186 798 66

Total current unrestricted assets 162,385 3,860 31,402 12,136 209,783 66,595

Current restricted assets: Cash and cash equivalents 83,829 2,248 1,532 - 87,609 -

Interest receivable 51 2 - - 53 -

Total current restricted assets 83,880 2,250 1,532 - 87,662 -

Total current unrestricted and restricted assets 246,265 6,110 32,934 12,136 297,445 66,595

Noncurrent assets: Restricted cash and cash equivalents - - 35,180 - 35,180 - Advance to other funds - - 1,300 - 1,300 5,330 Assessments receivable 181 - - - 181 - Land and other nondepreciable assets 116,170 50,099 8,424 33,315 208,008 4,782 Capital assets, net of accumulated depreciation 579,337 83,559 24,590 24,408 711,894 17,701 Total noncurrent assets 695,688 133,658 69,494 57,723 956,563 27,813 Total assets 941,953 139,768 102,428 69,859 1,254,008 94,408

Deferred Outflows of Resources

Deferred charge on refunding 1,456 164 117 - 1,737 - Deferred pension outflows 4,853 803 594 1,841 8,091 909 Total deferred outflows of resources 6,309 967 711 1,841 9,828 909



Proprietary FundsSeptember 30, 2015


Business-type Activities

Internal ServiceFunds

Activities -GovernmentalEnterprise Funds

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GovernmentalActivities -

Water Port Solid Other Internal ServiceLiabilities and Sewer Authority Waste Funds Total Funds

Current liabilities: Accounts payable $ 2,429 $ 321 $ 2,281 $ 864 $ 5,895 $ 1,880 Wages and benefits payable 1,379 242 172 547 2,340 254 Due to other governmental units 2 - - - 2 - Contracts and retainages payable 2,631 - 110 750 3,491 - Claims payable - - - - - 14,074 Compensated absences 137 39 13 52 241 13 Unearned revenue - 261 - 2 263 196 Deposits 78 - 14 420 512 - Notes payable - 267 - - 267 - Total current liabilities 6,656 1,130 2,590 2,635 13,011 16,417

Current liabilities (payable from restricted assets): Accounts payable 262 - - - 262 - Contracts and retainages payable 2,117 - - - 2,117 - Customer deposits 5,903 - 1,525 - 7,428 - Total current liabilities (payable from restricted assets) 8,282 - 1,525 - 9,807 - Total current liabilities and current liabilities (payable from restricted assets) 14,938 1,130 4,115 2,635 22,818 16,417

Noncurrent liabilities: Advance from other funds - - - 1,397 1,397 - Pension liability 12,558 2,133 1,561 4,519 20,771 2,081 Compensated absences 2,939 609 354 841 4,743 527 Other post-employment benefits 8,021 1,515 770 3,008 13,314 - Closure liability - - 28,630 - 28,630 - Bonds, notes and loans payable (net) 194,142 42,758 2,474 - 239,374 - Total noncurrent liabilities 217,660 47,015 33,789 9,765 308,229 2,608 Total liabilities 232,598 48,145 37,904 12,400 331,047 19,025


Deferred pension inflows 4,200 1,201 569 1,572 7,542 823

Net Position

Net investment in capital assets 585,751 93,045 30,547 57,723 767,066 22,483 Restricted for debt service 1,213 2,250 - - 3,463 - Restricted for landfill closure - - 6,550 - 6,550 - Unrestricted 124,500 (3,906) 27,569 5 148,168 52,986 Total net position $ 711,464 $ 91,389 $ 64,666 $ 57,728 925,247 $ 75,469

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 15,465 Net position of business-type activities $ 940,712


Enterprise FundsBusiness-type Activities


Proprietary Funds - ContinuedSeptember 30, 2015


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Water Port Solid Otherand Sewer Authority Waste Funds Total

Operating revenues: Charges for services $ 110,907 $ 9,737 $ 39,483 $ 3,058 $ 163,185 $ 67,338 Miscellaneous 1,633 477 247 149 2,506 1,377 Total operating revenues 112,540 10,214 39,730 3,207 165,691 68,715 Operating expenses: Personal services 23,437 3,955 2,941 9,538 39,871 6,310 Operating expenses 49,712 2,826 28,527 9,072 90,137 56,285 Depreciation and amortization 24,514 5,205 3,195 2,750 35,664 4,138 Total operating expenses 97,663 11,986 34,663 21,360 165,672 66,733

Operating income (loss) 14,877 (1,772) 5,067 (18,153) 19 1,982

Nonoperating revenues (expenses): Operating grants and contributions 124 - - 4,880 5,004 - Interest income 1,188 73 353 34 1,648 349 Interest expense (5,824) (1,579) (63) - (7,466) - Bond interest rebate 1,750 - - - 1,750 - Bond issue cost (712) - - - (712) - Gain (loss) on disposition of assets (50) (123) (8) (123) (304) 274 Grant administration fee - (26) - - (26) - Master Plan - (104) - - (104) - Total nonoperating revenues (expenses) (3,524) (1,759) 282 4,791 (210) 623

Income (loss) before contributions and transfers 11,353 (3,531) 5,349 (13,362) (191) 2,605

Capital grants and contributions 28,152 733 - 10,695 39,580 130 Transfers in - 447 3 12,081 12,531 1,071 Transfers out (3,465) - (4,779) (141) (8,385) (1,413) Change in net position 36,040 (2,351) 573 9,273 43,535 2,393

Total net position, October 1, as previously stated 687,873 96,661 65,711 52,867 75,198 Restatement of net position due to the implementation of GASB 68 (12,449) (2,921) (1,618) (4,412) (2,122) Total net position, October 1, restated 675,424 93,740 64,093 48,455 73,076Total net position, September 30 $ 711,464 $ 91,389 $ 64,666 $ 57,728 $ 75,469

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 736 Change in net position of business-type activities $ 44,271


Business-type Activities

Manatee County, FloridaStatement of Revenues, Expenses and Changes in Fund Net Position

Proprietary FundsFor the Fiscal Year Ended September 30, 2015


Activities -Internal Service

Funds

GovernmentalEnterprise Funds

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Water Port Solid Other Internal Serviceand Sewer Authority Waste Funds Total Funds

Cash flows from operating activities: Cash received from customers $ 112,375 $ 9,813 $ 39,396 $ 3,121 $ 164,705 $ 5,794 Cash received from other funds for goods and services - - - - - 62,985 Cash payments to vendors for goods and services (24,796) (2,904) (25,723) (2,872) (56,295) (52,953) Cash payments to employees for services (19,489) (3,602) (2,507) (7,928) (33,526) (5,853) Cash payments to other funds (27,903) (703) (2,154) (7,292) (38,052) (1,081) Net cash provided (used) by operating activities 40,187 2,604 9,012 (14,971) 36,832 8,892

Cash flows from noncapital financing activities: Operating grants 117 (32) - 4,455 4,540 - Transfers in - 447 3 12,081 12,531 1,071 Transfers out (3,465) - (4,779) (141) (8,385) (1,413) Increase in advance from other funds - - - 1,222 1,222 - Net cash provided (used) by noncapital financing activities (3,348) 415 (4,776) 17,617 9,908 (342)

Cash flows from capital and related financing activities: Acquisition and construction of capital assets (41,596) (1,387) (3,448) (10,295) (56,726) (6,007) Deposits paid on construction agreements (439) - - - (439) - Principal payments on debt (6,992) (1,477) (343) - (8,812) - Interest payments on debt (8,305) (1,516) (112) - (9,933) - Bond interest rebate 1,750 - - - 1,750 - Debt proceeds 97,616 - 2,172 - 99,788 - Debt issuing expenses (712) - - - (712) -

Defeasance of bonds (17,339) - (2,165) - (19,504) - Grant administration fee - (26) - - (26) - Receipt of contributed capital 15,659 1,405 - 7,854 24,918 - Proceeds from sale of assets 14 70 60 58 202 385 Net cash provided (used) by capital and related financing activities 39,656 (2,931) (3,836) (2,383) 30,506 (5,622)

Cash flows from investing activities: Interest on investments 1,151 74 356 33 1,614 352

Net increase (decrease) in cash and cash equivalents 77,646 162 756 296 78,860 3,280 Cash and cash equivalents, October 1 151,317 3,942 62,519 5,253 223,031 58,096 Cash and cash equivalents, September 30 $ 228,963 $ 4,104 $ 63,275 $ 5,549 $ 301,891 $ 61,376

Classified as: Current assets $ 145,134 $ 1,856 $ 26,563 $ 5,549 $ 179,102 $ 61,376 Restricted assets 83,829 2,248 36,712 - 122,789 - Cash and cash equivalents, September 30 $ 228,963 $ 4,104 $ 63,275 $ 5,549 $ 301,891 $ 61,376


Business-type ActivitiesEnterprise Funds

Manatee County, FloridaStatement of Cash Flows

Proprietary FundsFor the Fiscal Year Ended September 30, 2015


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Water Port Solid Other Internal Serviceand Sewer Authority Waste Funds Total Funds

Reconciliation of operating income (loss) to net cash provided (used) by operating activities:Operating income (loss) $ 14,877 $ (1,772) $ 5,067 $ (18,153) $ 19 $ 1,982 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation 24,482 5,205 3,192 2,750 35,629 4,138 Amortization 32 - 3 - 35 - Master Plan - (104) - - (104) - Provision for uncollectibles 277 215 105 - 597 - Changes in assets, deferred outflows, liabilities and deferred inflows: (Increase) decrease in: Accounts receivable (505) (605) (385) (14) (1,509) (187) Due from other governmental units - - - (20) (20) 306 Prepaid items (82) (65) 121 10 (16) 89 Inventory (24) - - - (24) 292 Deposits - - - - - 28 Deferred pension outflows (3,802) (579) (470) (1,445) (6,296) (627) Increase (decrease) in: Accounts payable 522 (87) 119 319 873 1,173 Due to other governmental units 2 - - - 2 - Wages and benefits payable 149 26 16 77 268 34 Claims payable - - - - - 1,146 Unearned revenue - (11) - 2 (9) 2 Compensated absences 177 43 31 51 302 16 Other post-employment benefits 763 149 55 223 1,190 - Closure liability - - 824 - 824 - Customer deposits 61 - (54) (54) (47) - Penson liability 4,421 364 545 1,653 6,983 676 Deferred pension inflows (1,163) (175) (157) (370) (1,865) (176) Total adjustments 25,310 4,376 3,945 3,182 36,813 6,910 Net cash provided (used) by operating activities $ 40,187 $ 2,604 $ 9,012 $ (14,971) $ 36,832 $ 8,892

Non-cash investing, capital, and financing activities:

Loss on disposition of assets $ 50 $ 123 $ 8 $ 147 $ 328 $ 18 Acquisition of contributed assets 10,789 - - 311 11,100 130


Business-type ActivitiesEnterprise Funds

Manatee County, FloridaStatement of Cash Flows

Proprietary Funds - ContinuedFor the Fiscal Year Ended September 30, 2015


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InvestmentTrust Agency

Assets Fund Funds

Cash and cash equivalents $ 27,510 $ 18,079 Interest receivable 18 - Total assets 27,528 18,079

Liabilities

Due to individuals - 10,994 Due to other governmental units - 7,085 Total liabilities - $ 18,079

Net Position

Held in trust for investment members and other purposes $ 27,528


Manatee County, FloridaStatement of Fiduciary Net Position

Fiduciary FundsSeptember 30, 2015


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InvestmentTrustFund

Additions Trust members contributions $ 36,806 Interest income 180 Total additions 36,986

Deductions Refunds of trust members contributions (34,103)

Change in net position 2,883 Net position - beginning 24,645 Net position - ending $ 27,528


Manatee County, FloridaStatement of Changes in Fiduciary Net Position

Fiduciary FundsFor the Fiscal Year Ended September 30, 2015


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Manatee County, Florida Notes to Financial Statements

September 30, 2015 (Amounts expressed in thousands)

Note 1 Summary of Significant Accounting Policies A. Reporting Entity

Manatee County is a non-charter county established under the Constitution and the laws of the State of Florida. The County is governed by a seven-member Board of County Commissioners, one from each of five districts and two elected countywide. There are five constitutional officers elected countywide, which are: Clerk of Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector.

The Board of County Commissioners is the legislative body for Manatee County and, as such, budgets and provides all the funding used by the separate Constitutional Offices with the exception of fees collected by the Clerk of Circuit Court and the Tax Collector. Under the direction of the Clerk of Circuit Court, the Manatee County Finance Department maintains the accounting system for the County's operations, including those of the Supervisor of Elections, which are included in the General Fund, but excluding those of the Clerk of Circuit Court, Property Appraiser, Sheriff and Tax Collector, each of which maintains its own accounting system. The operations of the County as a whole, however, including all the Constitutional Offices, have been combined in these financial statements.

Services provided by the County and accounted for within these financial statements include police services for unincorporated areas of the County, health and social services, emergency medical services, water and sewage services, mass transportation services, cultural and recreational programs, solid waste services and other governmental services. Also included is the County Law Library established by Ch. 61.2455, Laws of Florida.

The accompanying financial statements present the County and its component units. The County’s component units, although legally separate entities, are in substance part of the County’s operations and have the same governing boards. As a result, the County is considered to be financially accountable. The Port Authority (authorized by Ch. 315, Florida Statutes and Ch. 67.1681, Laws of Florida) is a legally separate entity, but since the County Commission also serves as its governing board and there is a specific benefit or burden relationship between the County and this component unit, it is reported as a blended component unit (enterprise fund). The County Commission also serves as the governing board for the Port Manatee Improvement District and the Southwest County Improvement District (authorized by Ch. 163, Florida Statutes, and Manatee County Ordinances 09-50 and 14-28), both of which are dependent special districts. There is also a specific benefit or burden relationship between the County and these component units; therefore they are reported as blended within the primary government (special revenue and capital project funds). Effective October 1, 2014, the Southwest County Improvement District replaced two smaller Community Redevelopment Areas that sunset during the prior year. This new district covers an expanded portion of the County and provides additional funding for improvements in the targeted areas. The financial statement presentation of the Community Redevelopment fund in the “other governmental funds” continues to encompass these entities.

Financial statements for the Port Authority may be obtained from the Manatee County Clerk of the Circuit Court and Comptroller, P.O. Box 25400, Bradenton, Florida 34206-5400 or online at www.manateeclerk.com. No separately issued statements are prepared by the Port Manatee Improvement District or the Southwest County Improvement District.

B. Government-Wide and Fund Financial Statements

The basic financial statements consist of the government-wide financial statements and fund financial statements. Both sets of statements distinguish between the governmental and business-type activities of the County. Government-wide financial statements include a Statement of Net Position and a Statement of Activities. These statements report on the government as a whole, both the primary government and its component units, and provide a consolidated financial picture of the government. As part of the consolidation process, interfund activities, with the exception of interfund services provided and used, are eliminated to avoid distorted financial results. The amounts reported as internal balances represent the residual amounts due between governmental and business-type activities. Fiduciary funds of the government are also eliminated from this presentation since these resources are not available for general government funding purposes. The Statement of Net Position reports all financial and capital resources of Manatee County’s governmental and business-type activities. It is presented in a net position format (assets plus deferred outflows of resources less liabilities plus deferred inflows of resources equal net position) and shown with three components: net investment in capital assets, restricted net position and unrestricted net position. The Statement of Activities reports functional categories of programs provided by the County, and demonstrates how and to what degree those programs are supported by specific revenue.

Program revenues are classified into three categories: charges for services, operating grants and contributions and capital grants and contributions. Charges for services refer to direct recovery from customers for services rendered. Grants and contributions refer to revenues restricted for specific programs whose use may be restricted further to operational or capital items. The general revenues section displays revenue collected that helps support all functions of our government and contributes to the change in the net position for the fiscal year.

The fund financial statements follow and report additional and detailed information about Manatee County’s operations for major funds individually and nonmajor funds in the aggregate for governmental, proprietary and fiduciary funds. A reconciliation is provided that converts the results of governmental fund accounting to the government-wide presentations. The preparation of financial statements in conformity with generally accepted accounting principles, as applicable to governmental units, requires management to make use of estimates that affect the reported amounts in the financial statements. Actual results could differ from estimates. C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements, as well as the fund financial statements for the proprietary funds and the investment trust fund, are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recognized in the period in which they are earned and expenses are recognized in the period incurred. Operating revenues shown for proprietary operations generally result from producing or providing goods and services such as water, sewer and garbage services. Operating

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http://www.manateeclerk.com/



Note 1 Summary of Significant Accounting Policies – Continued C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation – Continued expenses for these operations include all costs related to providing the service or product. These costs include salaries, supplies, travel, contract services, depreciation, administrative expenses or other expense directly related to costs of services. All other revenues and expenses not meeting these definitions are reported as non-operating revenues and expenses. All governmental fund financial statements are reported using a current financial resources measurement focus on a modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period, which is considered to be sixty days. Expenditures are recorded when the related fund liability is incurred. Exceptions to this general rule include: (1) accumulated sick and vacation pay, pension and other post-employment benefits, which are not recorded as expenditures; (2) inventory recorded using the consumption method, prepaid insurance and similar items are reported only on the balance sheet and do not affect expenditures; and (3) principal and interest on long-term debt, which are recognized when due. Budgets for governmental funds are also prepared on the modified accrual basis. In applying the susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended for the specific purpose or project before any amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance requirements, such as with equal employment opportunity. These resources are reflected as revenues at the time of receipt or earlier if they meet the availability criterion.

Licenses and permits, charges for services, and miscellaneous revenues (except investment earnings) are recorded as revenues when received in cash, because they are generally not measurable until actually received. Investment earnings and most fines and forfeitures are recorded as earned since they are measurable and available.

The County chooses to allocate the indirect costs to functional activities through various automatic allocation charge methods. Therefore, expenses reported for functional activities include these allocated indirect costs. The accounting policies and the presentation of the financial report of Manatee County, Florida have been designed to conform to generally accepted accounting principles (GAAP) as applicable to governmental units, in accordance with the Governmental Accounting Standards Board (GASB). Governmental funds report fund balances either as non-spendable or spendable. Spendable balances are further classified as restricted, committed, assigned or unassigned, based on the extent to which there are external or internal constraints on the spending of these fund balances. Non-spendable Fund Balance – Amounts that are (a) not in spendable form or (b) legally or contractually required to be maintained intact. “Not in spendable form” includes items that are not expected to be converted to cash (such as inventories and prepaid amounts) and generally items such as long-term amounts of loans and notes receivable, as well as property acquired for resale. The corpus (or principal) of a permanent fund is an example of an amount that is legally or contractually required to be maintained intact. Spendable Fund Balance:

• Restricted Fund Balance - Amounts that can be spent only for specific purposes stipulated by (a) external resource providers such as creditors (by debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation.

• Committed Fund Balance - Amounts that can be used only for the specific purposes determined by the highest formal action (ordinance) of the Board of County Commissioners, the County’s highest level of decision making authority. Commitments may be changed or lifted only by the Board of County Commissioners taking the same formal action that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements are reported in this category only if they are specific and non-recurring.

• Assigned Fund Balance – Includes spendable fund balance amounts established by the Board of County Commissioners (resolution) that are intended to be used for specific purposes and are neither considered restricted or committed.

• Unassigned Fund Balance – Unassigned fund balance is the residual classification for the general fund. This classification represents fund balance that is spendable and that has not been restricted, committed, or assigned to specific purposes within the general fund. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those specific purposes.

The County spends restricted amounts first, when both restricted and unrestricted fund balance is available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. Outlays for a particular purpose may be funded from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the County’s policy to consider restricted net position to have been depleted before unrestricted net position is applied. The following are reported as major governmental funds: General Fund – The General Fund is the general operating fund of the County. All general tax revenues and other receipts that are not required either legally or by generally accepted accounting principles to be accounted for in other funds are accounted for in the General Fund. General operating funds of the Clerk of Circuit Court, Property Appraiser, Sheriff and Tax Collector represent sub-funds of the County’s General Fund that are held and accounted for individually, but presented herein with the balance of the Board of County Commissioners’ operating funds.

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Note 1 Summary of Significant Accounting Policies - Continued C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation – Continued Highway Special Revenue Fund – The Highway Special Revenue fund is used to account for the proceeds of specific revenue sources which consist primarily of gasoline taxes and transportation ad valorem taxes. Impact Fees Capital Projects Fund – The Impact Fees Capital Projects fund is used to account for impact fees segregated for the acquisition or construction of major capital facilities related to roads, parks, public safety and law enforcement, which expand or enhance existing capacities to accommodate growth and development within the county. Capital Improvements Capital Projects Fund – The Capital Improvements Capital Projects fund is used to account for various projects including the County’s court facility improvements and other general County improvements. The following are reported as major enterprise funds: Water and Sewer – The Water and Sewer fund accounts for the operation of the County’s potable water, wastewater and reclaimed water services to residents and businesses in the unincorporated portion of Manatee County. Port Authority – The Port Authority fund accounts for the operations of Port Manatee, which is one of the largest of the fourteen Florida deepwater seaports, and offers full port services for containerized break bulk and bulk cargoes. Solid Waste – The Solid Waste fund is used to record all operations of solid waste collection, disposal and recycling activities in compliance with federal standards and regulations in order to ensure public health. The County also reports the following fund types: Internal Service Funds – Internal service funds are used to account for the financing of goods or services provided by one department to other departments of the County or to other governmental units on a cost reimbursement basis. County operations include Central Stores, Motor Pool, Communications and Automated Systems Maintenance for direct service in these areas as well as two internal service funds, Health Self Insurance and Self Insurance, for provision of the health, workers’ compensation, fleet and general liability insurance for the County. Investment Trust Fund – The Investment Trust fund accounts for external agencies’ assets in the County’s investment pool. These funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. Agency Funds – Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Agency funds are merely clearing accounts for assets held by a government as an agent for individuals, private organizations or other governments. Agency funds held by the County include Clerk-General Agency, Tax Collector-State-General Agency, Tax Collector–Local-General Agency which hold funds prior to legal disbursement and the Sheriff-General Agency which holds money in a custodial capacity. These funds are accounted for on an accrual basis of accounting. D. Cash and Cash Equivalents Cash and cash equivalents are cash on hand as well as demand deposits, investments and certificates of deposit included in pooled cash with original maturities of three months or less. Investments include certificates of deposit and investments with original maturities of three months or greater. E. Investments

Florida Statute 218 and the County's investment policy authorize the County to invest surplus funds in the following: 1) the Local Government Surplus Funds Trust Fund Investment Pool under the management of the State Board of Administration 2) the Florida Local Government Investment Trust Fund, an investment pool, under the sponsorship of the Florida Association of

Counties and the Florida Association of Court Clerks and Comptrollers 3) negotiable direct obligations of, or obligations of which the principal and interest are unconditionally guaranteed by, the U.S.

Government 4) interest bearing time deposits or savings accounts in banks and savings and loans organized under state laws or doing business

in and situated in the state, provided collateral requirements are met 5) securities of U.S. instrumentalities, the government sponsored enterprises that include, but are not limited to: Federal Farm

Credit Systems Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association

6) commercial paper of U.S. corporations having a rating of at least two of the following three ratings: A-1, P-1 and F-1, as rated by Standard & Poor’s, Moody's, and Fitch Investors Service rating services 7) bankers' acceptances that are eligible for purchase by the Federal Reserve Banks and have a letter of credit rating of AA or better 8) tax-exempt obligations of the State of Florida and its various local governments, including Manatee County. Tax-exempt

obligations with a rating of A or less must be an insured issue through MBIA, or an equivalent company. Issues rated A+ or higher may or may not carry an insurance backing.

Investments are stated at fair value in accordance with GASB 31. U.S. treasury notes and U.S. agency and instrumentalities obligations are valued at quoted market. The reported value of the Local Government Surplus Funds Trust Fund Investment Pool’s Prime account (the “Prime”) is shown at share value as it meets the criteria to be “2a-7Like” at September 30. The Florida Local Government Investment Trust (the “FLGIT”) reports all share information at Net Asset Value (NAV) and reflects fair value in its share value in accordance with GASB 31, while the Florida Local Government Trust Day to Day fund (the “Day to Day Fund”) is within the “2a-7” guidelines and reflected at cost. The County invests funds throughout the year in the Prime account, administered by the State Board of Administration (the “SBA”), under the regulatory oversight of the State of Florida. Throughout the year and as of September 30, 2015, the SBA contained certain floating and variable rate securities which were indexed based on the prime rate and/or one and three month LIBOR rates. These investments were purchased to add relative value to the portfolio. There is risk of loss of interest on the investments if there are changes in the underlying indexed base. These investments represented 36% of the SBA’s Prime account at September 30.

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Note 1 Summary of Significant Accounting Policies - Continued E. Investments - Continued The County also invests throughout the year in the FLGIT, a public entity investment trust organized under the laws of the State of Florida. The FLGIT is based on current net asset value, variations in value of these assets is determined on a daily basis in the FLGIT portfolio. At September 30, 2015, the FLGIT portfolio included certain asset-backed securities, corporate securities and mortgage-backed securities. These securities amounted to 18%, 27% and 5% respectively of the FLGIT Investment Trust portfolio. The Day to Day Fund is a short term liquidity fund, and at September 30, 2015 had 26% and 2% respectively invested in corporate securities and asset backed securities. Both funds’ average credit quality is AAAf and AAAm, respectively, as rated by Standard and Poor’s. F. Prepaid Items Prepaid insurance and similar items are recorded using the consumption method of accounting. Under the consumption method, services paid for in advance are reported as an asset until the period in which the services are actually consumed. G. Inventories

All inventories are determined by physical count and stated at cost using the moving average, first-in-first-out or last-in-first-out cost basis. Manatee County uses both the consumption method and purchases method of accounting for inventories. The County reports as non-spendable within the fund balances of the governmental fund types those inventories accounted for on the purchases method. H. Capital Assets Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Additions to capital assets are recorded at cost at the time of purchase. Gifts or contributions are recorded at fair market value at the time received. The County maintains a $1,000 threshold for additions to equipment (this and following threshold amounts are not expressed in thousands). Buildings are capitalized when the value is $15,000 or greater. Public domain and system infrastructure assets represent major expenditures for such items as roads, water and sewer treatment plants and lines, landfill improvements, parks and drainage systems. Additions and improvements for roads, water, sewer, landfill, easements and drainage infrastructure are capitalized when the cost amounts to $250,000, while park additions and improvements are capitalized at $25,000. Software purchases and internally generated additions to software are capitalized as intangible assets when their cost equals or exceeds $75,000 and are amortized over 7 years. Depreciation has been provided using the straight-line method. The estimated useful lives of the various classes of depreciable capital assets are as follows: Life - Years

Buildings 15 - 75 Equipment 5 - 10 Autos, trucks and buses 3 - 12 System infrastructure 20 - 40 Public domain infrastructure 20 - 50 Improvements 7 - 15

I. Deferred Outflows/Inflows of Resources

In addition to assets, the Statement of Net Position includes a separate section for deferred outflows of resources. This represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. Two types of items qualify for reporting in this category. The first type is deferred charges on refunded debt that are reported in the government-wide and proprietary Statements of Net Position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is amortized over the shorter of the life of the refunded or refunding debt. The second type of item is related to various actuarial assumption changes and valuations related to the County’s portion of the Florida Retirement System Pension Plan and Retiree Health Insurance Subsidy Program annual valuations, and retirement contribution payments made by the County after the valuation date of the Florida Retirement System’s latest valuation but before the end of the County’s fiscal year.

In addition to liabilities, the Statement of Net Position includes a separate section for deferred inflows of resources. This represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. Two types of items qualify for reporting in this category. Unavailable revenue arises under the modified accrual basis of accounting, and is one type of item that meets the criteria for inclusion in this category. It is reported only in the governmental funds balance sheet, and is comprised of special assessments and Florida Boater Improvement Program license fees. The second type of item is reported in the government-wide, proprietary, and internal service Statements of Net Position. It consists of various actuarial assumption changes and valuations related to the County’s portion of the Florida Retirement System Pension Plan and Retiree Health Insurance Subsidy Program annual valuations. These amounts are recognized as inflows of resources in the period that they become available. J. Unamortized Bond Insurance

Unamortized debt expense related to bond insurance is amortized by using the outstanding principal method over the life of the related debt and is recorded as unamortized bond insurance. Other bond issuing costs are expensed when incurred. In the fund financial statements, governmental fund types recognize bond issuance costs during the current period as debt service expenditures.

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Note 1 Summary of Significant Accounting Policies - Continued K. Amortization of Discount and Premium on Bonds Amortization of discount and premium on bonds is determined by using the outstanding principal method over the life of the related debt. The amortization of discount or premium is recorded as an adjustment to interest expense. Bonds payable are reported net of the applicable bond discount or premium. In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued and premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. L. Compensated Absences

County policy permits employees to accumulate a limited amount of annual and sick leave, which will be paid to employees upon termination of employment. Accumulated annual and sick leave is accrued when incurred in the government-wide and proprietary fund financial statements. A liability is recorded in the governmental fund financial statements only for unused leave owed to employees separated from active service as of the end of the fiscal year.

M. Property Taxes

Property taxes, based on assessed values at January 1st, become due and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in November, with the discount declining by one percent each month thereafter. Property taxes become delinquent on April 1st and tax certificates for the full amount of any unpaid taxes and assessments must be sold no later than June 1st. No accrual for property taxes receivable, with a corresponding uncollectible allowance, is included in the accompanying financial statements since there are no significant delinquent taxes as of September 30th and property taxes levied and payable in November are used to finance expenditures of the subsequent period. N. Pensions

Manatee County participates in the Florida Retirement System’s pension plans. For purposes of measuring the County’s net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions and pension expenses, information is included from the Florida Retirement System Pension Plan and Other State Administered Systems’ Comprehensive Annual Financial Reports about the County’s proportion of the fiduciary net position of the Florida Retirement System’s pension plans, which include the Florida Retirement System (FRS) and the Health Insurance Subsidy (HIS) plans. Additions to and deductions from the FRS’ and HIS’ fiduciary net positions have been determined on the same basis as they are reported by the State. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms of each plan. The FRS and HIS plans report investments in accordance with GASB Codification Section I50, Investments. O. Implementation of Governmental Accounting Standards Statements The County implemented the following GASB Statements during the fiscal year ended September 30th, 2015:

1) Statement No. 68, “Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No. 27.” The objective of this Statement is to improve accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities.

2) Statement No. 69, “Government Combinations and Disposals of Government Operations.” This Statement establishes accounting and financial reporting standards related to government combinations and disposals of government operations. As used in this Statement, the term government combinations include a variety of transactions referred to as mergers, acquisitions, and transfers of operations.

3) Statement No. 71, “Pension Transition for Contributions Made Subsequent to the Measurement Date – an Amendment of GASB Statement No. 68.” This Statement addresses amounts associated with contributions, if any, made by a state or local government employer or non-employer contributing entity to a defined benefit pension plan after the measurement date of the government’s beginning net pension liability.

4) Statement No. 73, “Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68.” This statement establishes requirements for defined benefit pensions that are not within the scope of Statement No. 68 and also clarifies the application of certain provisions of Statements 67 and 68.

Note 2 Budgets and Budgetary Data

The following are the statutory procedures followed by the Board of County Commissioners in establishing the budget for Manatee County:

1) On or before May 1st of each year, the Sheriff, the Clerk of Circuit Court, the Property Appraiser, and the Supervisor of Elections shall each submit to the Board of County Commissioners a tentative budget for their respective offices for the ensuing fiscal year.

2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the County Budget Officer submits to the Board a proposed budget for the fiscal year commencing the following October 1st. The budget includes proposed expenditures and the means of financing them.

3) Public hearings are held to obtain taxpayer comments. After the first public hearing and after adoption of a Board resolution, a tentative budget and millage rates are submitted to the public and advertised in a newspaper with general circulation.

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Note 2 Budgets and Budgetary Data - Continued

4) Within fifteen days after adoption of the tentative budget, a final budget is submitted for review and adoption at a final public

hearing. 5) At the final public hearing, held on or prior to September 30th, the County's budget is legally enacted through passage of a

resolution. Accordingly, all fund types have an adopted budget as required by Florida Statute 129.03. 6) The Financial Management Department approves budget changes at the departmental level within a fund. The Board approves

all other budget changes. Supplemental appropriations were necessary and the budgetary data presented herein was amended by the Board during the year in a legally permissible manner.

7) Florida Statute 129, Section 7, as amended in 1978, provides that only expenditures in excess of total fund budgets are unlawful. However, because the Board acts on all budget changes between departments, the lower of fund or department becomes the level of control.

8) Formal budgetary integration is employed as a management control device during the year for all fund types. 9) Annual budgets for all governmental funds except capital project funds are adopted on a basis consistent with generally

accepted accounting principles. Budgets for capital project funds are prepared for the project life rather than for the current fiscal year. Project appropriations for these budgets do not lapse at the end of each fiscal year but rather at the conclusion of the project.

10) All appropriations, except capital project funds appropriations, lapse at the fiscal year-end.

In addition, the County established a Budget Reserve Policy by resolution in May of 2010. To ensure that fund balance, in aggregate, is always adequate to provide cash flow until anticipated revenues are realized, a minimum fund balance level is determined for each major operating fund based on the individual history of revenue inflows and cash outflows. Manatee County restricts the funding for ongoing operations to recurring revenue sources. With the exception of specified budget stabilization reserves, fund balance is not typically used for recurring expenditures, but is used to fund non-recurring operations or capital expenditures when it is determined that sufficient fund balances are available. Various funds of the county require a minimum cash balance level of 20% of the fund’s total budgeted operating expenditures. Funds subject to this requirement are the General Fund, the Highway Special Revenue Fund, the Unincorporated Services Fund, the Utility Fund and the Solid Waste Fund. Beginning in fiscal year 2009-2010, reserves above the amounts needed for operating cash and minimum fund balances were set aside in a Budget Stabilization reserve established in the General Fund to provide a temporary source of funding for essential services until property taxes stabilize or new revenue sources are instituted. This stabilization reserve holds $5.9 million at September 30, 2015.

Note 3 Cash, Cash Equivalents and Investments Board of County Commissioners Investment Pool

The Manatee County Board of County Commissioners uses a pooled cash concept for investments. The Board, upon request, includes funds of local small governments in the pool. Therefore, the County investment pool qualifies as an external investment pool. Participation in the pool is voluntary. Agreements with local government entities provide that funds will be invested with the same due care and guidelines as internally invested funds. The pool is self-regulated and is not registered with the Securities and Exchange Commission. The County has not provided or obtained any legally binding guarantees for the pool, during the fiscal year ended September 30, 2015. A monthly detailed portfolio of securities held, including market pricing, is provided to each external participant along with a calculation of their net change in investment participation. Additionally, a yearly fair-value accounting is made to each participant. Investments and earnings, other than accrued earnings and adjustment to fair value, are available on an immediate basis to pool participants. Manatee County’s external investment portfolio was unrated at September 30, 2015. Investment pool information is available through the Clerk of Circuit Court and Comptroller and follows the investment policy established by the Manatee County Board of County Commissioners under Florida Statute, Section 218. An investment portfolio and statement of earnings is provided to the Board of County Commissioners on a yearly basis and investments are included in the County’s yearly external audit with appropriate reports to the State Treasurer for Chapter 280 Public Depositors. The pool is maintained on an economic resource basis and accruals for fiscal year-end include all entries necessary to properly record and reflect investments at amortized fair value. On September 30, 2015, the County’s Pooled Cash Investment Fund (the “Pooled Fund”) had $303,598 invested in the Prime account, a 2a7-like pool which is carried at cost, which approximates market with the State Board of Administration (the “SBA”). A 2a7-like pool is not registered with SEC as an investment company, but has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a7 of the Investment Company Act of 1940, the rules governing money market funds. Thus, the Prime operates essentially as a money market fund, but is classified as an external investment pool. There were no liquidity restrictions on this pool, and Prime’s weighted average days to maturity was 29 days. At September 30, 2015, the Prime pool was rated AAAm principal stability fund rating by Standard and Poor’s rating agency.

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Note 3 Cash, Cash Equivalents and Investments - Continued Board of County Commissioners Investment Pool - Continued Pooled Investments At September 30, the County’s pooled investments are valued in accordance with GASB 31, is as follows:

Type and Number of Fair Value Interest Rate / Principal Fair

Investments Method Maturity Range Value Value

Local Government Surplus Funds 0.230%Trust, PRIME Account (1) Cost 10/15 $ 303,598 $ 303,598 $ 303,598

0.093%Public Funds NOW Account (1) Cost 10/15 1,000 1,000 1,000

0.100%Institutional Cash Fund (1) Cost 10/15 62,107 62,107 62,107

0.650%Certificates of Deposit (1) Cost 9/16 8,000 8,000 8,000

CurrentFlorida Local Government NAV share 0.882%Investment Trust (1) value 10/15 38,457 38,457 38,458

Florida Local Government Day 0.164%to Day Fund (1) Cost 10/15 15,127 15,127 15,127

Qtd 0.531%-0.880%U.S. Treasury Notes (5) Market 08/16-08/17 40,000 39,932 40,048

Qtd 0.390%-1.000%Federal Home Loan Bank (7) Market 12/15-12/17 46,000 46,000 46,058

Federal Home Loan Mortgage Qtd 0.800%-1.375%Corporation (12) Market 05/17-07/18 92,505 92,496 92,573

Federal National Mortgage Qtd 0.500%-1.285%Association (8) Market 03/16-05/18 59,028 58,984 59,151

Qtd 0.660%-1.241%Federal Farm Credit Bank (4) Market 04/17-07/18 32,001 31,978 32,024

TOTAL Pooled Cash (42) $ 697,823 $ 697,679 $ 698,144

Amort izedCost

Custodial Credit Risk of Pooled Investments At year-end, the pool had demand deposits of $66,271 and non-negotiable certificates of deposit of $8,000. All balances in excess of the Federal Depository Insurance Corporation insurance for demand and time deposits are fully collateralized by the multiple financial institutions’ collateral pool in accordance with Florida Statutes Section 280. U.S. Treasury notes, U.S. Treasury bills and all U.S. government agency and instrumentality securities are held by the County’s agent in the County’s name, in accordance with the County’s investment policy requiring third party custody and safekeeping. Credit Risk of Pooled Investments Credit quality risk results from potential default of investments that are not financially sound. Certificates of deposit are not individually rated, but all balances in excess of the Federal Depository Insurance Corporation insurance for time deposits are fully collateralized by the multiple financial institutions’ collateral pool, in accordance with Florida Statutes, Section 280. The Prime account was rated AAAm by Standard & Poor’s at September 30, 2015. The SBA’s investment policies related to the Prime fund are disclosed at https://www.sbafla.com/prime. The FLGIT account and the Florida Trust Day to Day Fund were rated as AAAf and AAAm, respectively, by Standard and Poor’s.

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https://www.sbafla.com/prime



Note 3 Cash, Cash Equivalents and Investments - Continued Board of County Commissioners Investment Pool – Continued Credit Risk of Pooled Investments - Continued Concentration of credit risk is the risk of loss attributable to the quantity of the government’s investment in a single issuer. To limit concentration of credit risk, the County’s investment policy requires diversification of the portfolio with maximum limits that can be invested per investment type. Investments in single issuers that equal or exceed 5% of the pool assets have a reportable concentration of credit risk.

Percentage ofTotal Pooled

Investment Type Credit Rat ing InvestmentsInstitutional and Public Funds in Banks No rating $ 62,107 8.90%Federal Home Loan Bank AA+ 46,058 6.60%Federal Home Loan Mortgage Corporation AA+ 92,573 13.26%Federal National Mortgage Association AA+ 59,151 8.47% Total with concentration risk $ 259,889 37.23%

Concentrat ion

Fair ValueRisk at

Interest Rate Risk of Pooled Investments Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The County’s investment policy recognizes that the longer a maturity of an investment, the greater its price volatility. The County’s policy limits risk for pooled investments by requiring all investments to have a maturity of three years or less from date of purchase, with a weighted average to maturity of less than two years. At September 30, 2015, the County’s weighted average to maturity was .72 years. At September 30, 2015, none of the Pooled Investments have a maturity greater than three years.

Total GreaterFair Than

Investment Type Value 0-1 Year 1-2 Years 2 YearsLocal Government Surplus Funds Trust, PRIME account $ 303,598 $ 303,598 $ - $ - Institutional Cash Fund 62,107 62,107 - - Certificates of Deposit 8,000 8,000 - - Florida Local Government Investment (Trust and Day to Day) 53,585 53,585 - - Public Funds NOW 1,000 1,000 - - U.S. Treasury Notes 40,048 16,026 24,022 - Government Sponsored Enterprises 229,806 28,018 99,108 102,680 Total $ 698,144 $ 472,334 $ 123,130 $ 102,680

Investment Maturit ies

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Note 3 Cash, Cash Equivalents and Investments - Continued Board of County Commissioners Investment Pool – Continued The following statements, as required by GASB 31, reflect the financial position of the Board of County Commissioners pooled investments at September 30: Statement of Net Position – September 30, 2015

Assets

Cash and cash equivalents $ 419,519

Investment portfolio at fair value 277,855

Interest receivable 421 Total assets $ 697,795

Net Position

Held in trust for:

Other government participants $ 27,527

Internal fund participants 670,268 Total net position $ 697,795

Statement of Changes in Net Position


Operations

Interest income $ 4,053

Capital Participation

Additions $ 667,849

Withdrawals (604,203)

Net increase in net position from participation 63,646

Net position held in trust for participants at October 1 630,096 Net position held in trust for participants at September 30 $ 697,795

Other Constitutional Officers Demand deposits of the Constitutional Officers at September 30, 2015 amounted to $32,490. These deposits are fully insured in accordance with Florida Statute, Section 280, which established the multiple financial institution collateral pool. The fair value of the Constitutional Officers’ investments amounted to $5,840. On September 30, 2015 the Clerk of the Circuit Court and the Property Appraiser had account balances of $4,816 and $1,024, respectively, in the SBA Prime account.

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Note 4 Fund Balance Fund balances are presented in the following categories: nonspendable, restricted, committed, assigned and unassigned (see Note 1 for a description of these categories). A detailed schedule of fund balances at September 30, 2015 is as follows:

Highway Impact FeesSpecial Capital Other Total

General Revenue Projects Capital Governmental GovernmentalFund Fund Fund Improvements Funds Funds

Nonspendable:Advances $ 17,331 $ - $ - $ - $ - $ 17,331Inventory 302 258 - - - 560Prepaids/Deposits 1,382 163 13 - 2,134 3,692

Total nonspendable fund balance 19,015 421 13 - 2,134 21,583

Restricted for:Indigent care - - - - 787 787Federal & State grants - - - - 520 520Bond covenants or debt service - - - - 755 755Impact fees - - 64,706 - 18,120 82,826Park improvements - - - - 2,709 2,709Other transportation projects - 1,213 - - - 1,213Road/Bridge maint & improvements - 10,470 - 720 29,265 40,455Buildings & improvements - - - 634 - 634Beach renourishment - - - - 97 97Community redevelopment - - - - 308 308Tourist development - - - - 6,317 6,317Public safety-Sheriff - - - - 1,853 1,853Public safety-911 - - - - 1,239 1,239Building inspections & enforcement - - - - 16,509 16,509Court programs - - - - 2,236 2,236Other purposes 70 - - - 3,758 3,828Library - - - - 636 636

Total restricted fund balance 70 11,683 64,706 1,354 85,109 162,922

Committed for:Road/Bridge maint & improvements - - - - 213 213Other purposes 796 - - - - 796Public safety-Sheriff 325 - - - - 325Special districts - - - - 15,914 15,914Beach renourishment - - - - 740 740Tourist development - - - - 33 33

Total committed fund balance 1,121 - - - 16,900 18,021

Assigned for:Transportation operations - 22,690 - - - 22,690Parks & recreation - - - - 3,788 3,788Road/Bridge maint & improvements - - - - 8 8Buildings & improvements - - - 2,062 - 2,062Beach renourishment - - - - 146 146Public safety-Sheriff 2,842 - - - 98 2,940Other purposes 2,185 - - - 57 2,242Federal & State grants - - - - 938 938Tourist development - - - - 651 651Building inspections & enforcement - - - - 238 238Children's Services - - - - 3,081 3,081Library - - - 72 1,238 1,310

Total assigned fund balance 5,027 22,690 - 2,134 10,243 40,094

Unassigned fund balance 66,252 - - - - 66,252Total Fund Balances $ 91,485 $ 34,794 $ 64,719 $ 3,488 $ 114,386 $ 308,872

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Note 5 Interfund Balances A. Due to/from other funds at September 30: Interfund balances at September 30, 2015 consist of the following amounts:

AmountDue to General Fund from: Capital improvements $ 15,000 Nonmajor governmental funds 949 Due to Highway Spec ial Revenue Fund from: Nonmajor governmental funds 8,200 Total due to/from $ 24,149

This balance resulted from (1) $382 in a loan from the General Fund due to other funds to cover deficit cash balance at September 30, 2015, (2) $15,000 in a loan from General Fund due to Capital Projects for the replacement of the emergency radio system (P-25), and (3) $567 from the lag between the date that interfund goods and services are provided or reimburseable expenditures occur and the date that payments between funds are made, as well as a $4,200 loan to the Transportation and $4,000 to the Gas Tax Capital Project funds for costs related to the 44th Avenue East project. B. Advances from/to other funds at September 30: Advances from the General Fund to: Capital improvements $ 2,500 Nonmajor governmental funds 13,434 Nonmajor enterprise funds 1,397

These advances consist of a $2,782 advance to tourist development for the renovation ofthe convention and v isitors center and a $2,530 advance for costs related to the removaland replacement of erosion control groins at Cortez Beach, a $734 advance to fund the Courts technology expenditures, a $2,500 advance for improvements for the HistoricCourthouse 2nd Floor Remodel Project, a $7,388 advance for improvements for the ManateeCounty Shore Protection Project and $1,397 to cover negative cash in the Transit Fund atSeptember 30, 2015.

Advance from Solid Waste to: General Fund 1,300

This advance is for costs related to the development of a Seagrass Mitigation Area withinthe Perico Preserve.

Advance from Internal Serv ice Funds to:Capital improvements 5,330

This advance is for costs related to the construction and implementation of the EnergyService Company (ESCO) project under contract with Florida Power and Light serv ices toprovide guaranteed energy savings to the County.

Total advances from/to $ 23,961

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Note 6 Restricted Assets Restricted assets include those provided for by resolutions adopted by the County Commission for the issuance of the Public Utilities System bonds, the Port Authority Revenue bonds and the Florida Department of Transportation State infrastructure loan with the Port. The landfill closure escrow account is required by state and federal laws and regulations. Total restricted assets, as of September 30, are as follows:

Cash and Cash InterestEquivalents Receivable Total

Water and SewerDebt serv ice funds $ 1,207 $ 6 $ 1,213 Customer deposits 5,903 - 5,903 Construction funds 76,719 45 76,764

83,829 51 83,880

Port AuthorityDebt serv ice funds 2,248 2 2,250

Solid WasteDebt serv ice funds 7 - 7 Customer deposits 1,525 - 1,525 Landfill c losure escrow 35,180 - 35,180

36,712 - 36,712 Total $ 122,789 $ 53 $ 122,842

Note 7 Conduit Debt Obligations From time to time, Manatee County has issued industrial development revenue bonds to provide financial assistance to private sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Manatee County is not obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of September 30, 2015, there is one series of outstanding industrial development revenue bonds, with an aggregate principal amount of $16,510.

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Note 8 Capital Assets

Capital assets activity for the fiscal year follows: Governmental Activities: October 1 Additions Deductions September 30Capital assets not depreciated: Land and other non-depreciable assets $ 176,852 $ 761 $ 2,172 $ 175,441 Construction in progress 77,991 52,106 18,409 111,688 Total assets not depreciated 254,843 52,867 20,581 287,129 Capital assets depreciated: Buildings 265,384 3,525 14 268,895 Public domain infrastructure 529,528 8,816 - 538,344 Improvements other than buildings 137,019 9,043 1,842 144,220 Machinery and equipment 143,365 15,019 9,979 148,405 Total assets depreciated 1,075,296 36,403 11,835 1,099,864 Less accumulated depreciation: Buildings 51,977 4,101 7 56,071 Public domain infrastructure 124,733 11,150 - 135,883 66,574 8,688 474 74,788 Machinery and equipment 93,245 14,058 9,351 97,952 Total accumulated depreciation 336,529 37,997 9,832 364,694 Total depreciable capital assets, net 738,767 (1,594) 2,003 735,170 Total governmental activities capital assets, net $ 993,610 $ 51,273 $ 22,584 $ 1,022,299

Business-type Activities:Capital assets not depreciated: Land $ 75,031 $ 550 $ - $ 75,581 Construction in progress 118,631 57,011 43,215 132,427 Total assets not depreciated 193,662 57,561 43,215 208,008 Capital assets depreciated: Buildings 100,316 - - 100,316 System infrastructure 1,067,557 50,839 58 1,118,338 Machinery and equipment 69,269 4,481 2,483 71,267 Total assets depreciated 1,237,142 55,320 2,541 1,289,921 Less accumulated depreciation: Buildings 40,906 2,730 - 43,636 System infrastructure 465,588 27,296 49 492,835 Machinery and equipment 37,939 5,603 1,986 41,556 Total accumulated depreciation 544,433 35,629 2,035 578,027 Total depreciable capital assets, net 692,709 19,691 506 711,894 Total business-type activities capital assets, net $ 886,371 $ 77,252 $ 43,721 $ 919,902

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Note 8 Capital Assets – Continued Depreciation expense was charged to functions on the Statement of Activities as follows:

Governmental Activities: General government $ 4,829 Public safety 10,979 Physical environment 3,491 Transportation 10,275 Economic environment 41 Human services 149 Culture and recreation 4,095 Internal service funds 4,138 Total $ 37,997

Business-type Activities: Water and sewer $ 24,482 Port Authority 5,205 Solid waste 3,192 Transit 1,998 Stormwater 312 Civic center 440 Total $ 35,629

Governmental activities capital assets include a temporarily impaired asset. A portion of the Hensley Public Safety Complex has undergone major renovations in conjunction with the construction of the new judicial center. The Hensley Public Safety Complex was taken out of service and depreciation of this building was suspended during fiscal year 2006. As of September 30, 2015, of the original $8,723 carrying value, $2,888 has been placed back in service. As the Hensley Public Safety Complex continues to undergo renovations, portions of the asset will continue to be placed back in service. Note 9 Recognition of Closure and Postclosure Cost State and federal laws require final cover and closure as well as postclosure care of Manatee County's Lena Road Landfill. Cost estimates include final cover, anticipated costs of equipment and facilities constructed near or after closure and thirty years of monitoring and maintenance costs subsequent to closing. Closure cost estimates are subject to regulatory review. The current closure cost estimate of $52,122 represents closure costs of $37,851 for 286 acres of current landfill area and postclosure cost of $14,271 for all 316 landfill acres. This estimate is subject to changes due to the effects of inflation/deflation, advances in technology, applicable laws and regulations or other variables. A portion of the closure and postclosure cost is reported each period as operating expense based on landfill capacity used as of each balance sheet date. To date 53.73% of the remaining 286-acres landfill capacity has been used. The accompanying closure/postclosure liability of $28,630 for this used capacity is reflected as a liability at September 30, 2015 and is net of closure payments paid in prior years. Closure costs of a permanently closed 30-acre section at Lena Road amounted to $2,132 and are not reflected in the above totals. A current year closure/postclosure cost of $824 has been included as a debit to operating expense in the current fiscal year, based on the most recently approved cost estimates. Closure and postclosure cost of $23,492 remain to be recognized in the estimated thirty years of remaining useful landfill design life. The County is required by state and federal law and regulations to meet certain financial assurance requirements by making annual contributions and or meeting certain financial ratio tests. The landfill is in compliance with these requirements at September 30, 2015, with cash and investments of $35,180 held for these purposes.

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Note 10 Long-Term Debt

The following is long-term debt activity for the year ended September 30:

Due WithinOctober 1 Additions Deductions September 30 One Year

Business-type activities: Revenue bonds $ 159,910 $ 91,485 $ 26,505 $ 224,890 $ - Notes payable 3,453 - 351 3,102 267 Loans payable 2,809 - 219 2,590 - Compensated absences 4,683 2,466 2,165 4,984 241 OPEB liability 12,125 1,189 - 13,314 - Pension liability 13,787 9,825 2,841 20,771 - Closure liability 27,806 824 - 28,630 - Total 224,573 105,789 32,081 298,281 508

Governmental activities: Revenue bonds 97,627 - 10,172 87,455 1,853 General obligation bonds 4,605 - 2,780 1,825 590 Notes payable 5,984 - 127 5,857 143 Compensated absences 25,636 17,234 16,929 25,941 996 OPEB liability 66,134 7,087 - 73,221 - Pension liability 74,008 66,086 18,278 121,816 - Arbitrage rebate 40 - - 40 - Total 274,034 90,407 48,286 316,155 3,582 Total long-term debt $ 498,607 $ 196,196 $ 80,367 $ 614,436 $ 4,090

Unamortized discount and premiums on business-type activities revenue bonds amounted to $540 and $9,599 respectively. Unamortized premiums on governmental activities revenue bonds amounted to $9,128. Long-term debt liability for internal service funds are included as part of the total for governmental activities because they predominantly serve the governmental funds. At year-end, compensated absences of $540 in the internal service funds are included in the above amount. For governmental activities, compensated absences, pension liability and the OPEB liability are generally liquidated by the general fund. Claims and judgments are classified as short-term debt.

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Note 10 Long-Term Debt – Continued

Long-term debt payable at September 30, 2015 is composed of the following issues: Revenue Bonds

$44,895 Series 2006 Public Utilities Revenue Improvement Bonds with

$3,195 of principal due October 1, 2016; interest at 4.25% $ 3,195 $17,925 Series 2010A Public Utilities Revenue Improvement Bonds with

$2,880 of principal due October 1, 2020 to $2,315 due October 1, 2025; interest at 5.951% to 6.801% 17,925 $45,300 Series 2010B Public Utilities Revenue Improvement Bonds with

$1,210 of principal due October 1, 2025 to $5,230 due October 1, 2035; interest at 7.178% to 7.378% 45,300 $6,720 Series 2010C Public Utilities Revenue Improvement Bonds with

$1,310 of principal due October 1, 2017 to $2,760 due October 1, 2019; interest at 3.50% to 5.00% 6,720 $8,190 Series 2010D Public Utilities Revenue Improvement Bonds with

$2,410 of principal due October 1, 2016 to $1,215 due October 1, 2017; interest at 4.798% to 5.048% 3,625 $22,650 Series 2011 Public Utilities Revenue Refunding Bonds with

$2,005 of principal due October 1, 2016 to $2,765 due October 1, 2023; interest at 4.00% to 5.00% 18,820 $91,485 Series 2015 Public Utilities Revenue Refunding & Improvement Bonds with

$3,160 of principal due October 1, 2017 to $11,220 due October 1, 2039; interest at 3.00% to 5.00% 91,485 $6,605 Series 2012A Port Authority Revenue Refunding Bonds

with $270 of principal due October 1, 2016 to $430 due October 1, 2032; interest at 2.00% to 4.00% 5,850 $33,730 Series 2012B Port Authority Revenue Refunding Bonds

with $640 of principal due October 1, 2016 to $2,160 due on October 1, 2042;interest at 2.00% to 4.00% 31,970 Total revenue bonds for business-type activities 224,890

$59,585 Series 2006 Revenue Improvement Bonds with

$4,250 of principal due October 1, 2016;interest at 5.00% 4,250 $14,210 Series 2010 Revenue Refunding Bonds with

$1,615 of principal due April 1, 2016 and $1,685 due April 1, 2017; interest at 4.00% to 4.69% 3,300 $79,640 Series 2013 Revenue Refunding and Improvement Bonds with

$4,665 of principal due October 1, 2016 to $3,085 due October 1, 2029; with a maximum principal of $10,935 due October 1, 2020; interest at 3.00% to 5.00% 73,565 $6,482 Series 2014 Revenue Improvement Bonds with

$238 of principal due January 1, 2016 to $533 due January 1, 2034; with interest at 3.69% 6,340 Total revenue bonds for governmental activities 87,455 Total revenue bonds $ 312,345

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Note 10 Long-Term Debt – Continued General Obligation Bonds

$7,275 Series 2014 General Obligation Refunding Bonds due in annual

installments of $590 to $635 on September 30, 2016 to September 30, 2018; withinterest at 1.09% $ 1,825

Notes Payable

$453 Series 2014A Revenue Note with

$367 due on September 23, 2019 with interest due monthly at rates based on 65% of one-month LIBOR plus 1.77%; as of September 30, 2015 the interest rate was 1.90%. $ 367 $3,000 Series 2014B Revenue Note due in monthly installments of $22 October 1, 2015 to $22 on September 1, 2024;interest at 3.15% 2,735 Total notes payable for business-type activities 3,102

$5,984 Revenue Improvement Note 2013 due in semi-annual installments of

$71 on March 30, 2016 to $294 September 1, 2033; with interest at 3.67% 5,857 Total notes payable for governmental activities 5,857 Total notes payable $ 8,959

Loans Payable

$4,500 Florida Department of Transportation State Infrastructure Bank Loandue in annual installments of $223 October 1, 2016 to $146 onOctober 1, 2026; with a maximum principal of $267 due October 1, 2025;interest at 2.00% 2,590 Total loans payable for business-type activities $ 2,590

All of the revenue bonds and notes, general obligation bonds and loans payable provided funds for the acquisition and construction of

capital facilities. The impact of these capital related borrowings have been included in the net position calculations for net investment in capital assets and/or restricted for construction projects.

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Note 10 Long-Term Debt – Continued Debt Service Requirements

The total annual debt service requirements for all debts outstanding at September 30 are as follows: Business-type act ivit ies: Principal Interest Total

2016 $ 9,010 $ 11,391 $ 20,401 2017 9,204 11,018 20,222 2018 9,577 10,643 20,220 2019 10,338 10,252 20,590 2020 10,416 9,798 20,214

2021-2025 39,086 42,014 81,100 2026-2030 37,571 32,165 69,736 2031-2035 49,545 20,037 69,582 2036-2040 51,600 6,303 57,903 2041-2042 4,235 255 4,490

230,582 153,876 384,458

Governmental Act ivit ies: Principal Interest Total2016 11,501 4,246 15,747 2017 12,250 3,708 15,958 2018 10,776 3,271 14,047 2019 10,737 2,761 13,498 2020 11,472 2,231 13,703

2021-2025 19,957 5,930 25,887 2026-2030 14,827 2,088 16,915 2031-2034 3,617 296 3,913

95,137 24,531 119,668 Total $ 325,719 $ 178,407 $ 504,126

Restrictive Covenants and Collateral Requirements The Public Utilities Bonds are payable solely from and secured by a first lien upon a pledge of the net revenues of the Public Utilities System. The Public Utilities System consists of the County’s Water and Sewer System, Solid Waste System and Stormwater Management System. The pledge of the net revenues by the County from the operations of the Public Utilities System does not constitute a lien upon the Public Utilities System or any other property of the County. The covenants of the resolution authorizing the Public Utilities Bonds include, among other things, an obligation of the County to fix, establish and maintain such rates and collect such fees, rentals or other charges for the services and facilities of its Public Utilities System, and to revise the same from time to time whenever necessary, as will always provide in each year net revenues, as defined in the resolution authorizing the revenue bonds which shall be adequate to pay at least one hundred fifteen percent (115%) of the annual debt service requirements for the Public Utilities System.

The Public Utilities System was in compliance with their covenants for the year ended September 30, 2015. The Port Authority Bonds are payable solely from and secured solely by pledged revenues. Pledged revenues consist of (i) net revenues,

which consist of the Port revenues after deduction of operating expenses, (ii) legally available non-ad valorem revenues budgeted and appropriated by the County and deposited into the Debt Service Reserve Account of the Sinking Fund established under the resolution if at the end of any fiscal year, the amounts on deposit in the Debt Service Reserve Account do not equal the debt service reserve requirement and (iii) investment income received from certain funds and accounts established by the resolution.

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Note 10 Long-Term Debt – Continued Restrictive Covenants and Collateral Requirements – Continued

The Port Authority has covenanted in the resolution authorizing bonds, among other things, to fix, establish, maintain and collect such

rates, fees, rentals or other charges for the services and facilities of the Port, and to revise the same from time to time whenever necessary, as will always provide in each fiscal year, net revenues which will be at least equal to one hundred ten percent (110%) of the annual debt service requirements for the bonds, and that such net revenues shall always be sufficient to make one hundred percent (100%) of all of the required deposits into the various funds and accounts created and established by the resolution, and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes.

The Port Authority was in compliance with this covenant for the year ended September 30, 2015.

In regard to the State of Florida Department of Transportation Infrastructure Bank Loan agreement, the Port Authority covenants to maintain revenue rates at a level sufficient to provide, in each fiscal year, pledged revenues equal to or exceeding one (1) times the sum of the loan payments due in such fiscal year.


The Port Authority Series 2014A and 2014B Revenue Notes contain a covenant that in each fiscal year, beginning with fiscal year 2015, as the first year in which debt service is required, pledged revenues which are available after the annual debt service on the Port Authority Bonds, Series 2012A and 2012B, and SIB loan, will be equal to or exceed one and five-hundredths (1.05) times the annual debt service due in that fiscal year.


According to the covenants of the resolution authorizing the issuance, the Revenue Improvement Bonds, Series 2006, the Revenue Refunding Bonds, Series 2010, the Revenue Refunding Bonds, Series 2011 and the Revenue Refunding Bonds, Series 2013, Revenue Improvement Note, Series 2013 and the Revenue Note, Series 2014 are payable solely from and secured by the pledged revenues. The pledged revenues consist of non-ad valorem revenues or other legally available funds sufficient to satisfy the debt service requirements.

There are no significant restrictive covenants with respect to the general obligation bonds issued by the County and none of these

issues requires a sinking fund investment. Nonexchange Financial Guarantees On October 18, 2012 Manatee County and the Port Authority, a blended component unit of the County, entered into an Interlocal Agreement under which the County covenanted with the Port Authority to appropriate in its annual budget in each fiscal year and to transfer to the Port Authority within 30 days of the date of withdrawal from debt reserve accounts, non-ad valorem revenues to cure any reserve account deficiency relating to the Port Authority Series 2012A and 2012B bonds (“2012 Bonds”). Per this agreement, the County covenanted to appropriate and deposit amounts not greater than the applicable debt service reserve requirements of said bonds for that County fiscal year. The Port Authority has covenanted to repay the County from its surplus net revenues, all non-ad valorem revenues received by the Port Authority from the County under this Interlocal Agreement. The County’s obligations under the Interlocal Agreement with respect to the 2012 Bonds terminate and are satisfied upon payment in full of the 2012 Bonds. At September 30, 2015, no amounts had been paid in the current period or cumulatively by either party under this agreement. Capitalization of Interest

Interest costs incurred in enterprise funds during construction are capitalized, net of interest income from the proceeds of related tax-exempt debt, as part of the cost of the related assets of the Water and Sewer Fund, Solid Waste and Port Authority.

Interest costs on long-term debt incurred and capitalized during the year ended September 30 were as follows:

Total Interest Interest Costs Net InterestCosts Incurred Capitalized Expense

Business-type Activities: Water and sewer $ 7,539 $ 1,715 $ 5,824 Port Authority 1,579 - 1,579 Solid waste 63 - 63 Total business-type activities $ 9,181 $ 1,715 $ 7,466

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Note 10 Long-Term Debt – Continued New Debt Issues On April 22, 2015 the County issued $91,485 of Public Utilities Revenue Refunding and Improvement Bonds, Series 2015 for the purpose of 1) refunding $18,290 of the Public Utilities Revenue Improvement Bonds, Series 2006; 2) financing certain additions, extensions and improvements to the Manatee County Public Utilities System; and 3) paying certain costs of issuance with respect to the bonds. These bonds have an average interest rate of 4.7562%, the refunded bonds have an average interest rate of 4.8549%. The net proceeds of $79,887 (including a $8,303 premium and after payment of $397, in underwriting fees and other issuance costs) plus $19,504 of escrow securities that were deposited in an irrevocable escrow deposit fund with an escrow agent to provide funds for the future debt service payment on the refunded bonds. The refunding resulted in a loss of $973 which is being amortized over the life of the refunded bonds and yielded an economic gain of $1,413 and allowed the County to reduce its aggregate debt service $1,511 over the next seven years. As a result, the Public Utilities Revenue Improvement Bonds, Series 2006 are considered partially defeased and the liability of the defeased portion for those bonds has been removed from the statement of net position. Note 11 Refunding of Outstanding Debt

In prior years, the County defeased certain general obligation and certain revenue bonds by placing the proceeds of new bonds with an

escrow agent in irrevocable trust accounts to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and liabilities for the defeased bonds are not included in the County’s financial statements. The $42,925 of outstanding principal on these refunded bonds at September 30 was $24,635 and $18,290 related to governmental and business-type activities, respectively.

Note 12 Lease Obligations

Rental expenditures under operating leases for the year ended September 30, 2015 amounted to $1,674. The future minimum lease

payments for the Governmental Funds under non-cancellable long-term operating leases as of September 30 are as follows:

Fiscal Year2016 $ 747 2017 528 2018 504 2019 506 2020 365

Thereafter 1,240 Total $ 3,890

Note 13 Port Authority Leases The Port Authority leases (as lessor) a portion of its real property to various tenants for storage and processing of their products, which are loaded and unloaded at the Port. The lessees have constructed the storage or processing facilities necessary for their use on the land leased from the Port Authority. Lease terms vary from 5 to 50 years with renewal options for additional periods ranging from 5 to 50 years. All land held, except that on which the warehouse and operations and maintenance building is located, and land reserved for possible future construction is available for leasing. Portions of the land are leased periodically on a one-year basis, renewable from year to year, for farming operations. Lease revenue totaled $2,722 for the year ended September 30, 2015. The following is a schedule by years of minimum future rental revenues to be received on non-cancellable operating leases as of September 30:

Fiscal Year2016 $ 1,623 2017 1,180 2018 1,115 2019 1,091

2020 1,038

2021-2025 4,127 2026-2030 3,824 2031-2035 3,629 2036-2040 3,581 2041-2045 716 2046-2050 603

Total minimum future rentals $ 22,527

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Note 13 Port Authority Leases – Continued The following is a breakdown of the capital assets under lease arrangements by major asset class as of September 30:

Cost of AccumulatedLeased Asset Depreciation Carrying Value

Land $ 375 $ - $ 375 Warehouses 23,675 10,742 12,933 Office Space 534 245 289 Cranes 7,939 2,584 5,355

$ 32,523 $ 13,571 $ 18,952

Note 14 Fund Deficits

The following funds had deficits at September 30: Enterprise Funds Port Authority – The negative unrestricted net position of $3,906 is the result of the Port’s continued capital investments in an effort to increase capacity in the face of a competitive shipping market. This should be offset in future periods as shipping activity increases. In addition, the implementation of GASB 68, “Accounting and Financial Reporting for Pensions,” also contributed to the negative unrestricted net position in fiscal year 2015. Transit – The negative unrestricted net position of $2,064 is the result of operational costs exceeding revenues and the implementation of GASB 68, “Accounting and Financial Reporting for Pensions.” Note 15 Accounts Receivable

Accounts receivable for the General Fund are net of an allowance of $1,922 for Emergency Medical Service (EMS) billings, which are estimated to be uncollectible. Accounts receivables for the Highway Fund are net of an allowance of $2.

Accounts receivable for enterprise funds are net of an allowance for uncollectible accounts of $2,399 of which $1,417 relates to the Water and Sewer Fund, $119 relates to the Port Authority, and $863 relates to the Solid Waste Fund. Amounts actually written off during the year were $4,188 for EMS billings, $250 for water and sewer, $141 for solid waste, and $15 for various miscellaneous items.

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Note 16 Interfund Transfers Transfers to General Fund from: Water and Sewer Fund $ 2,945 Nonmajor governmental funds 11,673 Total 14,618

Transfers to Highway Spec ial Revenue Fund from: Nonmajor governmental funds 2,588 Nonmajor enterprise funds 119 Total 2,707

Transfers to Impact Fees Capital Projects Fund from: Nonmajor governmental funds 13,438

Transfers to Capital Improvements Funds from: General Fund 6,723 Highway Spec ial Revenue Fund 288 Water and Sewer Fund 520 Solid Waste Fund 87 Nonmajor governmental funds 1,540 Nonmajor enterprise funds 22 Internal Serv ice Funds 247 Total 9,427

Transfers to Nonmajor governmental funds from: General Fund 10,215 Highway Spec ial Revenue Fund 10,213 Solid Waste Fund 358 Nonmajor governmental funds 11,483 Total 32,269

Transfers to Port Authority from: General Fund 447

Transfers to Solid Waste Fund from: Nonmajor governmental funds 3

Transfers to Nonmajor enterprise funds from: General Fund 88 Highway Spec ial Revenue Fund 5,893 Solid Waste Fund 4,334 Nonmajor governmental funds 600 Internal Serv ice funds 1,166

Total 12,081

Transfers to Internal Serv ice Funds from: General Fund 1,071

Total interfund transfers $ 86,061

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund as debt service payments become due and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations.

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Note 17 Risk Management The County is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Under these programs the Self Insurance Fund provides coverage for up to a maximum of $750 for each worker's compensation occurrence, $500 per occurrence for each general liability claim and $100 for each property damage claim. The wind loss deductible is $100 except for Named Storm coverage which has a deductible of 5% per affected location, with a $250 minimum deductible. Flood coverage has a 5% deductible per affected location, with a $250 minimum deductible and a maximum deductible of $20,000. The boiler and machinery policy has a $5 deductible per occurrence except for losses to air conditioning and refrigeration units. A $10 deductible applies to these types of losses. The policy for the County dam has a $100 deductible for all perils other than wind and flood damage, both of which require a 5% deductible of Total Insured Value with a $250 minimum deductible. The County purchases commercial insurance for claims in excess of coverage provided by the funds and for other risks or loss, with a $250 million limit on coverage for perils other than wind, and a $90 million limit on wind coverage. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the County participate in the programs and make payments to the Self Insurance and Health Self Insurance Funds based on actuarial estimates of the amounts needed to pay prior and current year claims. The claims liability of $10,859 and $3,215, respectively, in the Self Insurance and the Health Self Insurance Funds reported at September 30, 2015, are based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.

Changes in the claims liability amounts (in thousands) in fiscal year 2014 and 2015 were:

Self Health SelfInsurance Insurance Total

Balance at October 1, 2013 $ 10,081 $ 4,253 $ 14,334 Current year claims and changes in estimates 3,092 32,535 35,627 Claim payments (3,325) (33,708) (37,033) Balance at September 30, 2014 9,848 3,080 12,928 Current year claims and changes in estimates 4,292 35,472 39,764 Claim payments (3,281) (35,337) (38,618) Balance at September 30, 2015 $ 10,859 $ 3,215 $ 14,074

Note 18 Retirement Plan Manatee County participates in the Florida Retirement System Pension Plan (“FRS Pension Plan”) and the Retiree Health Insurance Subsidy (“HIS”), both of which are cost-sharing multiple employer defined benefit plans managed by the State of Florida, Department of Management Services, Division of Retirement. The County also participates in the Florida Retirement System Investment Plan (“FRS Investment Plan”), a defined contribution plan administered by the State Board of Administration. All full-time Manatee County employees are required to participate in the Florida Retirement System, as part of either the FRS Pension Plan or the FRS Investment Plan.

The Florida Retirement System (“FRS”) was established under the authority of the Florida Legislature in 1970. Statutory authority for plan structure, benefit levels, and contribution rates for the state-administered retirement funds is detailed in Chapters 112 and 121, Florida Statutes, and plan changes or changes in benefit terms must be made by the Legislature. FRS covers over 626,000 full-time employees of various governmental units within the State of Florida. Manatee County’s employees are grouped into four general classes of FRS membership: Regular class, Special Risk class, Elected Officer class and Senior Management class. These classes are applicable to both the FRS Pension Plan and the Investment Plan. Regular class participants do not qualify for membership in the other classes. The Special Risk class includes members who are employed as law enforcement officers, firefighters, emergency medical technicians, paramedics and correctional officers. Members who are elected as county officers comprise the Elected Officer class. The Senior Management class includes members in senior management level positions.

The Florida Division of Retirement issues a publicly available Comprehensive Annual Financial Report that includes financial statements and required supplementary information for the Florida Retirement System Pension Plan and Other State Administered Systems. The report may be obtained through the Florida Retirement website: www.frs.myflorida.com or by writing to the Department of Management Services, Division of Retirement, Bureau of Research and Member Communications, P. O. Box 9000, Tallahassee, FL, 32315-9000. Plan General Information: A. FRS Pension Plan The FRS Pension Plan is a defined benefit plan with retirement benefits based upon age, average compensation and years-of-service credit. Vesting of benefits is based upon date of hire. Regular class, Senior Management Service class and Elected Officers’ class employees hired before July 1, 2011 are vested after 6 years of creditable service and may receive normal retirement benefits at or after age 62 with a minimum of 6 years of service or after 30 years of service, if under age 62. Special Risk class participants hired prior to July 1, 2011 are also vested after 6 years of service, but may receive normal retirement benefits at age 55 with a minimum of 6 years of service, or after 25 years of special risk creditable service, regardless of age.

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http://www.frs.myflorida.com/



Note 18 Retirement Plan - Continued Plan General Information - Continued A. FRS Pension Plan - Continued For Regular class, Senior Management Service class and Elected Officers’ class members hired on or after July 1, 2011, vesting occurs after the completion of 8 years of creditable service and normal retirement benefits are available at age 65 with 8 years of service or after 33 years, if under age 65. Special Risk class members hired on or after July 1, 2011 also vest after 8 years of creditable service. They may receive normal retirement benefits at or after age 60 with a minimum of 8 years of service or after 30 years of special risk creditable service, if under age 60. Early retirement is available for vested employees, with a 5% reduction of benefits for each year prior to the normal retirement age. Compensation is computed as the average of an individual's five highest years of earnings for employees hired before July 1, 2011; or 8 highest years of earnings for employees hired on or after July 1, 2011. In addition, the Deferred Retirement Option Program (“DROP”) is available under the FRS Pension Plan when the member first reaches eligibility for normal retirement. The DROP allows a member to retire while continuing employment for up to 60 months. All FRS members, excluding DROP participants and re-employed retirees, are required to contribute 3% of their salaries to the FRS on a pre-tax basis. Members are immediately vested in their own contributions. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the class to which a member belonged when the service credit was earned. The percentage values per year for each class are as follows: Regular class, 1.6%; Senior Management Service class, 2.0%; Elected Officers’ class, 3.0%; and Special Risk class 3.0%. B. FRS Investment Plan The Public Employee Optional Retirement Program (“FRS Investment Plan”) is a defined contribution alternative that is open to regular FRS Pension Plan members in lieu of participation in the FRS Pension Plan, except for those who are in the DROP program. Related employer contributions are made to the FRS Investment Plan, which holds the contributions in individual investment accounts for each participating employee. As with the FRS Pension Plan, participants are required to contribute 3% of their pre-tax salaries. Participants direct their own investments, utilizing the various investment options available through the Plan. These investment accounts vest to the employee after one year of service and members are immediately vested in their own contributions. Investment Plan funds may be withdrawn by the employee 90 days after termination or retirement from a participating employer in the FRS. Alternately, the funds may remain in the investment account until the employee reaches normal retirement age or some earlier date, at the employee’s choosing. Service retirement benefits are based solely upon value of the member's account upon retirement. Costs of administering the plan are funded through an employer contribution of 0.04% of payroll and by forfeited benefits of plan members. C. Retiree Health Insurance Subsidy The Florida Retirement System Health Insurance Subsidy (“HIS”) is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of state-administered retirement systems in paying their health insurance costs. All eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of creditable service completed at the time of retirement multiplied by $5. The payments are at least $30 but not more than $150 per month. To be eligible to receive the HIS benefit, a retiree under a state-administered retirement system must provide proof of health insurance coverage, which can include Medicare. The HIS plan is funded by required contributions from FRS participating employers, as set by the Legislature. Employer contributions are a percentage of gross compensation for all active FRS members. The HIS availability is based on the guidelines set forth by the Legislature on an annual basis. Pursuant to Section 112.363 of the Florida Statutes, required employer contributions are a percentage of gross compensation for all active FRS members. HIS contributions are deposited in a separate trust fund, from which HIS payments are authorized. HIS benefits are not guaranteed and are subject to annual legislative appropriation. In the event the legislative appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or cancelled. D. Cost of Living Adjustments FRS Pension Plan benefits received by retirees and beneficiaries are increased by a cost-of-living adjustment each year. The cost-of-living adjustment for those retired or in DROP prior to August 1, 2011, is 3 percent per year. For retirees with an effective retirement date or DROP begin date on or after August 1, 2011, the cost-of-living adjustment is a percentage; the sum of the pre-July 2011 service credit divided by the total service credit at retirement, multiplied by 3 percent. FRS Pension Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. E. Contributions

Participating employer contributions for both the FRS Pension Plan and Investment Plan are based upon statewide rates established by the Legislature of the State of Florida. Employer contribution rates for the periods from October 1, 2014 through June 30, 2015 and from July 1, 2015 through September 30, 2015, respectively were as follows: Regular class: 7.37% and 7.26%; Special Risk class: 19.82% and 22.04%, Senior Management Service class: 21.14% and 21.43%; Elected Officers’ class: 43.24% and 42.27%; and DROP Participants: 12.28% and 12.88%. These contribution rates include 1.26% and 1.66% HIS Plan subsidy contributions for the same periods.

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Note 18 Retirement Plan - Continued Plan General Information – Continued E. Contributions – Continued

The County’s total contributions recognized by all pension plans’ members made during the year were $20,533 for 2015 and $18,280 for 2014. All of these contributions were equal to the actuarially determined contribution requirements for each year. The employee contributions were $4,538 and $4,273 for fiscal years 2015 and 2014, respectively.

F. Long-Term Expected Rate of Return The long-term expected rate of return on pension plan investments was determined by the Florida Retirement System using a forward-looking capital market economic model. This model is applicable for valuation of both the FRS Pension Plan and the HIS Plan, unless otherwise noted. The table below shows assumptions for each of the asset classes in which the plan was invested based upon the long-term target asset allocation. The allocation policy’s description of each asset class was used to map the target allocation to the asset classes shown below. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized below:

CompoundAnnual Annual

Target Arithmetic (Geometric)

Asset Class Allocation (1) Return Return

Cash 1.00% 3.20% 3.10%

Fixed Income 18.00% 4.80% 4.70%

Global equity 53.00% 8.50% 7.20%

Real estate (property) 10.00% 6.80% 6.20%

Private equity 6.00% 11.90% 8.20%

Strategic investments 12.00% 6.70% 6.10%

Assumed Inflation - Mean 2.60%

(1) As outlined in the Plan's investment policy

FRS Pension Plan 1) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At September 30, 2015, the County reported a liability of $88,323 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2015 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015. The County’s proportion of the net pension liability was actuarially determined, based on a projection of the County’s long-term share of contributions to the pension plan relative to the projected contributions of all participating governmental units. At June 30, 2015, the County’s proportion was 0.683815007%, an increase of 0.028311282% from its June 30, 2014 proportion of 0.655503725%. For the year ended September 30, 2015, the County recognized pension expense of $6,125. At September 30, 2015, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following:

Differences between expected and actual experience $ 9,324 $ 2,095 Changes of assumptions 5,862 - Net difference between projected and actual earnings on pension plan investments 31,110 52,200 Changes in proportion and differences between County contributions and proportionate share of contributions 5,799 5,915 County contributions subsequent to the measurement date 4,478 - Total $ 56,573 $ 60,210

Deferred Inflowsof Resources

Deferred Outflowsof Resources

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Note 18 Retirement Plan - Continued $4,478 reported as deferred outflows of resources related to pensions resulting from County’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended September 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ended September 30:2016 $ (7,004) 2017 (7,004) 2018 (7,004) 2019 9,676 2020 2,474

Thereafter 747

2) Other Key Actuarial Assumptions for the FRS Pension Plan The actuarial assumptions that determined the total pension liability as of June 30, 2015 were based on the results of an actuarial experience study for the period July 1, 2008 through June 30, 2013. The valuation date is July 1, 2015, and the measurement date is June 30, 2015. Key assumptions include an inflation rate of 2.60%, salary increases including inflation of 3.25%, and an investment rate of return of 7.65%, net of pension plan investment expense, including inflation. The mortality rates are based on the Generational RP-2000 with Projection Scale BB tables, and the actuarial cost method used is the Entry Age Normal method. 3) Discount Rate The pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. The discount rate used to measure the total pension liability was 7.65%. 4) Sensitivity Analysis The following presents Manatee County’s share of the net pension liability of the FRS Pension Plan. This is calculated using the discount rate of 7.65%, as well as what the FRS’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower (6.65%) or one percentage point higher (8.65%) than the current rate.

Current1% Discount 1%

Decrease Rate Increase6.65% 7.65% 8.65%

County's proportionate share $ 228,867 $ 86,293 $ (28,631) of the net pension liability

Retiree Health Insurance Subsidy 1) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At September 30, 2015, the County reported a liability of $54,264 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2015 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as July 1, 2014, and update procedures were used by the actuary to determine liabilities of July 1, 2015. The County’s proportion of the net pension liability was actuarially determined, based on a projection of the County’s long-term share of contributions to the pension plan relative to the projected contributions of all participating governmental units. At June 30, 2015, the County’s proportion was 0.532082284%, an increase of 0.020859778% over its June 30, 2014 proportion of 0.511222506%. For the year ended September 30, 2015, the County recognized pension expense of $4,351. At September 30, 2015, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following:

Differences between expected and actual experience $ - $ - Changes of assumptions 4,269 - Net difference between projected and actual earnings on HIS pension plan investments 29 - Changes in proportion and differences between County contributions and proportionate share of contributions 2,506 640 County contributions subsequent to the measurement date 681 - Total $ 7,485 $ 640

of Resources

Deferred InflowsDeferred Outflows

of Resources

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Note 18 Retirement Plan – Continued $681 reported as deferred outflows of resources related to pensions resulting from the County’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended September 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ended September 30:

2016 $ 1,050

2017 1,050

2018 1,050

2019 1,045

2020 1,041

Thereafter 928

2) Other Key Actuarial Assumptions The actuarial assumptions that determined the total pension liability for the HIS plan as of June 30, 2015 were based on certain results of the most recent experience study for the FRS plan, which was for the period July 1, 2008 through June 30, 2013. Because the HIS plan is funded on a pay-as-you-go basis, no separate experience study has been completed by FRS for that plan. The HIS plan valuation is updated biannually, and the most recent valuation date is July 1, 2014. This valuation is updated by FRS for GASB reporting in the year that a valuation is not performed, which applies to the July 1, 2015 valuation. Key assumptions include an inflation rate of 2.60%, salary increases including inflation of 3.25%, and a discount rate of 3.80% (municipal bond rate), net of pension plan investment expense, including inflation. The asset valuation method is fair market value. The mortality rates are based on the Generational RP-2000 with Projection Scale BB tables, and the actuarial cost method used is the Entry Age Normal method. 3) Discount Rate In general, the discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting at the long-term expected rate of return for benefit payments prior to the projected depletion date. Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered to be immediate, and the single equivalent discount rate is equal to a municipal bond rate selected by the FRS plan sponsor. The FRS plan sponsor adopted the Bond Buyer General Obligation 20-Bond Municipal Bond Index as the applicable municipal bond index. The related discount rate used to measure the total pension liability was 3.80%. 4) Sensitivity Analysis The following presents the net pension liability of the HIS, calculated using the discount rate of 3.80 percent, as well as what the HIS’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower (2.80 percent) or one percentage point higher (4.80 percent) than the current rate.

Current

Discount Rate3.80%

County's proportionate shareof the net pension liability $ 61,831 $ 54,264 $ 47,954

1% Decrease2.80%

1% Increase4.80%

Note 19 Post Employment Benefits Other Than Pension Plan Description – The Manatee County Board of County Commissioners (the “BOCC”) administers a single-employer defined benefit healthcare plan (the “Plan”). In accordance with Section 112.0801 of the Florida Statutes, because Manatee County provides a medical plan to active employees of the County and their eligible dependents, the County is also required to provide retirees with the opportunity to participate in this Plan. The Plan provides health care benefits including medical coverage, prescription drug benefits, dental benefits and life insurance coverage to both active and eligible retired employees. The Plan does not issue a publicly available financial report. The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of participant contribution at any time, by providing thirty days written notice to participants. In an open session, on at least an annual basis and prior to the annual enrollment process, the BOCC approves the rates for the coming calendar year for the employee retiree and County contributions. Eligibility for participation in the Plan is limited to full time employees of the County and of the Constitutional Officers, employees who are active participants in the Plan at the time of retirement, who retire and are either vested with the Florida Retirement System (FRS), are vested in the FRS and are age 62, have 30 years of creditable service before age 62, or meet alternative criteria if disabled or a member of a Special Risk Class. Surviving spouses or dependents of participating retirees may continue in the plan if eligibility criteria specific to those classes are met. At September 30, 2015 there were no terminated employees entitled to benefits but not yet receiving them. The membership (expressed in whole numbers) of the County’s medical plan consisted of: Active employees 2,848 Retirees and beneficiaries currently receiving benefits 756 Total Membership 3,604

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Note 19 Post Employment Benefits Other Than Pension – Continued Funding Policy – Contribution rates are determined on an annual basis by the BOCC, for employees retiring after ten years of service. An additional contribution is provided to participants aged 65 and over that enroll in Medicare Part B. Retirees and spouses over age 65 and enrolled in Medicare Part A and B may elect to remain in the County’s Plan, or enroll in a Medicare Supplement and Part D Prescription Drug program through an outside provider. The contribution amount can be changed by the County at any time, with 30 days written notice to participating retirees. Under the current Plan, for employees hired after September 30, 2005, participation by retirees and their dependents in the county health plan and subsidization of the premium rate for retirees will be limited to that required by law. The retirees pay the entire cost for dental coverage. Term life insurance coverage of one thousand dollars for retirees is fully paid by the County. Retirees electing additional coverage pay the entire cost at age graded rates. The 2015 premium contributions for medical coverage and retiree counts (expressed in whole numbers) at September 30, 2015 were:

County Provided RetireeClass of Employees Contribution Range Count

Retirees with more than 10 years of service 25% 236

Spouses or survivors of retirees with more than 10 years of service 0% - 16% 78

Retirees with more than 6 years, up to 10 years of service 0% 7

Spouses or survivors of retirees with more than 6 years, up to 10 years of service 0% 4

Retirees in Senior Care Plans with private insurers 23% - 62% 388

Spouses or survivors of retirees in Senior Care Plans with private insurers 0% 43

756

For the fiscal year 2015, the County contributed $2,795 to the plan via claims paid by its health self insurance internal service fund on a pay-as-you-go basis, and allocations of administrative expenses, stop loss coverage premiums, and a decrease in the incurred but not recorded (IBNR) costs, net of retiree payments of $3,003. The County purchased individual stop-loss coverage for its health insurance plan in 2015. Payments received from the federal government under Medicare Part D are recognized as revenue, rather than as a reduction of the Other Post Employment Benefits (OPEB) cost. Although the County did not transfer any amounts into the health self insurance internal service fund in fiscal year 2015 as additional internal funding for future period post-retirement costs, the $10,070 transferred in prior fiscal years, and related interest earnings, is considered a County asset, and is not accounted for as an OPEB contribution. A qualifying trust or agency fund has not been authorized by the County.

Annual OPEB Costs and Net OPEB Obligation - The County’s annual other postemployment benefit (OPEB) cost (expense) is

calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded liabilities over a period of thirty years, the maximum allowed.

The following table shows under the current plan provisions, the actuarially determined components of the County’s unfunded

annual OPEB cost, the contributions to the plan net of retiree payments, and the changes in the County’s net OPEB obligation (NOO) to the plan for the prior two and current fiscal years.

FY 2013 FY 2014 FY 2015

Annual required contribution (ARC) $ 15,889 $ 11,230 $ 12,063 Plus interest on net OPEB contribution 2,371 2,515 2,798 Less NOO Amortization (2,611) (3,276) (3,790) Annual OPEB Cost (AOC) 15,649 10,469 11,071 Contributions made, net (2,206) (2,631) (2,795) Increase in net OPEB obligation 13,443 7,838 8,276 Net OPEB obligation - beginning of year 56,978 70,421 78,259 Net OPEB obligation - end of year $ 70,421 $ 78,259 $ 86,535

Percentage of AOC contributed 14.10% 25.13% 25.25%

No trust or agency fund has been established for the plan. There were no adjustments to the annual required contribution or interest earnings.

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Note 19 Post Employment Benefits Other Than Pension – Continued

Funded Status and Funding Progress - At September 30, 2015, the accrued actuarial liability for benefits was $119.7 million, all of which was unfunded. The covered payroll (annual payroll of active employees covered by the plan) was $148.6 million and the ratio of the unfunded actuarial liability to covered payroll was 80.57%. The schedule of Required Supplemental Information (RSI) immediately following the financial statement notes presents multi-year trend information relative to the actuarial accrued liability and funding progress. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.

Projections of benefits are based on the types of benefits provided under the substantive plan at the time of each valuation and

on the pattern of sharing of benefit costs between the employer and plan members to that point. Actuarial calculations reflect a long-term perspective, and, consistent with that perspective, actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities.

Actuarial Methods and Assumptions – Fiscal year 2015 plan expense is calculated from the valuation dated August 28, 2013 for

fiscal year 2015. That report was prepared using generally accepted actuarial principles and practices, and relied on unaudited census data as of July 1, 2013, and medical claims data reported by the County. The valuation used the projected unit credit actuarial method, with linear pro-ration to assumed benefit commencement. Actual coverage, cost sharing and benefits at the time of the valuation were used with coverage assumed to continue into retirement. Demographic assumptions mirror those used for the various Florida Retirement System pension funds. The actuarial economic assumptions include:

Rate of inflation 2.8% Investment return 3.5% Projected salary increases per annum 3.5% Post retirement benefit decreases (2.0%)

Healthcare cost trend is based on the Society of Actuaries Long Term Medical Trend Model. Their 2013 rate of 6.0% decreases gradually. The pre Medicare rate in 2050 is 5.29%. The post Medicare rate in 2050 is 4.86%. The ultimate rate is attained in 2080. The ultimate pre Medicare rate is 4.51%. The ultimate post Medicare rate is 4.34%.

The assumptions for an unfunded plan are that the benefits continue to be funded on a pay-as-you-go basis. The unfunded

accrued actuarial liability is amortized over thirty years on a closed basis, as a level percentage of the projected payroll. Premium assistance amounts are assumed to increase at 5% per annum. Note 20 Litigation The County is a defendant in various lawsuits and is involved in other disputes wherein substantial amounts are claimed. In the opinion of the County, these suits and claims should not result in judgments or settlements which, in aggregate, would have a material adverse effect on the County’s financial condition beyond what is recorded in the accompanying financial statements (see Note 17). Note 21 Commitments A. Grant Programs

The County participates in a number of federally assisted grant programs, principally from the Department of Transportation, Department of Health and Human Services, Department of Housing and Urban Development and the Department of Justice. These programs are subject to financial and compliance audits by the grantors or their representatives.

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Note 21 Commitments - Continued

B. Contract Commitments Manatee County has open construction contracts totaling approximately $118,381 for the following funds:

Governmental Activities: Impact Fee Capital Projects Fund $ 28,139 Capital Improvements Fund 14,902 Nonmajor governmental activities 18,311 Total governmental activities 61,352

Business-type Activities: Water and sewer 39,415 Nonmajor enterprise funds 17,614 Total business-type activities 57,029 Total contract commitments $ 118,381

C. Encumbrance Commitment Encumbrances represent commitments for future expenditures, based on purchase orders or contracts issued, where the goods or services have been ordered but not received. Significant encumbrances for the governmental funds do not include construction contracts, as they are included as contract commitments in Part B in previous section. Manatee County has the following significant encumbrances as of September 30, 2015:

EncumbranceGovernmental Activities: General Fund $ 2,711 Highway 1,668 Impact Fee Capital Projects Fund 2,058 Capital Improvements Fund 3,981 Nonmajor governmental activities 529 Total governmental activities $ 10,947

D. Arbitrage Rebate In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed construction funds in excess of the interest costs are required to be rebated to the federal government. The County has estimated that the liability in its Governmental Activities to be $40. These amounts have been reflected as a reduction of interest income.

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Note 22 Restatement of Prior Year Balances As of October 1, 2014, beginning net position of each of the following governmental-type and business-type activities were restated due to the implementation of GASB Statement 68:

Net position - October 1, 2014 $ 1,162,109 Restatement of net position due to the implementation of GASB 68 (127,048)

Net position - October 1, 2014 restated $ 1,035,061

Governmental-typeActivities

Water Port Solid Civicand Sewer Authority Waste Transit Stormwater Center

Net position - October 1, 2014 $ 687,873 $ 96,661 $ 65,711 $ 17,727 $ 28,374 $ 6,766 Restatement of net position due to the implementation of GASB 68 (12,449) (2,921) (1,618) (2,857) (1,293) (262)

Net position - October 1, 2014 restated $ 675,424 $ 93,740 $ 64,093 $ 14,870 $ 27,081 $ 6,504

Health AutomatedCentral Motor Self Self SystemsStores Pool Communications Insurance Insurance Maintenance

Net position - October 1, 2014 $ 5,121 $ 24,250 $ 1,371 $ 5,055 $ 36,519 $ 2,882 Restatement of net position due to the implementation of GASB 68 (50) (1,330) (388) (131) (130) (93)

Net position - October 1, 2014 restated $ 5,071 $ 22,920 $ 983 $ 4,924 $ 36,389 $ 2,789

Enterprise FundsBusiness-type Activities

Internal Service Funds

Note 23 Subsequent Events On March 22, 2016, the Board of County Commissioners for Manatee County adopted resolution R-16-042 authorizing the issuance of the Revenue Improvement Bonds, Series 2016 in an amount not to exceed $36 million for the purpose of financing all or a portion of the costs of certain capital projects. These bonds were issued on March 23, 2016. On April 12, 2016, the Board of County Commissioners for Manatee County adopted resolution R-16-054 authorizing the issuance of the Revenue Improvement Notes, Series 2016 in an amount not to exceed $36 million for the purpose of financing capital projects in the County. This line of credit was issued on April 12, 2016, with the first draw of $18.6 million on April 13, 2016.

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REQUIRED SUPPLEMENTARY INFORMATION

ActuarialAccrued UAAL as a

Actuarial Actuarial Liability (AAL) Percentage ofFiscal Valuation Value of Projected Unfunded Funded Covered CoveredYear Date Assets Unit Credit AAL Ratio Payroll Payroll

2008 10/1/2007 $ - $ 150,496 $ 150,496 0.00% $ 147,974 101.70% (1)

2009 10/1/2008 - 162,625 162,625 0.00% 145,790 111.55%2010 10/1/2009 - 141,138 141,138 0.00% 135,059 104.50%2011 10/1/2010 - 151,612 151,612 0.00% 130,868 115.85%2012 10/1/2011 - 147,042 147,042 0.00% 129,554 113.50%2013 10/1/2012 - 159,882 159,882 0.00% 134,873 118.54%2014 10/1/2013 - 112,179 112,179 0.00% 140,779 79.68%2015 10/1/2014 - 119,693 119,693 0.00% 148,562 80.57%

Annual OPEB PercentageFiscal Employer Required of ARC

Year Ended Contributions Contribution (ARC) Contributed9/30/2008 $ 2,566 $ 14,346 17.89%9/30/2009 3,304 15,427 21.42%9/30/2010 2,533 13,624 18.59%9/30/2011 2,894 14,611 19.81%9/30/2012 3,847 14,234 27.03%9/30/2013 2,206 15,889 13.88%9/30/2014 2,631 11,230 23.43%9/30/2015 2,795 12,063 23.17%

(1) initial year of plan disclosure, no prior data available

Schedule of Employer Contributions

Schedule of Funding Progress


Required Supplementary Information for the Current and Seven Preceding YearsManatee County, Florida

for the Other Post Employment Benefits (OPEB) Other Than Pension

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FRS Pension Plan2015 (1) 2014 (1)

County's proportion of the net pension liability (asset) 0.683815007% 0.655503725%County's proportionate share of the net pension liability (asset) $ 88,323 $ 39,995 County's covered-employee payroll(2) $ 137,108 $ 133,476

County's proportionate share of the net pension liability (asset) as a percentage of its covered-employee payroll 64.42% 29.96%

Plan fiduciary net position as a percentage of the total pension liability 92.00% 96.09%

HIS Pension Plan2015 (1) 2014 (1)

County's proportion of the net pension liability (asset) 0.532082284% 0.511222506%County's proportionate share of the net pension liability (asset) $ 54,264 $ 47,801 County's covered-employee payroll(2) $ 137,668 $ 133,888

County's proportionate share of the net pension liability (asset) as a percentage of its covered-employee payroll 39.42% 35.70%

Plan fiduciary net position as a percentage of the total pension liability 0.50% 0.99%

(1) The amounts determined for each fiscal year were determined as of June 30. Information is not available for years prior to 2014.(2) The County's covered-employee payroll consists of the payroll of all employees provided with pensions under the FRS and HIS pension plans. This amount is equal to pensionable employee payroll. Covered-employee payroll for the FRS pension plan and the HIS pension plan may differ for certain reemployed retirees.

Manatee County, FloridaRequired Supplementary Information for the Current and Preceding Year

Schedule of County Proportionate Share of the Net Pension Liabilityfor the FRS and HIS Pension Plans(Amounts expressed in thousands)

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FRS Pension Plan2015 (1)

Contractually required contribution $ 16,993

Contributions in relation to the contractually required contribution (16,993) Contribution deficiency (excess) $ -

County's covered-employee payroll(2) $ 138,011

Contributions as a percentage of covered-employee payroll 12.31%

HIS Pension Plan2015 (1)

Contractually required contribution $ 2,221

Contributions in relation to the contractually required contribution (2,221) Contribution deficiency (excess) $ -

County's covered-employee payroll(2) $ 139,437

Contributions as a percentage of covered-employee payroll 1.59%

(2) The County's covered-employee payroll consists of the payroll of all employees provided with pensions under the

for the FRS pension plan and the HIS pension plan may differ for certain remployed retirees.

Manatee County, FloridaRequired Supplementary Information for the Current Year

Schedule of County Contributions to the FRS and HIS Pension Plans(Amounts expressed in thousands)

(1) Information is not available for years prior to 2015.

FRS and HIS pension plans. This amount is equal to pensionable employee payroll. Covered-employee payroll

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Seeing the success of other Florida cities in using baseball to attract visitors to their communities, the Bradentown Board of Trade voted to bring major league baseball to Manatee County on December 9, 1920. Led by Robert M. Beall Sr. and Sam Breedon, the St. Louis Cardinals were persuaded to come play at a ball field located on the county fairgrounds. The field was constructed in such haste that at the opening game in 1923, second base was fourteen inches lower than home plate. A variety of different teams played at the field over time until 1969 when the Pittsburgh Pirates signed a contract to play at the ballpark that had been substantially improved from its beginnings and renamed McKechnie Field after Baseball Hall of Fame Manager and Bradenton resident Bill McKechnie. Today, the Pittsburgh Pirates remain Bradenton’s spring training team, creating a strong bond between the two cities and their residents.

CO

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Nonmajor Governmental Funds

Special Revenue Funds Library

To account for the activities of the Manatee County Public Library System. Tourist Development

To account for tourist development tax revenue. This tax funds the County's Tourist Information Center and its tourism promotion campaign.

Children's Services Tax To account for the taxes received for new or expanded children’s service programs.

Miscellaneous Special Revenue

To account for revenues and expenditures related to providing a variety of County services. Unincorporated Services

To account for the operations of the County's Planning and Building Departments and other services provided only to the unincorporated areas of the County.

911 Enhancements

To account for the collection and use of the 911 tax. Metropolitan Planning

To account for the revenues and expenditures of transportation planning. Assessment Revenue

To account for the revenue received from road paving and dredging assessments. Impact Fees

To account for the revenues and expenditures relating to impact fees collected for transportation, emergency services, parks and recreation and law enforcement.

Federal and State Grants

To account for the operating revenues and expenditures for certain federal and state grants. Law Enforcement

To account for the receipt and use of specific fees designated for the criminal justice area. State Housing Initiative Program (SHIP) - Affordable Housing

To account for the receipt and use of funding designated for use in providing affordable housing.

Health Care

To account for the portion of the interest earned on the proceeds of the sale of Manatee Memorial Hospital, which is used to finance indigent care and other health-related projects as approved by the Board of County Commissioners.

Community Redevelopment

To account for funds used for the economic redevelopment of certain designated areas within the County.

Building and Permitting

To account for the revenues and expenditures of building and permitting.

Nonmajor Governmental Funds

Debt Service Funds General Obligation Bonds

To account for the accumulation of resources for and payment of interest and principal on the County's general obligation bonds.

Revenue Improvement Bonds

To account for the accumulation of resources for and payment of interest and principal on the County’s revenue improvement bond issues.

Revenue Refunding Bonds

To account for the accumulation of resources for and payment of interest and principal on the County’s revenue refunding bond issues.

Revenue Refunding and Improvement Bonds

To account for the accumulation of resources for and payment of interest and principal on the County’s revenue refunding and improvement bond issues.

Revenue Improvement Note To account for the accumulation of resources for and payment of interest and principal on the County’s revenue improvement note.

Capital Project Funds Parks and Recreation

To account for capital projects involving Manatee County's parks and beaches.

Transportation To account for certain transportation capital improvements.

Gas Tax To account for capital projects financed by gas taxes.

Community Redevelopment

To account for capital projects related to the economic redevelopment of certain designated areas within the County.

Tourist Children's Special Unincorporated Metropolitan AssessmentLibrary Development Services Tax Revenue Services Enhancements Revenue

Assets

Cash and cash equivalents $ 2,090 $ 13,171 $ 4,011 $ 7,454 $ 14,428 $ 924 $ - $ 2,726 Accounts receivable (net) - 2 - 2 1 - - - Interest receivable 2 8 3 3 8 1 - 43 Assessments receivable - - - - - - - 283 Due from other governmental units 3 - - 61 - 411 468 - Prepaid items 3 4 - 40 2 - - - Deposits - - - - - - - - Total assets $ 2,098 $ 13,185 $ 4,014 $ 7,560 $ 14,439 $ 1,336 $ 468 $ 3,052

Liabilities and Fund Balances

Liabilities: Accounts payable $ 42 $ 811 $ 910 $ 164 $ 292 $ 73 $ 6 $ 9 Wages and benefits payable 176 51 23 215 314 24 46 - Due to other funds - - - 10 - - 382 - Due to other governmental units - - - 287 20 - - - Contracts and retainages payable - - - - - - - - Performance bonds payable - - - - 10 - - - Unearned revenue 5 4 - - - - 1 - Advance from other funds - 5,312 - 734 - - - - Total liabilities 223 6,178 933 1,410 636 97 435 9


Unavailable revenue - - - 89 - - - 283

Fund balances: Non-spendable 3 4 - 40 2 - - - Restricted 634 6,113 - 5,996 - 1,239 1 - Committed - 93 - - 13,801 - - 2,760 Assigned 1,238 797 3,081 25 - 32 - Total fund balances 1,875 7,007 3,081 6,061 13,803 1,239 33 2,760 Total liabilities, deferred inflows of resources and fund balances $ 2,098 $ 13,185 $ 4,014 $ 7,560 $ 14,439 $ 1,336 $ 468 $ 3,052

(Continued)

Miscellaneous

Manatee County, FloridaCombining Balance Sheet

Nonmajor Governmental FundsSeptember 30, 2015


Special Revenue Funds

Planning911

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Impact Federal and Law Affordable Health Community Building and Fees State Grants Enforcement Housing Care Redevelopment Permitting Total

Assets

Cash and cash equivalents $ 18,743 $ 1,412 $ 1,910 $ 1,134 $ 1,703 $ 312 $ 17,159 $ 87,177 Accounts receivable (net) - - 50 - - 1 5 61 Interest receivable 15 1 - 1 1 - 9 95 Assessments receivable - - - - - - - 283 Due from other governmental units - 843 - - - - - 1,786 Prepaid items - - - - - - 4 53 Deposits - - - - - - - - Total assets $ 18,758 $ 2,256 $ 1,960 $ 1,135 $ 1,704 $ 313 $ 17,177 $ 89,455


Liabilities: Accounts payable $ 476 $ 255 $ - $ 110 $ 917 $ - $ 131 $ 4,196 Wages and benefits payable 5 48 - 9 - 7 214 1,132 Due to other funds 157 391 9 - - - - 949 Due to other governmental units - - - - - - 81 388 Contracts and retainages payable - 238 - 83 - - - 321 Performance bonds payable - - - - - - - 10 Unearned revenue - 386 - 414 - - - 810 Advance from other funds - - - - - - - 6,046 Total liabilities 638 1,318 9 616 917 7 426 13,852


Unavailable revenue - - - - - - - 372

Fund balances: Non-spendable - - - - - - 4 53 Restricted 18,120 - 1,853 519 787 306 16,509 52,077 Committed - - - - - - - 16,654 Assigned - 938 98 - - - 238 6,447 Total fund balances 18,120 938 1,951 519 787 306 16,751 75,231 Total liabilities, deferred inflows of resources and fund balances $ 18,758 $ 2,256 $ 1,960 $ 1,135 $ 1,704 $ 313 $ 17,177 $ 89,455

(Continued)



Nonmajor Governmental Funds - ContinuedSeptember 30, 2015


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RevenueGeneral Revenue Refunding and Revenue

Obligation Improvement Improvement Improvement

Bonds Bonds Bonds Note TotalAssets

Cash and cash equivalents $ 738 $ 4 $ 6 $ 1 $ 749 Accounts receivable (net) - - - - - Interest receivable 2 2 3 - 7 Assessments receivable - - - - - Due from other governmental units - - - - - Prepaid items - - - - -

Deposits - - - - - Total assets $ 740 $ 6 $ 9 $ 1 $ 756


Liabilities: Accounts payable $ - $ - $ - $ 1 $ 1 Wages and benefits payable - - - - - Due to other funds - - - - - Due to other governmental units - - - - - Contracts and retainages payable - - - - - Performance bonds payable - - - - - Deposits - - - - -

Advance from other funds - - - - -

Total liabilities - - - 1 1


Unavailable revenue - - - - -

Fund balances: Non-spendable - - - - - Restricted 740 6 9 - 755 Committed - - - - - Assigned - - - - - Total fund balances 740 6 9 - 755 Total liabilities, deferred inflows of resources and fund balances $ 740 $ 6 $ 9 $ 1 $ 756

(Continued)


Debt Service Funds

Combining Balance SheetNonmajor Governmental Funds - Continued


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TotalNonmajor

Parks and Community GovernmentalRecreation Transportation Gas Tax Redevelopment Total Funds

Assets

Cash and cash equivalents $ 13,922 $ 6,287 $ 32,007 $ 2 $ 52,218 $ 140,144 Accounts receivable (net) - - - - - 61 Interest receivable 7 2 17 - 26 128 Assessments receivable - - - - - 283 Due from other governmental units 2,501 517 - - 3,018 4,804 Prepaid items - - - - - 53 Deposits 1,682 - 399 - 2,081 2,081 Total assets $ 18,112 $ 6,806 $ 32,423 $ 2 $ 57,343 $ 147,554


Liabilities: Accounts payable $ 386 $ 16 $ 48 $ - $ 450 $ 4,647 Wages and benefits payable - - - - - 1,132 Due to other funds - 4,200 4,000 - 8,200 9,149 Due to other governmental units 1,352 - - - 1,352 1,740 Contracts and retainages payable 473 70 1,010 - 1,553 1,874 Performance bonds payable - - - - - 10 Unearned revenue - - - - - 810 Advance from other funds 7,388 - - - 7,388 13,434 Total liabilities 9,599 4,286 5,058 - 18,943 32,796


Unavailable revenue - - - - - 372

Fund balances: Non-spendable 1,682 - 399 - 2,081 2,134 Restricted 3,010 2,299 26,966 2 32,277 85,109 Committed 33 213 - - 246 16,900 Assigned 3,788 8 - - 3,796 10,243 Total fund balances 8,513 2,520 27,365 2 38,400 114,386 Total liabilities, deferred inflows of

$ 18,112 $ 6,806 $ 32,423 $ 2 $ 57,343 $ 147,554

Capital Project Funds


Nonmajor Governmental Funds - ContinuedSeptember 30, 2015


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MiscellaneousTourist Children's Special Unincorporated 911 Metropolitan Assessment

Library Development Services Tax Revenue Services Enhancements Planning Revenue

Revenues: Taxes $ 6,208 $ 11,611 $ 8,361 $ - $ 11,046 $ 1,618 $ - $ 86 Licenses and permits - - - - 3,319 - - - Intergovernmental 223 - - 1,341 - - 1,342 - Charges for services 25 113 - 2,282 1,270 - - 69 Fines and forfeitures 118 - - 4,832 842 - - - Interest income 18 66 31 36 86 5 - 49 Assessments - - - - - - - 141 Contributions 226 67 - - - - - - Miscellaneous 2 47 - 42 51 - - - Total revenues 6,820 11,904 8,392 8,533 16,614 1,623 1,342 345

Expenditures: Current: General government - - - 7,789 2,586 - - - Public safety - - - - 3,540 1,140 - - Physical environment - 1,025 - 947 416 - - 64 Transportation - - - - 907 - 1,358 81 Economic environment - 6,705 - - 1,856 - - - Human services - - 8,267 - - - - - Culture and recreation 6,744 - - 131 - - - - Debt service - 26 - 4 - - - - Total expenditures 6,744 7,756 8,267 8,871 9,305 1,140 1,358 145

Excess (deficiency) of revenues over expenditures 76 4,148 125 (338) 7,309 483 (16) 200

Other financing sources (uses): Transfers from other funds - - 838 187 - - 18 - Transfers to other funds (182) (3,843) - (2,133) (4,891) (531) - (28) Total other financing sources (uses) (182) (3,843) 838 (1,946) (4,891) (531) 18 (28)

Net change in fund balances (106) 305 963 (2,284) 2,418 (48) 2 172 Fund balances, October 1 1,981 6,702 2,118 8,345 11,385 1,287 31 2,588 Fund balances, September 30 $ 1,875 $ 7,007 $ 3,081 $ 6,061 $ 13,803 $ 1,239 $ 33 $ 2,760

(Continued)


Manatee County, FloridaCombining Statement of Revenues, Expenditures

and Changes in Fund BalancesNonmajor Governmental Funds


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Impact Federal and Law Affordable Health Community Building andFees State Grants Enforcement Housing Care Redevelopment Permitting Total

Revenues: Taxes $ - $ - $ - $ - $ - $ - $ - $ 38,930 Licenses and permits 13,641 - - - - - 8,131 25,091 Intergovernmental - 8,970 - 1,469 - - - 13,345 Charges for services - 46 812 - - - 25 4,642 Fines and forfeitures - - 62 - - - 52 5,906 Interest income 133 9 6 7 55 3 85 589 Assessments - - - - - - - 141 Contributions - - - - - - - 293 Miscellaneous - 16 - 171 2 - 394 725 Total revenues 13,774 9,041 880 1,647 57 3 8,687 89,662

Expenditures: Current: General government 275 142 - - - - - 10,792 Public safety - 575 714 - - - 6,119 12,088 Physical environment - 55 - - - - - 2,507 Transportation - 808 - - - - - 3,154 Economic environment 43 930 - 1,301 - 164 - 10,999 Human services - 1,668 - - 6,685 - - 16,620 Culture and recreation - - - - - - - 6,875 Debt service - - - - - - - 30 Total expenditures 318 4,178 714 1,301 6,685 164 6,119 63,065

Excess (deficiency) of revenues over expenditures 13,456 4,863 166 346 (6,628) (161) 2,568 26,597

Other financing sources (uses): Transfers from other funds 183 142 - - - 847 488 2,703 Transfers to other funds (15,522) (5,451) (456) - (100) (3,937) (699) (37,773) Total other financing sources (uses) (15,339) (5,309) (456) - (100) (3,090) (211) (35,070)

Net change in fund balances (1,883) (446) (290) 346 (6,728) (3,251) 2,357 (8,473) Fund balances, October 1 20,003 1,384 2,241 173 7,515 3,557 14,394 83,704 Fund balances, September 30 $ 18,120 $ 938 $ 1,951 $ 519 $ 787 $ 306 $ 16,751 $ 75,231

(Continued



and Changes in Fund BalancesNonmajor Governmental Funds - Continued


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RevenueGeneral Revenue Revenue Refunding and Revenue

Obligation Refunding Improvement ImprovementBonds Bonds Bonds Bonds Note Total

Revenues: Taxes $ 3,010 $ - $ - $ - $ - $ 3,010 Licenses and permits - - - - - - Intergovernmental - - 1,162 - - 1,162 Charges for services - - - - - - Fines and forfeitures - - - - - - Interest income 15 12 1 16 - 44 Assessments - - - - - - Contributions - - - - - - Miscellaneous - - - - - - Total revenues 3,025 12 1,163 16 - 4,216

Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment - - - - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service 2,932 4,753 1,713 8,125 347 17,870 Total expenditures 2,932 4,753 1,713 8,125 347 17,870

Excess (deficiency) of revenues over expenditures 93 (4,741) (550) (8,109) (347) (13,654)

Other financing sources (uses): Transfers from other funds - 4,743 549 8,117 347 13,756 Transfers to other funds - - - (3) - (3) Total other financing sources (uses) - 4,743 549 8,114 347 13,753

Net change in fund balances 93 2 (1) 5 - 99 Fund balances, October 1 647 4 1 4 - 656 Fund balances, September 30 $ 740 $ 6 $ - $ 9 $ - $ 755

(Continued)

Improvement

Debt Service Funds





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TotalNonmajor

Parks and Community GovernmentalRecreation Transportation Redevelopment Total Funds

Revenues: Taxes $ - $ - $ - $ - $ - $ 41,940 Licenses and permits - - - - - 25,091 Intergovernmental 1,219 841 - - 2,060 16,567 Charges for services - - - - - 4,642 Fines and forfeitures - - - - - 5,906 Interest income 64 26 153 - 243 876 Assessments - - - - - 141 Contributions 100 2,299 - - 2,399 2,692 Miscellaneous - - 27 - 27 752 Total revenues 1,383 3,166 180 - 4,729 98,607

Expenditures: Current: General government - - - - - 10,792 Public safety - - - - - 12,088 Physical environment 1,978 - - - 1,978 4,485 Transportation - 5,588 5,829 - 11,417 14,571 Economic environment - - - - - 10,999 Human services - - - - - 16,620 Culture and recreation 2,081 - - - 2,081 8,956 Debt service 36 2 - - 38 17,938 Total expenditures 4,095 5,590 5,829 - 15,514 96,449

Excess (deficiency) of revenues over expenditures (2,712) (2,424) (5,649) - (10,785) 2,158

Other financing sources (uses): Transfers from other funds 5,597 502 9,711 - 15,810 32,269 Transfers to other funds - - (3,549) - (3,549) (41,325) Total other financing sources (uses) 5,597 502 6,162 - 12,261 (9,056)

Net change in fund balances 2,885 (1,922) 513 - 1,476 (6,898) Fund balances, October 1 5,628 4,442 26,852 2 36,924 121,284 Fund balances, September 30 $ 8,513 $ 2,520 $ 27,365 $ 2 $ 38,400 $ 114,386




Gas Tax

Capital Project Funds

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Revenues: Taxes $ 6,098 $ 6,098 $ 6,208 $ 110 Intergovernmental 165 408 223 (185) Charges for services 14 14 25 11 Fines and forfeitures 138 138 118 (20) Interest income 8 8 18 10 Contributions 34 113 226 113 Miscellaneous - - 2 2 Total revenues 6,457 6,779 6,820 41

Expenditures: Current: Culture and recreation 6,951 7,609 6,744 865

Excess (deficiency) of revenues

over expenditures (494) (830) 76 906

Other financing uses:

Reserved for contingencies (105) (105) - 105 Transfers to other funds - (182) (182) - Total other financing uses (105) (287) (182) 105

Net change in fund balances (599) (1,117) (106) 1,011 Fund balances, October 1 1,981 1,981 1,981 - Fund balances, September 30 $ 1,382 $ 864 $ 1,875 $ 1,011


Positive(Negative)


Manatee County, FloridaLibrary Special Revenue Fund

Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual


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Revenues: Taxes $ 8,988 $ 8,988 $ 11,611 $ 2,623 Charges for services 86 86 113 27 Interest income 49 49 66 17 Contributions - 103 67 (36) Miscellaneous 52 52 47 (5) Total revenues 9,175 9,278 11,904 2,626

Expenditures: Current: Physical environment 941 1,245 1,025 220 Economic environment 5,951 8,759 6,705 2,054 Debt service 15 26 26 - Total expenditures 6,907 10,030 7,756 2,274

Excess (deficiency) of revenues over expenditures 2,268 (752) 4,148 4,900

Other financing uses: Reserved for contingencies (1,176) (1,218) - 1,218 Transfers to other funds (1,100) (4,343) (3,843) 500 Total other financing uses (2,276) (5,561) (3,843) 1,718

Net change in fund balances (8) (6,313) 305 6,618 Fund balances, October 1 6,702 6,702 6,702 - Fund balances, September 30 $ 6,694 $ 389 $ 7,007 $ 6,618


Positive(Negative)


Manatee County, FloridaTourist Development Special Revenue Fund

Schedule of Revenues, Expenditures and Changes inFund Balances - Budget and Actual


-71-

Manatee County, FloridaChildren's Services Tax Special Revenue Fund




Revenues: Taxes $ 8,212 $ 8,212 $ 8,361 $ 149 Intergovernmental 76 - - - Interest income 8 8 31 23 Total revenues 8,296 8,220 8,392 172

Expenditures: Current: Human services 8,655 8,901 8,267 634

Excess (deficiency) of revenues over expenditures (359) (681) 125 806

Other financing sources (uses): Reserved for contingencies (13) (13) - 13 Transfers from other funds 838 838 838 - Total other financing sources (uses) 825 825 838 13

Net change in fund balances 466 144 963 819 Fund balances, October 1 2,118 2,118 2,118 - Fund balances, September 30 $ 2,584 $ 2,262 $ 3,081 $ 819


Positive(Negative)


-72-


Revenues: Intergovernmental $ 998 $ 998 $ 1,341 $ 343 Charges for services 2,250 2,244 2,282 38 Fines and forfeitures 5,595 4,923 4,832 (91) Interest income 26 26 36 10 Miscellaneous 2 2 42 40 Total revenues 8,871 8,193 8,533 340

Expenditures: Current: General government Clerk of the Circuit Court 7,453 7,802 7,196 606 County administration 28 51 27 24 Court costs 609 662 566 96 Total general government 8,090 8,515 7,789 726

Public safety Community services 5 5 - 5

Physical environment Community services 1 1 - 1 Parks and natural resources 946 1,300 947 353 Total physical environment 947 1,301 947 354

Culture and recreation Parks and natural resources 355 319 131 188

Debt service - 4 4 -


Excess (deficiency) of revenues over expenditures (526) (1,951) (338) 1,613

Other financing sources (uses): Reserved for contingencies (92) (2) - 2 Transfers from other funds 325 325 187 (138) Transfers to other funds (921) (2,262) (2,133) 129 Total other financing sources (uses) (688) (1,939) (1,946) (7)



(Negative)Positive


Manatee County, FloridaMiscellaneous Special Revenue Fund



-73-


Revenues: Taxes $ 10,842 $ 10,842 $ 11,046 $ 204 Licenses and permits 2,044 2,044 3,319 1,275 Charges for services 308 308 1,270 962 Fines and forfeitures 1,245 1,245 842 (403) Interest income 24 24 86 62 Miscellaneous 37 37 51 14 Total revenues 14,500 14,500 16,614 2,114

Expenditures: Current: General government Building and development service 2,392 3,028 2,586 442 Public safety Building and development service 1,925 2,360 2,126 234 Public works 1,305 1,585 1,414 171 Total public safety 3,230 3,945 3,540 405 Physical environment Building and development service 452 460 416 44 Transportation Public works 933 1,078 907 171 Economic environment Neighborhood services 2,013 2,324 1,856 468 Human services Community services 1 1 - 1 Total expenditures 9,021 10,836 9,305 1,531

Excess (deficiency) of revenues over expenditures 5,479 3,664 7,309 3,645

Other financing uses: Reserve for contingencies (109) - - - Transfers to other funds (4,764) (4,891) (4,891) - Total other financing uses (4,873) (4,891) (4,891) -

Net change in fund balances 606 (1,227) 2,418 3,645 Fund balances, October 1 11,385 11,385 11,385 - Fund balances, September 30 $ 11,991 $ 10,158 $ 13,803 $ 3,645

Final Budget

(Negative)Positive


Manatee County, FloridaUnincorporated Services Special Revenue Fund


Variance with


-74-


Revenues: Taxes $ 1,148 $ 1,148 $ 1,618 $ 470 Interest income 1 1 5 4 Total revenues 1,149 1,149 1,623 474

Expenditures: Current: Public safety 1,237 1,237 1,140 97


Other financing uses: Reserved for contingencies (47) (47) - 47 Transfers to other funds - (531) (531) -

Total other financing uses (47) (578) (531) 47

Net change in fund balances (135) (666) (48) 618 Fund balances, October 1 1,287 1,287 1,287 - Fund balances, September 30 $ 1,152 $ 621 $ 1,239 $ 618

Manatee County, Florida911 Enhancements Special Revenue Fund



(Negative)


Positive

-75-


Revenues: Intergovernmental $ 2,434 $ 2,878 $ 1,342 $ (1,536)

Expenditures: Current: Transportation 1,280 1,723 1,358 365

Excess (deficiency) of revenues over expenditures 1,154 1,155 (16) (1,171)

Other financing sources: Transfers from other funds 32 32 18 (14)

Net change in fund balances 1,186 1,187 2 (1,185) Fund balances, October 1 31 31 31 - Fund balances, September 30 $ 1,217 $ 1,218 $ 33 $ (1,185)

Positive(Negative)

Final Budget

Manatee County, FloridaMetropolitan Planning Special Revenue Fund

Variance with



-76-


Revenues: Taxes $ 85 $ 85 $ 86 $ 1 Charges for services 67 67 69 2 Interest income 9 9 49 40 Assessments 109 109 141 32 Total revenues 270 270 345 75

Expenditures: Current: Physical environment 143 143 64 79 Transportation 84 91 81 10 Debt service 50 50 - 50 Total expenditures 277 284 145 139


Other financing uses: Transfers to other funds (28) (28) (28) -

Net change in fund balances (35) (42) 172 214 Fund balances, October 1 2,588 2,588 2,588 - Fund balances, September 30 $ 2,553 $ 2,546 $ 2,760 $ 214



Positive(Negative)

Manatee County, FloridaAssessment Revenue Special Revenue Fund



-77-

Manatee County, FloridaImpact Fees Special Revenue Fund




Revenues: Licenses and permits $ 9,568 $ 9,568 $ 13,641 $ 4,073 Interest income 36 36 133 97 Total revenues 9,604 9,604 13,774 4,170

Expenditures: Current: General government 180 330 275 55 Economic environment 65 65 43 22 Total expenditures 245 395 318 77

Excess (deficiency) of revenues over expenditures 9,359 9,209 13,456 4,247

Other financing sources (uses):

Reserved for contingencies (3) - - - Transfers from other funds 183 183 183 - Transfers to other funds (12,529) (17,023) (15,522) 1,501 Total other financing sources (uses) (12,349) (16,840) (15,339) 1,501



Positive(Negative)


-78-


Revenues: Intergovernmental $ 9,100 $ 13,107 $ 8,970 $ (4,137) Charges for services - 33 46 13 Interest income - - 9 9 Miscellaneous - 16 16 - Total revenues 9,100 13,156 9,041 (4,115)

Expenditures: Current: General government Community services 12 153 142 11

Public safety Building 444 444 - 444 Community services 4 129 124 5 Neighborhood services 3 46 46 - Parks and natural resources 62 395 128 267 Public safety 199 334 277 57 Total public safety 712 1,348 575 773

Physical environment Community services 3 36 34 2 County administration - 12 12 - Parks and natural resources 97 112 4 108 Property management - 5 5 - Total physical environment 100 165 55 110

Transportation Neighborhood services 445 812 344 468 Parks and natural resources 495 650 356 294 Public works 161 161 108 53 Total transportation 1,101 1,623 808 815

Economic environment Neighborhood services 1,232 1,740 930 810

Human services Community services 896 1,616 1,540 76 Neighborhood services 233 229 - 229 Planning 99 227 128 99 Total human services 1,228 2,072 1,668 404

Culture and recreation Neighborhood services - 70 - 70


Excess (deficiency) of revenues over expenditures 4,715 5,985 4,863 (1,122)

Other financing sources (uses): Transfers from other funds - 142 142 - Transfers to other funds (5,451) (5,451) (5,451) - Total other financing sources (uses) (5,451) (5,309) (5,309) -

Net change in fund balances (736) 676 (446) (1,122) Fund balances, October 1 1,384 1,384 1,384 - Fund balances, September 30 $ 648 $ 2,060 $ 938 $ (1,122)


Manatee County, FloridaFederal and State Grants Special Revenue Fund



Variance with

Positive(Negative)

Final Budget

-79-

Original Final Budget Budget Actual

Revenues: Charges for services $ - $ 714 $ 812 $ 98 Fines and forfeitures 285 285 62 (223) Interest income 5 5 6 1 Total revenues 290 1,004 880 (124)

Expenditures: Current: Public safety - 714 714 -

Excess (deficiency) of revenues over expenditures 290 290 166 (124)

Other financing uses: Transfers to other funds - (515) (456) 59

Net change in fund balances 290 (225) (290) (65) Fund balances, October 1 2,241 2,241 2,241 - Fund balances, September 30 $ 2,531 $ 2,016 $ 1,951 $ (65)

Final Budget

(Negative)Positive


Manatee County, FloridaLaw Enforcement Special Revenue Fund



Variance with

-80-


Revenues: Intergovernmental $ 1,393 $ 1,590 $ 1,469 $ (121) Interest income 7 10 7 (3) Miscellaneous - 138 171 33 Total revenues 1,400 1,738 1,647 (91)

Expenditures: Current: Economic environment 1,506 1,868 1,301 567


Fund balances, October 1 173 173 173 - Fund balances, September 30 $ 67 $ 43 $ 519 $ 476

Manatee County, FloridaAffordable Housing Special Revenue Fund




Positive(Negative)


-81-


Revenues: Interest income $ 17 $ 17 $ 55 $ 38 Miscellaneous - - 2 2 Total revenues 17 17 57 40

Expenditures: Current: Human services 1,726 6,796 6,685 111

Excess (deficiency) of revenues over expenditures (1,709) (6,779) (6,628) 151

Other financing uses: Transfers to other funds (100) (100) (100) -

Net change in fund balances (1,809) (6,879) (6,728) 151 Fund balances, October 1 7,515 7,515 7,515 - Fund balances, September 30 $ 5,706 $ 636 $ 787 $ 151

(Negative)



Positive

Manatee County, FloridaHealth Care Special Revenue Fund



-82-


Revenues: Interest income $ 8 $ - $ 3 $ 3

Expenditures: Economic environment 540 181 164 17

Excess (deficiency) of revenues over expenditures (532) (181) (161) 20

Other financing sources (uses): Transfers from other funds 818 847 847 - Transfers to other funds (380) (3,947) (3,937) 10 Total other financing sources (uses) 438 (3,100) (3,090) 10

Net change in fund balances (94) (3,281) (3,251) 30 Fund balances, October 1 3,557 3,557 3,557 - Fund balances, September 30 $ 3,463 $ 276 $ 306 $ 30

Final BudgetPositive

(Negative)

Manatee County, FloridaCommunity Redevelopment Special Revenue Fund



Variance with

-83-


Revenues: Licenses and permits $ 5,743 $ 5,743 $ 8,131 $ 2,388 Charges for services - - 25 25 Fines and forfeitures 62 62 52 (10) Interest income 8 8 85 77 Miscellaneous 329 329 394 65 Total revenues 6,142 6,142 8,687 2,545

Expenditures: Current: Public safety 5,510 6,972 6,119 853

Excess (deficiency) of revenues over expenditures 632 (830) 2,568 3,398

Other financing sources (uses): Reserved for contingencies (108) - - - Transfers from other funds 488 488 488 - Transfers to other funds - (699) (699) - Total other financing sources (uses) 380 (211) (211) -

Net change in fund balances 1,012 (1,041) 2,357 3,398 Fund balances, October 1 14,394 14,394 14,394 - Fund balances, September 30 $ 15,406 $ 13,353 $ 16,751 $ 3,398

Positive(Negative)

Final BudgetVariance with

Manatee County, FloridaBuilding and Permitting Special Revenue Fund



-84-


Revenues: Taxes $ 2,957 $ 2,957 $ 3,010 $ 53 Interest income - - 15 15 Total revenues 2,957 2,957 3,025 68

Expenditures: Debt service expenditures 2,939 2,940 2,932 8

Excess (deficiency) of revenues over expenditures 18 17 93 76

Fund balances, October 1 647 647 647 - Fund balances, September 30 $ 665 $ 664 $ 740 $ 76

PositiveFinal BudgetVariance with


(Negative)

Manatee County, FloridaGeneral Obligation Bonds



-85-


Revenues: Interest income $ - $ - $ 12 $ 12

Expenditures: Debt service expenditures 4,465 4,752 4,753 (1)


Other financing sources: Transfers from other funds 4,465 4,753 4,743 (10)

Net change in fund balances - 1 2 1 Fund balances, October 1 4 4 4 - Fund balances, September 30 $ 4 $ 5 $ 6 $ 1

(Negative)


Variance with

Manatee County, FloridaRevenue Improvement Bonds


Final BudgetPositive


-86-


Revenues: Intergovernmental $ 1,173 $ 1,173 $ 1,162 $ (11) Interest income - - 1 1 Total revenues 1,173 1,173 1,163 (10)

Expenditures: Debt service expenditures 1,713 1,713 1,713 -

Excess (deficiency) of revenues over expenditures (540) (540) (550) (10)

Other financing sources: Transfers from other funds 598 598 549 (49)

Net change in fund balances 58 58 (1) (59) Fund balances, October 1 1 1 1 - Fund balances, September 30 $ 59 $ 59 $ - $ (59)

Positive(Negative)

Manatee County, FloridaRevenue Refunding Bonds





-87-



Revenues: Interest income $ - $ - $ 16 $ 16

Expenditures: Debt service expenditures 8,124 8,124 8,125 (1)


Other financing sources (uses): Transfers from other funds 8,124 8,124 8,117 (7) Transfers to other funds - (3) (3) - Total other financing sources (uses) 8,124 8,121 8,114 (7)

Net change in fund balances - (3) 5 8 Fund balances, October 1 4 4 4 - Fund balances, September 30 $ 4 $ 1 $ 9 $ 8

(Negative)


Manatee County, FloridaRevenue Refunding and Improvement Bonds


Positive


-88-



Revenues: Interest income $ - $ - $ - $ -

Expenditures: Debt service expenditures 346 347 347 -

Excess (deficiency) of revenues over expenditures (346) (347) (347) -

Other financing sources: Transfers from other funds 346 347 347 -

Net change in fund balances - - - - Fund balances, October 1 - - - - Fund balances, September 30 $ - $ - $ - $ -

Positive(Negative)

Manatee County, FloridaRevenue Improvement Note



-89-

Nonmajor Enterprise Funds

Transit System

To account for the operations of the County's Mass Transit System. Stormwater

To account for the operations of the Stormwater Management System. Civic Center

To account for the operations of the Manatee Convention and Civic Center.

Transit CivicSystem Stormwater Center Total

Assets

Current unrestricted assets: Cash and cash equivalents $ - $ 2,777 $ 2,772 $ 5,549 Accounts receivable (net) 18 - 9 27 Interest receivable 1 1 2 4 Due from other governmental units 6,312 - - 6,312 Prepaid items 9 3 16 28 Inventory - - 30 30 Deposits - 183 3 186 Total current unrestricted assets 6,340 2,964 2,832 12,136

Noncurrent assets: Land and other nondepreciable assets 9,110 22,788 1,417 33,315 Capital assets, net of accumulated depreciation 18,157 3,205 3,046 24,408 Total noncurrent assets 27,267 25,993 4,463 57,723 Total assets 33,607 28,957 7,295 69,859


Deferred pension outflows 1,183 526 132 1,841

Liabilities

Current liabilities: Accounts payable 592 109 163 864 Wages and benefits payable 364 139 44 547 Contracts and retainages payable 654 96 - 750 Compensated absences 30 17 5 52 Unearned revenue - - 2 2 Deposits 2 - 418 420 Total current liabilities 1,642 361 632 2,635

Noncurrent liabilities: Advance from other funds 1,397 - - 1,397 Pension liability 2,936 1,291 292 4,519 Compensated absences 512 272 57 841 Other post-employment benefits 2,087 713 208 3,008 Total noncurrent liabilities 6,932 2,276 557 9,765 Total liabilities 8,574 2,637 1,189 12,400


Deferred pension inflows 1,013 454 105 1,572

Net Position

Net investment in capital assets 27,267 25,993 4,463 57,723 Unrestricted (2,064) 399 1,670 5 Total net position $ 25,203 $ 26,392 $ 6,133 $ 57,728

Manatee County, FloridaCombining Statement of Net Position

Nonmajor Enterprise FundsSeptember 30, 2015


-90-


Operating revenues: Charges for services $ 1,409 $ 25 $ 1,624 $ 3,058 Miscellaneous 110 - 39 149 Total operating revenues 1,519 25 1,663 3,207

Operating expenses: Personal services 6,301 2,450 787 9,538 Operating expenses 5,186 2,450 1,436 9,072 Depreciation and amortization 1,998 312 440 2,750 Total operating expenses 13,485 5,212 2,663 21,360

Operating loss (11,966) (5,187) (1,000) (18,153)

Nonoperating revenues (expenses): Operating grants and contributions 4,866 - 14 4,880 Interest income 7 12 15 34 Gain (loss) on disposition of assets (147) 24 - (123) Total nonoperating revenues (expenses) 4,726 36 29 4,791

Loss before contributions and transfers (7,240) (5,151) (971) (13,362)

Capital grants and contributions 10,633 62 - 10,695 Transfers in 7,059 4,422 600 12,081 Transfers out (119) (22) - (141) Changes in net position 10,333 (689) (371) 9,273

Total net position, October 1, as previously stated 17,727 28,374 6,766 52,867 Restatement of net position due to the implementation of GASB 68 (2,857) (1,293) (262) (4,412) Total net position, October 1, restated 14,870 27,081 6,504 48,455 Total net position, September 30 $ 25,203 $ 26,392 $ 6,133 $ 57,728

Manatee County, FloridaCombining Statement of Revenues, Expenses

and Changes in Fund Net PositionNonmajor Enterprise Funds


-91-


Cash flows from operating activities: Cash received from customers $ 1,496 $ 25 $ 1,600 $ 3,121 Cash payments to vendors for goods and services (1,182) (664) (1,026) (2,872) Cash payments to employees for services (5,235) (2,048) (645) (7,928) Cash payments to other funds (4,867) (2,003) (422) (7,292) Net cash provided (used) by operating activities (9,788) (4,690) (493) (14,971)

Cash flows from noncapital financing activities: Operating grants and contributions 4,441 - 14 4,455 Transfers in 7,059 4,422 600 12,081 Transfers out (119) (22) - (141) Increase in advance from other funds 1,222 - - 1,222 Net cash provided (used) by noncapital financing activities 12,603 4,400 614 17,617

Cash flows from capital and related financing activities: Acquisition and construction of capital assets (9,498) (792) (5) (10,295) Receipt of contributed capital 6,645 1,209 - 7,854 Proceeds from sale of assets 32 26 - 58 Net cash provided (used) by capital and related financing activities (2,821) 443 (5) (2,383)

Cash flows from investing activities: Interest on investments 6 13 14 33

Net increase (decrease) in cash and cash equivalents - 166 130 296 Cash and cash equivalents, October 1 - 2,611 2,642 5,253

$ - $ 2,777 $ 2,772 $ 5,549

(Continued)

Cash and cash equivalents, September 30

Manatee County, FloridaCombining Statement of Cash Flows

Nonmajor Enterprise FundsSeptember 30, 2015


-92-


Reconciliation of operating loss to net cash provided (used) by operating activities:Operating loss $ (11,966) $ (5,187) $ (1,000) $ (18,153) Adjustments to reconcile operating loss to net cash provided (used) by operating activities: Depreciation 1,998 312 440 2,750 Changes in assets, deferred outflows, liabilities and deferred inflows: (Increase) decrease in: Accounts receivable (5) - (9) (14) Due from other governmental units (20) - - (20) Prepaid items 13 (1) (2) 10 Deferred pension outflows (961) (373) (111) (1,445) Increase (decrease) in: Accounts payable 46 159 114 319 Wages and benefits payable 57 16 4 77 Unearned revenue - - 2 2 Compensated absences 51 2 (2) 51 Other post-employment benefits 127 83 13 223 Customer deposits 2 - (56) (54) Pension liability 1,106 420 127 1,653 Deferred pension inflows (236) (121) (13) (370) Total adjustments 2,178 497 507 3,182 Net cash provided (used) by operating activities $ (9,788) $ (4,690) $ (493) $ (14,971)

Noncash investing, capital, and financing activities:

Loss on disposition of assets $ 147 $ - $ - $ 147 Acquisition of contributed assets $ 311 $ - $ - $ 311


Nonmajor Enterprise Funds - ContinuedSeptember 30, 2015


-93-


Central Stores

To account for the County's central inventories. Motor Pool

To account for the operations of the County's fleet services. Communications

To account for the installation and maintenance of telephone and other communications equipment for the County.

Self Insurance

To account for all the workers' compensation, fleet and general liability claims that are made against the County.

Health Self Insurance

To account for the operations of the County’s health, dental and wellness programs. Automated Systems Maintenance

To account for the installation and maintenance of computer equipment for the County.

Health AutomatedSelf Self Systems

Motor Pool Insurance Insurance Maintenance Total

Assets

Current assets: Cash and cash equivalents $ 3,352 $ 5,292 $ 1,708 $ 12,738 $ 36,175 $ 2,111 $ 61,376 Accounts receivable (net) 20 15 2 214 194 1 446 Interest receivable 1 3 - 7 20 1 32 Due from other governmental units - - - - 1,175 - 1,175 Prepaid items - 91 - 2,133 - 328 2,552 Inventory 584 296 68 - - - 948 Deposits - - - 66 - - 66 Total current assets 3,957 5,697 1,778 15,158 37,564 2,441 66,595

Noncurrent assets: Advance to other funds - - - - 5,330 - 5,330 Land and other nondepreciable assets - 4,620 - - - 162 4,782 Capital assets, net of $26,280 acc. depr. 913 15,725 457 1 50 555 17,701 Total noncurrent assets 913 20,345 457 1 5,380 717 27,813 Total assets 4,870 26,042 2,235 15,159 42,944 3,158 94,408


Deferred pension outflows 20 452 239 118 42 38 909

Liabilities

Current liabilities: Accounts payable 131 664 36 46 990 13 1,880 Wages and benefits payable 4 148 51 21 21 9 254 Claims payable - - - 10,859 3,215 - 14,074 Compensated absences - 13 - - - - 13 Unearned revenue - - - - 196 - 196 Total current liabilities 135 825 87 10,926 4,422 22 16,417

Noncurrent liabilities: Pension liability 51 1,200 435 189 111 95 2,081 Compensated absences 20 353 112 21 13 8 527 Total noncurrent liabilities 71 1,553 547 210 124 103 2,608 Total liabilities 206 2,378 634 11,136 4,546 125 19,025


Deferred pension inflows 17 482 177 63 52 32 823

Net Position

Net investment in capital assets 913 20,345 457 1 50 717 22,483 Unrestricted 3,754 3,289 1,206 4,077 38,338 2,322 52,986 Total net position $ 4,667 $ 23,634 $ 1,663 $ 4,078 $ 38,388 $ 3,039 $ 75,469


CommunicationsCentral Stores

Manatee County, FloridaCombining Statement of Net Position


-94-

Health AutomatedSelf Self Systems

Central Stores Motor Pool Insurance Maintenance Total

Operating revenues: Charges for services $ 3,825 $ 11,005 $ 1,353 $ 7,931 $ 41,713 $ 1,511 $ 67,338 Miscellaneous - 22 - 500 855 - 1,377 Total operating revenues 3,825 11,027 1,353 8,431 42,568 1,511 68,715

Operating expenses: Personal services 84 2,296 786 2,639 352 153 6,310 Operating expenses 4,061 3,357 870 6,688 40,367 942 56,285 Depreciation 81 3,797 60 1 22 177 4,138 Total operating expenses 4,226 9,450 1,716 9,328 40,741 1,272 66,733

Operating income (loss) (401) 1,577 (363) (897) 1,827 239 1,982

Nonoperating revenues (expenses): Interest income 19 28 7 69 215 11 349 Gain (loss) on disposition of assets - 292 (18) - - - 274 Total nonoperating revenues (expenses) 19 320 (11) 69 215 11 623

Income (loss) before contributions and transfers (382) 1,897 (374) (828) 2,042 250 2,605

Capital contributions - 130 - - - - 130 Transfers in - - 1,071 - - - 1,071 Transfers out (22) (1,313) (17) (18) (43) - (1,413) Change in net position (404) 714 680 (846) 1,999 250 2,393

Total net position, October 1, as previously stated 5,121 24,250 1,371 5,055 36,519 2,882 75,198 Restatement of net position due to the implementation of GASB 68 (50) (1,330) (388) (131) (130) (93) (2,122) Total net position, October 1, restated 5,071 22,920 983 4,924 36,389 2,789 73,076 Total net position, September 30 $ 4,667 $ 23,634 $ 1,663 $ 4,078 $ 38,388 $ 3,039 $ 75,469

InsuranceCommunications

Manatee County, FloridaCombining Statement of Revenues, Expenses

and Changes in Fund Net PositionInternal Service Funds


-95-

HealthSelf Self

Central Stores Motor Pool Communications Insurance Insurance Total

Cash flows from operating activities: Cash received from customers $ 308 $ 437 $ 543 $ 501 $ 3,996 $ 9 $ 5,794 Cash received from other funds for goods and services 3,528 10,588 862 7,755 38,751 1,501 62,985 Cash payments to vendors for goods and services (3,624) (2,744) (549) (5,528) (39,437) (1,071) (52,953) Cash payments to employees for services (72) (2,086) (683) (2,577) (301) (134) (5,853) Cash payments to other funds (28) (562) (271) (168) (21) (31) (1,081) Net cash provided (used) by operating activities 112 5,633 (98) (17) 2,988 274 8,892

Cash flows from noncapital financing activities: Transfers in - - 1,071 - - - 1,071 Transfers out (22) (1,313) (17) (18) (43) - (1,413) Net cash provided (used) by non capital financing activities (22) (1,313) 1,054 (18) (43) - (342)

Cash flows from capital and related financing activities: Acquisition of capital assets (302) (5,287) (68) - - (350) (6,007) Proceeds from sale of assets - 385 - - - - 385 Net cash provided (used) by capital and related financing activities (302) (4,902) (68) - - (350) (5,622)

Cash flows from investing activities: Interest on investments 20 28 7 70 215 12 352

Net increase (decrease) in cash and cash equivalents (192) (554) 895 35 3,160 (64) 3,280

Cash and cash equivalents, October 1 3,544 5,846 813 12,703 33,015 2,175 58,096 Cash and cash equivalents, September 30 $ 3,352 $ 5,292 $ 1,708 $ 12,738 $ 36,175 $ 2,111 $ 61,376

Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ (401) $ 1,577 $ (363) $ (897) $ 1,827 $ 239 $ 1,982 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation 81 3,797 60 1 22 177 4,138 Changes in assets, deferred outflows, liabilities and deferred inflows: (Increase) decrease in: Accounts receivable 11 (2) 52 (175) (72) (1) (187) Due from other governmental units - - - - 306 - 306 Prepaid items - 48 124 12 - (95) 89 Inventory 340 (41) (7) - - - 292 Deposits - - - 28 - - 28 Deferred pension outflows (15) (351) (147) (51) (34) (29) (627) Increase (decrease) in: Accounts payable 83 347 28 (14) 774 (45) 1,173 Wages and benefits payable (1) 19 13 1 2 - 34 Claims payable - - - 1,011 135 - 1,146 Unearned revenue - - - - 2 - 2 Compensated absences 1 (12) 10 13 1 3 16 Pension liability 18 369 146 70 39 34 676 Deferred pension inflows (5) (118) (14) (16) (14) (9) (176) Total adjustments 513 4,056 265 880 1,161 35 6,910

Net cash provided (used) by operating activities $ 112 $ 5,633 $ (98) $ (17) $ 2,988 $ 274 $ 8,892

Noncash investing, capital and financing activities: Loss on disposition of assets $ - $ - $ 18 $ - $ - $ - $ 18 Acquisition of contributed assets - 130 - - - - 130

Maintenance

Automated


Internal Service FundsFor the Fiscal Year Ended September 30, 2015


Systems

-96-

Fiduciary Funds

Clerk-General Agency

This agency fund accounts for monies held in trust by the Clerk of Circuit Court and Comptroller prior to disbursement.

Sheriff-General Agency

This agency fund accounts for monies held by the Sheriff in a custodial capacity. Tax Collector–State–General Agency

This agency fund account is custodial in nature and acts as a clearing account for assets held by the Tax Collector prior to legal disbursement.

Tax Collector–Local–General Agency

This agency fund account is custodial in nature and acts as a clearing account for assets held by the Tax Collector prior to legal disbursement.

Tax TaxCollector Collector

Clerk Sheriff State LocalGeneral General General GeneralAgency Agency Agency Agency Total

Assets

Cash and cash equivalents $ 10,930 $ 1,109 $ 489 $ 5,551 $ 18,079

Liabilities

Due to individuals $ 9,885 $ 1,109 $ - $ - $ 10,994 Due to other governmental units 1,045 - 489 5,551 7,085 Total liabilities $ 10,930 $ 1,109 $ 489 $ 5,551 $ 18,079

Manatee County, FloridaCombining Statement of Fiduciary Net Position

All Agency FundsSeptember 30, 2015


-97-

Balance BalanceOctober 1 Additions Deductions September 30

Clerk General Agency:Assets

Cash and cash equivalents $ 13,345 $ 110,395 $ 112,810 $ 10,930

Liabilities

Due to individuals $ 12,802 $ 58,421 $ 61,338 $ 9,885 Due to other governmental units 543 51,974 51,472 1,045 Total liabilities $ 13,345 $ 110,395 $ 112,810 $ 10,930

Sheriff General Agency:Assets

Cash and cash equivalents $ 772 $ 3,427 $ 3,090 $ 1,109

Liabilities

Due to individuals $ 772 $ 3,486 $ 3,149 $ 1,109

Tax Collector-State-General Agency:Assets

Cash and cash equivalents $ 381 $ 27,568 $ 27,460 $ 489

Liabilities

Due to other governmental units $ 381 $ 30,371 $ 30,263 $ 489

Tax Collector-Local-General Agency:Assets


Liabilities

Due to other governmental units $ 5,228 $ 534,436 $ 534,113 $ 5,551

Total All Agency Funds:Assets


Liabilities

Due to individuals $ 13,574 $ 61,907 $ 64,487 $ 10,994 Due to other governmental units 6,152 616,781 615,848 7,085 Total liabilities $ 19,726 $ 678,688 $ 680,335 $ 18,079

(Amounts expressed in thousands)For the Fiscal Year Ended September 30, 2015

All Agency FundsCombining Statement of Changes in Assets and Liabilities


-98-

A thousand years ago, Native Americans played a game with a wooden ball and a staff with a hoop end that both honored warriors and the “Creator God.” Over time that game has evolved into Lacrosse, a team sport using a rubber ball and lacrosse sticks strung with loose mesh designed to catch, cradle and pass the ball. While the game grew in popularity in northern areas of the United States, it has only become popular in Florida in recent decades. Currently, Manatee County hosts several active and successful Lacrosse teams for all ages including High School and collegiate competitions.

Photography Courtesy of NA Sports

STATISTICA

L SECTIO

N

STATISTICAL SECTION This part of the Manatee County Government’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government’s overall financial health. Contents Page Financial Trends 99

These schedules contain trend information to help the reader understand how the government’s financial performance and well-being has changed over time.

Revenue Capacity 104

These schedules contain information to help the reader assess the County’s most significant sources of revenue.

Debt Capacity 108

These schedules contain information to help the reader assess the affordability of the County’s current level of debt and the County’s ability to issue debt in the future.

Demographics and Economic Information 110

These schedules offer demographics and economic indicators to help the reader understand the environment within which the County’s financial activities take place.

Operating Information 112

These schedules contain information regarding the number of employees, the operating indicators, and the capital assets used in the various functions and programs.

Other 117

These schedules contain other information to assist the readers in understanding the County’s operations.

Current Debt 119

These schedules contain information regarding the County’s current debt.

2015 2014(1) 2013 2012 2011 2010 2009 2008 2007 2006Governmental activities: Net investment in capital assets $ 925,261 $ 889,297 $ 859,551 $ 848,429 $ 838,347 $ 800,517 $ 808,472 $ 726,787 $ 666,428 $ 558,419 Restricted - 5,306 6,889 6,460 5,829 6,206 5,967 10,384 61,199 58,440 Unrestricted 127,021 140,458 286,389 308,917 330,254 376,864 354,914 393,284 314,948 293,746 Total governmental activities net position 1,052,282 1,035,061 1,152,829 1,163,806 1,174,430 1,183,587 1,169,353 1,130,455 1,042,575 910,605

Business-type activities: Net investment in capital assets 767,066 739,886 721,029 715,184 711,960 686,634 651,248 605,965 535,979 482,693 Restricted 10,013 10,359 11,476 16,950 20,801 9,765 9,360 7,996 8,921 3,931 Unrestricted 163,633 146,196 158,011 122,663 101,167 98,090 111,084 120,963 127,125 127,550 Total business-type activities net position 940,712 896,441 890,516 854,797 833,928 794,489 771,692 734,924 672,025 614,174

Primary government: Net investment in capital assets 1,692,327 1,629,183 1,580,580 1,563,613 1,550,307 1,487,151 1,459,720 1,332,752 1,202,407 1,041,112 Restricted 10,013 15,665 18,365 23,410 26,630 15,971 15,327 18,380 70,120 62,371 Unrestricted 290,654 286,654 444,400 431,580 431,421 474,954 465,998 514,247 442,073 421,296 Total primary government net position $ 1,992,994 $ 1,931,502 $ 2,043,345 $ 2,018,603 $ 2,008,358 $ 1,978,076 $ 1,941,045 $ 1,865,379 $ 1,714,600 $ 1,524,779

(1) Certain fiscal year 2014 balances have been restated due to the implementation of GASB 68.

Manatee County, FloridaNet Position by Component

Last Ten Fiscal Years (Amounts expressed in thousands)

-99-

Governmental activities: 2015 2014(1) 2013 2012 2011 2010 2009 2008 2007 2006Functions/Programs Expenses General government $ 83,176 $ 79,466 $ 77,800 $ 80,151 $ 77,272 $ 75,363 $ 85,233 $ 83,206 $ 71,735 $ 66,003 Public safety 152,037 139,344 141,768 145,074 145,172 144,640 147,808 146,619 137,207 131,590 Physical environment 8,482 8,399 8,034 6,734 6,744 8,031 10,524 10,945 11,598 10,327 Transportation 36,644 36,601 35,118 34,304 34,889 37,775 37,844 33,019 32,591 26,697 Economic environment 14,873 13,911 16,159 13,269 16,047 16,591 16,091 15,358 14,818 12,545 Human services 29,387 32,394 31,844 30,445 28,397 25,990 29,020 28,701 26,782 24,193 Culture and recreation 19,654 17,314 17,339 17,477 17,843 16,872 18,687 18,827 19,739 18,330 Interest on long-term debt 4,207 4,677 4,195 5,791 6,223 6,772 7,626 8,438 9,870 6,500 Total governmental activities 348,460 332,106 332,257 333,245 332,587 332,034 352,833 345,113 324,340 296,185

Program Revenues Charges for services General government 35,958 34,912 26,852 26,202 24,306 23,400 28,288 28,148 29,349 29,199 Public safety 24,346 22,455 22,179 18,005 16,550 15,912 14,048 14,377 16,983 19,192 Physical environment 327 130 175 188 223 387 282 238 291 799 Transportation 8,989 12,304 10,149 8,011 5,326 7,800 8,088 14,608 16,762 19,307 Economic environment 330 299 311 238 246 93 196 237 1,039 808 Human services 192 135 250 412 512 839 1,474 3,442 3,272 5,024 Culture and recreation 6,048 5,275 5,063 3,351 2,338 2,504 2,168 2,697 3,100 4,161 Operating grants and contributions 20,678 18,413 25,503 19,468 22,158 24,359 20,384 20,223 20,275 22,044 Capital grants and contributions 7,797 11,001 3,985 9,919 18,325 9,947 33,449 45,796 41,385 30,848 Total governmental activities program revenues 104,665 104,924 94,467 85,794 89,984 85,241 108,377 129,766 132,456 131,382

Net (Expense) Revenue (243,795) (227,182) (237,790) (247,451) (242,603) (246,793) (244,456) (215,347) (191,884) (164,803)

General Revenues and Other Changes in Net Position Taxes Property taxes 172,458 160,543 154,445 157,628 164,066 189,299 208,545 226,446 237,022 196,309 Gasoline taxes 23,543 21,777 21,031 21,119 20,924 21,050 20,803 21,148 19,209 15,655 Sales tax 23,250 23,671 18,722 18,984 17,803 16,331 16,208 17,676 19,095 20,196 Other taxes Tourism taxes 11,611 10,441 8,918 8,065 6,971 6,382 5,147 5,013 4,806 4,814 Communication services taxes 4,934 5,434 5,141 5,153 5,256 5,404 5,623 5,438 5,280 5,013 Phosphate severance taxes 421 424 790 674 940 725 1,198 377 528 2,019 Vessel tax 405 366 366 353 403 305 388 298 276 154 State revenue sharing 8,543 7,797 7,249 12,818 12,405 12,199 7,578 6,721 7,271 7,467 Interest income 2,473 1,504 1,347 2,613 3,178 5,805 14,311 17,581 27,649 17,666 Miscellaneous 17,524 16,852 10,547 9,714 9,771 9,406 8,700 9,511 10,533 9,320 Transfers (4,146) (3,354) (1,743) (294) (8,271) (4,881) (5,147) (6,981) (7,816) (6,478) Total general revenues and other changes in net position 261,016 245,455 226,813 236,827 233,446 262,025 283,354 303,228 323,853 272,135 Total governmental activities change in net position $ 17,221 $ 18,273 $ (10,977) $ (10,624) $ (9,157) $ 15,232 $ 38,898 $ 87,881 $ 131,969 $ 107,332

(Continued)

Manatee County, FloridaChanges in Net Position



-100-

Business-Type Activities 2015 2014(1) 2013 2012 2011 2010 2009 2008 2007 2006Function/Program Expenses Water and sewer $ 103,855 $ 98,059 $ 91,871 $ 93,388 $ 91,420 $ 88,061 $ 88,066 $ 87,504 $ 82,885 $ 72,765 Port Authority 13,788 15,258 15,311 15,043 15,239 16,115 14,400 14,711 14,261 14,523 Solid waste 34,666 32,954 32,404 31,500 25,006 31,328 29,913 40,667 38,550 35,218 Transit 13,525 12,233 12,289 10,700 11,208 10,979 10,910 10,924 9,242 8,168 Stormwater 5,070 4,856 4,836 4,026 3,904 3,325 3,780 4,202 3,939 3,387 Golf courses - - - 348 3,272 3,179 3,476 4,090 3,877 3,841 Civic center 2,668 2,281 2,374 4,800 2,692 2,322 2,408 2,738 2,642 2,391 Total expenses 173,572 165,641 159,085 159,805 152,741 155,309 152,953 164,836 155,396 140,293

Program Revenues Charges for services Water and sewer 115,478 108,967 105,648 103,725 98,006 90,976 93,723 94,391 105,496 102,091 Port Authority 10,287 9,457 10,384 10,281 10,171 11,697 11,151 10,869 12,638 13,523 Solid waste 40,083 38,438 37,904 37,195 35,342 36,701 38,390 43,502 43,551 39,742 Transit 1,409 1,284 1,206 1,177 1,064 1,096 1,053 1,087 969 1,014 Stormwater 49 66 179 94 45 80 76 7 1 1 Golf courses - - - 862 2,957 2,828 3,349 3,680 3,810 3,775 Civic center 1,624 1,532 1,392 1,394 1,449 1,311 1,279 1,309 1,255 1,240 Operating grants and contributions 5,004 5,769 4,923 3,788 3,245 3,684 4,133 3,565 3,231 3,014 Capital grants and contributions 39,580 25,125 31,248 20,579 31,404 24,449 29,982 60,732 33,840 20,584 Total revenues 213,514 190,638 192,884 179,095 183,683 172,822 183,136 219,142 204,791 184,984

Net (Expense) Revenue 39,942 24,997 33,799 19,290 30,942 17,513 30,183 54,306 49,395 44,691

General Revenues and Other Changes in Net Position Interest income 34 19 15 52 62 113 314 300 326 246 Miscellaneous 149 143 162 182 164 894 1,124 763 315 686 Gain on asset impairment - - - 1,051 - - - - - - Extraordinary item - debt forgiveness - - - - - - - 548 - - Transfers 4,146 3,354 1,743 294 8,271 4,881 5,147 6,981 7,816 6,478 Total general revenues and other changes in net position 4,329 3,516 1,920 1,579 8,497 5,888 6,585 8,592 8,457 7,410

Total business-type activity change in net position 44,271 28,513 35,719 20,869 39,439 23,401 36,768 62,898 57,852 52,101

Total primary government change in net position $ 61,492 $ 46,786 $ 24,742 $ 10,245 $ 30,282 $ 38,633 $ 75,666 $ 150,779 $ 189,821 $ 159,433

Manatee County, FloridaChanges in Net Position - Continued

Last Ten Fiscal Years(Amounts expressed in thousands)


-101-

Revenues: 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Taxes $ 207,764 $ 193,590 $ 185,069 $ 187,491 $ 192,805 $ 217,734 $ 235,692 $ 253,527 $ 261,550 $ 216,963 Licenses and permits 25,811 27,869 24,035 17,144 12,228 13,128 11,198 5,895 7,848 8,766 Intergovernmental 68,865 71,078 62,406 64,148 73,489 66,247 57,118 60,167 64,471 67,915 Charges for services 43,193 38,673 40,112 36,382 37,205 38,374 41,491 56,538 55,828 61,042 Fines and forfeitures 6,566 8,759 1,787 1,067 1,377 1,480 3,157 4,047 4,183 4,112 Interest income 2,154 1,299 1,237 2,074 3,067 5,727 14,162 19,169 29,260 21,421 Assessments 141 173 532 94 110 169 224 150 234 286 Contributions 5,223 1,656 2,397 1,941 4,227 5,373 7,566 2,084 3,064 6,481 Miscellaneous 7,018 5,427 6,030 5,233 5,180 4,902 4,466 4,847 6,022 5,644 Total revenues 366,735 348,524 323,605 315,574 329,688 353,134 375,074 406,424 432,460 392,630

Expenditures: General government 75,256 74,199 70,073 68,914 70,899 72,199 76,706 79,409 74,452 70,091 Public safety 150,126 142,977 133,028 134,356 136,625 136,132 139,465 143,042 140,089 133,823 Physical environment 5,007 4,758 4,291 4,625 4,781 5,154 5,778 7,442 8,303 7,525 Transportation 22,928 23,927 19,138 21,776 22,507 25,401 27,404 22,740 24,268 21,860 Economic environment 15,357 14,471 16,413 13,387 16,298 16,857 16,448 15,543 14,926 12,719 Human services 29,452 30,088 30,148 30,051 28,147 25,594 28,635 28,561 26,722 24,081 Culture and recreation 15,352 14,831 14,507 14,388 14,900 15,741 18,051 18,451 20,031 18,659 Intergovernmental 4,361 4,026 4,568 3,781 4,336 4,373 4,489 5,799 3,927 3,109 Debt service: Interest 4,918 5,383 4,956 6,303 6,784 7,409 8,171 9,016 10,432 6,739 Principal 13,079 20,395 14,250 13,275 12,903 12,180 33,173 17,397 20,842 8,050 Capital projects 52,420 39,041 18,493 22,008 44,579 43,655 36,209 47,146 135,404 76,298 Total expenditures 388,256 374,096 329,865 332,864 362,759 364,695 394,529 394,546 479,396 382,954

Excess of revenues over (under) expenditures (21,521) (25,572) (6,260) (17,290) (33,071) (11,561) (19,455) 11,878 (46,936) 9,676

Other financing sources (uses): Bond proceeds - 6,482 - - - - - - - - Revenue or refunding bonds issued - 7,275 79,640 - - 13,740 - - - 59,585 Loans issued and capital lease acquisition - - 5,984 - - - - - 37,087 - Premiums on bonds - - 14,231 - - 755 - - - 3,210 Payments to refunded bond escrow agent - - (87,607) - - (14,295) - - - - Transfers in 72,459 51,884 47,285 63,113 63,291 60,406 82,209 167,972 104,541 65,907 Transfers out (76,263) (54,646) (49,578) (64,983) (72,899) (67,886) (89,856) (178,716) (112,358) (72,385) Total other financing sources (uses) (3,804) 10,995 9,955 (1,870) (9,608) (7,280) (7,647) (10,744) 29,270 56,317

Net change in fund balances $ (25,325) (14,577) $ 3,695 $ (19,160) $ (42,679) $ (18,841) $ (27,102) $ 1,134 $ (17,666) $ 65,993

Capital outlay in functional categories $ 10,248 $ 11,863 $ 6,228 $ 6,609 $ 8,843 $ 9,582 $ 7,827 $ 10,454 $ 15,865 $ 15,417 Noncapital expenditures(1) $ 325,588 323,192 $ 305,144 $ 304,247 $ 309,337 $ 311,458 $ 350,493 $ 336,946 $ 328,127 $ 291,239 Debt service as a percentage of noncapital expenditures 5.53% 7.98% 6.29% 6.44% 6.36% 6.29% 11.80% 7.84% 9.53% 5.08%

Manatee County, FloridaChanges in Fund Balances - Governmental Funds


(1) Noncapital expenditures exclude capital projects and capital outlay in functional categories.

-102-

General Fund: (1) 2015 2014 2013 2012 2011

Nonspendable $ 19,015 $ 16,201 $ 16,689 $ 6,510 $ 14,370 Restricted 70 70 1,104 58 117 Committed 1,121 1,623 2,527 2,572 1,815 Assigned 5,027 4,766 5,158 3,093 4,828 Unassigned 66,252 69,810 74,194 93,062 97,607 Total general fund $ 91,485 $ 92,470 $ 99,672 $ 105,295 $ 118,737

All Other Governmental Funds: Nonspendable $ 2,568 $ 2,886 $ 6,143 $ 1,296 $ 2,863 Restricted 162,852 185,850 188,630 186,915 191,501 Committed 16,900 14,325 11,345 10,529 10,322 Assigned 35,067 38,666 42,984 45,232 45,756 Unassigned - - - (4,188) (4,940) Total all other governmental funds $ 217,387 $ 241,727 $ 249,102 $ 239,784 $ 245,502

General Fund: 2010 2009 2008 2007 2006 Reserved for: Encumbrances $ 6,160 $ 6,007 $ 5,378 $ 4,911 $ 4,519 Prepaid items 568 299 233 287 116 Inventory 257 251 283 285 265 Advance to other funds 5,327 5,277 4,489 17,704 24,320 Unreserved 116,219 116,402 115,251 117,749 94,932 Total general fund $ 128,531 $ 128,236 $ 125,634 $ 140,936 $ 124,152

All Other Governmental Funds: Reserved for: Encumbrances $ 33,088 $ 40,074 $ 16,407 $ 36,814 $ 82,759 Prepaid items 77 112 82 170 26 Inventory 133 162 - - - Advance to other funds 872 1,907 1,907 907 907 Long-term amounts due from other governmental units 8,705 13,431 15,937 8,727 8,748 Permanent fund - - - 56,444 57,616 Unreserved, reported in: Special revenue funds 147,411 143,694 165,811 133,910 92,829 Debt service funds 395 398 471 894 824 Capital project funds 87,707 97,747 126,613 72,926 101,533 Total all other governmental funds $ 278,388 $ 297,525 $ 327,228 $ 310,792 $ 345,242

(1) In FY2011 the County implemented GASB 54 under which governmental fund balances are reported as nonspendable, restricted committed, assigned and unassigned.

Manatee County, FloridaFund Balances - Governmental Funds


-103-

NetCommercial Assessed Value Total Total Estimated

Fiscal Tax Residential and Industrial Other of Personal Direct ActualYear Year Property Property Property Property (2) Assessed Value Tax Rate (3) Value (4)

2006 2005 $ 18,186,417 $ 3,525,004 $ 1,071,774 $ 1,975,827 $ 24,759,022 7.7063 33,580,815 73.73%

2007 2006 23,003,462 4,006,873 1,184,175 2,541,168 30,735,678 7.5063 42,449,640 72.41%

2008 2007 26,213,357 4,369,318 1,178,162 2,692,249 34,453,086 6.3869 47,349,467 72.76%

2009 2008 25,404,479 4,443,901 1,124,642 2,520,744 33,493,766 6.3949 43,570,796 76.87%

2010 2009 21,227,750 4,027,426 882,384 2,536,232 28,673,792 6.4083 38,180,597 75.10%

2011 2010 17,691,626 3,887,290 812,334 2,453,435 24,844,685 6.4247 32,618,003 76.17%

2012 2011 16,939,273 3,669,947 771,043 2,376,466 23,756,729 6.4296 30,972,222 76.70%

2013 2012 16,477,891 3,556,689 761,194 2,462,136 23,257,910 6.4326 30,060,227 77.37%

2014 2013 17,276,800 3,559,058 795,015 2,525,934 24,156,807 6.4326 31,330,838 77.10%

2015 2014 18,885,024 3,657,751 839,467 2,569,393 25,951,635 6.4326 34,685,005 74.82%

Source: Manatee County Property Appraiser

(1) Taxable value of property subject to direct tax rate.(2) Personal property includes furniture, fixtures, tools, machinery, equipment, etc. and is taxed at various rates.(3) Refer to page 107 for a detail of the Total Direct Tax Rate.(4) Estimated Actual Value represents the Total Net Taxable Assessed Value plus the value of a) tax exempt properties (i.e., governmental and institutional), b) exemptions (i.e. homestead exemption) and c) the 1992 Florida Constitution amendment known as "Save Our Homes" (or Amendment 10 Cap).

Manatee County, FloridaAssessed and Estimated Values of Property


Net TaxableActual Value

Taxable AssessedNet Assessed Value of Real Property (1)

Value as Percentageof Estimated

-104-

Total Tax Collection in Fiscal Tax Levy for Subsequent Year Year Fiscal Year (1) (4) Amount (1) (2) Years (2) (3) Amount Percentage of Levy

2006 2005 $ 203,156 $ 196,309 96.63% $ 61 $ 196,370 96.66%

2007 2006 245,455 236,989 96.55% 75 237,064 96.58%

2008 2007 234,771 226,446 96.45% 148 226,594 96.52%

2009 2008 213,749 208,502 97.55% 917 209,419 97.97%

2010 2009 196,043 188,441 96.12% 651 189,092 96.45%

2011 2010 169,938 163,616 96.28% 426 164,042 96.53%

2012 2011 162,715 156,857 96.40% 282 157,139 96.57%

2013 2012 159,669 154,031 96.47% 154 154,185 96.57%

2014 2013 166,094 160,149 96.42% 129 160,278 96.50%

2015 2014 178,675 172,227 96.39% - 172,227 96.39%

(1) Property tax levies, based on assessed values as of January 1st, become due and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in November, with the discount declining by one percent each month thereafter. Accordingly, taxes collected will never be 100 percent of the tax levy. Taxes become delinquent on April 1st of each year and tax certificates for the full amount of any unpaid taxes and assessments must be sold no later than June 1st of each year. Collections received subsequent to the tax sales are remitted by the Tax Collector directly to the certificate holders.(2) Collections in subsequent years include delinquent taxes received, less refunds issued due to tax roll corrections.(3) Source: Manatee County Tax Collector(4) Source: Manatee County Property Appraiser

Total Collections to Date

Manatee County, FloridaProperty Tax Levies and Collections


Percentage of Levy Fiscal Year of the LevyCollected within the

-105-

Assessed Gross Assessed GrossTaxpayer Value Tax Ranking Value Tax Ranking

Florida Power and Light Company $ 818,162 3.15% $ 12,440 1 $ 761,962 3.08% $ 12,799 1

Tropicana Products, Inc. 404,531 1.56% 6,853 2 325,123 1.31% 6,461 2

Gulfstream Natural Gas System LLC 181,100 0.70% 2,707 3 124,299 0.50% 2,061 4

Manatee Memorial Hospital 115,375 0.44% 2,195 4 48,141 0.19% 992 10

Mosaic Fertilizer LLC 121,213 0.47% 1,810 5 - - - -

Gulf Coast Factory Shops 110,000 0.42% 1,644 6 75,786 0.31% 1,301 5

Verizon Florida, Inc. 96,953 0.37% 1,550 7 146,021 0.59% 2,513 3

Peace River Electric Co Op, Inc. 100,780 0.39% 1,507 8 - - - -

Wal-Mart Stores, Inc. 79,167 0.31% 1,358 9 60,376 0.24% 1,182 8

HCA Health Services of Florida, Inc. 61,364 0.24% 1,242 10 - - - -

Benderson - - - - 64,802 0.26% 1,269 6

Bright House Networks - - - - 68,448 0.28% 1,212 7

Inland Southeast (Quizno's) - - - - 60,648 0.24% 1,151 9

$ 2,088,645 8.05% $ 33,306 $ 1,735,606 7.00% $ 30,941

(1) Percentage of total net assessed value is calculated using total net taxable assessed value on page 104.

Source: 2015 - Manatee County Property Appraiser; 2006 - Manatee County Tax Collector

Manatee County, FloridaPrincipal Property Taxpayers

Fiscal Year 2015Percentage Percentageof Total Net of Total Net

Fiscal Year 2006

Current and Nine Years Ago(Amounts expressed in thousands)

Assessed AssessedValue (1) Value (1)

-106-

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Direct Rates County Operating General Operation Fund 5.4902 5.4750 5.4707 5.4707 5.4791 5.3929 5.3389 5.3143 6.2635 6.3958 Transportation Trust Fund 0.2416 0.2425 0.2446 0.2625 0.2625 0.3487 0.3843 0.4456 0.5666 0.5878 Library Operating Fund 0.2475 0.2485 0.2507 0.2328 0.2244 0.2244 0.2428 0.2061 0.2387 0.2550 Children's Service Fund 0.3333 0.3333 0.3333 0.3333 0.3333 0.3333 0.3333 0.3333 0.3333 0.3333 Debt 0.1200 0.1333 0.1333 0.1303 0.1254 0.1090 0.0956 0.0876 0.1042 0.1344 Total 6.4326 6.4326 6.4326 6.4296 6.4247 6.4083 6.3949 6.3869 7.5063 7.7063

Overlapping Rates (1)

School Board 7.3760 7.5720 7.5890 7.9600 7.5910 7.5410 7.3720 7.6660 7.6140 7.9330

Tax Districts (2) 0.5274 0.5498 0.5608 0.5608 0.6888 0.6878 0.6832 0.6780 0.7368 0.7569

Unincorporated Municipal Service Tax 0.6109 0.6109 0.6109 0.6109 0.6109 0.6109 0.6109 0.6109 0.7274 0.7274County Millage Paid by

County Taxpayers 14.9469 15.1653 15.1933 15.5613 15.3154 15.2480 15.0610 15.3418 16.5845 17.1236

Ad Valorem Fire Districts Cedar Hammock Fire Rescue 1.3000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 East Manatee Fire Rescue 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 Southern Manatee Fire Rescue 1.2061 1.0193 1.0405 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 0.8000 Total 3.3061 2.8193 2.8405 2.8000 2.8000 2.8000 2.8000 2.8000 2.8000 2.6000

Other (3) 5.2546 5.0546 5.2546 4.6801 4.5446 4.2546 4.2546 4.2546 4.5400 4.7900

Municipalities Anna Maria, City of 2.0500 2.0500 2.0500 2.0500 1.7882 1.7882 1.7882 1.7882 2.0000 2.0000 Bradenton Beach, City of 2.3329 2.3329 2.3329 2.1359 2.1539 2.1539 2.2579 2.2579 2.4878 2.4902 Bradenton, City of 5.8976 5.8976 5.4356 5.2002 4.9452 4.2843 4.2843 4.1134 4.7500 4.7500 Holmes Beach, City of 1.7500 1.7500 1.7500 1.7500 1.7500 1.7549 1.5989 1.5989 1.8000 1.9000 Longboat Key, Town of 2.1763 2.1320 1.9436 1.9549 1.9588 2.3236 2.2483 2.1362 2.1316 2.3075 Palmetto, City of 5.7171 5.7171 5.2171 5.1185 4.6662 4.6662 4.6662 4.6662 5.1645 5.1645Total Direct and Overlapping 43.4315 42.9188 42.0176 41.2509 39.9223 39.2737 38.9594 38.9572 42.2584 43.1258

(1) Overlapping rates are those of local and county governments that apply to property owners within Manatee County. Not all overlapping rates apply to all Manatee County property owners (i.e., the rates for tax districts apply only to the portion of the government's property owner whose property is located within the geographic boundaries of the special district).(2) Includes Southwest Florida Water Management, Mosquito Control and West Coast Inland Navigation districts.(3) Palm Aire Landscaping Special District and Palms of Terra Ceia Special District.

Source: Manatee County Tax Collector

Manatee County, FloridaDirect and Overlapping Property Tax

Last Ten Years(millage)

Year Taxes Are Payable

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Computation of Direct and Overlapping Debt (1)

Net Revenue, General

Obligation

and Note PercentagePayable Applicable to This

Governmental Unit Governmental Unit

Direct:Manatee County, Florida $ 87,455 $ 1,825 $ 5,857 $ 95,137 100%

Overlapping:Overlapping debt for governmental entities within Manatee County is not presented.

Computation of Legal Debt Margin (2)

The constitution of the State of Florida, Florida Statute 200.181 and Manatee County set no legal debt limit.

Sources: 1) Manatee County Government 2) Florida Statutes

BondsOutstanding

Bonded Debt

OutstandingBonded DebtOutstanding

Note PayableOutstanding

Manatee County, FloridaSeptember 30, 2015


RevenueGeneral

Obligation Governmental

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General PercentageFiscal Obligation Revenue Notes Loans Revenue Notes Loans Capital of Personal PerYear Bonds Bonds Payable Payable Bonds Payable Payable Leases Total Income (1) Capita (1)

2006 $ 23,130 $ 170,977 $ - $ 285 $ 176,323 $ - $ 20,873 $ 744 $ 392,332 3.57% $ 1,261

2007 21,015 162,187 - 27,435 162,874 - 29,539 676 403,726 3.43% 1,278

2008 18,860 152,967 - 21,413 148,818 - 30,720 59 372,837 2.73% 1,153

2009 16,655 143,412 - - 134,144 - 29,877 - 324,088 2.27% 981

2010 14,385 133,343 - - 118,826 - 30,969 - 297,523 2.23% 935

2011 12,045 122,780 - - 181,135 - 29,986 - 345,946 2.72% 1,067

2012 9,630 112,230 - - 163,298 800 28,985 - 314,943 2.56% 952

2013 7,120 101,750 5,984 - 167,825 499 6,929 - 290,107 2.15% 869

2014 4,605 97,627 5,984 - 159,910 3,453 2,809 - 274,388 1.74% 813

2015(2) 1,825 87,455 5,857 - 224,890 3,102 2,590 - 325,719 2.18% 954

(1) Refer to page 110 for detail of population and per capita personal income. Per capita information is not expressed in thousands.(2) Details regarding Manatee County's outstanding debt can be found in Note 10 of the financial statements.

Manatee County, FloridaRatios of Outstanding Debt by Type


Governmental Activities Business-type Activities

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Per CapitaFiscal Income in SchoolYear Age (4) Rate (6)

2006 311,102 $ 35.3 $ 10,985,634 43 42,200 2.7%

2007 315,890 37.3 11,782,065 43 42,500 4.2%

2008 323,374 42.3 13,676,780 43 42,500 7.4%

2009 330,201 43.2 14,279,542 43 42,500 12.7%

2010 318,176 42.0 13,352,892 43 43,000 12.6%

2011 324,168 39.2 12,719,935 46 44,175 10.9%

2012 330,862 37.2 12,308,066 46 45,050 9.0%

2013 333,687 40.5 13,514,324 46 45,800 7.2%

2014 337,546 46.7 15,763,398 46 46,800 6.1%

2015 341,405 43.8 14,953,539 46 47,700 5.1%

Sources: (1) Bradenton Area Economic Development Corporation (2) Information from U.S. Bureau of Economic Analysis and estimated from 2006 through 2015 based upon historical growth (3) Personal income is a calculated amount based on population and per capita personal income. (4) U.S. Census - new median age is only reported every ten years (5) School Board of Manatee County (6) Florida Department of Labor and Employment Security

Manatee County, FloridaDemographic and Economic Statistics

Last Ten Fiscal Years

Population (1) Enrollment (5)

Unemploymentthousands (2)

Personal Income(in thousands) (3)

Median

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Employer Employees (1) Rank Rank

Manatee County School Board 5,500 1 3.60% 5,000 1 3.25%Beall's Inc. 1,924 2 1.26% 2,100 2 1.37%Manatee County Government 1,795 3 1.18% 1,730 3 1.13%Manatee Memorial Hospital 1,445 4 0.95% 1,500 5 0.98%Tropicana Products, Inc. 1,200 5 0.79% 1,600 4 1.04%Manatee County Sheriff's Department 1,138 6 0.75% 1,115 6 0.73%Blake Medical Center 1,100 7 0.72% 1,100 7 0.72%Publix 875 8 0.57% - - - IMG Academies 564 9 0.37% - - - State College of Florida Manatee Sarasota 472 10 0.31% - - - Sysco Food - - - 695 8 0.45%Hoverround - - - 637 9 0.41%City of Bradenton - - - 588 10 0.38%

Total number of individuals employed within Manatee County (2) 152,693 153,696

Sources: (1) Manatee Chamber of Commerce: Economic Development Council, Manatee County Government and Manatee County Sheriff's Department (2) Florida Department of Economic Opportunity

2015

Employment

2006Percentage

of Total CountyEmploymentEmployees (1)

Percentageof Total County

Manatee County, FloridaPrincipal Employers

Current and Nine Years Ago

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2015 2014 2013 2012 2011 2010 2009 2008 2007 2006General government County residents per employee (number) (1) 190 193 193 194 188 177 177 161 157 157

Information system services - computers and printers maintained (number) 2,610 2,626 2,445 2,347 2,428 2,651 2,532 2,517 2,402 2,072

Library materials usage by patrons (units in thousands) 3,748 3,520 3,166 2,615 2,395 2,434 2,336 2,372 2,382 2,214 Library programs (number) 1,909 2,575 2,475 2,660 2,617 2,571 2,293 2,619 2,710 2,506 Project management projects (number) 224 149 177 163 258 288 371 251 264 242 Project management projects (thousands of dollars) 67,559 63,378 47,805 31,753 61,779 93,792 65,766 63,922 83,155 61,693

Public safety911 calls (number) 267,738 247,696 229,949 234,206 228,907 219,869 225,813 234,559 222,132 229,213 Emergency (ambulance) responses (number) 45,864 42,185 39,857 38,510 37,356 36,147 35,100 34,732 34,368 36,519 Code enforcement complaints (number) 11,729 10,345 10,605 10,632 10,291 10,154 8,069 11,447 12,701 12,207 Building permits issued (number) 23,764 21,964 17,946 14,411 13,173 12,694 9,905 12,315 15,430 18,347 Construction value (millions of dollars) 939 723 654 440 404 327 235 429 620 1,078

Physical environmentGrants received (number) 130 130 156 163 178 187 172 175 181 178 Grants received (dollars in thousands) 30,861 31,125 37,045 32,285 45,603 32,272 29,559 33,700 39,533 33,137 Protected land acquisition (acres) - - 150 - 199 - - 200 175 -

Transportation Roads graded (miles) 2,202 2,582 2,664 2,766 3,300 3,384 3,087 3,452 4,000 4,077 Rights-of-way cleared (linear yds.) 315,760 379,822 319,568 322,952 325,000 267,730 326,055 433,966 653,000 652,945

Economic environmentGrant expenditures (dollars in thousands) 33,132 32,684 35,136 28,751 44,710 39,338 29,185 32,234 36,392 36,352

Culture and recreationParticipants in programs (number) (2) 591,084 544,955 575,530 535,252 527,574 520,350 652,220 878,368 979,727 535,194

Water and sewerWater customers (number) 113,042 110,051 107,018 104,561 103,091 96,113 95,349 94,446 93,375 91,866 Average daily water production (millions of gals.) 37.14 37.00 36.72 37.32 34.30 36.48 35.40 43.00 44.40 45.02 Reclaimed water customers (number) 4,711 4,014 3,272 2,772 2,550 2,367 2,205 1,996 1,619 1,159 Average daily reclaimed water production (millions of gals.) 14.20 13.00 14.90 15.79 13.31 10.80 10.03 9.00 12.75 13.80 Sewer customers (number) 97,084 94,900 92,760 90,989 89,745 88,758 87,723 86,875 85,890 83,727 Average daily sewage treated (millions of gals.) 22.52 22.00 22.20 21.13 18.98 21.24 18.37 21.00 21.40 24.36 Water meters installed/new accounts (number) 2,273 2,506 4,976 7,905 6,458 5,533 5,949 6,617 7,896 7,504

Port AuthorityCargo processed, import and export:

Liquid bulk cargoes (tons) 336 363 515 524 857 1,350 1,160 1,105 1,519 1,478 Dry bulk cargoes (tons) 806 977 1,620 1,222 1,314 1,366 1,340 1,550 1,887 2,552 General cargoes (tons) 834 688 514 542 527 688 716 747 1,038 1,223

Solid wasteWaste for landfill (tons) 301,615 293,392 281,166 263,249 251,402 275,235 272,944 318,335 337,290 371,741 Waste recycled at landfill (tons) 33,368 32,687 32,887 36,748 41,711 26,832 20,543 33,651 36,640 50,727 Materials recycled (tons) (3) 287,879 279,494 232,061 159,503 130,616 160,188 194,000 230,000 240,297 176,412 Solid waste diverted from landfill (percentage) (3) 49% 48% 43% 35% 34% 31% 40% 40% 40% 39%

(Continued)

Manatee County, FloridaOperating Indicators by Function/Program


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2015 2014 2013 2012 2011 2010 2009 2008 2007 2006Transit

Bus routes (miles) 267 243 243 243 243 243 243 243 180 180 Passenger trips (number in thousands) 1,760 1,824 1,781 1,740 1,596 1,494 1,524 1,524 1,372 1,467

Stormwater

Rainfall (inches) 55.28 54.01 64.83 57.08 38.60 58.81 47.29 50.08 40.56 53.46

Stormwater ditches/canals cleaned (linear feet) (4) 74,813 112,948 71,469 138,993 70,997 106,394 81,804 89,919 173,920 75,701

Golf courses

Rounds of 9-hole golf (number) 101,920 91,990 93,857 112,765 106,221 95,795 109,990 117,696 122,678 124,691

Convention and Visitors Bureau

Bed tax receipts (gross dollars in thousands) 11,613 10,441 8,918 8,065 6,971 6,368 5,138 5,017 5,045 4,793

Civic Center

Events held (number) 321 294 298 245 250 284 295 340 435 470

Constitutional officers: Clerk of Circuit Court

Teen court participants (number) 381 409 425 356 518 576 611 612 641 391 Child support collections (dollars in thousands) 26,980 27,310 27,443 28,174 29,038 27,272 26,203 26,422 24,777 25,361 Pages recorded (number) 404,689 368,854 427,576 361,073 315,481 319,321 311,200 368,180 567,715 746,442 Documents recorded (number) 120,376 116,467 128,246 113,218 105,554 110,837 104,836 116,768 143,660 167,951

Tax Collector

Tax deeds sold (number) 26 67 30 77 27 25 12 9 16 18 Tax certificates sold (number) 3,641 3,976 4,205 5,097 5,661 7,250 7,989 7,098 3,546 2,455

Property Appraiser

Value Adjustment Board petitions filed (number) 552 485 336 378 545 771 1,154 706 364 307 Parcels in county (number) 200,346 205,213 204,860 204,346 203,295 203,600 203,403 201,720 194,393 184,090

Sheriff

Calls for service (number) 371,689 350,178 314,070 307,664 304,889 266,023 245,408 228,418 207,131 196,459 Arrests (number) 10,961 11,650 12,071 12,510 13,238 14,465 14,393 13,579 13,993 14,518 Law enforcement officers (number) 497 494 474 470 470 464 463 461 446 434 Corrections officers (number) 224 220 197 219 212 212 203 197 196 231 County residents per officer (number) (5) 474 473 497 480 475 471 496 491 492 468

Supervisor of Elections

Registered voters (thousands) 211 204 216 209 202 204 201 203 192 198 Polling places (number) 70 70 99 113 127 127 136 136 136 137

(1) County residents per employee is derived from total county population on page 110 and total county government employees on page 116.

(2) The large increase in participants in programs from 2006 to 2007 is due to increased tournament participation and an increase in league teams. Also a new methodology of recording the number of participants was put in place for fiscal years 2007 and 2008, which counted each participant in each program. The number of participants forfiscal year 2006 only counted the participant once even if he or she was registered for multiple activities.

(3) DEP reporting for prior calendar year. Beginning with 2012 these statistics are estimates.

(4) The increase in 2007 is due to non-recurring canal dredging for some of the larger canal systems.

(5) Residents per officer is derived from total county population on page 110 and includes law enforcement officers and corrections officers.

Manatee County, FloridaOperating Indicators by Function/Program - Continued


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2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

General governmentFacilities owned/leased (sq. ft.) (8) 667,419 675,791 658,131 652,681 647,059 611,421 610,526 621,950 656,086 602,041 Libraries (sq. ft.) (9) 113,927 110,927 110,927 110,927 105,350 105,350 105,350 105,350 105,350 98,264 Library materials (units) 426,135 453,280 470,567 463,922 467,338 462,193 459,474 448,028 435,988 423,964 Judicial Center (sq. ft.) (3) 257,467 257,467 257,467 257,467 257,467 257,467 257,467 257,467 - - Historic Courthouse (sq. ft.) (2) 90,175 90,175 90,175 90,175 90,175 90,175 90,175 90,175 90,175 90,175

Public safety

EMS units (number) 36 34 34 34 34 34 34 34 34 33 EMS stations (number) 18 17 17 17 17 17 17 17 17 17 Facilities owned/leased (sq. ft.) (3)(7) 114,800 114,800 114,800 114,800 114,800 105,800 105,800 105,800 - -

Physical environment

Protected lands (acres) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 26,869 26,669 26,494 Beaches (miles) 6.9 6.9 6.9 6.9 6.9 6.9 6.9 5.4 5.4 5.4

Transportation

Paved roads (center line miles) 1,389 1,367 1,364 1,358 1,350 1,344 1,344 1,344 1,336 1,311 Unpaved roads (center line miles) 65 65 68 70 80 79 82 82 83 85 Service vehicles (number) 1,335 1,335 1,323 1,326 1,326 1,340 1,345 1,325 1,381 1,360

Culture and recreation

Parks (acres) 1,670 1,670 1,670 1,670 1,670 1,670 1,670 1,670 1,670 1,449 Athletic fields (number) 92 95 92 92 92 92 92 92 92 90 Mobile stage (sq. ft.)(11) 504 - - - - - - - - -

Water and sewer

Water plant storage capacity (millions of gals./day)(5) 32 32 32 32 32 32 22 22 22 22 Sewer plant processing capacity (millions of gals./day)(6) 33.5 33.5 33.5 33.5 33.5 33.5 40.5 40.5 40.5 40.5

Solid waste

Open landfill capacity (acres) 286 286 286 286 286 286 286 286 286 286 Used landfill capacity (percentage) 54% 53% 51% 50% 49% 47% 46% 46% 44% 42%Permanently closed landfill (acres) 30 30 30 30 30 30 30 30 30 30

Transit

Vehicles-bus/para/trolley (number) 65 59 58 58 64 67 67 67 66 58

Port Authority

Ground space (acres) 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,101 Berthing space (linear feet) 7,243 7,243 6,899 6,899 6,899 6,702 6,702 6,702 6,702 6,702 Covered chill storage space (sq. ft.) 207,000 207,000 207,000 207,000 207,000 202,000 202,000 202,000 202,000 202,000 Covered storage space (sq. ft.) 1,109,515 1,109,515 1,109,515 1,109,515 1,109,515 1,109,478 1,109,478 1,109,478 1,109,478 937,000

(Continued)

Manatee County, FloridaCapital Assets by Function/Program


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2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Golf courses Two 18 hole courses (acres) 297 297 297 297 297 297 297 297 297 297 Civic center Civic center leaseable facilities (sq. ft.) 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 Crosley Estate facilities (sq. ft.) 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 Mobile stage (sq. ft.)(11) - 504 504 504 504 504 504 504 504 504 Constitutional officers: Clerk of Circuit Court Facilities - owned/leased (sq. ft.) (2)(8) 5,769 5,769 21,921 21,921 39,900 39,900 70,110 79,336 188,183 188,183 Facilities (number) 1 1 2 2 6 6 6 8 8 8 Property Appraiser Facilities - owned/leased (sq. ft.) (10) 21,626 21,626 13,787 13,787 13,787 13,787 13,787 13,787 13,787 13,787 Facilities (number) 1 1 1 1 1 1 1 1 1 1 Tax Collector Facilities - owned/leased (sq. ft.) 35,047 35,047 35,047 35,047 35,047 33,487 33,487 33,487 33,487 33,487 Facilities (number) 4 4 4 4 4 4 4 4 4 4 Sheriff Patrol vehicles (number) 316 299 289 313 317 315 320 310 315 314 Facilities - owned/leased (sq. ft.) (1) 666,337 652,754 644,754 644,754 632,954 632,954 614,035 614,035 511,762 511,762 Facilities - owned/leased (number) 6 6 6 6 6 6 6 6 6 6 Supervisor of Elections Facilities - owned/leased (sq. ft.) (4) 25,655 28,230 25,611 25,611 25,611 25,611 25,611 25,611 6,495 6,495 Facilities (number) 2 2 2 2 2 2 2 2 2 2

(1) In 2007, four Sheriff facilities were included under general government, but in 2008 were reclassified under Sheriff.(2) In 2007, and previous years, the Historic Courthouse was included under Clerk of Circuit Court, but in 2008 was reclassified under General Government.(3) In 2008, a newly constructed Judicial Center with approximately 257,467 square feet and an Emergency Operations center with approximately 105,800 square feet were put into service under Public Safety. In 2012, the Judicial Center was reclassified under General Government. (4) In 2008, the Supervisor of Elections moved into larger office spaces at the Desoto Center.(5) In 2010, a new 10 million gallon storage tank was put into service at the water plant.(6) The 2010 regulatory permit reduced the sewer plant processing capacity by 7 million gallons per day.(7) In 2011, a newly constructed Marine Rescue building was included under Public Safety. (8) In 2012, the Clerk of Circuit Court vacated approximately 18,013 square feet of space, reclassified to General Government. In 2014, the Clerk of Circuit Court vacated approximately 16,152 square feet of space, reclassed to General Government.(9) In 2012, the Rocky Bluff library relocated and increased by 5,577 square feet. In 2015, approximately 3,000 square feet of a vacant warehouse was remodeled

as the Central Library Annex.(10) In 2014, the Natural Resources department vacated approximately 7,839 square feet of space, reclassifed to Property Appraiser.(11) In 2015, the mobile stage was transferred from Civic Center to Manatee Parks and Natural Resources.

Manatee County, FloridaCapital Assets by Function/Program - Continued


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2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

General government 334 318 317 311 309 329 350 377 365 362Public safety 326 313 307 293 285 300 305 305 321 324Physical environmental 93 95 83 92 91 92 96 163 152 119Transportation 154 157 160 147 150 150 161 173 172 148Economic environment 35 34 30 32 32 32 29 26 23 28Human services 45 43 45 43 46 47 50 49 56 55Culture and recreation 171 164 166 164 155 160 173 192 206 216Water and sewer 375 367 369 363 367 372 378 369 364 361Port Authority 73 75 72 74 79 80 76 79 83 87Transit 116 112 112 109 100 101 104 106 100 96Stormwater 33 33 31 33 27 26 24 26 34 30Golf courses - - - - 35 35 38 38 41 44Civic center 40 37 35 42 58 76 80 100 90 105 Total county government 1,795 1,748 1,727 1,703 1,734 1,800 1,864 2,003 2,007 1,975

Constitutional Officers: Clerk of Court 250 269 271 271 273 276 281 306 307 306 Property Appraiser 55 53 51 51 51 51 49 49 53 53 Tax Collector 105 99 100 105 99 91 78 82 78 93 Sheriff 1,138 1,120 1,092 1,095 1,096 1,072 1,067 1,086 1,102 1,115 Supervisor of Elections 19 18 16 21 21 20 21 21 26 27 Total government-wide employees by function 3,362 3,307 3,257 3,246 3,274 3,310 3,360 3,547 3,573 3,569

Source: Manatee County Government

Manatee County, FloridaFull-time Equivalent Government-wide Employees by Function


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New Collections Total New Collections TotalFiscal Liens and Outstanding Liens and OutstandingYear Assessed Adjustments Assessments Assessed Adjustments Assessments

2006 $ 253 $ 286 $ 884 $ 68 $ 176 $ 481

2007 79 234 729 115 118 478

2008 107 150 686 40 113 405

2009 215 224 677 252 150 507

2010 100 169 608 - 71 436

2011 41 110 539 - 51 385

2012 684 94 1,129 119 69 435

2013 - 532 597 - 72 363

2014 - 173 424 - 80 283

2015 - 141 283 - 59 224

Paving Sewer

Manatee County, FloridaSpecial Assessment Collections


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AnnualName and Title of Official Salary (1)

Board of County Commissioners:

Betsy Benac - Chairman $ 78,789 Vanessa Baugh - Vice Chairman 78,789 Larry Bustle - Member 78,789 John Chappie - Member 78,789 Robin DiSabatino - Member 78,789 Charles Smith - Member 78,789 Carol Whitmore - Member 78,789

Angelina Colonneso - Clerk of Circuit Court and Comptroller 137,431

W. Brad Steube - Sheriff 146,370

Michael S. Bennett - Supervisor of Elections 118,072

Charles Hackney - Property Appraiser 137,431

Ken Burton, Jr. - Tax Collector 137,431

Source: Manatee County Government

(1) Office of Economic and Demographic Research, State of Florida

Manatee County, FloridaSalaries of Principal Officials

September 30, 2015

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General GeneralObligation Obligation

Fiscal Refunding RefundingYear Bonds 2003 Bonds 2014

2006 $ 23,130 $ - 0.093% 74.35

2007 21,015 - 0.068% 66.53

2008 18,860 - 0.055% 58.32

2009 16,655 - 0.050% 50.44

2010 14,385 - 0.050% 45.21

2011 12,045 - 0.048% 37.16

2012 9,630 - 0.041% 29.11

2013 7,120 - 0.031% 21.34

2014 - 4,605 0.019% 13.64

2015 - 1,825 0.007% 5.35

(1) Refer to page 104 for Total Net Taxable Assessed Value of Property.(2) Refer to page 110 for population data.(3) In Fiscal Year 2014, the General Obligation Refunding Bonds 2003 were refunded by the General Obligation Refunding Bonds 2014.

Percentage ofNet Taxable

Value of

PerCapita

(expressed

Manatee County, FloridaRatio of General Bonded Debt


in dollars) (2)Property (1)

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Ratio of DebtService to

Other Total General GeneralTax Debt Debt Government GovernmentYear Principal Interest Service Service (1) Expenditures Expenditures

2006 $ 8,050 $ 6,640 $ 99 $ 14,789 $ 306,657 4.82%

2007 20,842 9,656 198 30,696 343,993 8.92%

2008 17,397 8,716 258 26,371 347,400 7.59%

2009 33,173 8,002 169 41,344 358,320 11.54%

2010 12,180 7,124 285 19,589 321,041 6.10%

2011 12,903 6,693 91 19,687 318,180 6.19%

2012 13,275 6,211 92 19,578 310,856 6.30%

2013 14,250 4,080 876 19,206 311,372 6.17%

2014 20,395 5,212 171 25,778 335,055 7.69%

2015 12,952 4,465 105 17,522 335,836 5.22%

(1) Debt service includes principal and interest on general obligation bonds, revenue bonds and other loans.

Manatee County, FloridaRatio of Annual Debt Service Expenditures for Governmental Bonded

Debt to Total General Government ExpendituresLast Ten Fiscal Years


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Federal Net RevenueFiscal Gross Direct AvailableYear Revenue (1) Payments (2) Expenses (3) Debt Service (2) Principal Interest Total Coverage

2006 $ 128,080 $ - $ 92,031 $ 36,049 $ 6,335 $ 6,024 $ 12,359 2.92

2007 136,046 - 101,908 34,138 11,112 7,991 19,103 1.79

2008 137,351 - 108,865 28,486 11,443 7,645 19,088 1.49

2009 133,110 - 95,988 37,122 11,756 7,345 19,101 1.94

2010 128,023 - 95,071 32,952 12,088 7,011 19,099 1.73

2011 131,620 1,426 86,606 46,440 12,445 10,472 22,917 2.03

2012 138,949 1,722 94,349 46,322 12,915 11,119 24,034 1.93

2013 141,843 1,970 95,356 48,457 10,523 13,533 24,056 2.01

2014(4) 145,686 1,752 104,907 42,531 7,050 7,396 14,446 2.94

2015 153,726 1,750 109,517 45,959 9,037 6,716 15,753 2.92

(1) "Gross Revenue" shall mean all rates, fees, charges, assessments or other income received by the County or accrued to the County's water, sewer, stormwater and solid waste systems.

(2) In December 2010, the County issued Build America Bonds and Recovery Zone Economic Development Bonds, which qualified for Federal Direct Payments (FDP) of 35% and 45% respectively, of the coupon interest payable to the bond owners. These payments are permitted as Net Revenue Available for Debt Service. $165 of eligible Federal Direct Payments for fiscal year 2012 were not received before year end, so are excluded from the coverage test for fiscal year 2012. This amount was received and included in the coverage test for fiscal year 2013.

(3) "Expenses" exclude depreciation of capital assets and amortization of deferred charges which are reflected as expenses in the financial statements. (4) Certain fiscal year 2014 balances have been restated due to the implementation of GASB Statement 68.

Manatee County, Florida Manatee County Public Utilities System

Schedule of Revenue Bond Coverage Last Ten Fiscal Years


Debt Service Requirement

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FiscalYear

2006 $ 14,015 $ 9,054 $ 4,961 $ 2,459 $ - 2.02

2007 13,058 8,978 4,080 2,459 - 1.66

2008 11,793 8,999 2,794 2,459 - 1.14

2009 11,754 8,387 3,367 2,459 - 1.37

2010 12,711 10,002 2,709 2,459 - 1.10

2011 10,720 8,587 2,133 2,459 - 0.87

2012 11,458 8,411 3,047 2,459 - 1.24

2013 11,165 8,079 3,086 - 2,020 1.53

2014(5) 11,512 8,213 3,299 - 2,244 1.47

2015 10,734 6,781 3,953 - 2,247 1.76

(1) "Gross Revenue" shall mean all rates, fees, charges, assessments or other income received by the County or accrued to the County or any agency thereof in control of the management and operation of said Port Authority.

(2) "Expenses" exclude depreciation of capital assets and amortization of deferred charges which are reflected as expenses in the financial statements. (3) The Port Authority Revenue Refunding Bonds, Series 2012A and 2012B changed the coverage test to "Annual Debt Service" beginning with fiscal year 2013. (4) The Port Authority has covenanted in the current resolution authorizing bonds that net revenues are required to be at least equal to one hundred ten percent of the annual debt service requirement for the bonds. Prior to fiscal year 2013, the Port Authority had covenanted in the resolutions authorizing the bonds that net revenues were required to be at least equal to one hundred thirty percent of the maximum annual debt service requirements for the bonds. (5) Certain fiscal year 2014 balances have been restated due to the implementation of GASB Statement 68.

MaximumNet Revenue

AvailableDebt Service Coverage (4)Requirement (3)Requirement

ServiceAnnual Debt

Manatee County, FloridaManatee County Port Authority

Schedule of Revenue Bond CoverageLast Ten Fiscal Years


Expenses (2)

GrossRevenue (1)

Annual DebtService

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Excess (Deficit)Net Revenue Debt Service Revenue Debt Service

Fiscal Available Requirements Available RequirementsYear Debt Service (1) Senior Debt (2) Debt Service SIB Loan

2008 $ 2,348 $ 2,935 $ (587) $ 275 (2.13)2009 2,921 2,751 170 275 0.62 2010 2,281 2,545 (264) 275 (0.96) 2011 1,687 2,516 (829) 275 (3.01) 2012 2,599 2,488 111 275 0.40 2013 2,639 2,020 619 275 2.25 2014(5) 2,852 2,244 608 275 2.21 2015 3,506 2,247 1,259 275 4.58

(5) Certain fiscal year 2014 balances have been restated due to the implementation of GASB Statement 68.

(4) There was no debt service requirement for this loan prior to fiscal year 2008.

(2) In fiscal year 2013, "Senior Debt" includes the Manatee County Port Authority Revenue Refunding Bonds, Series 2012A and 2012B. Prior to fiscal year 2013, "Senior Debt" included the Manatee County Port Authority Revenue Refunding Bonds, Series 1993B, 2002A and 2002B and various loans with the Florida Local Government

(3) The Port Authority has covenanted in the SIB loan agreement that net revenues available after payment of all senior and parity debt be at least equal to one hundred


Expenses" which includes the current expenses, paid or accrued, of operation, maintenance and ordinary repairs of the Port and the Port Facilities but shall not include any allowance for depreciation.

Coverage (3)

percent of the sum of the SIB loan payments due in each fiscal year.

but shall not include (a) sales tax funds, (b) non-ad valorem revenues, (c) restricted grants or donations, (d) revenues received from or in connection with

Finance Commission.

Special Purpose Facilities financed with Special Purpose Bonds, and (e) capital contributions. "Net Revenue Available Debt Service" is reduced for "Operating

Manatee County Port AuthoritySchedule of State Infrastructure Bank (SIB) Loan Coverage

Last Eight Fiscal Years (4)


(1) "Net Revenue Available Debt Service" shall include all rates, fees, charges, or other income, received or accrued by the Port Authority from the operation thereof,

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Debt ServiceNet Revenue Debt Service Debt Service Requirements Total Annual

Fiscal Available Requirements Requirements 2014A and 2014B Debt Service

Year Debt Service (1) Senior Debt (2) SIB Loan Revenue Notes Requirement Coverage (3)

2015 $ 3,953 $ 2,247 $ 275 $ 357 $ 2,879 1.37

(1) "Net Revenue Available Debt Service" shall include all rates, fees, charges, or other income received or accrued by the Port Authority from the operation thereof, but shall not include (a) sales tax funds, (b) non-ad valorem revenues, (c) restricted grants or donations, (d) revenues received from or in connection with Special Purpose Facilities financed with Special Purpose Bonds, and (e) capital contributions. "Net Revenue Available Debt Service" is reduced for "Operating Expenses" which includes the current expenses, paid or accrued, of operation, maintenance and ordinary repairs of the Port and the Port Facilities but shall not include any allowance for depreciation.

(2) "Senior Debt" includes Manatee County Port Authority Revenue Refunding Bonds, Series 2012A and 2012B.

(3) The Port Authority has covenanted in the 2014A and 2014B Revenue Note loan agreement that net revenues available after payment of all senior debt, SIB loan, the subordinate parity debt and the notes be at least equal to one hundred and five percent of the annual debt service.

(4) No coverage test for fiscal year 2014 was required.

Last Fiscal Year (4)


Manatee County, FloridaManatee County Port Authority

Schedule of 2014A and 2014B Revenue Note Loan Coverage

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RevenueRevenue Revenue Refunding and Revenue

Improvement Refunding Improvement Revenue Improvement TotalFiscal Bonds, Bonds, Bonds, Improvement Bonds, Annual Debt

Year Series 2006 Series 2010 Series 2013 Note, 2013 Series 2014 Service (1)

2016 $ 4,462 $ 1,720 $ 8,126 $ 357 $ 472 $ 15,1372017 - 1,719 12,778 368 480 15,3452018 - - 12,581 380 444 13,4052019 - - 12,604 392 502 13,4982020 - - 12,782 403 518 13,7032021 - - 8,865 415 395 9,6752022 - - 3,177 428 407 4,0122023 - - 3,179 443 419 4,0412024 - - 3,181 456 432 4,0692025 - - 3,176 469 445 4,0902026 - - 2,911 484 449 3,8442027 - - 2,907 499 464 3,8702028 - - 3,172 515 477 4,1642029 - - 3,178 376 492 4,0462030 - - - 546 445 9912031 - - - 563 523 1,0862032 - - - 581 539 1,1202033 - - - 599 555 1,1542034 - - - - 553 553Total $ 4,462 $ 3,439 $ 92,617 $ 8,274 $ 9,011 $ 117,803

(1) The County has a contingent obligation to pay the Port Authority Revenue Refunding Bonds, Series 2012A and 2012B which arises if the Port Authority fails to pay the principal and/or interest on such bonds. The debt service on the Port Authority Bonds is not included in this table.

Manatee County, FloridaSchedule of Debt Service

Payable from Non-Ad Valorem Revenue SourcesSeptember 30, 2015


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2015 2014 2013 2012 2011

Permit fees $ 720 $ 484 $ 561 $ 442 $ 441State revenue sharing (1) 8,543 7,797 7,249 6,801 6,335Sheriff program reimbursements 105 97 97 559 607Mobile home licenses 272 276 258 273 244Communication service tax 3,316 3,817 3,457 3,508 3,5251/2 Cent sales tax 23,250 23,671 18,722 18,984 17,803Planning and zoning fees 3,319 2,970 2,014 1,702 1,134Elected officials excess fees 5,910 6,099 5,585 7,116 7,585Interest 678 446 413 469 1,084Charges for services 19,513 17,090 17,608 13,770 14,305Payments in lieu of taxes & franchise fees 10,039 9,685 3,340 3,340 3,340Tax increment refund 1,162 1,064 1,088 1,146 1,205Road assessments 59 72 61 65 64Indirect cost recovery 11,284 9,963 8,720 10,424 11,912Miscellaneous 5,486 3,819 4,376 3,790 3,484Non-revenue interfund transfers 9,464 6,175 9,860 5,767 4,681 Subtotal 103,120 93,525 83,409 78,156 77,749Fines & forfeitures (2) 1,502 2,358 1,305 661 688Gas taxes (3) 19,776 18,333 17,867 17,987 17,482Net income (loss) - Manatee County Golf Course - - - 23 (82)Net income (loss) - Buffalo Creek Golf Course - - - (548) 1Legally available revenues before General Operating & Maintenance Expense (O&M) 124,398 114,216 102,581 96,279 95,838Less General O&M not supported by Ad Valorem taxes (4) 102,884 95,046 86,324 81,919 80,485Net legally available revenues for debt service 21,514 19,170 16,257 14,360 15,353Beginning fund balances: (5)

General fund 69,810 74,194 93,062 97,607 116,219 Transportation trust fund 24,624 26,014 24,916 20,936 19,628Beginning cash balances - Golf Course Funds: Manatee County Golf Course - - - 18 2 Buffalo Creek Golf Course - - - - 2Total net legally available funds available for non-ad valorem commitments 115,948 119,378 134,235 132,921 151,204Less non-ad valorem commitments: (6)

Manatee Valley Drainage Bonds - - - - 7 2004 Transportation Revenue Refunding and Improvement Bonds - 2,940 2,944 4,933 4,946 2004 Revenue Improvement Bonds - 1,651 1,655 3,180 3,181 2006 Revenue Improvement Bonds 4,465 4,463 4,467 5,682 5,683 2010 Revenue Refunding Bonds 1,712 2,568 2,579 2,817 2,908 2013 Revenue Refunding Bonds 8,123 3,719 3,716 - - 2013 Revenue Improvement Note 345 220 18 - - 2014 Revenue Improvement Bond 287 - - - -

Total net legally available funds for debt service and net position (7) $ 101,016 $ 103,817 $ 118,856 $ 116,309 $ 134,479

(1) Includes guaranteed entitlements.

(2) Used primarily for criminal fees and costs.

(3) Gas taxes may be used only for certain transportation expenditures.

(4) General and municipal services fund expenditures times ratio of available revenue to total revenue.

(5) The County implemented GASB Statement 54 on Fund Balance Reporting in fiscal year 2011. Only the Unassigned Fund Balance portion of the General fund and the Assigned

Fund Balance of the Transportation Trust Fund are in the Beginning Balances, effective fiscal year 2012.

(6) Includes all debt of the County payable in such years from non-ad valorem revenues with the exception of the County's Public Utilities System. Does not include debt which

has been incurred subsequent to such years.

(7) Prior to fiscal year 2013, the County had a contingent obligation to pay the Port Authority Revenue Refunding and Improvement Bonds, Series 1993B, Revenue Refunding

Series 2002A, 2002B and the Florida Local Government Finance Commission Loan which arises if the Port Authority fails to pay principal and/or interest on such bonds. In

fiscal year 2013, the County has a contingent obligation to pay the Port Authority Revenue Refunding Bonds, Series 2012A and 2012B which arises if the Port Authority fails

to pay principal and/or interest on such bonds.

Manatee County, FloridaNon-Ad Valorem Revenues Legally Available to Pay

Debt Service on Certain Bonds and Other IndebtednessLast Five Fiscal Years


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General RevenueObligation Revenue Revenue Refunding and RevenueRefunding Improvement Refunding Improvement Improvement

Bonds of 2014 Series 2006 Series 2010 Series 2013 Series 2014Original authorization $ 7,275 $ 59,585 $ 14,210 $ 79,640 $ 6,482Unissued - - - - - Issued 7,275 59,585 14,210 79,640 6,482Retirements 5,450 30,700 10,910 6,075 142 Refunded - 24,635 - - - Balance outstanding $ 1,825 $ 4,250 $ 3,300 $ 73,565 $ 6,340

Date of issue January 8, 2014 September 13, 2006 May 28, 2010 March 6, 2013 May 23, 2014Principal payment date September 30 October 1 April 1 October 1 January 1Interest payment dates March-September April-October April-October April-October JanuaryDenominations (amounts not rounded) $1,000 $5,000 $5,000 $5,000 $1,000

1.09% Maturity 5.00% Maturity 4.69% Maturity 5.00% Maturity 3.69% MaturityInterest rates 2016-2018 2016 2016 2016-2034

4.00% Maturity 4.00% Maturity2017 2017

5.00% Maturity2018-20273.00% Maturity2028-2029

Effective interest cost rate 1.0902% 4.0137% 2.3235% 1.9806% 3.6895%

Call feature N/A 2017-Maturity 100 N/A 2023-Maturity 100 2019-Maturity 100

Paying agent Manatee County TD Bank Regions Bank Regions Bank Manatee CountyFlorida Jacksonville, FL Orlando, FL Orlando, FL Florida

2016

Manatee County, FloridaBond Issues - Description


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Revenue RevenueRefunding Refunding

Series 2012A Series 2012BOriginal authorization $ 6,605 $ 33,730Unissued - - Issued 6,605 33,730Retirements 755 1,760Balance outstanding $ 5,850 $ 31,970

Date of issue November 7, 2012 November 7, 2012Principal payment date October 1 October 1Interest payment dates April-October April-OctoberDenominations (amounts not rounded) $5,000 $5,000

Interest rates 3.00% Maturity 3.00% Maturity2016-2019 2016-20184.00% Maturity 2.00% Maturity2020 20192.00% Maturity 2.25% Maturity2021 20202.25% Maturity 2.50% Maturity2022 20213.00% Maturity 3.00% Maturity2023 2022-20242.50% Maturity 3.25% Maturity2024 2025-20263.00% Maturity 3.50% Maturity2025-2029 2027-20293.125% Maturity 3.625% Maturity2030-2031 20303.25% Maturity 3.75% Maturity2032 2031-2032

4.00% Maturity2033-2042

Effective interest cost rate 3.7898%

Call feature N/A N/A

Paying agent Regions Bank Regions BankOrlando, FL Orlando, FL

Port Authority Bonds



3.8786%

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RevenueRevenue Revenue Revenue Revenue Revenue Revenue Refunding &

Improvement Improvement Improvement Improvement Improvement Refunding ImprovementSeries 2006 Series 2010A Series 2010B Series 2010C Series 2010D Series 2011 Series 2015

Original authorization $ 44,895 $ 17,925 $ 45,300 $ 6,720 $ 8,190 $ 22,650 $ 91,485Unissued - - - - - - - Issued 44,895 17,925 45,300 6,720 8,190 22,650 91,485Retirements 23,410 - - - 4,565 3,830 - Refunded 18,290 - - - - - - Balance outstanding $ 3,195 $ 17,925 $ 45,300 $ 6,720 $ 3,625 $ 18,820 $ 91,485

Date of issue September 13, 2006 December 14, 2011 April 22, 2015Principal payment date October 1 October 1 October 1 October 1 October 1 October 1 October 1Interest payment dates April-October April-October April-October April-October April-October April-October April-OctoberDenominations (amounts $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 not rounded)

Interest rates 4.25% Maturity 5.951% Maturity 7.178% Maturity 4.00%-5.00% Maturity 4.798% Maturity 4.00% Maturity 4.00% Maturity2016 2016-2020 2016-2030 2016-2017 2016 2016-2017 2016-2018

6.151% Maturity 7.378% Maturity 3.50%-5.00% Maturity 5.048% Maturity 5.00% Maturity 5.00% Maturity2021 2031-2035 2018 2017 2018-2023 2019-20296.351% Maturity 4.00%-5.00% Maturity 3.00% Maturity2022 2019 20306.551% Maturity 5.00% Maturity2023 2031-20336.701% Maturity 4.00% Maturity2024 2034-20396.801% Maturity2025

Effective interest cost rate 4.0410% 4.1890% 4.0116% 3.6261% 4.3106% 2.6571% 3.1149%

Call feature 2016-Maturity 100 2020-Maturity 100 2020-Maturity 100 N/A N/A N/A 2025-Maturity 100

US Bank US Bank US Bank US Bank Bank of New York Hancock Bank

Paying agent Jacksonville, FL New York, NY New York, NY New York, NY New York, NY Jacksonville, FL Orlando, FL

TD Bank

Public Utilities System Bonds

December 29, 2010



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FiscalYear Principal Interest Total2016 $ 590 $ 20 $ 6102017 600 13 6132018 635 7 642

$ 1,825 $ 40 $ 1,865

FiscalYear Principal Interest Total2016 $ 4,250 $ 212 $ 4,462

FiscalYear Principal Interest Total2016 $ 1,615 $ 105 $ 1,7202017 1,685 34 1,719

$ 3,300 $ 139 $ 3,439

Revenue Improvement Bonds, Series 2006

Revenue Refunding Bonds, Series 2010

General Obligation Refunding Bonds of 2014

Manatee County, FloridaSchedule of Debt Service Requirements


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Fiscal Year Principal Interest Total2016 $ 4,665 $ 3,461 $ 8,1262017 9,550 3,228 12,7782018 9,735 2,846 12,5812019 10,245 2,359 12,6042020 10,935 1,847 12,7822021 7,565 1,300 8,8652022 2,255 922 3,1772023 2,370 809 3,1792024 2,490 691 3,1812025 2,610 566 3,1762026 2,475 436 2,9112027 2,595 312 2,9072028 2,990 182 3,1722029 3,085 93 3,178

$ 73,565 $ 19,052 $ 92,617

Fiscal Year Principal Interest Total2016 $ 238 $ 234 $ 4722017 255 225 4802018 228 216 4442019 295 207 5022020 322 196 5182021 210 185 3952022 230 177 4072023 251 168 4192024 273 159 4322025 296 149 4452026 311 138 4492027 337 127 4642028 363 114 4772029 391 101 4922030 359 86 4452031 450 73 5232032 482 57 5392033 516 39 5552034 533 20 553

$ 6,340 $ 2,671 $ 9,011

Revenue Improvement Bonds, Series 2014



Revenue Refunding and Improvement Bonds, Series 2013

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FiscalYear Principal Interest Total Principal Interest Total2016 $ 270 $ 173 $ 443 $ 640 $ 1,164 $ 1,804 2017 280 165 445 655 1,145 1,800 2018 285 157 442 680 1,125 1,805 2019 295 148 443 695 1,105 1,800 2020 305 139 444 710 1,091 1,801 2021 315 127 442 730 1,075 1,805 2022 325 121 446 745 1,057 1,802 2023 330 114 444 770 1,034 1,804 2024 340 104 444 790 1,011 1,801 2025 350 95 445 815 988 1,803 2026 360 85 445 840 961 1,801 2027 370 74 444 870 934 1,804 2028 380 63 443 900 903 1,803 2029 395 51 446 925 872 1,797 2030 405 40 445 960 840 1,800 2031 415 27 442 1,000 805 1,805 2032 430 14 444 1,035 767 1,802 2033 - - - 1,515 728 2,243 2034 - - - 1,580 668 2,248 2035 - - - 1,640 605 2,245 2036 - - - 1,705 539 2,244 2037 - - - 1,775 471 2,246 2038 - - - 1,845 400 2,245 2039 - - - 1,920 326 2,246 2040 - - - 1,995 249 2,244 2041 - - - 2,075 169 2,244 2042 - - - 2,160 86 2,246

$ 5,850 $ 1,697 $ 7,547 $ 31,970 $ 21,118 $ 53,088

Series 2012A Bonds$33,730

Series 2012B Bonds

Port Authority Revenue Refunding Bonds


(Amounts expressed in thousands)September 30, 2015

$6,605

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FiscalYear Principal Interest Total2016 $ 3,195 $ 136 $ 3,331

FiscalYear Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total2016 $ - $ 1,150 $ 1,150 $ - $ 3,300 $ 3,300 $ - $ 296 $ 296 $ 2,410 $ 177 $ 2,5872017 - 1,150 1,150 - 3,300 3,300 1,310 296 1,606 1,215 61 1,2762018 - 1,150 1,150 - 3,300 3,300 2,650 233 2,883 - - - 2019 - 1,150 1,150 - 3,300 3,300 2,760 124 2,884 - - - 2020 2,880 1,150 4,030 - 3,300 3,300 - - - - - - 2021 2,995 978 3,973 - 3,300 3,300 - - - - - - 2022 3,115 794 3,909 - 3,300 3,300 - - - - - - 2023 3,240 596 3,836 - 3,300 3,300 - - - - - - 2024 3,380 384 3,764 - 3,300 3,300 - - - - - - 2025 2,315 157 2,472 1,210 3,300 4,510 - - - - - - 2026 - - - 3,675 3,213 6,888 - - - - - - 2027 - - - 3,820 2,950 6,770 - - - - - - 2028 - - - 3,975 2,675 6,650 - - - - - - 2029 - - - 4,130 2,390 6,520 - - - - - - 2030 - - - 4,295 2,094 6,389 - - - - - - 2031 - - - 4,460 1,785 6,245 - - - - - - 2032 - - - 4,645 1,456 6,101 - - - - - - 2033 - - - 4,830 1,113 5,943 - - - - - - 2034 - - - 5,030 757 5,787 - - - - - - 2035 - - - 5,230 386 5,616 - - - - - -

$ 17,925 $ 8,659 $ 26,584 $ 45,300 $ 51,819 $ 97,119 $ 6,720 $ 949 $ 7,669 $ 3,625 $ 238 $ 3,863

Series 2010C Bonds$8,190

Series 2010D Bonds$6,720

Series 2010A Bonds Series 2010B Bonds$17,925 $45,300

$44,895Series 2006 Bonds



Public Utilities System Revenue Improvement Bonds

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FiscalYear Principal Interest Total Principal Interest Total2016 $ 2,005 $ 900 $ 2,905 $ - $ 3,952 $ 3,9522017 2,080 820 2,900 3,160 3,952 7,1122018 2,165 737 2,902 3,280 3,825 7,1052019 2,275 629 2,904 3,415 3,694 7,1092020 2,385 515 2,900 3,590 3,523 7,1132021 2,510 395 2,905 3,765 3,344 7,1092022 2,635 270 2,905 - 3,156 3,1562023 2,765 138 2,903 - 3,156 3,1562024 - - - 1,450 3,156 4,6062025 - - - 1,605 3,083 4,6882026 - - - 1,780 3,003 4,7832027 - - - 1,990 2,914 4,904

2028 - - - 2,205 2,814 5,019

2029 - - - 2,450 2,704 5,154

2030 - - - 2,700 2,582 5,282

2031 - - - 2,925 2,500 5,425

2032 - - - 3,215 2,354 5,569

2033 - - - 3,535 2,193 5,7282034 - - - 3,865 2,017 5,8822035 - - - 4,195 1,862 6,0572036 - - - 9,975 1,694 11,6692037 - - - 10,375 1,295 11,6702038 - - - 10,790 880 11,6702039 - - - 11,220 449 11,669

$ 18,820 $ 4,404 $ 23,224 $ 91,485 $ 64,102 $ 155,587

Public Utilities System Revenue Refunding Bonds


(Amounts expressed in thousands)September 30, 2015

Public Utilities System Revenue Refunding & Improvement Bonds

$91,485Series 2015 BondsSeries 2011 Bonds

$22,650

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FiscalYear Principal Interest Total2016 $ 143 $ 214 $ 3572017 160 208 3682018 178 202 3802019 197 195 3922020 215 188 4032021 235 180 4152022 257 171 4282023 281 162 4432024 305 151 4562025 329 140 4692026 357 127 4842027 385 114 4992028 415 100 5152029 291 85 3762030 473 73 5462031 508 55 5632032 545 36 5812033 583 16 599

$ 5,857 $ 2,417 $ 8,274

Interest is calculated at 3.67%.

FiscalYear Principal Interest Total Principal Interest Total2016 $ - $ 7 $ 7 $ 267 $ 84 $ 351 2017 - 7 7 276 75 351 2018 - 7 7 285 66 351 2019 367 7 374 294 57 351 2020 - - - 304 47 351 2021 - - - 313 38 351 2022 - - - 324 27 351 2023 - - - 334 17 351 2024 - - - 338 6 344

$ 367 $ 28 $ 395 $ 2,735 $ 417 $ 3,152

Interest is calculated at 1.90%. Interest is calculated at 3.15%.



Series 2014A Notes Series 2014B Notes

Revenue Improvement Note 2013General Government

Port Authority Revenue Notes

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FiscalYear Principal Interest Total2016 $ 223 $ 52 $ 2752017 228 47 2752018 232 43 2752019 237 38 2752020 242 33 2752021 246 29 2752022 251 24 2752023 256 19 2752024 262 13 2752025 267 8 2752026 146 3 149

$ 2,590 $ 309 $ 2,899

Interest is calculated at the rate of 2.00% per annum on the unpaid principal.

Florida Department of TransportationState Infrastructure Bank Loan - Port Authority



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Skateboards were first invented in the 1940s, but did not reach popularity until the 1960s with the creation of new composite materials that would withstand use on concrete sidewalks and structures. Interest in the sport grew and waned over time with insurance companies and government authorities issuing warnings about safety and banning use of skateboards in public areas. The rise of skate parks in the 1990s increased skateboard use. By 2001 more youth under 18 rode skateboards than played baseball! As part of the Bradenton Riverwalk constructed in 2011 along the south side of the Manatee River, the City of Bradenton installed a 17,000 square foot concrete skate park that is one of the most popular areas of the 1.5 linear mile park.

Photography Courtesy of Realize Bradenton

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Shinn & Company, LLC is a member of Private Companies Practice Section I American Institute of Certified Public Accountants I Florida Institute of Certified Public Accountants

1001 3rd Avenue West Suite 500 | Bradenton, FL 34205 50 Central Avenue Suite 910 | Sarasota, FL 34236

(T) 941.747.0500 l (F) 941.746.0202 www.shinnandco.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED

ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Honorable Members of the Board of County Commissioners Manatee County, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Manatee County, Florida (the “County”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements, and have issued our report thereon dated May 9, 2016. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the County’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the County’s internal control. Accordingly, we do not express an opinion on the effectiveness of the County’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the County’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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Compliance and Other Matters As part of obtaining reasonable assurance about whether the County’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the County’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

SHINN & COMPANY LLC CERTIFIED PUBLIC ACCOUNTANTS

Bradenton, Florida May 9, 2016

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Shinn & Company, LLC is a member of Private Companies Practice Section I American Institute of Certified Public Accountants I Florida Institute of Certified Public Accountants

1001 3rd Avenue West Suite 500 | Bradenton, FL 34205 50 Central Avenue Suite 910 | Sarasota, FL 34236

(T) 941.747.0500 l (F) 941.746.0202 www.shinnandco.com

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND STATE PROJECT AND ON INTERNAL CONTROL OVER

COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 AND THE FLORIDA SINGLE AUDIT ACT

Honorable Members of the Board of County Commissioners Manatee County, Florida Report on Compliance for Each Major Federal Program and State Project We have audited Manatee County, Florida’s (the “County”) compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the requirements described in the State of Florida’s Department of Financial Services’ State Projects Compliance Supplement that could have a direct and material effect on each of the County’s major federal programs and state projects for the year ended September 30, 2015. The County’s major federal programs and state projects are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs and state projects. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the County’s major federal programs and state projects based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and the Department of Financial Services’ State Projects Compliance Supplement. Those standards, OMB Circular A-133 and the Florida Single Audit Act require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program or state project occurred. An audit includes examining, on a test basis, evidence about the County’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program and state project. However, our audit does not provide a legal determination of the County’s compliance.

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Opinion on Each Major Federal Program and State Project In our opinion, the County, complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs and state projects for the year ended September 30, 2015. Report on Internal Control Over Compliance Management of the County is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the County’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program and state project to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and state project and to test and report on internal control over compliance in accordance with OMB Circular A-133 and the Florida Single Audit Act, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the County’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program or state project on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program or state project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and the Florida Single Audit Act. Accordingly, this report is not suitable for any other purpose. SHINN & COMPANY LLC

CERTIFIED PUBLIC ACCOUNTANTS

Bradenton, Florida May 9, 2016

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Federal/State Agency,Pass-through Entity CFDA Contract TotalFederal Program/State Project Number Grant Number

Department of Health and Human Services:Passed through Florida Department of Revenue:

Child Support Enforcement FY14/15 93.563 CSLM3 (Amd #1) 2,419,165 Child Support Enforcement FY15/16 93.563 CSLM3 (Amd #1) 842,167 Title IV-D Cooperative Agreement FY13/14 93.563 CD341 (Renewal) - *Title IV-D Cooperative Agreement FY14/19 93.563 COC41 451,862

Total program 3,713,194

Passed through Florida Department of Elder Affairs and theSenior Connection Center:Emergency Home Energy Assistance Program Funds FY14/15 93.568 EH-14/15-MAN 31,687 Emergency Home Energy Assistance Program Funds FY15/16 93.568 EH-15/16-MAN 32,621

Total program 64,308

Passed through Florida Department of Health:Manatee County Floridation Program 93.236 Order # ABC6CE - *Manatee County Floridation Program 93.991 Order # ABC6CE 12,950

Passed through Florida Department of Children and Families:Title IV-E Waiver SFY14 93.658 N/A - *Child Protective Investigations FY15/16 93.658 QJZ32 Amd #4 40,333


Child Protective Investigations FY14/15 93.667 QJZ32 Amd #3 436,005 Child Protective Investigations FY15/16 93.667 QJZ32 Amd #4 270,312


Child Protective Investigations FY14/15 93.558 QJZ32 Amd #3 2,099,149 Child Protective Investigations FY15/16 93.558 QJZ32 Amd #4 613,171


Child Protective Investigations FY15/16 90.XXX QJZ32 Amd #4 334,468 Total Department of Health and Human Services 7,583,890

Election Assistance Commission:Passed through Florida Department of State:

Voting Systems Grant FY05/06 90.401 N/A - *Federal Election Activities FY13/14 90.401 MOA#2013-2014-0001-R 35,103Federal Election Activities FY14/15 90.401 MOA#2014-2015-0001-MAN - *

Total Election Assistance Commission 35,103

Environmental Protection Agency:Direct Program:

Brownfields Assessment: Hazardous Substances 66.818 BF-95481811-0 - *Brownfields Assessment: Petroleum 66.818 BF-95481811-0 - *

Total Environmental Protection Agency -

Department of Justice:Passed through Florida Department of Legal Affairs:

VOCA Victim Assistance FY13/14 16.575 V13056 - *VOCA Victim Assistance FY14/15 16.575 V210-14056 105,061


Direct Program:Byrne Memorial Justice Assistance Grant (JAG) FY13-16 16.738 2013-DJ-BX-0125 2,015 Byrne Memorial Justice Assistance Grant (JAG) FY14-17 16.738 2014-DJ-BX-0312 109,762 Byrne Memorial Justice Assistance Grant (JAG) FY15-18 16.738 2015-DJ-BX-0794 - *

Passed through Florida Department of Law Enforcement:Byrne Memorial Justice Assistance Grant (JAG) FY14 16.738 2014-JAGC-MANA-1-E5-025 - *Byrne Memorial Justice Assistance Grant (JAG) FY15 16.738 2015-JAGC-MANA-2-R3-002 105,540 Byrne Memorial Justice Assistance Grant (JAG) FY15 16.738 2015-JAGC-MANA-1-R3-003 11,870 Byrne Memorial Justice Assistance Grant (JAG) FY15 16.738 2015-JAGC-MANA-3-E5-253 35,920

Total Edward Byrne Memorial Justice Assistance Cluster 265,107

Direct Program:Bureau of Justice Assistance:

State Criminal Alien Assistance Program FY14 16.606 2014-AP-BX-0171 - *State Criminal Alien Assistance Program FY15 16.606 2015-AP-BX-0555 58,241

Total program 58,241 Total Department of Justice 428,409

*Ongoing grants continue to be reported, regardless of whether there is fiscal year activity.**American Recovery and Reinvestment Act of 2009 (ARRA)The accompanying notes are an integral part of this schedule.

(Continued)


Expenditures

Schedule of Expenditures of Federal Awardsand State Financial Assistance


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Federal/State Agency,Pass-through Entity CFDA Contract Federal Program/State Project Number Grant Number

Department of Transportation:Direct Programs:

Federal Transit Administration:Federal Transit Capital Investment Grant 20.500 FL04-012100/FM#404591 6,044,871 Investment Formula Grants - FTA 5307 20.507 FL90-0609/FM#407114-1-94-01 &

FM#410148-1-94-01 6,141 Investment Formula Grants - FTA 5307 20.507 FL90-0610/FM#407114-1-94-01 &

FM#410148-1-94-01 96,298 Investment Formula Grants - FTA 5307 20.507 FL90-0651/FM#410481-94-07 14,426 Investment Formula Grants - FTA 5307 20.507 FL90-0675/FM#410148-1-94-09 &

FM#410148-1-94-092 53,691 Investment Formula Grants - FTA 5307 20.507 FL90-0721/FM#410148-1-94-11 706,138 Investment Formula Grants - FTA 5307 20.507 FL90-0754/FM#410148-1-94-11 2,657,853 Investment Formula Grants - FTA 5307 20.507 FL90-0790/FM#-410148-1-94-13 1,509,234 Investment Formula Grants - FTA 5307 20.507 FL90-X808-00/FM#410148-1-94-14 1,735,686 Investment Formula Grants - FTA 5307 20.507 FL90-X859-00/FM#410148-194-15 143,433 ARRA** Investment Formula Grants - FTA 5307 20.507 FL96-X002-00 37,494 Section 5339 Bus and Bus Facilities Formula Grant FY15-17 20.526 FL34-0023-00/FM#434517-2-94-01/02 500 Section 5339 Bus and Bus Facilities Formula Grant FY15-19 20.526 FL34-0041-02/FM# applied for - *

Total Federal Transit Grants Cluster 13,005,765

Passed through Florida Department of Transportation:Section 5310 Enhanced Mobility of Seniors FY14/16 20.513 FL-16-0039 300,133 Section 5310 Enhanced Mobility of Seniors FY15/18 20.513 FPN435860-1-84-01/ARO42 271,172


Passed through Florida Department of Transportation:Highway Planning and Construction Programs:

Local Agency Program 20.205 FPN430057-1-38-01/AQ960 108,280 Local Agency Program 20.205 FPN429867-1-58/68-01/AR817 303,263 Local Agency Program 20.205 FPN429869-1-58/68-01/AR189 - *Local Agency Program 20.205 FPN431019-1-58/68-01/ARB69 477,177 Local Agency Program 20.205 FPN428133-1-58/68-01/AR044 - *Local Agency Program 20.205 FM#431020-1-58/68-01/ARD16 137,934 Local Agency Program 20.205 FM#429871-1-58/68-01/G0355 - *

Robinson Preserve Phase 2 20.219 T13007/T1307 - *Sarasota/Manatee Metropolitan Planning Organization:

Metro Planning Program 20.205 PL-0264(49)FPN423646-1-14-01 FY14 - *Metro Planning Program 20.205 PL-0264(52)FPN425671-1-14-01 FY15 521,998 Metro Planning Program 20.205 PL-0264(52)FPN425671-1-14-01 FY16 457,742

Total Highway Planning and Construction Cluster 2,006,394

Sarasota/Manatee Metropolitan Planning Organization:FTA Section 5303-Metropolitan Planning Grant 20.505 13,090 FTA Section 5303-Metropolitan Planning Grant 20.505 247,854

Total program 260,944Total Department of Transportation 15,844,408

Department of Homeland Security:Direct Program:

United States Transportation Security Administration:2011 Port Security Grant Program 97.056 EMW-2011-PU-K00277-S01 - *2014 Port Security Grant Program 97.056 EMW-2014-PU-00327-S01 59,346 2015 Port Security Grant Program 97.056 EMW-2015-PU-00446-S01 - *


Passed through Florida Department of Community Affairs:FEMA-1539-DR-FL (Hurricane Charley FY04-

Manatee County Government) 97.036 05-PA-C%-08-51-01-626 - *FEMA-1545-DR-FL (Hurricane Frances FY04-

Manatee County Government) 97.036 05-PA-G%-08-51-01-374 - *FEMA-1561-DR-FL (Hurricane Jeanne FY04-

Manatee County Government) 97.036 05-PA-E=-08-51-01-053 - *FEMA-1545-DR-FL (Hurricane Frances FY04-

Manatee County Sheriff Office) 97.036 05-PA-G%-08-51-02-648 - *FEMA-4068-DR-FL (Tropical Storm Debby FY12) 97.036 13-DB-73-08-51-02-591 - *

Total program -


Expenditures

FM#410117-1-14-23/AQR02FM#410117-1-14-24/AQR02

Manatee County, FloridaSchedule of Expenditures of Federal Awardsand State Financial Assistance - Continued


Total

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Federal/State Agency,Pass-through Entity CFDA Contract Federal Program/State Project Number Grant Number

Department of Homeland Security (Continued):Passed through Florida Department of Community Affairs (Cont'd):

Emergency Management Performance Grant FY14/15 97.042 15-FG-4D-08-51-01-108 91,173 Emergency Management Performance Grant FY15/16 97.042 16-FG-5A-08-51-01-107 12,037 Homeland Security Grant (CERT) 97.042 14-CI-K1-08-51-02-293 - *

Total program 103,210Passed through Florida Division of Emergency Management:

State Homeland Security Grant Program FY14-15 97.067 14-DS-L5-08-51-01-398 13,690 State Homeland Security Grant Program FY15-16 97.067 15-DS-P4-08-51-01-228 956

Total program 14,646 Total Department of Homeland Security 177,202

Department of Housing and Urban Development:Direct Programs:

Community Development Block Grant-Entitlement FY10/11 14.218 B-10-UC-12-0018 1,937Community Development Block Grant-Entitlement FY11/12 14.218 B-11-UC-12-0018 502Community Development Block Grant-Entitlement FY12/13 14.218 B-12-UC-12-0018 198,815Community Development Block Grant-Entitlement FY13/14 14.218 B-13-UC-12-0018 39,326Community Development Block Grant-Entitlement FY14/15 14.218 B-14-UC-12-0018 782,136

Total CDBG Entitlement Grants Cluster 1,022,716

HOME-Entitlement FY11/12 14.239 M11-UC-120031 5,709 HOME-Entitlement FY12/13 14.239 M12-UC-120219 239,009 HOME-Entitlement FY13/14 14.239 M13-UC-120219 87,837 HOME-Entitlement FY14/15 14.239 M14-UC-120219 46,403


Emergency Solutions Grant (ESG) 14.231 E13-UC-12-0025 5,533 Emergency Solutions Grant (ESG) 14.231 E14-UC-12-0025 97,517

Total program 103,050 Total Department of Housing and Urban Development 1,504,724

National Endowment for the Humanities:Passed through Florida Humanities Council:

PrimeTime Family Reading Time 45.129 CC_PT14_MANATEE_1404 1,191 Promotion of the Humanities-Federal /State Partnership 45.129 GR_0814_4024_2348 3,889

Total Program 5,080 Latino Americans: 500 Years of History Grant 45.164 LA105676 293

Total National Endowment for the Humanities 5,373

Total expenditures of federal awards $ 25,579,109


(Continued)

Expenditures



Total

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CSFA Contract State Agency Name Number Grant Number

Florida Department of Community Affairs:Hazardous Materials Emergency Response Plan FY15 31.067 15-CP-11-08-51-01-376 7,358 Hazardous Materials Emergency Response Plan FY16 31.067 16-CP-11-08-51-01-212 - *

Total program 7,358

Florida Department of Elder Affairs and the Senior Connection Center:

Community Care for the Elderly FY14/15 65.010 CCE-14/15-MAN 792,118 Community Care for the Elderly FY15/16 65.010 CCE-15/16-MAN 219,188


Alzheimer's Disease Initiative FY14/15 65.004 ADI-14/15-MAN 234,743 Alzheimer's Disease Initiative FY15/16 65.004 ADI-15/16-MAN 61,587


Home Care for the Elderly FY14/15 65.001 HCE-14/15-MAN 7,136 Home Care for the Elderly FY15/16 65.001 HCE-15/16-MAN 3,168

Total program 10,304 Total Florida Department of Elder Affairs 1,317,940

Florida Department of Environmental Protection:Wares Creek Maintenance/Navigational Dredging 37.039 WAP049 - *Wastewater Clarifier Retrofit -Southwest Water Reclamation Facility 37.039 LP41014 1,000,000 Southwest Water Reclamation Facility Class V Recharge Well 37.039 LP41015 - *


Anna Maria Island Beach Nourishment (Coquina) 37.003 11ME1 155,347 Anna Maria Island Beach Nourishment (Central) 37.003 14ME1 283,198 Longboat Pass IMP Implementation-Manatee County 37.003 14ME4 - *

Total program 438,545 Total Florida Department of Environmental Protection 1,438,545

Florida Department of Health:Emergency Medical Services Trust FY14/15 64.005 C2041 877 Emergency Medical Services Trust FY15/16 64.005 C3041 46,528


Florida Department of State:Operating Aid for Libraries FY15 45.030 15-ST-30 217,687

Florida Department of Management Services:E911 VESTA (911 Hardware Equipment) 72.002 S6-13-12-4 443,174

Executive Office of the Governor:Emergency Management Preparedness and Assistance Base Grant FY15 31.063 15-BG-83-08-51-01-041 93,130 Emergency Management Preparedness and Assistance Base Grant FY16 31.063 16-BG-83-08-51-01-040 10,991

Total Executive Office of the Governor 104,121

Florida Department of Transportation:Port: Harbor Crane 55.014 FP#41798819401/AOD47 - *Intermodal Container & Cargo Transfer Yard Phases II-V 55.014 FP#42061919401/AQK77 22,761 Intermodal Container Transfer Yard/Cold Storage Cargo Transfer Facility 55.014 FP#42259019401/AQ416 379 Port: Master Plan Update 55.014 FP#43577019401/ARC88 51,838

Total program 74,978 Intermodal Container Transfer Yard/Cold Storage Cargo Transfer Facility 55.005 FP#42259019401/AQ416 - *Berth Rehabilation & Reconstruction (JPA) 55.005 FP#43345719401/AR789 - *Berth Rehabilation & Reconstruction (JPA) 55.005 FP#43345719403/AR789 - *

Total program - Berth Rehabilation & Reconstruction (SIPB) 55.034 FP#43345719402/AR790 798,381 SIP Bond: Intermodal Cargo Storage Facilities 55.034 FP#43345819401/ARA07 - *

Total program 798,381 Transportation Disadvantaged Trust Fund FY14/15 55.001 FM#43202718401 & FM#43202818401/ARG14 440,577Transportation Disadvantaged Trust Fund FY15/16 55.001 FM#43202718401 & FM#43202818401/G0173 106,018

Total program 546,595 Hidden Harbour Habitat Improvement 55.031 PO#13PW0000092/SW80 14,042 Hidden Harbour Habitat Restoration Project 55.031 15CS0000001/D036 - *

Total program 14,042 State Operating Assistance Transit FY15 55.010 FP#41014118402/AQQ23 878,052 Anna Maria Island Trolley Project 55.013 FP#41089518403/AQQ40 389,500 Public Transit Service Development Program 55.012 FP#43286319401/AQU84 62,823 County Incentive Grant 55.008 FP#43252215801/AQZ19 101,670

Sarasota/Manatee Metropolitan Planning Organization: Transportation Disadvantaged Trust Fund FY14/15 55.002 FM#43202911401/ARH88 40,870 Transportation Disadvantaged Trust Fund FY15/16 (Manatee) 55.002 FM#43202911401/G0241 4,935 Transportation Disadvantaged Trust Fund FY15/16 (Sarasota) 55.002 FM#43202911401/G0255 5,157

Total program 50,962 Total Florida Department of Transportation 2,917,003

Florida Housing Finance Corporation:State Housing Initiative Program FY12/13 52.901 Plan 7 Year 3 25,808State Housing Initiative Program FY13/14 52.901 Plan 8 Year 1 470,062 State Housing Initiative Program FY14/15 52.901 Plan 8 Year 2 563,628 State Housing Initiative Program FY15/16 52.901 Plan 8 Year 3 - *

Total Florida Housing Finance Corporation 1,059,498 Total expenditures of state financial assistance $ 7,552,731

*Ongoing grants continue to be reported, regardless of whether there is fiscal year activity.The accompanying notes are an integral part of this schedule.

Expenditures



Total

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Manatee County, Florida Notes to Schedule of

Expenditures of Federal Awards and State Financial Assistance

September 30, 2015 1. Summary of Significant Accounting Policies:

The accounting policies and presentation of the Single Audit Report of Manatee County, Florida (the "County") have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Audits of States, Local Governments, and Non-Profit Organizations and Office of Management and Budget Circular A-133, Compliance Supplement (A-133).

A. Reporting Entity - The reporting entity consists of Manatee County, the primary government, and each of its

component units. The County included schedules of both federal and state financial assistance in the Single Audit section. Financial assistance received directly from the State of Florida is included to satisfy the audit requirements of the State of Florida grantor agencies.

B. Basis of Accounting - Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.

The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards and State Financial Assistance. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related liability is incurred. In applying the susceptible-to-accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of such revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance requirements, such as with equal employment opportunity. These resources are reflected as revenues at the time of receipt or earlier if they meet the availability criteria.

2. Contingencies:

Grant monies received and disbursed by the County are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the County does not believe that such disallowance, if any, would have a material effect on the financial position of the County. As of May 9, 2016 there were no material questioned or disallowed costs as a result of grant audits in process or completed.

3. Subrecipients

Of the expenditures presented in the Schedule, Manatee County provided Federal awards and State financial assistance to subrecipients as follows:

Federal CFDA Amount or State CSFA Provided toFederal Program/State Project Title Number Subrecipients

Community Development Block Grant-Entitlement Grants 14.218 $ 313,145 HOME Entitlement Grants 14.239 12,405 Emergency Solutions Grant (ESG) 14.231 162,021 State Housing Initiative Program (SHIP) 52.901 20,000

Total Provided to Subrecipients $ 507,571

4. FTA Investment Formula Grants and New Starts Transit Program:

The Florida Department of Transportation uses state toll credit revenues as match for FTA Investment Formula Grants FL90-0609, FL90-0610, FL90-0651, FL90-0675, FL90-0721, FL90-0754, FL90-0790, FL90-X808-00, FL90-X859-00, FL34-0023-00, FL34-0041-02 and FL04-012100. A state contract does not exist nor is there a CSFA number.

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Manatee County, Florida Notes to Schedule of

Expenditures of Federal Awards and State Financial Assistance

September 30, 2015 5. Metropolitan Planning Organization (MPO):

The MPO received federal, state and local financial assistance. The federal assistance is identified as: Federal Highway Administration $979,740 Federal Transit Administration 260,944

State assistance is identified as: Florida Department of Transportation (FDOT Match) $ 32,618 FDOT (In-Kind / Soft-Match) 216,086 Transportation Disadvantaged 50,962

Local assistance consists of $16,309 received from Manatee County and $16,309 received from Sarasota County.

6. Surplus Funds from the Florida Department of Elder Affairs and The Senior Connection Center:

Manatee County received from the Florida Department of Elder Affairs and The Senior Connection Center surplus funds on the following grant: Alzheimer’s Disease Initiative FY15 (ADI-14/15-MAN) $15,723

7. Other Federal Funds & State Funds Received :

Florida Department of Environmental Protection awarded Manatee County an agreement for Longboat Pass IMP Implementation (14ME4) on December 22, 2014. The contract allowed reimbursement for expenses incurred back to FY10. Total expenses reimbursed by FDEP were $149,469, (FY10 $36,564, FY11 $92,560, and FY12 $20,345). Department of Defense executed a Project Partnership Agreement with Manatee County for the Construction of the Cedar Hammock (Wares Creek) Flood Damage Reduction Project on August 6, 2010. The Corp of Engineers (COE) reported incurred direct federal expenditures of $28,012,527 for FY15. Department of Defense executed a Local Cooperation Agreement with Manatee County for the Manatee County Florida Shore Protection Project on August 4, 1992. The Corp of Engineers (COE) reported incurred direct federal expenditures of $4,942,510 through the third quarter of FY15. The Florida Department of Transportation executed a Joint Participation Agreement with Port Manatee in December, 2010 (AOD47). This agreement was to purchase a locomotive. Port Manatee sold the locomotive for $140,000 on April 16, 2015. Port Manatee refunded $70,000 to Florida Department of Transportation on May 28, 2015. The Department of Transportation passed through to the Florida Department of Transportation an award for Local Agency Program (LAP) (AR817) in November, 2013. The total reported expenses of $303,263 exclude $15,788 incurred and not previously reported in prior years. The Department of Transportation passed through to the Florida Department of Transportation an award for Local Agency Program (LAP) (ARB69) in February, 2014. The total reported expenses of $477,177 exclude $908 incurred and not previously reported in prior years. Florida Department of Children and Families executed an Amendment to the Original Agreement (QJZ32) with the Manatee Sheriff’s Office on October 8, 2013. This agreement was for Child Protective Investigation Services Grant. During FY12/13 the Sheriff’s Office erroneously charged an additional facility rental expense of $143,827.38. While reconciling the accounts the amount was discovered, a refund was issued to the Florida Department of Children and Families on January 7, 2015.

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MANATEE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS-

FEDERAL PROGRAMS AND STATE PROJECTS For The Year Ended September 30, 2015

PART I - SUMMARY OF AUDITOR’S RESULTS Financial Statements Type of auditors’ report issued: Unmodified Internal control over financial reporting:

Material weakness(es) indentified? No Significant deficiency(ies) identified? None reported Noncompliance material to financial statements noted? No

Federal Awards Internal control over major programs:

Material weakness(es) identified? No Significant deficiency(ies) identified? None reported

Type of auditors’ report issued on compliance for major programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with OMB Circular A-133 section 510 (a)

No

Identification of major federal programs:

CFDA Number Name of Federal Program or Cluster

20.500 Department of Transportation – Federal Transit Capital Investment Grant 20.507 Department of Transportation - Investment Formula Grants – FTA 5307 20.507 Department of Transportation - ARRA – Investment Formula Grants – FTA 5307 20.526 Department of Transportation – Section 5339 Bus and Bus Facilities Formula Grant 93.563 Department of Health and Human Services - Child Support Enforcement 93.563 Department of Health and Human Services – Title IV-D Cooperative Agreement

Dollar threshold used to distinguish between Type A and Type B Federal programs $767,373

Auditee qualified as low-risk auditee? Yes

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PART I - SUMMARY OF AUDITOR’S RESULTS – CONTINUED State Financial Assistance Section

Internal control over major projects: Material weakness(es) identified? No Significant deficiency(ies) identified? None reported

Type of auditors’ report issued on compliance for major projects: Unmodified

Identification of major State projects:

CSFA Number Name of State Project or Cluster

37.039 Florida Department of Environmental Protection – Wastewater Clarifier Retrofit – Southwest Water Reclamation Facility

52.901 Florida Housing Finance Corporation – State Housing Initiative Program 55.001 Florida Department of Transportation – Transportation Disadvantaged Trust Fund 55.013 Florida Department of Transportation – Anna Maria Island Trolley Project 65.010 Florida Department of Elder Affairs and the Senior Connection Center – Community Care for

the Elderly 72.002 Florida Department of Management Services – E911 VESTA (911 Hardware Equipment

Dollar threshold used to distinguish between Type A and Type B State projects $300,000 PART II - SCHEDULE OF FINANCIAL STATEMENT FINDINGS

This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit. There were no such findings required to be reported. PART III - SCHEDULE OF FINDINGS AND QUESTIONS COSTS – FEDERAL PROGRAMS This section identifies the audit findings required to be reported by Section 510(a) of Circular A-133 as well as any abuse findings involving federal awards that is material to a major program. There were no such findings required to be reported.

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PART IV - SCHEDULE OF FINDINGS AND QUESTIONS COSTS – STATE PROJECTS This section identifies the audit findings required to be reported under Rule 10.554(1)(l)4, Rules of the Auditor General. There were no such instances required to be reported. PART V - OTHER MATTERS No Corrective Action Plan is required because there were no findings required to be reported under the Federal or Florida Single Audit Acts.

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MANATEE COUNTY, FLORIDA SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS-


PRIOR YEAR FINDINGS AND QUESTIONED COSTS – MAJOR FEDERAL PROGRAMS AND STATE PROJECTS There were no prior year findings.

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Source

British Petroleum Claim No. 137541 $ 1,145 $ -

Note: This schedule is required by Auditor General Rule 10.557(3)(n). It does not include funds related to the Deepwater HorizonOil Spill that are considered Federal awards or State financial assistance.

2015 Fiscal Year 2015 Fiscal Year

Manatee County, FloridaSchedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill


Amount Expended in theAmount Received in the

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