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Agenda 04/14/2026 Item #13A (Presentation of the Annual Comprehensive Financial Report FY ended September 30, 2025)4/14/2026 Item # 13.A ID# 2026-902 Executive Summary Presentation of the Annual Comprehensive Financial Report for the fiscal year ended September 30, 2025, and authorization to file the related State of Florida Annual Local Government Financial Report with the Department of Financial Services. OBJECTIVE: Presentation of the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended September 30, 2025, and authorization to file the related State of Florida Annual Local Government Financial Report (AFR) with the Department of Financial Services. CONSIDERATIONS: The Clerk of the Circuit Court and Comptroller, serving as Ex-Officio Clerk to the Board of County Commissioners, is responsible for coordination of the annual independent audit along with the production of the Annual Comprehensive Financial Report. In this role, the Clerk is pleased to present to the Board the ACFR for the fiscal year ended September 30, 2025, which includes the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended September 30, 2024. The ACFR represents a significant effort by both the Finance and Accounting Department and County staff. We would like to express our sincere appreciation to the Board, the Constitutional Officers and their staff, the County Manager, the County Attorney, the Department Heads, Division Directors, and County staff for their assistance. We would like to also thank the County’s external auditors, CliftonLarsonAllen LLP and their staff for a successful year-end audit. The ACFR package delivered to the Board includes an unmodified annual audit opinion for fiscal year 2025, grant related Single Audit Reports and an unaudited report on debt for fiscal year 2025. The unaudited report on debt is required by the County's Debt Management Policy. Also included as an exhibit, the Annual Financial Report is due within 45 days of completion of the audit report but no later than 9 months after the end of the fiscal year. This report documents the revenues and expenditures for a given fiscal year in accordance with the State of Florida Uniform Accounting System. A brief presentation on the overall audit will be given by CliftonLarsonAllen staff. FISCAL IMPACT: There is no fiscal impact to this executive summary. GROWTH MANAGEMENT IMPACT: There is no growth management impact. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues and requires majority vote for Board action. -JAK RECOMMENDATION(S): That the Collier County Board of County Commissioners accepts the Annual Comprehensive Financial Report for fiscal year 2025 and authorizes the filing of the State of Florida Annual Local Government Financial Report with the Department of Financial Services. PREPARED BY: Derek M. Johnssen, Director of Finance and Accounting Clerk of the Circuit Court & Comptroller ATTACHMENTS: 1. 2025 ACFR_Collier County 2. 2025 Collier County AFR 3. Collier County Florida_CLA Presentation Page 33 of 3203 Collier County, Florida Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2025 Page 34 of 3203 Page 35 of 3203 ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 COLLIER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS BURT L. SAUNDERS, ESQ., CHAIRMAN – DISTRICT 3 DAN KOWAL, VICE-CHAIRMAN – DISTRICT 4 RICK LOCASTRO – DISTRICT 1 CHRIS HALL – DISTRICT 2 WILLIAM L. MCDANIEL, JR. – DISTRICT 5 COUNTY MANAGER AMY PATTERSON COUNTY ATTORNEY JEFFREY A. KLATZKOW CLERK OF THE CIRCUIT COURT AND COMPTROLLER CRYSTAL K. KINZEL DIRECTOR OF FINANCE AND ACCOUNTING DEREK M. JOHNSSEN, CPA Prepared by the Office of the Clerk of the Circuit Court and Comptroller, Finance and Accounting Department Page 36 of 3203 INTRODUCTORY SECTION Transmittal Letter ��i Certificate of Achievement ��vi Organizational Chart ��viii FINANCIAL SECTION Independent Auditors’ Report ��1 Management’s Discussion and Analysis (Unaudited)��4 Basic Financial Statements Statement of Net Position ��16 Statement of Activities ��18 Balance Sheet – Governmental Funds ��20 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ��21 Statement of Revenues, Expenditures and Changes in Fund Balance – Governmental Funds ��22 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ��24 General Fund - Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (Budgetary Basis) ��25 Bayshore Gateway Community Redevelopment Agency - Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Budgetary Basis) ��28 Immokalee Community Redevelopment Agency - Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (Budgetary Basis) ��29 Tourist Development - Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Budgetary Basis) ��30 Disaster Recovery - Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Budgetary Basis) ��31 Statement of Net Position – Proprietary Funds ��32 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds ��34 Statement of Cash Flows – Proprietary Funds ��35 Statement of Fiduciary Net Position ��37 Statement of Changes in Fiduciary Net Position ��38 Notes to the Financial Statements ��39 Required Supplementary Information Schedule of the County’s Proportionate Share of the Net Pension Liability - Florida Retirement System Pension Plan ��88 Schedule of County Contributions - Florida Retirement System Pension Plan ��88 Schedule of the County’s Proportionate Share of the Net Pension Liability - Retiree Health Insurance Subsidy Program ��88 Schedule of County Contributions - Retiree Health Insurance Subsidy Program ��88 Combining and Individual Fund Financial Statements and Other Supplemental Information ��93 Nonmajor Governmental Funds Combining Balance Sheet ��98 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ��106 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Non-GAAP) ��114 COLLIER COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS Page 37 of 3203 FINANCIAL SECTION (CONTINUED) Combining and Individual Fund Financial Statements and Other Supplemental Information (Continued) Nonmajor Enterprise Funds Combining Statement of Net Position ��140 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ��141 Combining Statement of Cash Flows ��142 Internal Service Funds Combining Statement of Net Position ��144 Combining Statement of Revenues, Expenses and Changes in Net Position��145 Combining Statement of Cash Flows ��146 Fiduciary Funds Combining Statement of Fiduciary Net Position - Custodial Funds ��150 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds ��151 Component Units Combining Statement of Net Position ��154 Combining Statement of Activities ��155 Other Supplemental Information Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill ��158 STATISTICAL SECTION Net Position by Component ��162 Change in Net Position ��164 Governmental Activities Tax Revenues by Source ��166 Fund Balances of Governmental Funds ��167 Changes in Fund Balances of Governmental Funds ��168 Assessed Value and Estimated Actual Value of Taxable Property ��170 Property Tax Rates – All Direct and Overlapping Governments ��172 Principal Taxpayers County-Wide ��173 Property Tax Levies and Collections ��174 Ratios of Outstanding Debt by Type ��176 Direct, Overlapping and Underlapping Governmental Activities Debt ��178 Pledged-Revenue Coverage ��179 Demographic and Economic Statistics ��180 Principal Employers ��181 Budgeted Full-Time Equivalent County Employees by Function ��182 Operating Indicators by Function ��183 Capital Asset Statistics by Function ��184 COLLIER COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS Page 38 of 3203 SINGLE AUDIT/SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE Independent Auditors’ Report on Internal Control Over Financial Reporting and Compliance ��187 Independent Auditors’ Report on Compliance for Each Major Federal Program and State Project ��189 Schedule of Expenditures of Federal Awards and State Financial Assistance ��192 Schedule of Expenditures of Federal Awards and State Financial Assistance ��198 Schedule of Findings and Questioned Costs ��200 COLLIER COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS AUDITOR GENERAL Management Letter................................................................................................................................................................ 205 Independent Accountants' Report..........................................................................................................................................214 ANNUAL DEBT REPORT Table 1. Calculation of Collier County General Governmental Debt Ratio............................................................................. 217 Table 2. Calculation of Collier County Enterprise Debt Ratios ............................................................................................... 218 Summary Debt Statement for Fiscal Year 2025 .......................................................................................................................219 CLERK OF THE CIRCUIT COURT AND COMPTROLLER PROPERTY APPRAISER SHERIFF SUPERVISOR OF ELECTIONS TAX COLLECTOR Page 39 of 3203 INTRODUCTORY SECTION Page 40 of 3203 Page 41 of 3203 March 30, 2026 To the Citizens and Members of the Board of County Commissioners, Collier County, Florida: It is with pleasure that we present to you, the citizens of Collier County and members of the Board of County Commissioners, the Annual Comprehensive Financial Report for the fiscal year ended September 30, 2025. This report was prepared by the Finance and Accounting Department of the Clerk of the Circuit Court and Comptroller in accordance with Sections 218.32 and 218.39, Florida Statutes. Responsibility for the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the County’s management. To the best of our knowledge and belief, the information presented herein is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of County operations. The Clerk of the Circuit Court and Comptroller’s Finance and Accounting Department, as well as County management, 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 fi nancial statements and maintaining accountability of 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. Chapter 218.39 of the Florida Statutes requires an annual independent certified public accountant’s financial audit of counties in the State. State law requires the County to submit a complete set of financial statements within forty-five days after the issuance of the audit report (but no later than nine months after the fiscal year end) presented in accordance with accounting principles generally accepted in the United States. For the fiscal year ended September 30, 2025, the independent auditor, CliftonLarsonAllen LLP, issued an unmodified (“clean”) opinion on the financial statements. Their report is included in the Financial Section of this report. In addition to meeting the requirements set forth in State statutes, the audit was also desi gned to meet the requirements of the Government Auditing Standards, the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Rules of the Auditor General, Chapter 10.550 Local Governmental Entity Audits. 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 MD&A and the two should be read in concert. Collier County’s MD&A can be found in the Financial Section immediately following the independent auditors’ report. PROFILE OF COLLIER COUNTY Collier County is a Constitutional form of government and was established in 1923 under the Constitution and the laws of the State of Florida. The Board of County Commissioners is the legislative body for Collier County and comprises five members elected in the five different Commission districts of the County. The Board of County Commissioners appoints a county manager to carry out policies and oversee the county’s day to day operatio ns. In addition to the County Commissioners, voters elect the following five constitutional officers on a Countywide basis: the Clerk of the Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector. The County provides its citizens with a full range of services that include tax assessment and collections, law enforcement, emergency management, election services, court services, fire and emergency medical services, airport services, animal services, library, museum and cultural services, parks and recreation operations, road maintenance and construction, economic development and social and human services. Additionally, the County owns and operates a water and wastewater utility, a i Page 42 of 3203 solid waste landfill and recycling program, a landfill gas to energy facility, three airports, a transit system and an amateur sports complex. The fiscal year for county government begins October 1 and ends September 30. Budgets are prepared annually and formal budgetary integration is employed as a management control throughout the year. The level of budgetary control, the level at which expenditures cannot legally exceed the appropriated amount, is established at the departmental level for personal services, operating expenditures and non-project related capital outlay, respectively. Debt service and transfers are controlled at the fund level and capital projects and grants are controlled at the individual project or grant level. All governmental funds adopted annual budgets for fiscal year 2025. The Board of County Commissioners conducts budget workshops during June of each year and a proposed budget is released in July. The budgets of Constitutional Officers are presented to the appropriate authorizing bodies according to State statute. Two public hearings are held in September to allow taxpayer input and to adopt the final budget. The County is financially accountable for the following legally separate entities reported in the accompanying basic financial statements as discretely presented component units: Collier County Industrial Development Authority, Collier County Health Facilities Authority, Collier County Housing Finance Authority and Collier County Educational Facilities Authority. Additional disclosures related to these entities are included in the notes to the financial statements. ECONOMIC CONDITION AND OUTLOOK Collier County, the state’s largest county by land area, is on the southwest coast of Florida, directly west of Miami. With a 2025 population of 413,314 (a 18.0% increase over the last ten years), Collier County is one of the fastest growing counties in the state over the last ten years. The resident population includes Unincorporated County (pop. 372,322) and three municipalities: the Cities of Naples (pop. 19,390), Marco Island (pop. 16,288) and Everglades (pop. 381). The County’s economic base is a diverse mix concentrated in health care, tourism, and construction with a growing services economy and an active technology sector. Gulf of Mexico beaches and the Everglades National Park are important attractions to this area. The County’s reputation for high end resorts and hotels was elevated with the November 2025 opening of the Naples Beach Club, a Four Seasons resort. The more than $1 billion project was a culmination of years of effort to reimagine the former Naples Beach Resort and Golf Club on the beachfront. In addition to a Four Seasons hotel, the redevelopment includes retail components and residential condominiums, as well as an 18-hole golf course. Sports tourism is a growing segment of Collier’s economy. The Paradise Coast Sports Complex (Complex) is a multipurpose entertainment facility situated near I-75 and Collier Boulevard. The Complex currently contains eight multipurpose fields, an outdoor fitness center, a food truck pavilion and a championship stadium that can accommodate up to 5,000 spectators. The Complex is designed to attract national tournaments, while at the same time providing additional fields needed for local field play for sports such as football and soccer. The Complex also hosts a variety of concerts and specialty events and is the official home of the Football Club (FC) Naples soccer club, a United Soccer League (USL) League One expansion team. In their inaugural 2025 season FC Naples finished in 4th place out of 14 teams and qualified for the playoffs. Overall foot traffic at the Complex during fiscal year 2025 was 636,573, up 104,252 from fiscal year 2024. The Minto United States Open Pickleball Championship continues to expand and attracts national and international participation. A fixture since 2016, the United States Open Pickleball Championship is billed as the ultimate pickleball event, drawing over 40,000 attendees annually. As a result, Naples, Florida is widely recognized as the “Pickleball Capital of the World”. To further promote economic growth, diversify the economy and encourage high-wage job creation, the Board of County Commissioners has created Economic Innovation Zones. The Ave Maria Innovation Zone, the Interchange Activity Center No. 9 Innovation Zone and the Golden Gate City Economic Development Zone were created to provide specific geographic areas a dedicated source of economic development funding through tax increment revenues. Flexible zoning overlays that will allow for reduced developmental timeframes for qualified target industry uses within the respective Zones are in process. Taxable property market valuation for fiscal year 2025 totaled $152.1 billion, a very high $367,759 per capita. The County’s millage for General Fund operations in fiscal year 2025 remained at only 30.1% of the statutory 10 mill limit, or $3.01 per thousand dollars of taxable value. Unemployment levels in recent years approximate the statewide average. The 2025 annual County unemployment rate stood at 4.7%, which is slightly lower than the statewide average of 4.9%. Income levels are high, with a per capita personal income of $151,200. ii Page 43 of 3203 From a macroeconomic standpoint, the U.S. economy continues to demonstrate notable strength—particularly in GDP growth and equity market performance—while also showing emerging signs of strain, including trade‑related uncertainty, rising unemployment, and softer hiring. The Federal Reserve has adopted a more cautious, data‑dependent approach to easing, delivering two rate cuts over the past year. Whether the economy ultimately achieves a “soft landing” or slips into recession remains uncertain. The Fed’s monetary policy has been complicated by an uneven inflation trajectory during fiscal year 2025, with inflation fluctuating between roughly 2.3% and 3.0%. The County experienced record setting tourism with bed tax collections of $49.8M during fiscal year 2025. Bed tax is levied at 5.0% on overnight stays of six months or less. This revenue benchmark was set even as half-cent sales tax revenues were down 2.8% when compared with fiscal year 2024. The Clerk and Comptroller continually monitors both economic and policy impacts on revenue sources, including sales taxes, tourist taxes, gas taxes, impact fees and other revenues impacted by economic conditions along with the County’s operating and capital cash flow requirements. This monitoring process directly influences the investment approach and overall duration of the portfolio. The County’s investments are managed to maintain financial flexibility and preserve capital through both rising and declining interest rate cycles. LONG TERM FINANCIAL PLANNING Each Florida local government must prepare a comprehensive plan for managing growth, providing vital services and protecting the environment. In Collier, several annual processes take place which influence long range planning and the development of the budget. Each year the County performs a three-year budget projection of primary ad valorem supported funds (General Fund and the Unincorporated Area Municipal Services Taxing District Fund) prior to developing budget policy. In addition, there are several annual long range planning processes such as the Capital Improvement Element (CIE), the Annual Update and Inventory Report (AUIR), the Long Range Transportation Plan, the Water and Wastewater Master Plans, the Master Mobility Plan and concurrency planning. The County is required to prepare and present to the Board of County Commissioners an Annual Update and Inventory Report (AUIR) and adopt a five-year Capital Improvement Element (CIE). Both of these processes focus on the schedule of capital improvements for the County. The AUIR is an annual status report on public facilities and the CIE is a planning document that identifies public facilities that will be required during the next five or more years. The Capital Improvement Element serves as the foundation for Collier County’s annual Capital Improvement Program (CIP), which outlines planned investments in infrastructure and public facilities. For fiscal years 2026–2030, the County anticipates approximately $3.1 billion in CIP projects. Major allocations include $1.6 billion for water and wastewater projects, $867.8 million for transportation, $279.0 million for stormwater improvements, and $121.6 million for county-wide government facilities. Additional planned investments include $81.3 million for public safety, $79.1 million for parks and recreation, $14.5 million for tourist development, $43.8 million for solid waste, and $35.6 million for miscellaneous projects. Funding for the Fiscal Year 2026–2030 CIP is projected to include approximately $1.1 billion from debt proceeds, $495.0 million from property taxes, and $264.0 million from impact fees. The remaining balance will be supported by a combination of carried-forward infrastructure sales taxes, additional impact fees, gas taxes, tourist taxes, and other sources yet to be determined. RELEVANT FINANCIAL POLICIES Relevant financial policies include the appropriation of carryforward as a funding source in the following year and maintaining the General Fund year end cash balance at a minimum of 15% of actual expenditures for the fiscal year then ended. Additional policies include the assessment of impact fees at such levels as allowed by law and supported by studies and funding the self- insured workers’ compensation and property and casualty programs at an actuarial based confidence interval of 75%. The self- insured group health program will be funded to include the statutorily required reserves plus an amount equal to the expected cost variance with a 99% certainty. For enterprise operations such as the Water and Sewer District and Solid and Hazardous Waste Management, that do not receive support from general government sources, budgeted reserves are targeted to a range of forty-five to ninety days of operating expenditures. iii Page 44 of 3203 Debt administration policies include the limitation of the debt repayment period to the useful life of the underlying assets and the establishment of a 5% benchmark for net present value savings generated by refinancing. Lesser net present value savings may be considered on a case-by-case basis. Consistent with Collier County’s Debt Management Policy, outstanding debt is continually monitored in relation to existing conditions in the debt market. When sufficient cost savings can be realized debt will be refinanced. In addition, the debt policy establishes a maximum ratio of total general governmental debt service to bondable general governmental revenues from current sources of 13%. The Clerk of the Circuit Court and Comptroller’s Finance and Accounting Department monitors the daily cash needs of the County and invests the County’s funds in accordance with the Collier County Investment Policy. The primary objective of the investment policy is the preservation of capital and the protection of investment principal. Authorized investments include certificates of deposit, the Local Government Funds Surplus Trust Fund (Florida PRIME), other intergovernmental pools, U.S. Treasury securities, U.S. agency securities, commercial paper, corporate bonds and bankers’ acceptances. The par weighted average maturity of the total managed pooled portfolio, to first call or maturity, was 1.53 years as of September 30, 2025. The total return for fiscal year 2025 was 4.42%, the result of taking advantage of favorable short term interest rates and the recognition of unrealized gains. Investment income of $82.8 million was realized during fiscal year 2025. Changes in the fair value of investments are recorded as part of interest earnings when presented in the financial statements. MAJOR INITIATIVES While the County is currently focused on many initiatives, some of the most significant include the following: ●Priority-based budgeting approach to enhance organizational performance ●Development of the Golden Gate Golf Course property, Veteran’s nursing home, workforce and first responder housing and mental health initiatives ●Major water and wastewater infrastructure expansions in the northeast and central county service areas ●Upgrades to Information Technology infrastructure and the County’s various management, financial and accounting software ●Park system infrastructure renewal and replacement and construction of phase two of the Big Corkscrew Island Regional Park ●Construction of phase three of the Paradise Coast Sports Complex ●Major upgrade or replacement and hardening of the County’s 800 MHz radio network ●Sheriff’s capital projects including various maintenance and facility upgrades ●Ongoing funding for stormwater maintenance and continued capital infrastructure upgrades AWARDS AND ACKNOWLEDGEMENTS Collier County earned the Government Finance Officers Association of the United States and Canada (GFOA) Triple Crown award as one of only 350 governments receiving this honor. The Triple Crown award consists of: ●The Certificate of Achievement for Excellence in Financial Reporting to Collier County for its annual comprehensive financial report for the fiscal year ended September 30, 2024. ●The Outstanding Achievement in Popular Annual Financial Reporting to Collier County for its citizens report for the fiscal year ended September 30, 2024. ●The Distinguished Budget Presentation Award to Collier County for its separately issued annual budget for the fiscal year beginning October 1, 2024. To be awarded this honor, a government must meet the high standards of all three separate award programs. Each award program recognizes governments that produce reports that transparently communicate their financial situations and meet all program standards. See https;//www.gfoa.org/awards. In addition, the Government Finance Officers Association of the United States and Canada presented an award for Distinguished Presentation to the Office of the Collier County Clerk of the Circuit Court and Comptroller for its annual budget for the fiscal year beginning October 1, 2024. iv Page 45 of 3203 The preparation and publication of this Annual Comprehensive Financial Report represents a significant effort by the Finance and Accounting Department as well as numerous County personnel who contribute to its production. In particular, we would like to express our appreciation to Gabriela Molina, Finance Manager, Suzanne Boothby, Grants Manager, Leslie Miller, Operations Manager and all of the staff of the Finance and Accounting Department. Sincere appreciation is also expressed to CliftonLarsonAllen LLP, the Board of County Commissioners, the Constitutional Officers, the County Manager, Deputy County Managers, Department Heads and the Division Directors for their assistance throughout the year in matters pertaining to the financial affairs of the County. We hope you find this report informative, accurate and easily readable. If you should have any questions related to this report or if additional information is desired, do not hesitate to contact Derek M. Johnssen, Director of Finance and Accounting, at 239.252.7863. Respectfully, Crystal K. Kinzel Clerk of the Circuit Court and Comptroller Derek M. Johnssen, CPA Deputy Clerk, Director of Finance and Accounting Kelly Jones, CGFO Deputy Clerk, Assistant Director of Finance and Accounting v Page 46 of 3203 Certificate of Achievement for Excellence in Financial Reporting The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Collier County, Florida for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024. This was the thirty-eighth consecutive year that the government has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy 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 Annual Comprehensive 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. vi Page 47 of 3203 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Collier County Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2024 Executive Director/CEO Page 48 of 3203 ResidentsChief Hearing Examiner Andrew W.J. DickmanCounty AttorneyJeffrey KlatzkowCounty ManagerAmy PattersonCorporate Compliance & Continuous ImprovementDeputy County ManagerEd FinnCorporate Financial & Management ServicesPelican Bay ServicesPublic Utilities DepartmentJames W. DeLony InterimEngineering & Project ManagementOperations SupportSolid WasteWastewaterWaterDepartment of HealthUniversity Extension ServiceGrowth Management Community Development DepartmentJames FrenchBuilding Plan Review & InspectionCode EnforcementCommunity Planning & ResiliencyEnvironmental & Development ReviewEconomic Development & HousingDomestic Animal ServicesOperations & Regulatory ManagementParks & RecreationPlanning & ZoningCorporate Business OperationsKenneth KovenskyFleet ManagementHuman ResourcesInformation TechnologyProcurement ServicesSheriffKevin RamboskTransportation Management Services DepartmentTrinity ScottFiscal & Grant ServicesOperations & Performance Mgmt.Public Transit & Neighborhood Enh.Road Bridge & Stormwater Maint.Transportation EngineeringStrategic InitiativesMichael NiemanLibraryMuseumBoard of County Commissioners Rick LoCastro, District 1Chris Hall, District 2Burt Saunders, District 3Dan Kowal, District 4William L. McDaniel, Jr, District 5Property AppraiserVickie A. DownsTax CollectorRob Stoneburner Judicial Courts & JudgesCharles RiceSupervisor of ElectionsMelissa BlazierClerk of the Circuit CourtsCrystal K. KinzelCommunications,Govt. Pub. AffairsJohn MullinsTourismChief of StaffIan BarnwellCommunity & Human ServicesPublic SafetyVacantEmergency ManagementEmergency Medical ServicesFacilities & RedevelopmentJohn Dunnuck, IIICommunity Redevelopment AreasFacilities ManagementPage 49 of 3203 FINANCIAL SECTION Page 50 of 3203 Page 51 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS’ REPORT Honorable Board of County Commissioners Collier County, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Collier County, Florida (the County), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the County, as of September 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund, Bayshore Gateway Community Redevelopment Agency Fund, Immokalee Community Redevelopment Agency Fund, Tourist Development Fund, and Disaster Recovery Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter As discussed in Note 1 to the financial statements, the County implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, effective for the fiscal year end September 30, 2025. GASB Statement No. 101 requires liabilities to be recognized for leave attributable to services already rendered, that accumulates and is more likely than not to be used or otherwise paid or settled. The provisions of GASB Statement No. 101 have been applied to the County’s net position at October 1, 2024. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the County’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 Page 52 of 3203 Honorable Board of County Commissioners Collier County, Florida Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit 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 County’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about County’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the schedules of the County’s proportionate share of the net pension liability and County contributions, and the schedules of total OPEB liability and related ratios for the retiree health plans be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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 GAAS, 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. 2 Page 53 of 3203 Honorable Board of County Commissioners Collier County, Florida Supplementary 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 combining and individual nonmajor fund financial statements, schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill, and schedule of expenditure of federal awards and state financial assistance, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and Chapter 10.550, Rules of the Auditor General for Local Governmental Entity Audits are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 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 GAAS. In our opinion, the combining and individual nonmajor fund financial statements, schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill, and schedule of expenditure of federal awards and state financial assistance, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and Chapter 10.550, Rules of the Auditor General for Local Governmental Entity Audits are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 30, 2026 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 solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the County’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida March 30, 2026 3 Page 54 of 3203 MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) As Clerk of the Circuit Court and Comptroller of Collier County, Florida, I present the readers of the County’s financial statements this narrative overview and analysis of the financial activities of Collier County for the fiscal year ended September 30, 2025. Readers are encouraged to consider the information presented in this narrative in conjunction with additional information offered in the letter of transmittal, found on pages i-vi of this report. Financial Highlights • Collier County’s assets and deferred outflows exceeded its liabilities and deferred inflows as of September 30, 2025 by $4,488,543,939. Of this amount, $621,021,392 represents unrestricted net position and may be used to meet future County obligations. Unrestricted net position increased by $87,867,296 from the previous year, as restated. • The County’s total net position increased by $312,057,494 when compared to fiscal year 2024, with a $197,329,991 from governmental activities and a $114,727,503 increase resulting from business-type activities. • As of September 30, 2025, Collier County’s governmental fund financial statements showed combined ending fund balances of $1,494,387,969, an increase of $8,279,033 over the previous fiscal year. Of the total combined ending governmental fund balance, $126,269,409 is reported as unassigned. • The General Fund reported an unassigned fund balance of $149,302,184 at September 30, 2025, an increase in unassigned General Fund balance of $15,963,811 when compared to September 30, 2024. • The County’s proportionate share of the Florida Retirement System’s defined pension benefit and health insurance subsidy net pension liabilities was $349,915,214 as of September 30, 2025, a decrease of $82,891,488 from the previous year. • Total bonded debt, notes, outstanding loans, leases and subscription based IT arrangements (SBITA) owed by Collier County decreased by $43,590,923 during fiscal year 2025, with a decrease in governmental activities debt of $28,948,538 and a decrease in business-type activities debt of $14,642,385. Additional information on debt activity can be found in Note 7 to the financial statements beginning on page 59. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction and explanation of Collier County’s basic financial statements. Collier County’s basic financial statements include government-wide and fund financial statements, as well as notes to the basic financial statements. Government-Wide Financial Statements Government-wide financial statements are designed to provide the reader an overview of the financial position of the County and are similar to private sector financial statements. These statements are comprised of a Statement of Net Position and a Statement of Activities and are found on pages 16 to 19 of this report. The Statement of Net Position shows the financial position of Collier County as of September 30, 2025. The statement shows the County’s assets plus deferred outflows of resources less its liabilities plus deferred inflows of resources, with the difference being reported as net position. Changes in net position are useful indicators of financial condition. The Statement of Activities follows the Statement of Net Position and reports the changes in net position over the fiscal period. All changes in net position are reported as soon as the underlying events that gave rise to the change occur, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported for some items, such as accounts receivable, notes receivable or certain unused leave, that will manifest themselves in cash inflows and outflows, respectively, in future fiscal periods. These statements distinguish Collier County functions that are supported by taxes and intergovernmental revenues (governmental activities), from business-type activities, which are intended to have their costs primarily recovered through user fees and charges. Governmental activities reported in the financial statements are general government, public safety, physical environment, transportation, economic environment, human services and culture and recreation. Business-type activities in Collier County include water and sewer, solid waste collections, airport operations, transit operations and emergency medical services. Fund Financial Statements A fund is a group of related accounts used to maintain control over resources that have been segregated to meet specific objectives. As dictated by generally accepted accounting principles, Collier County uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The funds of the County can be divided into the following three categories: governmental, proprietary and fiduciary. 4 Management’s Discussion and Analysis FINANCIAL SECTION Page 55 of 3203 Governmental funds Governmental funds, presented on pages 20 to 31, account for substantially the same functions as governmental activities reported under the government-wide Statement of Net Position and Statement of Activities. The difference is that the governmental fund financial statements focus on inflows and outflows of expendable resources, as well as balances of expendable resources available at the end of the fiscal year, on a near term basis. As such, these statements present a narrower view of financial condition, but are nonetheless useful in evaluating Collier County’s near term financing requirements and available resources. Comparison between the two sets of financial statements allows the reader to better assess the future impact of the government’s near term financial decisions. Both the governmental fund balance sheet and the statement of revenues, expenditures and changes in fund balances provide a reconciliation to the respective government-wide financial statements to facilitate comparison. Governmental funds presented individually in Collier County’s statements include six major funds, the General Fund and the Bayshore Gateway and Immokalee Community Redevelopment Agencies, Tourist Development, Disaster Recovery and the Infrastructure Sales Tax fund. There are many smaller governmental funds under Collier County management and they are aggregated in a total column named “other governmental funds”. Combining statements for these other governmental funds have been presented elsewhere in this report. Collier County adopts an annual budget as described in Note 1 to the financial statements. A budgetary comparison statement has been provided for the General Fund and each major special revenue fund to demonstrate compliance with this budget. Budgetary comparison schedules for the Infrastructure Sales Tax capital project major fund and non-major governmental funds required to adopt an annual budget are presented in the combining statements presented elsewhere in this report. Proprietary funds Collier County maintains two different types of proprietary funds, enterprise and internal service, which are reflected on pages 32 to 36 of this report. Enterprise funds report, with more detail, the same functions presented as business-type activities in the government-wide financial statements for water and sewer, solid waste disposal, emergency medical services, transit and the airport authority. The Collier County Water and Sewer District Fund, the Solid Waste Disposal Fund and the Emergency Medical Services Fund are presented individually as major funds. Internal service funds are primarily maintained to allocate and accumulate costs internally for Collier County. The County uses internal service funds to account for health insurance, worker’s compensation insurance, property and casualty insurance, fleet operations and information technology. The internal service funds are presented in total in the proprietary fund financial statements, but may be viewed on a combining basis elsewhere in the report. Internal service funds are included in governmental activities in the Government-wide financial statements. Fiduciary funds Fiduciary funds are used to account for resources held for the benefit of parties outside of Collier County government. These funds are not presented in the government-wide financial statements as they do not represent resources available to support Collier County functions. The fiduciary funds begin on page 37 of this report. The County uses a private purpose trust fund for the Sheriff’s employee flexible spending account. The County also uses custodial funds to report amounts that the government has custody of, but does not have control over the use of the funds. Notes to the Financial Statements The notes provide additional information essential to a full understanding of the data provided in both the government-wide and fund financial statements. The notes appear on pages 39 to 85 of this report. Other Information The combining and individual nonmajor fund financial statements and schedules mentioned above present more detailed views of nonmajor governmental and enterprise funds and begin on page 95. This section contains combining balance sheets and statements of revenues, expenditures and changes in fund balance for governmental funds, including budgetary comparisons, and combining statements of net position and statements of revenues, expenses and changes in fund net position for enterprise funds. Also included are combining financial statements for internal service and custodial funds. Additional information about the County, which may be of interest to the reader, can be found under the Statistical Section of this report beginning on page 159. The Statistical section has been prepared in accordance with Governmental Accounting Standards Board Statement No. 44, Economic Condition Reporting: The Statistical Section. This section contains data regarding financial trends, revenue capacity, debt capacity, demographic and economic conditions and operating indicators of the County. 5 FINANCIAL SECTION Management’s Discussion and Analysis Page 56 of 3203 Page break Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. Assets and deferred outflows exceed liabilities and deferred inflows by $4,488,543,939 as of the fiscal year ending September 30, 2025 for Collier County. Positive balances were reported in all categories of net position in the governmental and business-type activities for fiscal year 2025. Collier County’s net position at September 30, 2025 increased by $87,867,296 for unrestricted net position and increased $19,003,649 for restricted net position. Restricted net position represents resources subject to external restrictions on their use, while unrestricted net position is available to meet the County’s ongoing obligations. The increase in restricted net position was primarily driven by a $17,730,773 increase in restricted net position related to Tourist Development, a $20,501,663 increase for transportation capital projects and a $16,076,177 increase for Conservation Collier. These gains were partially offset by a $30,411,792 reduction in restricted net assets for infrastructure sales tax capital projects. The increase in unrestricted net position was mainly due to the $20,636,012 increase in property tax revenue. Collier County’s investment in capital assets such as land, roads, buildings, parks and machinery and equipment, net of depreciation and amortization or any outstanding debt related to the asset, amounts to 61.5% of net position as of September 30, 2025, compared to 61.4% as of September 30, 2024. During fiscal year 2025, the County’s net investment in capital assets increased by $175,176,008; however, its proportion of total net position remained relatively unchanged. These capital assets are used to provide essential services to residents and, as such, do not constitute spendable resources and cannot be used to liquidate the debt incurred for their acquisition or construction. The following are Collier County’s net position and changes in net position for the fiscal years ended September 30, 2024 and 2025, shown in condensed form: Collier County’s Schedule of Net Position (in millions) Total Business-type Percentage Governmental Activities Activities Total Change 2025 2024*2025 2024*2025 2024*2024-2025 Current and other assets $ 1,764.6 $ 1,737.9 $ 646.7 $ 622.4 $ 2,411.3 $ 2,360.3 2.0% Capital assets, net 2,142.4 2,014.5 1,228.7 1,145.4 3,371.1 3,159.9 6.7% Total assets 3,907.0 3,752.4 1,875.4 1,767.8 5,782.4 5,520.2 4.7% Deferred outflows of resources 103.8 124.7 17.3 22.8 121.1 147.5 (17.9)% Current liabilities 173.0 185.0 75.0 58.9 248.0 243.9 1.7% Long-term liabilities 702.9 753.0 369.7 398.2 1,072.6 1,151.2 (6.8)% Total liabilities 875.9 938.0 444.7 457.1 1,320.6 1,395.1 (5.3)% Deferred inflows of resources 71.7 48.3 22.7 17.8 94.4 66.1 42.8% Net position: Net investment in capital assets 1,801.4 1,671.2 957.3 912.4 2,758.8 2,583.6 6.8% Restricted 1,057.4 1,040.1 51.3 49.7 1,108.9 1,089.8 1.6% Unrestricted 204.4 179.5 416.7 353.6 621.0 533.1 16.3% Total net position $ 3,063.2 $ 2,890.8 $ 1,425.3 $ 1,315.7 $ 4,488.5 $ 4,206.5 6.6% * The 2024 fiscal year has not been restated for the impact of GASB 101, Compensated Absences. Please see Note 20 on page 85 for further information. 6 Management’s Discussion and Analysis FINANCIAL SECTION Page 57 of 3203 Collier County’s Schedule of Changes in Net Position (in millions) Total Percentage Governmental Activities Business-type Activities Total Change 2025 2024* 2025 2024* 2025 2024* 2024-2025 Revenues Program revenues: Fines, fees and charges for services $ 98.5 $ 87.7 $ 344.8 $ 322.8 $ 443.3 $ 410.5 8.0% Operating grants and contributions 75.8 82.4 4.2 7.3 80.0 89.7 (10.8)% Capital grants and contributions 61.5 61.3 58.9 47.4 120.4 108.7 10.8% General revenues: Property taxes 552.0 531.5 - - 552.0 531.5 3.9% Other taxes and shared revenues 164.4 198.2 - - 164.4 198.2 (17.1)% Interest earnings 80.0 100.3 25.7 33.6 105.7 133.9 (21.1)% Miscellaneous 11.8 16.1 0.3 0.2 12.1 16.3 (25.8)% Total revenues 1,044.0 1,077.5 433.9 411.3 1,477.9 1,488.8 (0.7)% Expenses General government 180.8 175.7 - - 180.8 175.7 2.9% Public safety 321.3 321.0 - - 321.3 321.0 0.1% Physical environment 49.0 52.2 - - 49.0 52.2 (6.1)% Transportation 103.7 97.3 - - 103.7 97.3 6.6% Economic environment 32.8 27.9 - - 32.8 27.9 17.6% Human services 37.2 34.1 - - 37.2 34.1 9.1% Culture and recreation 90.8 83.1 - - 90.8 83.1 9.3% Interest on long-term debt 9.5 10.4 - - 9.5 10.4 (8.7)% Water and sewer - - 206.0 203.3 206.0 203.3 1.3% Solid waste - - 62.6 61.7 62.6 61.7 1.5% Emergency medical services - - 43.1 49.1 43.1 49.1 (12.2)% Airport authority - - 11.1 11.5 11.1 11.5 (3.5)% Mass transit - - 18.0 17.8 18.0 17.8 1.1% Total expenses 825.1 801.7 340.8 343.4 1,165.9 1,145.1 1.8% Increase in net position before net transfers 218.9 275.8 93.1 67.9 312.0 343.7 (9.2)% Transfers, net (21.6) (22.0) 21.6 22.0 - - 0.0% Change in net position 197.3 253.8 114.7 89.9 312.0 343.7 (9.2)% Net position – beginning 2,890.8 2,637.0 1,315.7 1,225.8 4,206.5 3,862.8 8.9% Restatement of net position (24.9) - (5.1) - (30.0) - 100.0% Net position - beginning as restated 2,865.9 2,637.0 1,310.6 1,225.8 4,176.5 3,862.8 8.1% Net position – ending $ 3,063.2 $ 2,890.8 $ 1,425.3 $ 1,315.7 $ 4,488.5 $ 4,206.5 6.7% * The 2024 fiscal year has not been restated for the impact of GASB 101, Compensated Absences. Please see Note 20 on page 85 for further information. 7 FINANCIAL SECTION Management’s Discussion and Analysis Page 58 of 3203 Property Taxes: 52.9%Property Taxes: 52.9%Property Taxes: 52.9% Fines, Fees and ChargesFines, Fees and Charges for Services: 9.4%for Services: 9.4% Fines, Fees and Charges for Services: 9.4% Operating Grants andOperating Grants and Contributions: 7.2%Contributions: 7.2% Operating Grants and Contributions: 7.2% Capital Grants andCapital Grants and Contributions: 5.9%Contributions: 5.9% Capital Grants and Contributions: 5.9% Gas Taxes: 2.5%Gas Taxes: 2.5%Gas Taxes: 2.5% Sales Taxes: 6.0%Sales Taxes: 6.0%Sales Taxes: 6.0% Tourist Taxes: 4.8%Tourist Taxes: 4.8%Tourist Taxes: 4.8% Miscellaneous revenue: 3.6%Miscellaneous revenue: 3.6%Miscellaneous revenue: 3.6% Interest earnings: 7.7%Interest earnings: 7.7%Interest earnings: 7.7% Total Revenues by Type Governmental Activities Fiscal Year 2025 Expenses and program revenues, in the form of fees, fines, grants and contributions, for governmental activities are shown graphically by function. General revenues, such as property taxes, must be used to the extent that the fees, fines, grants and contributions do not cover the cost of the governmental function. Public safety is the largest category of expenses followed by general government. Program Revenues and Expenses Governmental Activities Fiscal Year 2025 MillionsRevenues Expenses General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation 0 100 200 300 400 Revenues for governmental activities are shown graphically by type. The largest type of revenue for governmental activities is property taxes followed by interest earnings and fines, fees and charges for services. 8 Management’s Discussion and Analysis FINANCIAL SECTION Page 59 of 3203 Fines, Fees and Charges forFines, Fees and Charges for Services: 79.4%Services: 79.4% Fines, Fees and Charges for Services: 79.4% Operating Grants andOperating Grants and Contributions: 1.0%Contributions: 1.0% Operating Grants and Contributions: 1.0% Capital Grants andCapital Grants and Contributions: 13.6%Contributions: 13.6% Capital Grants and Contributions: 13.6% Interest earnings: 5.9%Interest earnings: 5.9%Interest earnings: 5.9% Other Income: 0.1%Other Income: 0.1%Other Income: 0.1% Program revenues and expenses are shown by business-type activity. The Water and Sewer system is the largest business-type activity followed by the Solid Waste system. Program Revenues and Expenses Business‐type Activities Fiscal Year 2025 MillionsRevenues Expenses Water and Sewer Solid Waste Emergency Medical Services Airport Authority Mass Transit 0 100 200 300 400 Revenues for business‐type activities are shown graphically by type. The largest type of revenue is fines, fees and charges for services followed by capital grants and contributions and interest earnings. Total Revenues by Type Business‐type Activities Fiscal Year 2025 9 FINANCIAL SECTION Management’s Discussion and Analysis Page 60 of 3203 G overnmental Activities The current year increase in the net position of governmental activities amounted to $197,329,991, an increase of 6.9% when compared to the previous year’s net position, as restated. The previous fiscal years’ increase in net position was 9.6%. The current years’ increase is mainly due to the following: • While overall revenues related to governmental activities decreased by 3.1%, or $33,338,683, expenses increased by 2.9%, or $23,421,694. • Governmental activities revenues decreased primarily due to the sunset of the 1% Infrastructure Sales Tax on December 31, 2023. Collections from this tax decreased by $33,851,124 compared to fiscal year 2024. Governmental activities interest earnings, including fair value adjustments related to investments, decreased by $20,325,105, largely due to smaller fair value gains on pooled investments versus the prior year. These decreases were partially offset by a $20,636,012 increase in total ad valorem tax collections in fiscal year 2025. This increase was driven by $4.6 billion in net new construction added to the tax base for fiscal 2025. Additionally, tourist tax revenue increased $1,190,872, as tourism continues to recover following Hurricanes Ian, Helene and Milton. • Public safety expense increased by $316,294 in fiscal year 2025, driven by higher personal services costs associated with pay plan adjustments, partially offset by a reduction in pension expenses. Physical environment expenses decreased by $3.2 million, or 6.1%, primarily due to the transfer of staff to a dedicated transportation maintenance program. Transportation expenses rose by $6.35 million, or 6.5%, reflecting increased investment in road resurfacing and other maintenance activities. Economic environment expenses grew by $4.88 million, or 17.4%, as the County accelerated spending to meet deadlines for the utilization of COVID-related grant funding. Additionally, culture and recreation expenses increased by $7.64 million, or 9.2%, largely due to expanded tourism marketing and promotional efforts and operating costs associated with reopening County aquatics facilities. Business-type Activities The increase in net position related to business-type activities amounted to $114,727,503 in the aggregate, representing an 8.8% increase over the previous year’s net position as restated. The previous fiscal year’s increase in net position was 7.3%. The current year’s increase is mainly due to the following: • The Collier County Water and Sewer District (District) saw an increase of $89,188,492 in net position. The increase in the District’s net position is attributable to a 6.2% phased user fee rate increase, effective October 2024, a 1.6% rise in customer accounts, and a $67.4 million expansion in capital assets under construction. The District also recognized $47,396,814 of water and sewer capital grants and contributions, an increase of $6,497,369 from prior year, primarily the result of donated utility infrastructure related to planned communities located in East Naples and Golden Gate Estates. In addition, the District received $1.2 million in capital grants to strengthen resilience against natural disasters and to build a central sewer system aimed at eliminating septic tanks for 24 properties in the Palm River area. • Solid Waste Disposal reported an increase of $13,029,726 in net position. This growth was primarily driven by a 2.5% rate increase, effective October 2024, and by higher cash balances, reflecting intentional financial planning to ensure liquidity for upcoming capital projects such as the Immokalee Transfer Station and the Hammer Head Program. The increases in net position were partially offset by a $1,137,272 increase in personal services due to pay plan adjustments, higher health care premiums, and the transfer of seven (7) positions to Solid Waste from other County departments to support ongoing operational needs at the Naples Landfill site. Additionally, operating grants and contributions decreased by $628,425 as Hurricane cleanup efforts were completed in the prior fiscal year. Fund Financial Statement Analysis As mentioned above, Collier County utilizes fund accounting to ensure compliance with finance related legal requirements. Governmental Funds Governmental funds provide information on near term inflows, outflows and balances of spendable resources. Unassigned fund balance is a useful measure of net resources available to be spent at the end of the fiscal year. Governmental funds consist of the General Fund, Special Revenue Funds, Permanent Funds, Debt Service Funds and Capital Project Funds. As of September 30, 2025, Collier County governmental funds reported combined fund balances of $1,494,387,969, an increase of $8,279,033 when compared to prior year combined fund balances. The governmental funds had non-spendable fund balances of $20,426,240 consisting of inventory, prepaid items, notes receivable, endowments and advances to other funds. The restricted fund balance was $1,024,484,099 and consists of monies whose expenditure is externally constrained by grantors, creditors, binding law or enabling legislation. Of the remaining $449,477,630 in fund balance, $72,729,415 is classified as committed, $250,478,806 is recorded as assigned and $126,269,409 is recorded as unassigned. The following were noteworthy activities and changes relating to the major governmental funds for fiscal year 2025: 10 Management’s Discussion and Analysis FINANCIAL SECTION Page 61 of 3203 • The General Fund is the primary operating fund of Collier County. As of September 30, 2025, the total fund balance in the General Fund was $195,558,831, of which $149,302,184 was unassigned. The unassigned portion represents 26.24% of total General Fund expenditures and net transfers. The total fund balance increased by $915,686, or .5%, compared to the September 30, 2024 total fund balance. This increase was primarily driven by higher Ad Valorem tax collections of $14,214,036 resulting from the addition of $4.6 billion in net new construction value to the tax base during fiscal year 2025. Offsetting this increase were a $2.1 million decline in interest revenue due to smaller fair value gains on pooled investments and a $28.3 million decrease in transfers in, as the prior year included a one-time transfer from Conservation Collier to mitigate the impact of the rollback millage rate adopted in fiscal year 2024. Additionally, current expenditures rose 7.5%, largely due to a 3.0% increase in salaries under the County’s comprehensive compensation plan and a 9.0% increase in health insurance premiums. • The Bayshore Gateway Community Redevelopment Agency was created to revitalize blighted areas in the Bayshore Gateway Triangle community. During fiscal year 2025, the Bayshore Gateway Community Redevelopment Agency collected $4,655,900 in tax increment revenues, an increase of $1,071,800 from fiscal year 2024. This increase is due to the increase in taxable property values within the geographic boundary of the agency. In addition, the Agency received $214,806 in charges for services and $703,866 in interest earnings. Operating expenditures of $993,627, mainly consisting of personal services and planning and consulting services within the district. In addition, capital outlay expenditures of $2,618,696 were made for boardwalk construction and stormwater improvements in the district. • The Immokalee Community Redevelopment Agency was created to revitalize blighted areas in Immokalee. During fiscal year 2025, the Immokalee Community Redevelopment Agency collected $1,360,500 in tax increment revenues, an increase of $142,100 from the previous fiscal year. This increase is due to the increase in taxable property values within the geographic boundary of the agency. In addition, the Agency received $140,140 in charges for services, and $222,937 in interest earnings. Operating expenditures of $651,968, mainly personal services and general operating expenditures, were associated with the Immokalee Community Redevelopment Agency. In addition, capital outlay expenditures of $269,443 were made primarily for a capital building lease and pedestrian safety improvements within the district. • The Tourist Development fund was established to account for the tourist development tax and related expenditures. The County collected $49,827,537 in tourist development tax revenue in fiscal year 2025, an increase of $1,190,872 from the prior year. Current operating expenditures rose by $8.8 million, primarily due to expanded marketing campaigns and maintenance projects. Capital outlay totaled $11,870,634, including $5,958,115 in hurricane restoration projects, $5,560,906 for beach renourishment and $351,613 for equipment purchases. • The Disaster Recovery fund was established to account for the revenues and expenditure associated with the recovery from Hurricanes Ian, Helene and Milton. Current operating expenditures decreased by $3,801,849 as the County continues to expended funds to repair County structures and beach facilities. Capital outlay related to Hurricane Ian included $1,571,241 for Caxambas boat park repairs, $390,889 in other County facility repairs and $906,261 in equipment. Insurance proceeds of $2,562,434 and $541,561 in reimbursements from the Federal Emergency Management Agency have been recognized during the fiscal year. • The Infrastructure Sales Tax Fund was established to account for the proceeds of the 1% Infrastructure Sales Tax, which was effective January 1, 2019, and expired on December 31, 2023. As expected, no additional collections occurred in fiscal year 2025, resulting in a decrease of $33,851,124 compared to the prior year. During the fiscal year, the fund earned $14,911,921 in interest income and incurred capital outlay expenditures totaling $56,739,755. Major capital projects included $16,888,790 for the Sheriff’s Forensics Building, $11,144,959 for the new main campus chiller plant, $9,700,000 for affordable housing land, $5,728,672 for the new mental health facility, $5,496,135 for road and bridge projects, $4,074,354 for the Golden Gate Estates Emergency Medical Services station, $1,474,525 for the Domestic Animal Services Facility, $1,250,000 for land to expand the East Naples Emergency Medical Services station, $385,248 for the Big Corkscrew Island Regional Park, $314,201 for Hurricane Resiliency, and $282,871 for other general capital projects. Proprietary Funds Proprietary fund statements provide the same information as the business-type activities in the government-wide financial statements, but in greater detail, and on a fund basis for enterprise funds. At September 30, 2025, total net position amounted to $1,433,497,772 for enterprise funds, as compared to $1,318,902,860, as of September 30, 2024 as restated, an increase of $114,594,912. Net position changes as a result of operations, non-operating revenues and expenses, capital contributions and grants and donations. For fiscal year 2025, the County Water and Sewer fund’s activities represent the largest share of the increase in the business-type net position. For the year ended September 30, 2025, the Collier County Water and Sewer District (District) reported capital grants and contributions of $47,396,814, which consists of water and sewer impact fees of $17,372,394, $28,743,302 in developer infrastructure contributions and other capital contributions of $1,281,118. 11 FINANCIAL SECTION Management’s Discussion and Analysis Page 62 of 3203 Emergency Medical Services reported charges for services of $17,788,601 in 2025. Personal services expenses decreased from $38,462,846 in fiscal year 2024 to $33,491,539 in fiscal year 2025 primarily due to an increase in the pay plan combined with an offsetting reduction in pension costs. Operating grants and contributions declined from $2,835,536 in fiscal year 2024 to $1,955 in fiscal year 2025 as a result of the non-renewal of the Federal Public Emergency Medical Transportation program. For fiscal year 2025, Emergency Medical Services relied on a $30,421,000 transfer from the General Fund to supplement the user charges to provide emergency medical services to the County. Net Operating Income/(Loss) 2025 2024 County Water and Sewer $ 45,911,681 $ 32,170,654 Solid Waste Disposal 10,624,657 10,034,730 Emergency Medical Services (26,242,587) (29,857,398) Non-major enterprise funds (17,330,309) (17,418,327) Total $ 12,963,442 $ (5,070,341) The Collier County Water and Sewer District’s net operating income increased by $13,741,027, or 42.7%, when compared to fiscal year 2024. The increase in net operating income was primarily the result of a 6.24% rate increase effective October 1, 2024 and an increase in customer accounts of 1.62% offset by a 3.68% increase in total operating expenses, including depreciation and amortization. Personal services expenses decreased by $1,509,488 or 2.96% from prior year due to a combination of pay plan adjustments offset by a reduction in pension costs. General and Administrative expenses increased by $6,789,464 or 7.88%, mainly due to $3,255,027 in additional inventory purchases ahead of annual price adjustments, $2,336,876 in maintenance and repair expenses, and $1,197,560 higher property insurance costs.County Water and Sewer payments in lieu of taxes paid to the General Fund of $11,540,400 were reclassified from operating expense to transfers out for financial statement purposes. These payments are reclassified pursuant to generally accepted accounting principles as the amount charged is not an approximation of services rendered. The Solid Waste Disposal fund’s net operating income increased by $589,927, or 5.9%, when compared to fiscal year 2024. The increase in net operating income was primarily the result of a 2.5% increase in tipping rate offset by a 2.93% increase in total operating expenses, including depreciation and amortization. The increase in total operating expenses is due to an increase in personal services due to pay plan adjustments, higher health care premiums and the transfer of 7 positions to Solid Waste from other County departments. The Solid Waste Disposal payments in lieu of taxes paid to the General Fund of $543,900 were reclassified from operating expense to transfers out for financial statement purposes. These payments are reclassified pursuant to generally accepted accounting principles as the amount charged is not an approximation of services rendered. The Emergency Medical Services fund’s net operating loss decreased by $3,614,811, or 12.1%, when compared to fiscal year 2024. The decrease in net operating loss was mainly brought by the increase in personal services related to a pay plan adjustment offset by a decrease in the allocated pension plan expense of $5,555,821. Capital Assets Collier County’s financial statements present capital assets in two distinct groups, those that are depreciated or amortized and those not subject to depreciation or amortization. Buildings and equipment are examples of assets that are depreciated or amortized and land and construction in progress are examples of assets not depreciated or amortized. Collier County’s investment in capital assets for the governmental and business-type activities amounted to $3,371,119,781, net of accumulated depreciation and amortization. This investment in capital assets includes land, buildings and improvements, water and wastewater plants, machinery and equipment, parks, roads, beach renourishment and drainage structures. Investment in capital assets for the current fiscal year net of accumulated depreciation and amortization increased by $211,240,744, when compared to the previous year. There was an increase in the governmental activities capital assets of $127,982,130, or 6.4% while the business-type activities capital assets increased by $83,258,614, or 7.3%. The major capital asset activities during the current and previous fiscal years are as follows: • Capitalization from construction in progress for governmental activities totaled $124,005,926 during fiscal year 2025. Major projects contributing to this amount included $25,790,732 for infrastructure improvements in the Immokalee area and $25,440,677 for the chiller plant expansion at the main government center. Beach renourishment efforts accounted for $11,545,973, while stormwater-related projects totaled $16,518,405. Parks and recreation initiatives represented $15,894,772, which included $5,044,931 for boat ramp and park improvements and $4,880,089 for the Big Corkscrew Island Regional Park access road. Additional capital investments included $10,821,261 for various transportation projects, $8,362,609 for public safety projects, and $9,631,497 for other general capital projects. • The business-type activities capitalized $37,746,122 of construction in process during fiscal year 2025 including $11,308,282 for Palm River water and sewer improvements, $8,362,053 for Golden Gate City water main improvements, $4,811,366 12 Management’s Discussion and Analysis FINANCIAL SECTION Page 63 of 3203 for improvements at the Golden Gate water and wastewater treatment plant, and $8,542,415 for other water and sewer projects. Additionally, $3,501,868 was invested in the new Marco Island Airport Bulk Hangar. The remaining $1,220,138 included $611,418 for Collier Area Transit bus shelters, $485,942 for County Water and Sewer security upgrades and $122,778 for various Solid Waste projects. • Developer donated water and wastewater infrastructure in fiscal year 2025 amounted to $28,743,302 compared to $23,188,872 in fiscal year 2024. Subdivisions are required to meet County standards when installing water and wastewater services. Once completed and inspected, these assets are donated to and accepted by the County. • Collier County acquired $53,132,070 of land, non-depreciable and non-amortizable assets in fiscal year 2025, compared to $18,168,757 for fiscal year 2024. Fiscal year 2025 land acquisitions consisted of $6,200,598 for Conservation Collier, $1,829,109 for stormwater projects, $10,707,043 for Vanderbilt Beach Road Extension Phase 2, and $20,823,009 for the Williams Property. Additional acquisitions consisted of $8,262,472 in donated easements, $1,250,000 for an Emergency Medical Services substation, $3,750,000 for affordable housing and $309,839 for various County projects. Additional information regarding Collier County’s capital assets can be found in Note 6 beginning on page 58 of this report. Debt Administration At September 30, 2025, Collier County had total bonded debt, notes, loans, leases and subscription based information technology arrangements of $633,522,354, a decrease of $43,590,923 from the previous year. The following table illustrates the balances of all bonds, notes, loans, leases and subscription based information technology obligations for the fiscal years ended September 30, 2025 and 2024: Outstanding Debt 2025 2024 Revenue Bonds, net $ 386,507,183 $ 394,593,028 Direct Placement Loans Payable, net 196,004,677 227,661,794 Commercial Paper and Notes Payable 23,703,217 31,826,848 Leases 11,721,610 7,420,630 Subscription Based Information Technology Arrangements 15,810,260 15,610,977 Total outstanding debt $ 633,746,947 $ 677,113,277 Collier County’s Series 2020A and 2020B Special Obligation Revenue Bonds carry ratings of Aaa and AAA by Moody’s and Standard and Poor’s, respectively. The Series 2017, 2019, 2022A and 2022B Special Obligation Refunding Revenue Notes (Bank Term Loans) were issued as direct placements with commercial banks and therefore carry an implied rating of Aaa and AAA by Moody’s and Standard and Poor’s, respectively. Collier County’s 2018 Tourist Development Tax Revenue Bonds carry ratings of Aa1 and AA+ by Moody’s and Fitch Ratings, Inc., respectively. Collier County’s Senior Lien Water and Sewer Revenue Bonds carry ratings of Aaa and AAA, respectively, by Moody’s and Fitch Ratings, Inc. The Series 2018 and 2023 County Water and Sewer Revenue Bonds were issued as direct placements with commercial banks and, as such, carry implied ratings of Aaa and AAA by Moody’s and Fitch Ratings, Inc., respectively. The Constitution of the State of Florida, Florida Statute 200.181 and Collier County set no legal debt limit. Further information regarding Collier County’s long-term debt can be found in Note 7 beginning on page 59 of this report. General Fund Budgetary Highlights During the 2025 fiscal year, the General Fund expenditure appropriations increased by $7,162,918. Significant variances between the original budget and the final, amended budget are listed below: • Public Services Operations: Personal services decreased by $797,848 due to a reorganization of staff to other divisions. • Domestic Animal Services: Operating expenses increased by $1,794,793, primarily driven by higher costs for veterinary services, temporary labor, and supplies to ensure compliance with state statutes and industry standards. • Parks Operations: Personal services increased by $504,300 as a result of staff reorganization from other divisions. • Facilities Management: Operating expenses increased by $628,530 to cover additional security services, temporary labor, and increased facility repair and maintenance needs. • Sheriff: $2,157,700 increase in Sheriff charges for services revenue and personal services for salaries for special services. In addition, there was a $1,390,000 amendment to reclassify the budget from Sheriff operating to Sheriff personal services for Hurricane Milton response. 13 FINANCIAL SECTION Management’s Discussion and Analysis Page 64 of 3203 Significant variances between actual results and final budget amounts in the General Fund occurred during fiscal year 2025. Tax revenues were under budget by $17,245,252 primarily due to the early payment discount allowed for property taxes. The discount ranges from a maximum of 4.0% to 1.0%, depending on the date of payment. Human Resources personal services were $2,123,314 under budget due to vacant county positions being placed on hold pending a strategic realignment of priorities. The Property Appraiser was $1,332,647 under budget in personal services as a result of vacancies. Similarly, the Tax Collector was $1,228,034 under budget in personal services due to vacancies during the fiscal year. In addition, the Tax Collector was $780,405 under budget in operating expenses and $1,802,962 under budget in capital due to delays in the construction and opening of the new Immokalee Government Service Center. Other general administrative operating expenses were $3,519,908 under budget as anticipated projects were deferred while County Management evaluated priorities for the current fiscal year. Sheriff personal services exceeded the budget by $3,854,292 primarily due to higher benefit costs. Conversely, operating expenses were $4,673,878 below budget, driven by reduced jail medical costs. Capital expenditures were also $3,560,626 under budget as planned vehicle purchases were deferred due to limited availability. Stormwater Management operating was $1,290,018 under budget due to the delayed implementation of the stormwater utility master plan. Parks Operations operating under budget $1,255,735 in large part due to water facilities being closed for most of the fiscal year. Economic Factors and Year 2026 Budgets and Rates The following factors were taken into account in preparing the fiscal year 2026 budget: • A 5% increase in countywide taxable property value. • Millage neutral General Fund tax rate. • A 2.5% cost of living adjustment along with an additional .5% to implement a merit-based incentive program and pay plan adjustment for targeted job classifications. • Continued emphasis on capital facility repair and replacement. • A 9% increase to the health insurance premiums and continued cost sharing of 80% employer and 20% employee across all agencies (excluding Sheriff). During fiscal year 2025, the General Fund unassigned fund balance increased by $15,963,811 to $149,302,184. Of this amount, $28,945,700 has been appropriated in the 2026 budget to support operations. Contact Information This financial report is intended to give the user a general overview of Collier County Government’s finances. Any questions resulting from review of this information may be addressed to: Collier County Clerk of the Circuit Court and Comptroller Department of Finance and Accounting 3299 Tamiami Trail East, Suite #403 Naples, Florida 34112-5746 Our office may also be contacted via the internet at www.collierclerk.com. 14 Management’s Discussion and Analysis FINANCIAL SECTION Page 65 of 3203 BASIC FINANCIAL STATEMENTS Page 66 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF NET POSITION September 30, 2025 Primary Government Governmental Business-type Component Activities Activities Total Units ASSETS Current assets: Cash and investments $ 600,699,103 $ 451,993,163 $ 1,052,692,266 $ 513,861 Trade receivables, net 4,944,068 26,567,400 31,511,468 - Special assessments receivable 1,405 37,566 38,971 - Interest receivable 3,104,663 2,646,881 5,751,544 - Due from other governments 17,036,540 4,233,382 21,269,922 - Leases receivable 291,590 239,444 531,034 - Internal balances 4,312,597 (4,312,597) - - Deposits 21,749 711,272 733,021 - Inventory 2,538,071 14,364,002 16,902,073 - Prepaid costs 6,382,177 261,252 6,643,429 - Restricted assets: Cash and investments 47,658,819 17,566,283 65,225,102 - Trade receivables, net 6,302,582 - 6,302,582 - Notes receivable 31,571 - 31,571 - Interest receivable 5,507,762 162,470 5,670,232 - Due from other governments 25,289,553 3,798,179 29,087,732 - Leases receivable 16,720 - 16,720 - Deposits 254,361 - 254,361 - Inventory 1,736,797 - 1,736,797 - Inventory for resale 3,686,430 - 3,686,430 - Prepaid costs 192,621 - 192,621 - Total current assets 730,009,179 518,268,697 1,248,277,876 513,861 Noncurrent assets: Restricted assets: Cash and investments 980,978,990 51,232,685 1,032,211,675 - Cash with fiscal agent 32,421,504 74,113,392 106,534,896 - Leases receivable 615 - 615 - Notes receivable 3,554,564 - 3,554,564 - Impact fee receivable 9,860,566 - 9,860,566 - Leases receivable 6,850,411 3,107,123 9,957,534 - Notes receivable 893,826 - 893,826 - Capital assets: Land, nondepreciable and nonamortizable capital assets 938,725,505 316,050,989 1,254,776,494 - Depreciable and amortizable capital assets, net 1,203,730,807 912,612,480 2,116,343,287 - Total noncurrent assets 3,177,016,788 1,357,116,669 4,534,133,457 - Total assets 3,907,025,967 1,875,385,366 5,782,411,333 513,861 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources related to debt 2,634,132 955,606 3,589,738 - Deferred outflows of resources related to OPEB 28,322,273 762,415 29,084,688 - Deferred outflows of resources related to pensions 72,854,453 15,544,266 88,398,719 - Total deferred outflows of resources $ 103,810,858 $ 17,262,287 $ 121,073,145 $ - The notes to the financial statements are an integral part of this statement. 1616 Basic Financial Statements FINANCIAL SECTION Page 67 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF NET POSITION (continued) September 30, 2025 Primary Government Governmental Business-type Component Activities Activities Total Units LIABILITIES Current liabilities: Accounts payable $ 24,218,679 $ 31,411,087 55,629,766 Wages payable 13,327,538 5,152,513 18,480,051 Retainage payable 616,863 3,991,820 4,608,683 Due to other governments 7,738,562 146,979 7,885,541 Self-insurance claims payable 11,400,678 - 11,400,678 Compensated absences 14,586,458 4,853,308 19,439,766 Unearned revenue 362,736 47,163 409,899 Total OPEB Liability 4,347,271 244,272 4,591,543 Landfill post-closure liability - 45,482 45,482 Leases payable 1,714,949 105,263 1,820,212 SBITA liability 4,622,138 144,446 4,766,584 Bonds, loans and notes payable 18,544,000 9,403,500 27,947,500 Liabilities payable from restricted assets: - Accounts payable 30,502,394 6,314,928 36,817,322 Wages payable 3,389,522 - 3,389,522 Retainage payable 11,072,699 3,111,605 14,184,304 Refundable deposits 5,496,628 362,814 5,859,442 Interest payable 4,174,020 2,629,570 6,803,590 Due to other governments 6,057,579 121,759 6,179,338 Unearned revenue 9,556,597 149,260 9,705,857 Bonds, loans and notes payable - 3,209,717 3,209,717 Arbitrage rebate 1,241,870 3,563,466 4,805,336 Total current liabilities 172,971,181 75,008,952 247,980,133 - Noncurrent liabilities: Self-insurance claims payable 2,108,818 - 2,108,818 - Compensated absences 57,126,077 4,853,307 61,979,384 - Leases payable 9,276,530 624,868 9,901,398 - SBITA liability 10,546,666 497,010 11,043,676 - Landfill post-closure liability - 1,467,472 1,467,472 - Total OPEB liability 57,313,363 3,298,440 60,611,803 - Net pension liability 287,510,292 62,404,922 349,915,214 - Bonds, loans and notes payable, net 278,931,918 296,125,942 575,057,860 - Arbitrage rebate 137,985 395,941 533,926 - Total noncurrent liabilities 702,951,649 369,667,902 1,072,619,551 - Total liabilities 875,922,830 444,676,854 1,320,599,684 - DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources related to leases 6,238,571 3,130,694 9,369,265 - Deferred inflows of resources related to OPEB 4,801,216 326,515 5,127,731 - Deferred inflows of resources related to pensions 60,647,473 13,883,102 74,530,575 - Deferred inflows of resources related to debt - 5,313,284 5,313,284 - Total deferred inflows of resources 71,687,260 22,653,595 94,340,855 - NET POSITION Net investment in capital assets 1,801,429,589 957,339,000 2,758,768,589 - Restricted for: Growth related capital expansion 229,985,809 24,933,810 254,919,619 Transportation capital projects 100,171,882 - 100,171,882 - Community development 31,488,747 - 31,488,747 - Tourist development 181,663,531 - 181,663,531 - Conservation Collier 82,554,996 - 82,554,996 - Community redevelopment 24,954,324 - 24,954,324 - Infrastructure sales tax capital projects 322,448,011 - 322,448,011 - Grants 37,812,267 3,490,370 41,302,637 - Debt service 81,295 22,586,935 22,668,230 - Court programs 21,651,714 - 21,651,714 - Public safety 8,801,514 - 8,801,514 - Nonexpendable purposes - other 5,522,800 - 5,522,800 - Special revenues - other 10,305,953 - 10,305,953 - Renewal and replacement - 300,000 300,000 - Unrestricted 204,354,303 416,667,089 621,021,392 513,861 Total net position $ 3,063,226,735 $ 1,425,317,204 $ 4,488,543,939 $ 513,861 1717 FINANCIAL SECTION Basic Financial Statements Page 68 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF ACTIVITIES For the Fiscal Year Ended September 30, 2025 Program Revenues Fees, Fines and Operating Capital Charges for Grants and Grants and FUNCTIONS/PROGRAMS Expenses Services Contributions Contributions Primary Government: Governmental Activities: General government $ 180,816,687 $ 50,167,794 $ 8,077,200 $ 3,377,242 Public safety 321,292,753 31,196,214 6,471,489 4,842,278 Physical environment 49,015,932 600,883 3,940,605 2,469,853 Transportation 103,655,952 1,988,536 14,548,842 39,914,695 Economic environment 32,803,982 1,301,501 26,456,447 7,070 Human services 37,244,816 539,843 16,245,836 74,979 Culture and recreation 90,772,964 12,683,109 28,045 10,805,389 Interest and fiscal charges 9,489,849 - - - Total governmental activities 825,092,935 98,477,880 75,768,464 61,491,506 Business-type Activities: Water and sewer 205,985,365 241,714,042 - 47,396,814 Solid waste 62,631,319 73,638,674 138,795 2,138 Emergency medical services 43,120,808 17,852,673 1,955 - Airport authority 11,076,165 10,452,222 - 2,151,970 Mass transit 17,985,396 1,130,951 4,028,164 9,351,183 Total business-type activities 340,799,053 344,788,562 4,168,914 58,902,105 Total primary government $ 1,165,891,988 $ 443,266,442 $ 79,937,378 $ 120,393,611 Component Units: Industrial Development Authority $ 85,324 $ - $ 28,000 $ - Health Facilities Authority 6,175 - - - Housing Finance Authority 13,105 - 18,795 - Educational Facilities Authority 6,175 - - - Total component units $ 110,779 $ - $ 46,795 $ - General revenues: Property taxes Gas taxes Sales tax Tourist taxes Communications services tax Infrastructure sales tax State revenue sharing Other taxes Interest earnings Miscellaneous Transfers, net Total general revenues and transfers Change in net position Net position - beginning Change in accounting principle due to implementation of GASB 101 Net position - beginning as restated Net position - ending The notes to the financial statements are an integral part of this statement. 1818 Basic Financial Statements FINANCIAL SECTION Page 69 of 3203 Net (Expense) Revenue and Changes in Net Position Primary Government Governmental Business-type Component Activities Activities Total Units $ (119,194,451) $ - $ (119,194,451) $ - (278,782,772) - (278,782,772) - (42,004,591) - (42,004,591) - (47,203,879) - (47,203,879) - (5,038,964) - (5,038,964) - (20,384,158) - (20,384,158) - (67,256,421) - (67,256,421) - (9,489,849) - (9,489,849) - (589,355,085) - (589,355,085) - - 83,125,491 83,125,491 - - 11,148,288 11,148,288 - - (25,266,180) (25,266,180) - - 1,528,027 1,528,027 - - (3,475,098) (3,475,098) - - 67,060,528 67,060,528 - $ (589,355,085) $ 67,060,528 $ (522,294,557) $ - $ (57,324) (6,175) 5,690 (6,175) $ (63,984) $ 552,088,418 $ - $ 552,088,418 $ - 25,852,688 - 25,852,688 - 63,054,689 - 63,054,689 - 49,827,537 - 49,827,537 - 4,175,484 - 4,175,484 - - - - - 18,584,199 - 18,584,199 - 2,985,627 - 2,985,627 - 79,981,574 25,725,717 105,707,291 7,351 11,776,046 300,072 12,076,118 - (21,641,186) 21,641,186 - - 786,685,076 47,666,975 834,352,051 7,351 197,329,991 114,727,503 312,057,494 (56,633) 2,890,767,313 1,315,729,673 4,206,496,986 570,494 (24,870,569) (5,139,972) (30,010,541) - 2,865,896,744 1,310,589,701 4,176,486,445 570,494 $ 3,063,226,735 $ 1,425,317,204 $ 4,488,543,939 $ 513,861 1919 FINANCIAL SECTION Basic Financial Statements Page 70 of 3203 COLLIER COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS September 30, 2025 Bayshore Gateway Immokalee Community Community Other Total General Redevelopment Redevelopment Tourist Disaster Infrastructure Governmental Governmental Fund Agency Agency Development Recovery Sales Tax Funds Funds ASSETS Cash and investments $ 200,936,067 $ 16,230,353 $ 5,204,433 $ 155,260,631 $ 17,134,051 $ 288,392,963 $ 827,283,819 $ 1,510,442,317 Cash with fiscal agent - - - - - 32,421,504 - 32,421,504 Receivables: Interest 955,063 84,055 26,888 800,633 9,411 1,667,870 4,468,949 8,012,869 Trade, net 513,996 - - 1,717,390 - - 4,718,897 6,950,283 Notes 1,476,839 - - - - - 3,003,122 4,479,961 Impact fee - - - - - - 9,860,566 9,860,566 Special assessments - - - - - - 1,405 1,405 Leases 271,681 - - - - - 6,887,655 7,159,336 Due from other funds 6,756,075 - 321 2,323,444 - 104 5,631,816 14,711,760 Due from other governments 9,712,858 13,355 19 9,841,642 3,235,324 - 19,266,807 42,070,005 Deposits 21,749 - 625 250,000 - - 3,736 276,110 Inventory for resale - 3,542,416 - - - - 144,014 3,686,430 Inventory 1,580,151 - - - - - 1,952,997 3,533,148 Advances to other funds 9,124,900 - - 16,200,000 - - 36,906,229 62,231,129 Prepaid costs 575,932 1,335 - - - - 191,286 768,553 Total assets $ 231,925,311 $ 19,871,514 $ 5,232,286 $ 186,393,740 $ 20,378,786 $ 322,482,441 $ 920,321,298 $ 1,706,605,376 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts payable $ 12,738,606 $ 724,070 $ 9,539 $ 2,360,710 $ 1,397,315 $ 14,175,908 $ 19,583,458 $ 50,989,606 Wages payable 11,118,545 33,687 19,522 213,232 - - 4,676,497 16,061,483 Due to other funds 4,410,926 1,626 8,168 527 9,534 34,430 10,461,148 14,926,359 Due to other governments 6,693,272 - - 811,539 - - 6,217,928 13,722,739 Unearned revenues 4,935 - - - - - 9,752,885 9,757,820 Refundable deposits 1,159,489 - - - - - 4,337,139 5,496,628 Retainage payable - 12,531 - - 108,773 7,227,225 4,341,033 11,689,562 Advances from other funds - - - - 40,496,464 - 25,409,447 65,905,911 Total liabilities 36,125,773 771,914 37,229 3,386,008 42,012,086 21,437,563 84,779,535 188,550,108 Deferred inflows of resources: Unavailable revenue - - - - - - 17,428,728 17,428,728 Related to leases 240,707 - - - - - 5,997,864 6,238,571 Total deferred inflows of resources 240,707 - - - - - 23,426,592 23,667,299 Fund balances: Nonspendable 12,757,822 1,335 - - - - 7,667,083 20,426,240 Restricted 722,292 19,098,265 5,195,057 183,007,732 - 301,044,878 515,415,875 1,024,484,099 Committed - - - - - - 72,729,415 72,729,415 Assigned 32,776,533 - - - - - 217,702,273 250,478,806 Unassigned 149,302,184 - - - (21,633,300) - (1,399,475) 126,269,409 Total fund balances 195,558,831 19,099,600 5,195,057 183,007,732 (21,633,300) 301,044,878 812,115,171 1,494,387,969 Total liabilities, deferred inflows of resources and fund balances $ 231,925,311 $ 19,871,514 $ 5,232,286 $ 186,393,740 $ 20,378,786 $ 322,482,441 $ 920,321,298 $ 1,706,605,376 The notes to the financial statements are an integral part of this statement. 2020 Basic Financial Statements FINANCIAL SECTION Page 71 of 3203 COLLIER COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION September 30, 2025 Differences in amounts reported for governmental activities in the statement of net position on pages 16-17: Fund balances - total governmental funds $ 1,494,387,969 Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Those assets consist of: Land, nondepreciable and nonamortizable assets $ 690,774,962 Construction in progress 247,864,980 Depreciable and amortizable assets, net of $1,516,100,506 in accumulated depreciation and amortization 1,175,427,735 2,114,067,677 Certain revenues will be collected after year-end, but are not available to pay for the current period’s expenditures, and therefore are reported as deferred inflows in the funds. 17,428,728 Certain liabilities applicable to the County’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. Interest on long-term debt is not accrued in the governmental funds, but is recognized as an expenditure when due. All liabilities are reported in the statement of net position. Balances at September 30, 2025 are: Accrued interest on bonds, loans and notes payable $ (4,174,020) Arbitrage rebate (1,379,855) Bonds, loans and notes payable (282,162,000) Lease obligations (10,978,926) SBITA obligations (10,625,183) Compensated absences (70,256,107) Total OPEB liability (61,224,048) Pension liability (281,065,895) Unamortized premiums 897,323 Unamortized discount (16,211,241) (737,179,952) Unamortized deferred charges on refunding 2,634,132 OPEB related deferred outflows 28,228,315 Pension related deferred outflows 71,339,121 OPEB related deferred inflows (4,760,977) Pension related deferred inflows (59,175,554) Internal service funds are used by the County to charge self-insurance, fleet management, motor pool capital recovery and information technology services to individual funds. The assets, deferred outflows, liabilities and deferred inflows, including the cumulative adjustments related to Enterprise funds, of the internal service funds are included in governmental activities in the statement of net position. Internal service fund net position at September 30, 2025 is: 136,257,276 Total net position - governmental activities $ 3,063,226,735 The notes to the financial statements are an integral part of this statement. 2121 FINANCIAL SECTION Basic Financial Statements Page 72 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS For the Fiscal Year Ended September 30, 2025 Bayshore Gateway Immokalee Community Community Grants General Redevelopment Redevelopment and Shared Tourist Fund Agency Agency Revenue Development Revenues: Taxes $ 433,281,148 $ 4,655,900 $ 1,360,500 $ - $ 49,827,537 Licenses, permits and impact fees 274,990 - - - - Intergovernmental 87,199,801 - - - 188,064 Charges for services 26,094,026 214,806 140,140 - 3,639,577 Fines and forfeitures 541,169 - - - - Interest earnings 12,629,527 703,866 222,937 - 6,638,128 Special assessments - - - - - Miscellaneous 1,536,539 - - - 63,304 Total revenues 561,557,200 5,574,572 1,723,577 - 60,356,610 Expenditures: Current: General government 110,278,438 - - - - Public safety 266,590,919 - - - - Physical environment 11,407,253 - - - 3,365,707 Transportation 492,284 - - - - Economic environment 1,398,286 993,627 651,968 - - Human services 16,457,756 - - - - Culture and recreation 24,098,669 - - - 26,141,025 Debt service Principal 3,706,442 - 7,261 - 3,775 Interest 552,290 - 1,441 - 25 Fiscal charges - - - - - Capital outlay 12,423,984 2,618,696 269,443 - 11,870,634 Total expenditures 447,406,321 3,612,323 930,113 - 41,381,166 Excess (deficit) of revenues over (under) expenditures 114,150,879 1,962,249 793,464 - 18,975,444 Other financing sources (uses): Leases 4,587,054 - 238,675 - - SBITAs 2,122,983 - - - - Sale of capital assets 832,636 - - - 45,000 Insurance proceeds 838,245 - - - - Transfers in 22,962,575 - - - 3,690,600 Transfers out (144,578,686) - - - (8,424,351) Total other financing sources (uses) (113,235,193) - 238,675 - (4,688,751) Net change in fund balances 915,686 1,962,249 1,032,139 - 14,286,693 Fund balances at beginning of year, as previously presented 194,643,145 17,137,351 4,162,918 17,076,474 - Change within financial reporting entity: Major fund to nonmajor - - - (17,076,474) - Nonmajor fund to major - - - - 168,721,039 Fund balances at end of year, as adjusted $ 195,558,831 $ 19,099,600 $ 5,195,057 $ - $ 183,007,732 The notes to the financial statements are an integral part of this statement. 2222 Basic Financial Statements FINANCIAL SECTION Page 73 of 3203 Other Total Disaster Infrastructure Governmental Governmental Recovery Sales Tax Funds Funds $ - $ - $ 136,447,179 $ 625,572,264 - - 80,186,975 80,461,965 541,561 - 58,736,619 146,666,045 - - 20,862,504 50,951,053 - - 5,392,234 5,933,403 189,099 14,911,921 39,420,921 74,716,399 - - 20,009,613 20,009,613 - - 5,955,414 7,555,257 730,660 14,911,921 367,011,459 1,011,865,999 1,488,053 - 44,758,651 156,525,142 59,669 - 41,985,027 308,635,615 5,508,407 - 21,545,409 41,826,776 255,355 - 65,437,054 66,184,693 1,200 - 29,378,419 32,423,500 727 - 20,581,900 37,040,383 2,550,405 - 21,785,911 74,576,010 85,506 - 32,753,829 36,556,813 2,546 - 9,672,686 10,228,988 - - 11,250 11,250 2,868,391 56,739,755 139,403,079 226,193,982 12,820,259 56,739,755 427,313,215 990,203,152 (12,089,599) (41,827,834) (60,301,756) 21,662,847 - - 955,532 5,781,261 - - 222,361 2,345,344 2,000 - 4,438,588 5,318,224 2,562,434 - 699,170 4,099,849 2,542,300 - 172,861,556 202,057,031 - (598,167) (79,384,319) (232,985,523) 5,106,734 (598,167) 99,792,888 (13,383,814) (6,982,865) (42,426,001) 39,491,132 8,279,033 (14,650,435) 343,470,879 924,268,604 1,486,108,936 - - 17,076,474 - - - (168,721,039) - $ (21,633,300) $ 301,044,878 $ 812,115,171 $ 1,494,387,969 2323 FINANCIAL SECTION Basic Financial Statements Page 74 of 3203 COLLIER COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Fiscal Year Ended September 30, 2025 Differences in amounts reported for governmental activities in the statement of activities on pages 18-19: Net change in fund balances - total governmental funds $ 8,279,033 Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is allocated over their estimate useful lives and reported as depreciation and amortization expense. Capital outlay $ 226,193,982 Depreciation and amortization expense (107,808,668) 118,385,314 Donations of capital assets are not financial resources to governmental funds, but receiving donated assets increases net position in the statement of net position. 9,088,736 In the statement of net position, the gain or loss on the sale of capital assets is reported. However, in the governmental funds the proceeds from the sale of capital assets increase financial resources. The change in net position differs from the change in fund balances by the net book value of capital assets disposed. (3,004,578) Certain revenues not considered available are not recognized in the governmental funds but are included in the statement of activities. 3,466,591 Capital assets transferred to and from proprietary funds are not recorded in the governmental funds as there is no flow of current financial resources. 114,331 Debt proceeds provide current financial resources for governmental funds, but issuing debt increases liabilities in the statement of net position. Repayment of principal on long-term debt is an expenditure in governmental funds, but a reduction of long-term liabilities in the statement of net position. Bond, loan and note principal payments $ 31,726,000 Lease proceeds (5,781,261) SBITA proceeds (2,345,344) Payments on lease obligations 1,578,835 Payments on SBITA obligations 3,251,978 28,430,208 Certain amounts reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds. Compensated absences $ (2,858,832) OPEB expense (4,865,531) Pension expense 21,588,822 Arbitrage rebate (1,379,855) Accrued interest on bonds, loans and notes payable 303,324 Amortization of deferred charges on refunding (382,023) Amortization of premiums and discounts, net 897,323 13,303,228 The net revenues of internal service funds, including the consolidating adjustment related to enterprise funds, are reported with governmental activities. 19,267,128 Change in net position - governmental activities $ 197,329,991 The notes to the financial statements are an integral part of this statement. 2424 Basic Financial Statements FINANCIAL SECTION Page 75 of 3203 COLLIER COUNTY, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Revenues: Taxes $ 450,526,400 $ 450,526,400 $ 433,281,148 $ (17,245,252) Licenses, permits and impact fees 241,500 241,500 274,990 33,490 Intergovernmental 81,517,300 81,517,300 87,199,801 5,682,501 Charges for services 29,209,232 31,905,560 26,094,026 (5,811,534) Fines and forfeitures 447,800 447,800 541,169 93,369 Interest earnings 2,092,800 2,092,800 11,071,027 8,978,227 Miscellaneous 10,075,560 10,138,892 10,633,139 494,247 Total revenues 574,110,592 576,870,252 569,095,300 (7,774,952) Expenditures: Current: General government Board of County Commissioners personal services 1,509,600 1,515,400 1,503,176 12,224 Board of County Commissioners operating 115,700 135,700 105,564 30,136 County manager administrative personal services 1,853,100 1,665,163 1,617,195 47,968 County manager administrative operating 132,000 132,000 89,692 42,308 Corporate planning and improvement personal services 767,100 750,300 514,415 235,885 Corporate planning and improvement operating 64,700 65,817 36,778 29,039 Budget and management personal services 1,671,600 2,090,709 2,057,861 32,848 Budget and management operating 545,300 557,300 526,226 31,074 Administrative services personal services 3,816,600 3,782,381 3,483,019 299,362 Administrative services operating 366,400 614,373 421,713 192,660 Administrative services capital outlay 15,000 - - - Human resources administration personal services 5,058,100 4,959,526 2,836,212 2,123,314 Human resources administration operating 670,100 697,321 440,692 256,629 Human resources administration capital outlay - 5,475 - 5,475 Clerk of the Circuit Court personal services 13,917,100 14,119,600 13,983,711 135,889 Clerk of the Circuit Court operating 885,300 935,300 820,333 114,967 Clerk of the Circuit Court capital outlay 262,400 224,000 190,003 33,997 Property Appraiser personal services 9,150,135 9,159,866 7,827,219 1,332,647 Property Appraiser operating 2,886,495 2,886,495 3,091,843 (205,348) Property Appraiser capital outlay 30,000 30,000 270,208 (240,208) Tax Collector personal services 17,404,146 17,415,165 16,187,131 1,228,034 Tax Collector operating 5,612,067 5,610,397 4,829,992 780,405 Tax Collector capital outlay 2,430,621 2,430,621 627,659 1,802,962 County attorney personal services 3,178,300 3,178,300 2,895,140 283,160 County attorney operating 338,300 747,761 141,835 605,926 County attorney capital outlay 10,000 6,000 - 6,000 Circuit court operating 41,000 41,000 19,305 21,695 County court operating 30,700 30,700 21,512 9,188 State Attorney operating 730,000 730,000 707,103 22,897 Public Defender operating 486,800 486,800 480,571 6,229 Other general administrative personal services 100,000 100,000 8,305 91,695 Other general administrative operating 20,506,600 20,630,102 17,110,194 3,519,908 Facilities management personal services 10,038,200 10,038,200 9,884,320 153,880 Facilities management operating 11,317,300 11,945,830 11,833,234 112,596 Facilities management capital outlay 75,000 158,594 158,594 - Sheriff personal services 6,342,795 6,342,795 6,285,366 57,429 Sheriff operating 182,600 182,600 163,621 18,979 2525 FINANCIAL SECTION Basic Financial Statements Page 76 of 3203 COLLIER COUNTY, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Supervisor of Elections personal services $ 3,298,900 $ 3,263,038 $ 3,246,449 $ 16,589 Supervisor of Elections operating 2,178,900 2,158,340 2,075,611 82,729 Supervisor of Elections capital outlay 30,000 70,422 20,222 50,200 Public services operations personal services 2,074,700 1,276,852 1,028,518 248,334 Public services operations operating 272,700 272,700 179,723 92,977 Community planning and resiliency personal services 1,039,000 1,039,000 1,020,139 18,861 Community planning and resiliency operating 486,200 641,655 176,972 464,683 Real property management personal services 968,900 1,043,900 1,037,370 6,530 Real property management operating 89,700 94,389 85,922 8,467 Total general government 132,980,159 134,261,887 120,040,668 14,221,219 Public safety Sheriff personal services 207,053,005 210,597,705 214,451,997 (3,854,292) Sheriff operating 52,205,500 50,810,400 45,835,790 4,974,610 Sheriff capital outlay 6,039,200 6,039,200 2,779,306 3,259,894 Emergency management administration personal services 1,515,200 1,445,800 1,440,920 4,880 Emergency management administration operating 1,258,500 1,308,500 1,166,944 141,556 Helicopter operations operating 51,300 51,300 38,410 12,890 Code enforcement personal services 1,729,700 1,546,700 1,191,666 355,034 Code enforcement operating 328,400 328,400 218,679 109,721 Medical examiner services operating 2,248,400 2,248,400 2,246,513 1,887 Medical examiner services capital outlay - 20,750 - 20,750 Total public safety 272,429,205 274,397,155 269,370,225 5,026,930 Physical environment Stormwater management personal services 4,737,700 4,737,700 4,464,068 273,632 Stormwater management operating 6,894,200 7,333,279 6,043,261 1,290,018 Conservation and resource management personal services 824,000 824,000 724,664 99,336 Conservation and resource management operating 181,100 181,100 134,914 46,186 Immokalee cemetery operating 26,000 41,000 32,409 8,591 Total physical environment 12,663,000 13,117,079 11,399,316 1,717,763 Transportation Alternative transportation modes personal services 548,600 493,600 474,371 19,229 Alternative transportation modes operating 29,900 24,900 17,913 6,987 Total transportation 578,500 518,500 492,284 26,216 Economic environment Veterans services personal services 326,400 350,174 319,721 30,453 Veterans services operating 47,500 47,500 22,518 24,982 Economic development personal services 693,300 761,556 704,602 56,954 Economic development operating 792,700 1,207,263 351,445 855,818 Total economic environment 1,859,900 2,366,493 1,398,286 968,207 Human services Health Care Responsibility Act operating 49,900 49,900 - 49,900 Domestic animal services personal services 3,050,100 2,906,256 2,476,000 430,256 Domestic animal services operating 1,685,900 3,480,693 2,891,012 589,681 Domestic animal services capital outlay - 10,600 10,549 51 Health department operating 1,490,200 1,686,183 1,580,573 105,610 Mental health personal operating 2,109,700 2,409,544 2,372,869 36,675 Client assistance personal services 1,653,900 1,653,900 1,427,182 226,718 Client assistance operating 5,368,700 5,428,725 5,013,388 415,337 (continued) 2626 Basic Financial Statements FINANCIAL SECTION Page 77 of 3203 COLLIER COUNTY, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Public services division office personal services 386,300 853,439 755,072 98,367 Public services division office operating 38,800 38,800 27,400 11,400 Total human services 15,833,500 18,518,040 16,554,045 1,963,995 Culture and recreation Library administration personal services $ 6,615,000 $ 6,615,000 $ 5,971,003 $ 643,997 Library administration operating 2,372,300 2,489,173 2,125,256 363,917 Parks operations personal services 4,439,700 4,944,000 4,655,517 288,483 Parks operations operating 4,931,500 4,824,200 3,568,465 1,255,735 Parks operations capital outlay - 104,155 15,655 88,500 Parks maintenance personal service 2,964,600 3,204,600 3,167,868 36,732 Parks maintenance operating 3,613,100 3,563,100 3,385,936 177,164 Parks maintenance capital outlay - 25,000 24,864 136 Aquatic facilities operating 1,981,400 1,460,900 1,175,768 285,132 Total culture and recreation 26,917,600 27,230,128 24,090,332 3,139,796 Debt service - 15,500 4,258,732 (4,243,232) Total expenditures 463,261,864 470,424,782 447,603,888 22,820,894 Excess of revenues over expenditures 110,848,728 106,445,470 121,491,412 15,045,942 Other financing sources (uses): Sale of capital assets 12,000 119,025 832,636 713,611 Insurance proceeds - 3,947 838,245 834,298 Transfers in 14,136,300 14,214,303 26,549,775 12,335,472 Transfers out (169,238,128) (171,122,303) (149,522,686) 21,599,617 Total other financing sources (uses) (155,089,828) (156,785,028) (121,302,030) 35,482,998 Net change in fund balance (44,241,100) (50,339,558) 189,382 50,528,940 Fund balance at beginning of year 150,598,700 153,768,659 194,643,145 40,874,486 Fund balance at end of year $ 106,357,600 $ 103,429,101 $ 194,832,527 $ 91,403,426 Reconciliation: Net change in fund balance, budgetary basis $ 189,382 Net change in fair value of investments 1,558,500 Miscellaneous revenue related to indirect cost (9,096,600) Change in inventory 404,649 General government expenditures related to indirect cost 9,096,600 Property Appraiser general government refunds to other governments not budgeted (976,758) Public safety expenditures for multi-period projects not budgeted (783,500) Lease inception related capital outlay not budgeted (4,952,940) Lease inception proceeds 4,587,054 SBITA inception related capital outlay (2,590,484) SBITA inception proceeds 2,122,983 Interfund transfers in 3,587,200 Interfund transfers out (3,587,200) Advances budgeted as transfers 1,356,800 Net change in fund balance, GAAP basis $ 915,686 The notes to the financial statements are an integral part of this statement. 2727 FINANCIAL SECTION Basic Financial Statements Page 78 of 3203 COLLIER COUNTY, FLORIDA BAYSHORE GATEWAY COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Revenues: Taxes $ 4,655,900 $ 4,655,900 $ 4,655,900 $ - Charges for services 216,800 216,800 214,806 (1,994) Interest earnings 44,600 44,600 596,610 552,010 Total revenues 4,917,300 4,917,300 5,467,316 550,016 Expenditures: Economic environment Personal service 500,500 557,500 552,750 4,750 Operating 964,200 3,677,875 440,877 3,236,998 Capital Outlay 3,399,100 13,985,714 2,618,696 11,367,018 Total expenditures 4,863,800 18,221,089 3,612,323 14,608,766 Excess (deficit) of revenues over (under) expenditures 53,500 (13,303,789) 1,854,993 15,158,782 Other financing sources (uses): Transfers in 3,975,700 4,186,700 4,186,700 - Transfers out (3,975,700) (4,186,700) (4,186,700) - Total other financing sources (uses) - - - - Net change in fund balances 53,500 (13,303,789) 1,854,993 15,158,782 Fund balances at beginning of year - 13,305,989 17,137,351 3,831,362 Fund balances at end of year $ 53,500 $ 2,200 $ 18,992,344 $ 18,990,144 Reconciliation: Net change in fund balance, budgetary basis $ 1,854,993 Net change in fair value of investments 107,256 Interfund transfers in (4,186,700) Interfund transfers out 4,186,700 Net change in fund balance, GAAP basis $ 1,962,249 The notes to the financial statements are an integral part of this statement. 2828 Basic Financial Statements FINANCIAL SECTION Page 79 of 3203 COLLIER COUNTY, FLORIDA IMMOKALEE COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Revenues: Taxes $ 1,360,500 $ 1,360,500 $ 1,360,500 $ - Intergovernmental - 987,000 - (987,000) Charges for services 92,800 520,542 140,140 (380,402) Interest earnings 13,700 13,700 189,059 175,359 Total revenues 1,467,000 2,881,742 1,689,699 (1,192,043) Expenditures: Economic environment Personal service 337,700 361,200 355,443 5,757 Operating 434,700 887,765 296,525 591,240 Debt Service 9,000 9,000 8,702 298 Capital Outlay 666,600 5,780,317 269,443 5,510,874 Total expenditures 1,448,000 7,038,282 930,113 6,108,169 Excess (deficit) of revenues over (under) expenditures 19,000 (4,156,540) 759,586 4,916,126 Other financing sources (uses): Leases - - 238,675 238,675 Transfers in 637,900 828,500 828,500 - Transfers out (637,900) (828,500) (828,500) - Total other financing sources (uses) - - 238,675 238,675 Net change in fund balances 19,000 (4,156,540) 998,261 5,154,801 Fund balances at beginning of year - 4,157,240 4,162,918 5,678 Fund balances at end of year $ 19,000 $ 700 $ 5,161,179 $ 5,160,479 Reconciliation: Net change in fund balance, budgetary basis $ 998,261 Net change in fair value of investments 33,878 Interfund transfers in (828,500) Interfund transfers out 828,500 Net change in fund balance, GAAP basis $ 1,032,139 The notes to the financial statements are an integral part of this statement. 2929 FINANCIAL SECTION Basic Financial Statements Page 80 of 3203 COLLIER COUNTY, FLORIDA TOURIST DEVELOPMENT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Revenues: Taxes $ 37,924,000 $ 37,924,000 $ 49,827,537 $ 11,903,537 Intergovernmental - - 188,064 188,064 Charges for services 3,989,800 3,989,800 3,639,577 (350,223) Interest earnings 1,589,000 1,589,000 5,628,436 4,039,436 Miscellaneous 18,500 18,500 63,304 44,804 Total revenues 43,521,300 43,521,300 59,346,918 15,825,618 Expenditures: Current: Physical environment 3,014,600 9,102,883 3,365,707 5,737,176 Culture and recreation 36,975,900 40,456,544 26,141,025 14,315,519 Debt service 4,000 4,000 3,800 200 Capital outlay 4,288,500 46,518,722 11,870,634 34,648,088 Total expenditures 44,283,000 96,082,149 41,381,166 54,700,983 Deficit of revenues over (under) expenditures (761,700) (52,560,849) 17,965,752 70,526,601 Other financing sources (uses): Sale of capital assets - - 45,000 45,000 Transfers in 7,286,800 7,286,800 7,286,800 - Transfers out (11,575,800) (11,641,800) (11,520,551) 121,249 Total other financing sources (uses) (4,289,000) (4,355,000) (4,188,751) 166,249 Net change in fund balances (5,050,700) (56,915,849) 13,777,001 70,692,850 Fund balances at beginning of year 89,803,500 131,721,531 168,721,039 36,999,508 Fund balances at end of year $ 84,752,800 $ 74,805,682 $ 182,498,040 $ 107,692,358 Reconciliation: Net change in fund balance, budgetary basis $ 13,777,001 Net change in fair value of investments 1,009,692 Interfund transfers in (3,096,200) Interfund transfers out 3,096,200 Advances budgeted as transfers (500,000) Net change in fund balance, GAAP basis $ 14,286,693 The notes to the financial statements are an integral part of this statement. 3030 Basic Financial Statements FINANCIAL SECTION Page 81 of 3203 COLLIER COUNTY, FLORIDA DISASTER RECOVERY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) For the Fiscal Year Ended September 30, 2025 Original Final Budget Budget Actual Variance Revenues: Intergovernmental $ - $ - $ 541,561 $ 541,561 Interest earnings - - 158,400 158,400 Total revenues - - 699,961 699,961 Expenditures: Current: General government (90,000) 399,223 1,488,053 (1,088,830) Public safety 542,300 868,230 59,669 808,561 Physical environment 7,000,000 13,407,409 5,508,407 7,899,002 Transportation - 561,924 255,355 306,569 Economic environment - 5,000 1,200 3,800 Human services - 5,000 727 4,273 Culture and recreation - 854,174 2,550,405 (1,696,231) Debt service 90,000 90,000 88,052 1,948 Capital outlay - 20,863,383 2,868,391 17,994,992 Total expenditures 7,542,300 37,054,343 12,820,259 24,234,084 Deficit of revenues over (under) expenditures (7,542,300) (37,054,343) (12,120,298) 24,934,045 Other financing sources (uses): Sale of capital assets - - 2,000 2,000 Insurance proceeds - - 2,562,434 2,562,434 Transfers in 34,542,300 36,363,982 20,248,664 (16,115,318) Total other financing sources (uses) 34,542,300 36,363,982 22,813,098 (13,550,884) Net change in fund balances 27,000,000 (690,361) 10,692,800 11,383,161 Fund balances at beginning of year (17,635,300) 8,856,436 (14,650,435) (23,506,871) Fund balances at end of year $ 9,364,700 $ 8,166,075 $ (3,957,635) $ (12,123,710) Reconciliation: Net change in fund balance, budgetary basis $ 10,692,800 Net change in fair value of investments 30,699 Advances budgeted as transfers (17,706,364) Net change in fund balance, GAAP basis $ (6,982,865) The notes to the financial statements are an integral part of this statement. 3131 FINANCIAL SECTION Basic Financial Statements Page 82 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS September 30, 2025 Business-type Activities Enterprise Funds Governmental Emergency Activities - County Water Solid Waste Medical Other Internal and Sewer Disposal Services Funds Total Service Funds ASSETS Current assets: Cash and investments $ 310,957,581 $ 72,400,738 $ 57,403,921 $ 11,230,923 $ 451,993,163 $ 118,894,595 Receivables: Trade, net 23,440,620 1,355,739 1,726,449 44,592 26,567,400 4,296,367 Special assessments 37,566 - - - 37,566 - Interest 1,776,260 523,129 300,645 46,847 2,646,881 599,556 Leases 22,067 - - 217,377 239,444 - Due from other funds - 187,436 - 31,626 219,062 68,397 Due from other governments 1,842,875 2,381,410 5,836 3,261 4,233,382 256,088 Deposits 711,272 - - - 711,272 - Inventory 13,128,418 - 1,077,707 157,877 14,364,002 741,720 Prepaid costs 219,971 41,281 - - 261,252 5,806,245 Restricted assets: Cash and investments 17,085,836 149,260 14,342 316,845 17,566,283 - Interest receivable 162,142 - 328 - 162,470 - Due from other governments - - - 3,798,179 3,798,179 - Total current assets 369,384,608 77,038,993 60,529,228 15,847,527 522,800,356 130,662,968 Noncurrent assets: Restricted assets: Cash and investments 51,232,685 - - - 51,232,685 - Cash with fiscal agent 74,113,392 - - - 74,113,392 - Receivables: Leases 694,935 - - 2,412,188 3,107,123 - Advances to other funds 2,790,100 884,682 - - 3,674,782 - Capital assets: Land, nondepreciable and nonamortizable capital assets 296,517,628 10,152,310 395,420 8,985,631 316,050,989 85,563 Depreciable and amortizable capital assets, net 796,872,323 35,410,700 11,345,586 68,983,871 912,612,480 28,303,072 Total noncurrent assets 1,222,221,063 46,447,692 11,741,006 80,381,690 1,360,791,451 28,388,635 Total assets 1,591,605,671 123,486,685 72,270,234 96,229,217 1,883,591,807 159,051,603 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources related to debt 955,606 - - - 955,606 - Deferred outflows of resources related to OPEB 453,143 48,935 237,827 22,510 762,415 93,958 Deferred outflows of resources related to pensions 6,577,861 604,381 8,066,973 295,051 15,544,266 1,515,332 Total deferred outflows of resources $ 7,986,610 $ 653,316 $ 8,304,800 $ 317,561 $ 17,262,287 $ 1,609,290 (Continued) 3232 Basic Financial Statements FINANCIAL SECTION Page 83 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS September 30, 2025 Business-type Activities Enterprise Funds Governmental County Emergency Activities - Water Solid Waste Medical Other Internal and Sewer Disposal Services Funds Total Service Funds LIABILITIES Current liabilities: Accounts payable $ 24,441,458 $ 3,324,156 $ 2,626,584 $ 1,018,889 $ 31,411,087 $ 3,731,467 Wages payable 2,762,366 264,524 1,992,688 132,935 5,152,513 655,577 Retainage payable 3,991,820 - - - 3,991,820 - Due to other funds 24,577 1,296 - - 25,873 46,987 Due to other governments 140,796 183 343 5,657 146,979 73,402 Unearned revenues 47,163 - - - 47,163 161,513 Self-insurance claims payable - - - - - 11,400,678 Compensated absences 3,048,811 298,115 1,360,275 146,107 4,853,308 728,214 Total OPEB Liability 150,501 13,682 72,080 8,009 244,272 32,036 Landfill post-closure liability - 45,482 - - 45,482 - Lease payable 74,017 - 31,246 - 105,263 2,881 SBITA liability 110,611 - 33,835 - 144,446 1,343,543 Bonds, loans and notes payable 9,403,500 - - - 9,403,500 - Liabilities payable from restricted assets: Accounts payable 4,575,248 - - 1,739,680 6,314,928 - Arbitrage rebate 3,563,466 - - - 3,563,466 - Retainage payable 3,111,605 - - - 3,111,605 - Due to other governments - - - 121,759 121,759 - Refundable deposits 352,988 - - 9,826 362,814 - Unearned revenue - 149,260 - - 149,260 - Interest payable 2,629,570 - - - 2,629,570 - Bonds, loans and notes payable 3,209,717 - - - 3,209,717 - Total current liabilities 61,638,214 4,096,698 6,117,051 3,182,862 75,034,825 18,176,298 Noncurrent liabilities: Arbitrage rebate 395,941 - - - 395,941 - Self-insurance claims payable - - - - - 2,108,818 Compensated absences 3,048,810 298,115 1,360,275 146,107 4,853,307 728,214 Lease payable 335,106 - 289,762 - 624,868 9,672 SBITA liability 461,703 - 35,307 - 497,010 3,200,078 Total OPEB liability 1,955,116 213,707 1,033,028 96,589 3,298,440 404,550 Net pension liability 28,791,675 2,743,173 29,528,491 1,341,583 62,404,922 6,444,397 Landfill post closure liability - 1,467,472 - - 1,467,472 - Bonds, loans and notes payable, net 296,125,942 - - - 296,125,942 - Total noncurrent liabilities 331,114,293 4,722,467 32,246,863 1,584,279 369,667,902 12,895,729 Total liabilities 392,752,507 8,819,165 38,363,914 4,767,141 444,702,727 31,072,027 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources related to leases 610,223 - - 2,520,471 3,130,694 - Deferred inflows of resources related to OPEB 194,065 20,957 101,853 9,640 326,515 40,239 Deferred inflows of resources related to pensions 6,657,896 643,847 6,266,250 315,109 13,883,102 1,471,919 Deferred inflows of recources related to debt 5,313,284 - - - 5,313,284 - Total deferred inflows of resources 12,775,468 664,804 6,368,103 2,845,220 22,653,595 1,512,158 NET POSITION Net investment in capital assets 825,611,809 45,336,959 9,908,396 76,481,836 957,339,000 22,960,654 Restricted for: Grants and other purposes - - - 3,490,370 3,490,370 - Growth related capital expansion 24,933,810 - - - 24,933,810 - Renewal and replacement 300,000 - - - 300,000 - Debt service 22,586,935 - - - 22,586,935 - Unrestricted 320,631,752 69,319,073 25,934,621 8,962,211 424,847,657 105,116,054 Total net position $ 1,194,064,306 $ 114,656,032 $ 35,843,017 $ 88,934,417 1,433,497,772 $ 128,076,708 Cumulative consolidation adjustment for internal service fund activities related to enterprise funds (8,180,568) Net position of Business-type Activities $ 1,425,317,204 The notes to the financial statements are an integral part of this statement. 3333 FINANCIAL SECTION Basic Financial Statements Page 84 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS For the Fiscal Year Ended September 30, 2025 Business-type Activities Enterprise Funds Governmental Emergency Activities - County Water Solid Waste Medical Other Internal and Sewer Disposal Services Funds Total Service Funds Operating revenues: Charges for services $ 241,425,703 $ 73,481,310 $ 17,788,601 $ 11,624,659 $ 344,320,273 $ 142,899,748 Miscellaneous 288,339 157,364 64,072 51,539 561,314 4,397,237 Total operating revenues 241,714,042 73,638,674 17,852,673 11,676,198 344,881,587 147,296,985 Operating expenses: Personal services 49,435,491 5,329,109 33,491,539 2,330,820 90,586,959 11,547,529 General and administrative 92,929,117 55,484,179 7,979,221 21,577,632 177,970,149 37,379,921 Insurance claims paid - - - - - 86,803,200 Depreciation and amortization 53,437,753 2,200,729 2,624,500 5,098,055 63,361,037 7,070,574 Total operating expenses 195,802,361 63,014,017 44,095,260 29,006,507 331,918,145 142,801,224 Operating income (loss) 45,911,681 10,624,657 (26,242,587) (17,330,309) 12,963,442 4,495,761 Non-operating revenues (expenses): Operating grants and contributions - 138,795 1,955 4,028,164 4,168,914 - Interest earnings 19,313,478 3,374,362 2,486,958 550,919 25,725,717 5,265,175 Insurance reimbursement 248,178 4,453 1,159 46,282 300,072 136,189 Interest expense (9,052,384) - (8,766) - (9,061,150) (68,235) Gain (loss) on disposal of capital assets (618,637) 54,500 1,075,886 (2,691) 509,058 304,829 Rebatable arbitrage (575,738) - - - (575,738) - Total non-operating revenues (expenses) 9,314,897 3,572,110 3,557,192 4,622,674 21,066,873 5,637,958 Income (loss) before contributions and transfers 55,226,578 14,196,767 (22,685,395) (12,707,635) 34,030,315 10,133,719 Capital grants and contributions 47,396,814 2,138 - 11,503,153 58,902,105 - Transfers in - - 30,421,000 6,167,754 36,588,754 9,266,000 Transfers out (13,434,900) (1,169,179) (8,800) (313,383) (14,926,262) - Total transfers and contributions 33,961,914 (1,167,041) 30,412,200 17,357,524 80,564,597 9,266,000 Change in net position 89,188,492 13,029,726 7,726,805 4,649,889 114,594,912 19,399,719 Net position - beginning 1,107,963,191 101,789,102 29,878,543 84,411,996 1,324,042,832 109,290,037 Restatement of net position due to implementation of GASB 101 (3,087,377) (162,796) (1,762,331) (127,468) (5,139,972) (613,048) Net position - beginning as restated 1,104,875,814 101,626,306 28,116,212 84,284,528 1,318,902,860 108,676,989 Net position - ending $ 1,194,064,306 $ 114,656,032 $ 35,843,017 $ 88,934,417 $ 1,433,497,772 $ 128,076,708 Change in net position 114,594,912 Consolidation adjustment for internal service fund activities related to enterprise funds 132,591 Change in net position of Business-type Activities $ 114,727,503 The notes to the financial statements are an integral part of this statement. 3434 Basic Financial Statements FINANCIAL SECTION Page 85 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Fiscal Year Ended September 30, 2025 Business-type Activities Enterprise Funds Governmental Emergency Activities - County Water Solid Waste Medical Other Internal and Sewer Disposal Services Funds Total Service Funds Cash flows from operating activities: Cash received for services $ 240,505,404 $ 73,616,126 $ 18,438,879 $ 11,667,333 $ 344,227,742 $ - Cash received from other funds for services - - - - - 135,514,133 Cash received from other governments for services - - - - - 370,744 Cash received from employees for services - - - - - 9,150,844 Cash received from refundable deposits 360,470 590,160 - - 950,630 - Cash received from retirees for services - - - - - 2,216,015 Cash payments on behalf of retirees - - - - - (1,609,172) Cash payments for goods and services (76,482,617) (50,983,319) (4,443,474) (18,449,640) (150,359,050) (31,571,270) Cash payments for self insurance claims - - - - - (91,463,201) Cash payments to employees (51,227,997) (4,919,166) (36,257,252) (2,491,955) (94,896,370) (11,856,991) Cash payments for interfund services (15,565,925) (4,235,854) (2,883,753) (4,185,891) (26,871,423) (1,713,146) Cash payments from refundable deposits (254,640) (568,372) - - (823,012) - Net cash provided by (used for) operating activities 97,334,695 13,499,575 (25,145,600) (13,460,153) 72,228,517 9,037,956 Cash flows from non-capital financing activities: Cash received from operating grants - 138,795 1,840,321 4,234,767 6,213,883 - Cash transfers from other funds 99,463,438 13,514,718 33,271,886 6,667,818 152,917,860 9,266,000 Cash transfers to other funds (112,898,338) (15,568,579) (3,397,524) (816,315) (132,680,756) - Net cash provided by (used for) non-capital financing activities (13,434,900) (1,915,066) 31,714,683 10,086,270 26,450,987 9,266,000 Cash flows from capital and related financing activities: System development charges 17,353,817 - - - 17,353,817 - Special assessment collections - 2,138 - - 2,138 - Receipts from insurance reimbursements 242,753 4,453 1,159 46,282 294,647 136,189 Proceeds from disposal of capital assets 411,894 38,000 947,500 30,401 1,427,795 315,045 Proceeds from capital grants - - - 11,001,357 11,001,357 - Proceeds from leasing activities 31,863 - - 211,606 243,469 - Payments for capital acquisitions (99,372,817) (298,308) (3,369,020) (7,052,491) (110,092,636) (6,456,728) Payments for construction escrow 480,000 - - - 480,000 - Principal payments on bonds, loans and notes (13,749,000) - - - (13,749,000) - Principal payments on leases (65,877) - (33,789) - (99,666) (2,819) Principal payments on SBITA (91,072) - (33,354) - (124,426) (2,575,122) Interest and fiscal agent fees paid (10,897,410) - (8,766) - (10,906,176) (68,235) Net cash provided by (used for) capital and related financing activities (105,655,849) (253,717) (2,496,270) 4,237,155 (104,168,681) (8,651,670) Cash flows from investing activities: Interest on investments 18,783,130 3,203,018 2,374,137 544,343 24,904,628 4,973,418 Net cash provided by investing activities 18,783,130 3,203,018 2,374,137 544,343 24,904,628 4,973,418 Net increase (decrease) in cash and investments (2,972,924) 14,533,810 6,446,950 1,407,615 19,415,451 14,625,704 Cash and investments, October 1, 2024 456,362,418 58,016,188 50,971,313 10,140,153 575,490,072 104,268,891 Cash and investments, September 30, 2025 $ 453,389,494 $ 72,549,998 $ 57,418,263 $ 11,547,768 $ 594,905,523 $ 118,894,595 Current cash and investments $ 310,957,581 $ 72,400,738 $ 57,403,921 $ 11,230,923 $ 451,993,163 $ 118,894,595 Current cash and investments-restricted 17,085,836 149,260 14,342 316,845 17,566,283 - Noncurrent cash and investments-restricted 51,232,685 - - - 51,232,685 - Noncurrent cash with fiscal agent-restricted 74,113,392 - - - 74,113,392 - Cash and investments, September 30, 2025 $ 453,389,494 $ 72,549,998 $ 57,418,263 $ 11,547,768 $ 594,905,523 $ 118,894,595 (Continued) 3535 FINANCIAL SECTION Basic Financial Statements Page 86 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Fiscal Year Ended September 30, 2025 Business-type Activities Enterprise Funds Governmental Emergency Activities - County Water Solid Waste Medical Other Internal and Sewer Disposal Services Funds Total Service Funds Operating income (loss)$ 45,911,681 $ 10,624,657 $ (26,242,587) $ (17,330,309) $ 12,963,442 $ 4,495,761 Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities: Depreciation and amortization expense 53,437,753 2,200,729 2,624,500 5,098,055 63,361,037 7,070,574 Net changes in assets and liabilities: Trade receivable (1,256,407) (47,666) 139,504 (5,648) (1,170,217) (2,586,173) Due from other funds - 14,254 - (9,534) 4,720 (44,032) Due from other governments 127,633 2,276 381,955 - 511,864 (1,161) Inventory (3,271,595) - (11,543) 20,009 (3,263,129) (23,350) Prepaid costs (11,203) (810) - - (12,013) 1,552,030 Accounts payable 4,854,869 284,733 273,472 (811,945) 4,601,129 970,612 Retainage payable (612,202) - - (4,224) (616,426) - Wages payable 239,687 54,971 136,934 7,496 439,088 50,415 Due to other funds (111,400) (18,917) 457,038 - 326,721 32,883 Due to other governments (1,516) (85) (2,226) (20,184) (24,011) 8,087 Compensated absences (90,270) 138,865 (82,812) 31,877 (2,340) 118,765 Refundable deposits 105,830 - - (100) 105,730 - Unearned revenue - 21,788 - (3,117) 18,671 (5,875) Self-insurance claims payable - - - - - (2,121,938) Total OPEB liability (23,003) 33,879 85,636 (8,677) 87,835 (16,513) Deferred outflows of resources related to OPEB 33,256 (4,717) (4,873) 3,373 27,039 9,576 Deferred inflows of resources related to OPEB 1,022 3,408 9,398 (633) 13,195 (852) Net pension liability (6,854,105) (254,065) (8,265,192) (436,001) (15,809,363) (1,559,289) Deferred outflows of resources related to pensions 2,209,412 128,896 2,832,600 128,420 5,299,328 495,951 Deferred inflows of resources related to pensions 2,691,495 308,706 2,522,596 113,010 5,635,807 592,485 Deferred inflows of resources related to leases (46,242) - - (232,021) (278,263) - Landfill post closure liability - 8,673 - - 8,673 - Total adjustments 51,423,014 2,874,918 1,096,987 3,870,156 59,265,075 4,542,195 Net cash provided by (used for) operating activities $ 97,334,695 $ 13,499,575 $ (25,145,600) $ (13,460,153) $ 72,228,517 $ 9,037,956 Non-cash investing, capital and financing activities: Change in fair value of investments $ 2,480,274 $ 514,656 $ 378,703 $ 75,877 $ 3,449,510 $ 692,036 Arbitrage rebate 3,959,407 - - - 3,959,407 - Developer infrastructure contributions 28,743,302 - - - 28,743,302 - Contributed capital assets 66,445 - - - 66,445 - Lease right-to-use assets acquired 159,782 - - - 159,782 - SBITA right-to-use assets acquired 358,121 - 102,496 - 460,617 3,595,542 Change in capital related grant receivable 1,214,635 - - 491,796 1,706,431 - Change in special assessment receivable 38 - - - 38 - Capital related accounts payable 18,402,463 226,051 1,442,460 1,446,723 21,517,697 884,360 Capital related retainage 6,854,400 - - - 6,854,400 - The notes to the financial statements are an integral part of this statement. 3636 Basic Financial Statements FINANCIAL SECTION Page 87 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS September 30, 2025 Sheriff Private Purpose Custodial Trust Fund Funds ASSETS Cash and investments $ 431,138 $ 35,648,503 Trade receivable, net - 17,502 Due from other governments - 7,916 Total assets $ 431,138 $ 35,673,921 LIABILITIES Due to other governments $ - $ 9,922,419 Due to individuals - 337,602 Total liabilities $ - $ 10,260,021 FIDUCIARY NET POSITION Restricted for individuals and governments $ 431,138 $ 25,413,900 The notes to the financial statements are an integral part of this statement. 3737 FINANCIAL SECTION Basic Financial Statements Page 88 of 3203 COLLIER COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCUARY FUNDS For the Fiscal Year Ended September 30, 2025 Sheriff Private Purpose Custodial Trust Fund Funds ADDITIONS: Contributions for individuals $ 563,380 $ 26,538,989 Fees collected for other governments - 1,212,862,385 Miscellaneous - 1,045,786 Total additions 563,380 1,240,447,160 DEDUCTIONS: Beneficiary payments to individuals 537,025 18,924,042 Payment of fees to other governments - 1,213,966,095 Payments to other entities - 90,683 Total deductions 537,025 1,232,980,820 Net increase in fiduciary net position 26,355 7,466,340 Fiduciary net position - beginning of year 404,783 17,947,560 Fiduciary net position - end of year $ 431,138 $ 25,413,900 The notes to the financial statements are an integral part of this statement. 3838 Basic Financial Statements FINANCIAL SECTION Page 89 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of Collier County, Florida (County) have been prepared in accordance with accounting principles generally accepted in the United States of America for governmental entities (GAAP). The more significant of the County’s accounting policies are described below. THE REPORTING ENTITY Entity status for financial reporting purposes is governed by Governmental Accounting Standards Board (GASB) Statement No. 14, The Financial Reporting Entity, as amended. The GASB is the standard setting body for the establishment of GAAP in governmental entities. Determination of the financial reporting entity of the County is founded upon the objective of accountability. These financial statements include the County government (the primary government) and two types of legally separate component units (blended and discrete). Component units are legally separate agencies that the primary government is financially accountable for or organizations which should be included in the reporting entity because of the nature and significance of their relationship with the primary government. Financial accountability is determined by the primary government’s ability to appoint the voting majority of the entity’s board and impose its will on the organization or there is a potential specific financial benefit/burden relationship. Financial accountability also exists if an organization is fiscally dependent and there is a potential specific financial benefit/burden relationship. The primary government consists of Collier County, a political subdivision of the State of Florida that was established in 1923 by the Florida State Legislature. The County is governed by a Board of County Commissioners which consists of five members elected within single member districts. In addition, there are five separately elected Constitutional Officers: the Tax Collector, Property Appraiser, Sheriff, Clerk of the Circuit Court and Comptroller and Supervisor of Elections. The Constitutional Officers are elected county wide. Under the direction of the Clerk of the Circuit Court and Comptroller, the Finance and Accounting Department maintains the accounting system for the operations of the Board of County Commissioners, Supervisor of Elections and the Clerk of the Circuit Court and Comptroller. The Tax Collector, Property Appraiser and Sheriff each maintain their own accounting systems. For financial reporting purposes, the operations of the Board of County Commissioners and the Constitutional Officers are combined and presented as the primary government. The County’s blended component units consist of organizations whose respective governing Boards are composed entirely of the Board of County Commissioners serving ex-officio. These entities are legally separate, however the County has the financial and operational responsibility for these component units. In accordance with GASB Statement No. 14, as amended, these organizations are reported as if they were part of the County’s operations. Collier County Water and Sewer District (District) - The District was established by Chapter 88-499, Laws of Florida, as amended by Chapter 03-353, to provide water, sewer and effluent services to portions of the unincorporated area of Collier County. Collier County Community Redevelopment Agency (CRA) - The CRA was established by Resolution 2000-82 to benefit blighted areas in both the Immokalee Redevelopment and Bayshore/Gateway Triangle Redevelopment Areas. These two redevelopment areas are geographically separate and distinct. Collier County Airport Authority - The Board of County Commissioners was established as the governing body of the Airport Authority by Ordinance 2010-10. The Airport Authority is responsible for construction, improvement, equipment, development, regulation, operation and maintenance of the Marco Island, Immokalee and Everglades Airports and all related airport facilities. Collier County Metropolitan Planning Organization (MPO) - The MPO was created in 1981 by Collier County Resolution 81-222 pursuant to Section 334.215, Florida Statutes, as amended by Section 339.175, Florida Statutes. The purpose of the MPO is to provide planning for all modes of travel in order to benefit the citizens of Collier County. The MPO is reported as part of the Grants and Shared Revenues fund. The County’s discretely presented component units consist of organizations whose board members are appointed by the Board of County Commissioners. The County is able to impose its will on these entities because of its ability to remove appointed members from the component units’ Boards. The Authorities maintain their own financial records, but do not issue separate financial statements. GASB Statement No. 14, as amended, requires that the financial data of the following organizations be reported in separate columns to emphasize that they are legally separate from the County. Collier County Housing Finance Authority - The Authority was formed in 1980 by Collier County Ordinance 80-66 for the purpose of stimulating the construction of residential housing for low and moderate income families through the use of public financing. Their financial position and results of operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the Authority is disclosed in Note 8, “Conduit Debt Obligations”. Collier County Health Facilities Authority - The Authority was established in 1979 by Collier County Ordinance 79-95 for the purpose of assisting health facilities in the acquisition, construction and financing of projects within the County. Their financial 39 FINANCIAL SECTION Notes to the Financial Statements Page 90 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) position and results of operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the Authority is disclosed in Note 8, “Conduit Debt Obligations”. Collier County Industrial Development Authority - The Authority was created in 1978 by Collier County Resolution 78-94, rescinded and replaced by Resolution 79-34, to facilitate the financing of projects that promote economic growth and increase opportunities for employment in the County. Their financial position and results of operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the Authority is disclosed in Note 8, “Conduit Debt Obligations”. Collier County Educational Facilities Authority - The Authority was created in 1999 by Collier County Resolution 99-17 to assist institutions for higher education in the construction, financing and refinancing of projects. Their financial position and results of operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the Authority is disclosed in Note 8, “Conduit Debt Obligations”. Financial information on the individual component units can be obtained from their respective administrative offices or from the Finance and Accounting Department of the Clerk of the Circuit Court and Comptroller. Administrative Offices Collier Water and Sewer District Collier County Airport Authority 3339 East Tamiami Trail, Suite #302 2005 Mainsail Drive, Suite #1 Naples, Florida 34112 Naples, Florida 34114 Collier County Metropolitan Planning Organization Immokalee Community Redevelopment Agency 2885 South Horseshoe Drive 750 South 5th Street Naples, Florida 34104 Immokalee, Florida 34142 Bayshore Gateway Community Redevelopment Agency Collier County Health Facilities Authority 3299 Tamiami Trail East, Bldg. F Suite #103 Collier County Housing Finance Authority Naples, Florida 34112 Collier County Industrial Development Authority Collier County Educational Facilities Authority 725 High Pines Drive Naples, Florida 34103 GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS The basic financial statements are made up of the government-wide financial statements and fund financial statements. Both of these sets of financial statements distinguish between the governmental and business-type activities of Collier County. The government-wide financial statements consist of a Statement of Net Position and a Statement of Activities. These statements report on the financial condition of Collier County, at the reporting entity level. Internal balances represent net amounts due between the governmental and business-type activities. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements with the exception of interfund services provided and used. The internal service activity has also been eliminated from the government-wide financial statements. Aggregate internal service fund activity is reported in full as a single column in the proprietary fund financial statements. Fiduciary funds are not included in these presentations as their assets do not represent amounts that are available for Collier County government operations. The Statement of Net Position reports all financial and capital resources of Collier County’s governmental and business-type activities. Net position equals assets plus deferred outflows of resources minus liabilities plus deferred inflows of resources, and is shown in three categories: net investment in capital assets; restricted net position and unrestricted net position. The Statement of Activities reports results of operations on a functional activity (program) basis and demonstrates to what degree the particular program has been self-supporting. Direct expenses are those that are specifically associated with a service, program or department and, thus are clearly identifiable to a particular function. The effect of indirect expense allocations has been eliminated in the government-wide financial statements. Depreciation and amortization expense for capital assets that can specifically be identified with a function is recorded as a direct expense of that function. Depreciation and amortization for capital assets that serve all functions is recorded as a direct expense of the general government function on the government-wide Statement of Activities. All interest on general long term debt is considered indirect and is reported separately in the government-wide Statement of Activities. Program revenues are reported in the following three categories: charges for services, operating grants and contributions and capital grants and contributions. Charges for services are amounts charged to customers for a particular service, and are netted against the cost of the relevant program. Internal charges for indirect services are allocated across functions as direct expenses. Grants and contributions refer to revenues restricted for capital or operational use in a particular program. 40 Notes to the Financial Statements FINANCIAL SECTION Page 91 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The general revenue category encompasses all other revenue types and represents revenue collected to support all functions of Collier County government. The fund financial statements follow the government-wide statements and report more detailed information about operations of major funds on an individual basis and nonmajor funds on an aggregate basis for the governmental and proprietary funds. Following the governmental fund balance sheet and statement of revenues, expenditures and changes in fund balances are reconciliations explaining the differences between the governmental fund presentation and the government-wide presentation. BASIS OF PRESENTATION 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 accounted for in other funds are accounted for in the General Fund. The general operating funds of the Clerk of the Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector are presented together with the Board of County Commissioners’ general operating fund in the County’s consolidated General Fund. Bayshore/Gateway Community Redevelopment Area Special Revenue Fund – the Bayshore/Gateway Community Redevelopment fund is used to account for the receipt and expenditure of tax increment revenues generated by the Bayshore/Gateway Community Redevelopment Areas. Immokalee Community Redevelopment Area Special Revenue Fund – the Immokalee Community Redevelopment fund is used to account for the receipt and expenditure of tax increment revenues generated by the Immokalee Community Redevelopment Area. Tourist Development – the Tourist Development fund is used to account for the receipt and expenditure of the 5% tourist development tax. Disaster Recovery Fund - the Disaster Recovery fund is used to account for the receipt of resources and expenditures related to the recovery from Hurricanes Ian, Helene and Milton. Infrastructure Sales Tax Capital Project Fund – the Infrastructure Sales Tax fund is used to account for the receipt and expenditure of an additional one-cent sales surtax approved by the voters. The following are reported as major enterprise funds: County Water and Sewer Fund – the County Water and Sewer fund is used to account for the provision of water, wastewater and effluent services to certain portions of the County’s unincorporated area. Solid Waste Disposal Fund – the Solid Waste Disposal fund is used to account for the provision of solid waste disposal services to users throughout the County. Emergency Medical Services Fund – the Emergency Medical Services fund is used to account for the provision of emergency ambulance and paramedical services to users throughout the County. Collier County also maintains the following fund types: Special Revenue Funds – Special revenue funds are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt service or capital projects. Permanent Fund – Permanent funds are used to account for resources that were legally restricted to the extent that only earnings and not principal may be spent. Collier County operates a permanent fund to defray costs associated with the maintenance and management of conservation land. Debt Service Funds – Debt service funds are used to account for the accumulation of resources that are restricted, committed or assigned to expenditure for principal and interest related to long-term obligations. Capital Project Funds – Capital project funds are used to account for the accumulation of resources that are restricted, committed or assigned to expenditure for capital outlays including the acquisition or construction of capital facilities and other capital assets. Enterprise Funds – Enterprise funds are used to account for activities for which a fee is charged to external users for goods or services. Internal Service Funds – Internal service funds are used to account for the provision of goods and services by one department to other departments within the County or to other governmental units on a cost reimbursement basis. Collier County currently 41 FINANCIAL SECTION Notes to the Financial Statements Page 92 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) reports the following Internal Service Funds: Self-Insurance, Sheriff’s Self-Insurance, Fleet Management, Motor Pool Capital Recovery and Information Technology. Fiduciary Funds - Private Purpose Trust Funds – Fiduciary funds - private purpose trust funds are used to account for assets held by Collier County in which the principal and income benefit individuals, private organizations or other governments. Private purpose trust funds are accounted for using the accrual basis of accounting. The Sheriff maintains this fund for the employee flexible spending account. Fiduciary Funds - Custodial Funds – Fiduciary funds - custodial funds are used to account for assets held by Collier County as an agent for individuals, private organizations and other governments. Custodial funds are custodial in nature. Custodial funds are accounted for using the accrual basis of accounting. The Sheriff, Clerk of the Circuit Court and Comptroller and Tax Collector all maintain custodial funds. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement focus indicates the type of resources being measured such as current financial resources (current assets less current liabilities) or economic resources (all assets and liabilities). Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The basis of accounting relates to the timing of the measurements made regardless of the measurement focus applied. The government-wide, proprietary fund, private purpose trust fund and custodial fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. With this measurement focus, all assets and liabilities associated with the operation of these funds are included on the Statement of Net Position and the operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned and measurable, and expenses are recognized in the period incurred. Grant and similar revenues are recognized when eligibility requirements are met. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses and depreciation and amortization on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in fund balance. Under the modified accrual basis of accounting, revenues are recognized when they become measurable and available to finance expenditures of the fiscal period. Generally, revenues are considered available when they are collected within the current period or within 60 days after the end of the fiscal year. Grant revenues are an exception and are considered available when eligibility requirements are met. Primary revenues which have been treated as susceptible to accrual include, where material, charges for services, interest earnings and certain taxes and intergovernmental revenues. Property taxes are discussed later in Note 1. Expenditures are recorded when the related fund liability is incurred. Exceptions to this general rule include accrued compensated absences, pension, other postemployment benefits, arbitrage rebate liability and principal and interest on long-term debt. When both restricted and unrestricted resources are available, restricted resources will be used first for incurred expenses, and then unrestricted as needed. When using the unrestricted resources, committed amounts would be reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used. BUDGETS AND BUDGETARY DATA The following are the statutory procedures followed by the Board of County Commissioners in establishing the budgets for the County: 1. Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the County budget officer prepares and presents to the Board a tentative budget for the ensuing fiscal year. The budget includes all estimated receipts and all estimated expenditures, reserves and balances to be carried forward at the end of the year as specified in Section 129.03, Florida Statutes. 2. Within eighty days of the certification of value, but not earlier than sixty-five days after certification, the Board holds a public hearing on the tentative budget and proposed millage rate. At this hearing the Board amends and adopts the tentative budget, recomputes the proposed millage rate, and announces publicly the percentage, if any, by which the recomputed proposed millage rate exceeds the rolled-back rate. If the millage rate tentatively adopted exceeds that proposed, each taxpayer within the jurisdiction is notified of the increase by first class mail, at the expense of the Board. 42 Notes to the Financial Statements FINANCIAL SECTION Page 93 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3. Within fifteen days of the meeting adopting the tentative budget, the Board advertises the County’s intent to adopt a final budget and millage rate. 4. A public hearing is held by the Board to finalize the budget and adopt a millage rate. This hearing is held not less than two days and not more than five days after the day that the advertisement is first published. Prior to September 30, the millage levy is adopted by a separate vote. The millage rate adopted is not allowed to exceed the tentatively adopted millage rate, except as allowed for by emergency provision with strict public notice requirements. This is followed by the approval and ratification of the final budget. 5. The resolution approved at the final hearing is forwarded to the Property Appraiser, Tax Collector and Florida Department of Revenue, not later than thirty days following the adoption of the Resolution, the Board certifies to the State of Florida, Department of Revenue, Division of Ad Valorem Tax, that it has complied with the provisions of Chapter 200, Florida Statutes. 6. The County Manager approves intradepartmental budget changes within the same fund of $50,000 or less that do not impact reserves or recognize revenue. All other budgetary changes must be approved by the Board of County Commissioners as a matter of policy. The initial adopted budget was amended in accordance with Florida Statutes. 7. Florida Statute Section 129.07, as amended in 1978, provides that expenditures in excess of total fund budgets are unlawful. However, because the Board approves all budgetary changes between departments, except those approved by the County Manager, the departmental budget becomes the level of control. Formal budgetary integration is employed as a management control device during the fiscal year for all funds. Budgets have been legally adopted by the Board for all Board departments except for the custodial funds. The Property Appraiser and the Tax Collector adopt budgets for their general funds independently of the Board. The Clerk of Courts operates as a fee officer, and as such, prepares its non-court budget in accordance with Section 218.35, Florida Statutes. The Sheriff and Supervisor of Elections prepare budgets for their general funds, which are submitted to and approved by the Board. The Clerk of Court’s budget for court related functions is prepared according to Section 28.36 Florida Statutes and submitted to the Clerks of Court Operations Corporation for approval by the Legislative Budget Commission. Budgets are adopted for all governmental departments except as described in the previous paragraph. These budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP) except for certain non-budgeted revenues and expenditures and mark to market activity on investments. All unencumbered appropriations lapse at the end of the current year. For further information regarding encumbrances, refer to Note 17 on page 83. Capital project costs are budgeted in the year they are anticipated to be obligated. In subsequent years, the unused budget is reappropriated until the project is completed. Proprietary funds are budgeted on a basis consistent with generally accepted accounting principles, except that capital related and debt transactions are based upon cash receipts and disbursements. Estimated beginning fund balances are considered in the budgetary process. For purposes of the budgetary presentation, certain transactions that have been accounted for in the governmental funds statements of revenues, expenditures and changes in fund balances have not been reflected in the budgetary financial statements. Specifically, bad debt expense and the net change in fair value of investments are not presented in the budget to actual statements. CASH AND INVESTMENTS Florida Statutes Section 218.415 establishes guidelines for Florida local government investment policies. The County’s current investment policy, as amended, was adopted December 9, 2014 by Resolution 2014-260 and is consistent with the requirements of that statute. This investment policy authorized the following investments: 1. U.S. Treasury and Government Guaranteed – U.S. Treasury obligations and the principal and interest of which are backed or guaranteed by the full faith and credit of the U.S. Government; 2. Federal Agency/Government Sponsored Enterprise – Debt obligations, participations or other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or government sponsored enterprise; 3. Corporates – U.S. dollar denominated corporate notes, bonds or other debt obligations issued or guaranteed by a domestic corporation, financial institution, non-profit or other entity; 4. Municipals – Obligations, including both taxable and tax-exempt, issued or guaranteed by any State, territory or possession of the United States, political subdivision, public corporation, authority, agency board, instrumentality or other unit of local government of any State or territory; 5. Agency Mortgage Backed Securities – Mortgage backed securities, backed by residential, multi-family or commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S. Federal agency or government sponsored enterprise, including but not limited to pass-throughs, collateralized mortgage obligations and real estate mortgage investment conduits; 43 FINANCIAL SECTION Notes to the Financial Statements Page 94 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 6. Non-Negotiable Certificates of Deposit – Non-negotiable interest bearing time certificates of deposit or savings accounts in banks organized under the laws of this state or in national banks organized under the laws of the United States and doing business in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes; 7. Depository Bank Account – Negotiated Order of Withdrawal accounts in banks organized under the laws of this state or in national banks organized under the laws of the United States and doing business in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes; 8. Commercial Paper – U.S. dollar denominated commercial paper issued or guaranteed by a domestic corporation, company, financial institution, trust or other entity, including both unsecured debt and asset backed programs; 9. Repurchase Agreements – Repurchase agreements must be governed by written agreement, counterparty must be a Federal Reserve Bank, a Primary Dealer or a nationally chartered commercial bank. Acceptable underlying securities must be direct obligations of, or that are fully guaranteed by, the United States or any agency of the United States, or U.S. Agency backed mortgage related securities with an aggregate current fair value of at least 102% (or 100% if the counterparty is a Federal Reserve Bank) of the purchase price plus current accrued price differential; 10. Money Market Funds – Shares in open end and no load money market mutual funds, provided such funds are registered under the Investment Company Act of 1940 and operate in accordance with Security and Exchange Commission Rule 2a-7; 11. Fixed-Income Mutual Funds – Shares in open end and no load fixed income mutual funds whose underlying investments would be permitted for purchase under the investment policy and all its restriction; 12. Local Government Investment Pools – State, local government or privately sponsored investment pools that are authorized pursuant to state law; 13. The Florida Local Government Surplus Funds Trust Funds (Florida Prime). The County maintains a cash and investment pool that is available for use by all funds. Investment income is allocated to individual funds based upon their average daily balance in the cash and investment pool. Each fund’s individual equity in the County’s cash and investment pool is considered to be a cash equivalent as the funds can deposit or withdraw cash at any time without notice or penalty. The statement of cash flows for the proprietary funds also uses this methodology. Investments in debt securities are recorded at fair value based upon values obtained from an independent pricing service. Investments in the Local Government Investment Pools (FL PALM and FLCLASS) and the Local Government Surplus Funds Trust Fund (Florida PRIME) are stated at fair value. The County categorizes its fair value measurements within the fair value hierarchy established in GASB Statement No. 72, Fair Value Measurements and Application. Florida Public Assets for Liquidity Management’s FL PALM Portfolio Board of Trustees has determined that it will manage the FL PALM Portfolio in accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants requirements, as applicable, for continued use of amortized cost. Therefore, the fair value of the County’s position in the pool is the same as the value of the pool shares. Throughout the year, and as of September 30, 2025, FL PALM Portfolio contained certain floating and adjustable rate securities. These investments represented 32.13% of the FL PALM Portfolio’s investments as of September 30, 2025. In addition, and in accordance with GASB 79, the County should disclose the presence of any limitations or restrictions on withdrawals in notes to the financial statements. The FL PALM portfolio Board of Trustees (Trustees) can suspend the right of withdrawal or postpone the date of payment if the Trustees determine that there is an emergency that makes the sale of a Portfolio’s securities or determination of its net asset value not reasonably practical. Florida Cooperative Liquid Assets Securities System (FLCLASS) does not meet all of the specific criteria outlined in GASB 79 for measurement at amortized cost. FLCLASS measures its investments at fair value in accordance with paragraph 41 of GASB 79 and paragraph 11 of GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, as amended, and therefore a participant’s investment in FLCLASS is not required to be categorized within the fair value hierarchy for purposes of paragraph 81a(2) of GASB 72. Throughout the year, and as of September 30, 2025, FLCLASS Daily Liquidity Pool contained certain floating and adjustable rate securities. These investments represented 48.77% of the FLCLASS Daily Liquidity Pool as of September 30, 2025. Florida PRIME, administered by the State Board of Administration (SBA) is considered a qualifying external investment pool that meets all of the necessary criteria to elect to measure all of the investments at amortized cost. Therefore, the fair value of the County’s position in the pool is the same as the value of the pool shares. The Florida PRIME investments are not categorized because they are not evidenced by securities that exist in physical or book entry form. Throughout the year, and as of September 30, 2025, Florida PRIME contained certain floating and adjustable rate securities. These investments represented 9.6% of Florida PRIME’s portfolio at September 30, 2025. In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, as a participant in a qualifying external investment pool, the County should disclose the presence of any limitations or restrictions on withdrawals 44 Notes to the Financial Statements FINANCIAL SECTION Page 95 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (such as redemption notice periods, maximum transaction amounts, and the qualifying external investment pool’s authority to impose liquidity fees or redemption gates) in notes to the financial statements. With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made. As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100 percent of their account value. RECEIVABLES All trade receivables are reported net of an allowance for uncollectibles, which is generally all receivables outstanding in excess of one year, except for Emergency Medical Services receivable, which uses an estimated uncollectible percentage. INVENTORIES AND PREPAID COSTS Inventory is valued at cost using the first-in, first-out method with the exception of Fleet Management which uses the weighted average method. Inventory in the governmental funds consists of supplies held for consumption. The cost is recorded as an expenditure at the time inventory items are consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. Inventories and prepaid costs reported within governmental funds are classified as non-spendable, which indicates that they do not constitute available resources. Inventories and prepaid costs in the government-wide and proprietary fund financial statements are reported as an expense when consumed. Inventory held for resale consists of real estate holdings, acquired through various programs, which the County intends to sell. The value of these properties includes the original purchase price plus the cost of any rehabilitation. Inventory held for resale of $3,686,430 is classified as restricted, which indicates that they do not constitute available resources. CAPITAL ASSETS Capital assets, which include property, plant, equipment, infrastructure (e.g., roads and bridges, water and wastewater systems, drainage systems and similar items) and right-to-use assets, are reported in the proprietary fund financial statements and in the governmental or business-type activities columns in the government-wide financial statements. Capital assets are reported at cost where historical records are available and at estimated fair value in the absence of historical cost records. Capital contributions are recorded at acquisition value on the date donated. The County capitalizes expenditures with a cost of $5,000 or more and with a useful life in excess of one year. Betterments and major improvements which significantly increase value, change capacity or extend useful lives are also capitalized. Expenditures for maintenance and repairs are charged to operating expenses. The cost of capital assets retired or sold, together with the related accumulated depreciation and amortization, is removed from the respective accounts and any gain or loss on disposition is credited or charged to earnings in the government-wide financial statements and proprietary fund financial statements. 45 FINANCIAL SECTION Notes to the Financial Statements Page 96 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Depreciation and amortization is calculated using the straight-line method. The estimated useful life of the various classes of depreciable and amortizable capital assets is as follows: Capital Asset Class Estimated Useful Life Buildings 20-45 years Infrastructure 3-30 years Improvements other than buildings 4-45 years Machinery and equipment 3-20 years Right-to-use 2-50 years FINANCED PURCHASE OBLIGATIONS In the government-wide financial statements and proprietary fund financial statements, financed purchase obligations and the related cost of assets acquired are reflected in the Statement of Net Position. For financed purchase obligations originating in governmental funds, an expenditure for the asset and an offsetting other financial source are reflected in the fund financial statements in the year of inception. LEASES The County is a lessee for noncancellable leases of land, building, office space and equipment. The County recognizes a lease liability and an intangible right‐to‐use lease asset (lease asset) in the government‐wide and proprietary fund financial statements. At the commencement of a lease, the County initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over the term of the lease or the useful life of the underlying asset if shorter than the term of the lease. Key estimates and judgments related to leases include how the County determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments. The County uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the County generally uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are comprised of fixed payments and any purchase option price that the County is reasonably certain to exercise. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended. The County monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. Lease assets are reported with other capital assets and lease liabilities are reported with long‐term debt on the statement of net position. The County is a lessor for noncancellable leases of land, building, office space and equipment. The County recognizes a lease receivable and a deferred inflow of resources in the government‐wide, proprietary fund and governmental fund financial statements. At the commencement of a lease, the County initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the term of the lease. Key estimates and judgments include how the County determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts. The County uses its estimated incremental borrowing rate as the discount rate for leases. The County monitors changes in circumstances that would require a remeasurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable. SUBSCRIPTION BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITA) The County has entered into agreements for the right to use various subscription based information technology for computer software and infrastructure. The County recognizes a subscription based information technology arrangement liability and an intangible right‐to‐use asset (subscription based IT arrangement asset) in the government‐wide and proprietary fund financial statements. 46 Notes to the Financial Statements FINANCIAL SECTION Page 97 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) At the commencement of a SBITA contract, the County initially measures the liability at the present value of payments expected to be made during the SBITA contract term. Subsequently, the SBITA liability is reduced by the principal portion of lease payments made. The SBITA asset is initially measured as the initial amount of the SBITA liability, adjusted for SBITA contract payments made at or before the SBITA contract commencement date, plus certain initial direct costs. Subsequently, the SBITA asset is amortized on a straight‐line basis over the term of the SBITA contract or the useful life of the underlying asset if shorter than the term of the SBITA contract. Key estimates and judgments related to SBITA contracts include how the County determines (1) the discount rate it uses to discount the expected SBITA contract payments to present value, (2) SBITA contract term, and (3) SBITA contract payments. The County uses the interest rate charged by the vendor as the discount rate. When the interest rate charged by the vendor is not provided, the County generally uses its estimated incremental borrowing rate as the discount rate for SBITA contracts. The County monitors changes in circumstances that would require a remeasurement of its SBITA contract and will remeasure the SBITA asset and liability if certain changes occur that are expected to significantly affect the amount of the SBITA liability. SBITA assets are reported with other capital assets and SBITA liabilities are reported with long‐term debt on the statement of net position. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES In addition to assets, the statement of financial position reports a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The deferred outflows of resources reported in the County’s statement of net assets represent changes in actuarial assumptions, the net difference between projected and actual earnings on investments, changes in the proportion and differences between the County’s contributions and proportionate share of contributions and the County’s contributions subsequent to the measurement date, relating to the Florida Retirement System Pension Plan and the Retiree Health Insurance Subsidy Program. In addition, deferred outflows related to the difference between expected and actual economic experience relating to the Florida Retirement System Pension and the Other Post Employment Benefits Plan were reported. These amounts will be recognized as increases in pension expense and OPEB expense in future years. The County also reports the deferred charge on refunding as a deferred outflow in the proprietary and government wide statements of net position. A deferred charge results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. In addition to liabilities, the statement of financial position reports a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The deferred inflows of resources reported in the County’s statement of net position represent the difference between expected and actual economic experience, changes in actuarial assumptions, net difference between projected and actual earnings on investments, and changes in the proportion and differences between the County’s contributions and proportionate share of contributions relating to the Florida Retirement System Pension Plan, the Retiree Health Insurance Subsidy Program and the Other Post Employment Benefits Plan. These amounts will be recognized as reductions in pension expense and OPEB expense in future years. The County has also recorded amounts associated with long term receivables, primarily related to deferred impact fee agreements and leases, as deferred inflows. BOND PREMIUMS, DISCOUNTS, GAIN OR LOSS ON DEFEASANCE AND ISSUANCE COSTS Bond premiums, discounts and bond insurance costs for the governmental activities and the business-type activities are deferred and amortized over the term of the bonds using the straight-line method which approximates the effective interest method. Bond premiums and discounts are presented as an increase, or decrease, respectively, to the face amount of bonds payable, while bond insurance costs are recorded as deferred charges and shown on the face of the Statement of Net Position as a component of noncurrent assets. Pursuant to GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, the gain or loss on defeasance of debt is reported as a deferred inflow or outflow of resources. The gain or loss is calculated as the difference between the reacquisition price of the refunded debt and the net carrying amount at the time of the refunding. The gain or loss is amortized on a straight line basis over the shorter of the life of the new debt or the remaining life of the old debt as a component of interest expense. In the governmental fund financials, bond premiums and discounts and issuance costs, including bond insurance costs, are recognized in the current period. The face amount of debt is reported as other financing sources. Premiums and discounts on debt issuances are also reported as other financing sources, or uses. Issuance costs, including bond insurance costs, whether or not they have been paid from debt proceeds are reported as debt service expenditures. 47 FINANCIAL SECTION Notes to the Financial Statements Page 98 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) PROPERTY TAXES Property taxes become due and payable on November 1st of each year and become delinquent on April 1st of the following year. Property taxes receivable and a corresponding allowance for uncollectible property taxes are not included in the financial statements, as delinquent taxes as of September 30, 2025 are not significant. Discounts on property taxes are allowed for payments made prior to the April 1st delinquent date as follows: November - 4%, December - 3%, January - 2%, and February - 1%. Tax certificates for the full amount of any unpaid taxes must be sold no later than June 1st of each year. No accrual for the property tax levy becoming due in November 2025 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period. Key dates in the property tax cycle for the fiscal year ended September 30, 2025 are as follows: Property Tax Cycle Date Assessment roll compiled January 1, 2024 Assessment roll certified July 1, 2024 Millage resolution approved Within 35 days of the certification of the assessment roll Beginning of fiscal year for tax levy October 1, 2024 Taxes due and payable (levy date) November 1, 2024 Collection dates By November 30: 4% discount By December 31: 3% discount By January 31: 2% discount By February 28: 1% discount Due date March 31, 2025 Delinquent (lien date) April 1, 2025 Tax certificates sold Prior to June 1, 2025 ACCOUNTING ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimated. UNEARNED REVENUE In instances where assets have been received by the County for services to be rendered in future periods, asset balances are offset by an unearned revenue liability account in the financial statements. Unearned revenues of the County as of September 30, 2025 are gift certificates issued and prepayments on accounts. ACCRUED COMPENSATED ABSENCES The County follows the provisions of GASB Statement No. 101, Compensated Absences. This statement provides for the measurement of unused leave that is attributable to services already rendered, accumulated and is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. The liability also includes amounts for leave that has not been used for time off but has not yet been paid in cash or settled through noncash means and certain other types of leave. Payments for compensated absences are made by the respective fund. Accrued compensated absences are recorded as liabilities in the government-wide financial statements and the proprietary fund financials. A liability is reported in governmental funds only if they have matured, for example, as a result of employee resignations or retirements, and are considered due and payable as of year end. The Board of County Commissioners’s policy allows for a payout of unused vacation up to 500 hours for all employees. The Sheriff’s policy allows for a percentage of unused sick leave payout based upon years of service, not to exceed 2,000 hours, and up to 600 hours of unused vacation time. The Clerk of the Circuit Court and Comptroller allows for a percentage of unused sick leave payout based upon years of service for employees hired before December 21, 2010 and a payout of unused vacation up to 440 hours for all employees. The Property Appraiser’s policy allows for a percentage of unused sick leave payout based upon years of service, not to exceed 1,040 hours, and up to 200 hours of unused vacation hours. The Supervisor of Election’s policy allows for a percentage of unused sick leave payout based upon years of service, and up to 500 hours of unused vacation. All full-time employees of the Tax Collector are allowed to accumulate between 136 and 240 hours of PTO annually, depending on tenure. Upon separation of service, employees receive 100% of accumulated PTO hours at their current rate of pay. 48 Notes to the Financial Statements FINANCIAL SECTION Page 99 of 3203 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Page break PENSIONS In the government-wide and proprietary funds statements of net position, liabilities are recognized for the County’s proportionate share of each pension plan’s net pension liability. For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined benefit plan and the Health Insurance Subsidy (HIS) and additions to/deductions from FRS’s and HIS’s fiduciary net position have been determined on the same basis as they are reported by the FRS and HIS plans. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds of employee contributions are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. OTHER POST EMPLOYMENT BENEFITS (OPEB) In the government-wide and proprietary funds statements of net position, liabilities are recognized for the County’s total OPEB liability as determined by an actuarial review of the healthcare coverage purchased by retirees to continue participation in the County’s self-insured health plan. The County is responsible for covering the excess of retiree claims over premium payments made by retirees to the County, which creates an other post employment benefit. OPEB expense is recognized immediately for changes in the OPEB liability resulting from current year service cost, interest on the total OPEB liability and changes of benefit terms or actuarial assumptions. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS For the year ended September 30, 2025, the financial statements include the impact of the adoption of GASB Statement No. 101, Compensated Absences. The primary objective of this statement is to update the recognition and measurement guidance for compensated absences to better meet the information needs of financial statement users. This statement replaces the requirements of GASB Statement No. 16, Accounting for Compensated Absences. For additional information, please see Note 20 on page 85. NOTE 2 – CASH AND INVESTMENTS As of September 30, 2025, the County had the following cash, cash equivalents and investments: Investment Final Maturities Fair Value First Call Date Call Frequency Rating * Cash on hand N/A $ 91,112 N/A N/A N/A Demand deposits N/A 510,854,788 N/A N/A N/A Cash with Fiscal Agents N/A 106,534,896 N/A N/A N/A Money market / CD N/A 76,036 N/A N/A N/A Intergovernmental Pools: Florida PRIME N/A 100,656,514 N/A N/A AAAm FLCLASS Daily Liquidity N/A 66,608,537 N/A N/A AAAm FL PALM N/A 143,012,360 N/A N/A AAAm Federal Home Loan Mortgage Corp. 10/20/25 249,525 none N/A Aaa Federal Home Loan Mortgage Corp. 10/27/25 14,961,626 3/27/25 monthly AA+ Federal Agricultural Mortgage Corp. 11/14/25 10,009,033 none N/A AA+ US Treasury Note 11/15/25 500,215 none N/A AA+ Federal Home Loan Mortgage Corp. 11/25/25 497,360 none N/A AA+ Federal Home Loan Mortgage Corp. 12/1/25 24,857,305 12/1/21 quarterly AA+ Federal National Mortgage Assoc. 12/10/25 24,835,277 06/10/21 quarterly AA+ Federal Home Loan Mortgage Corp. 12/17/25 24,820,691 12/17/21 quarterly AA+ Federal Home Loan Mortgage Corp. 01/07/26 351,648 none N/A Aaa Federal Home Loan Bank 01/29/26 247,563 none N/A AA+ Federal Home Loan Bank 01/29/26 247,238 none N/A AA+ US Treasury Note 01/31/26 20,015,234 none N/A AA+ US Treasury Note 01/31/26 20,015,234 none N/A AA+ Federal Farm Credit Bank 02/04/26 247,058 none N/A AA+ Apple Inc. Corp Note 02/08/26 9,885,096 none N/A AA+ Federal Home Loan Bank 02/18/26 495,260 none N/A AA+ Federal Home Loan Bank 02/26/26 493,325 none N/A AA+ US Treasury Note 02/28/26 10,027,656 none N/A AA+ Federal Home Loan Bank STEP 03/17/26 24,870,997 06/17/21 quarterly AA+ 49 FINANCIAL SECTION Notes to the Financial Statements Page 100 of 3203 NOTE 2 – CASH AND INVESTMENTS (Continued) Investment Final Maturities Fair Value First Call Date Call Frequency Rating * Federal Home Loan Bank 03/23/26 495,510 none N/A AA+ Federal Home Loan Bank STEP 04/28/26 24,643,820 07/28/21 quarterly AA+ Federal Home Loan Mortgage Corp. 05/01/26 24,990,331 05/01/25 quarterly AA+ Federal Home Loan Bank STEP 06/16/26 24,678,695 09/16/21 quarterly AA+ Federal Home Loan Mortgage Corp. 06/23/26 489,890 none N/A Aaa Federal Home Loan Bank STEP 06/24/26 24,670,827 09/24/21 quarterly AA+ Federal Home Loan Bank STEP 06/30/26 24,802,134 09/30/21 quarterly AA+ US Treasury Note 07/15/26 25,139,258 none N/A AA+ US Treasury Note 07/15/26 10,055,703 none N/A AA+ Federal Home Loan Mortgage Corp. 07/30/26 122,140 none N/A Aaa Federal Farm Credit Bank 08/03/26 97,678 none N/A AA+ Federal Farm Credit Bank 09/01/26 487,555 none N/A AA+ Federal Farm Credit Bank 09/01/26 24,354,321 09/01/22 continuously AA+ Federal Home Loan Bank 09/16/26 14,616,964 09/16/22 quarterly AA+ Federal Farm Credit Bank 09/16/26 499,370 none N/A AA+ Federal Home Loan Bank 9/30/26 243,275 none N/A AA+ Federal Home Loan Bank 09/30/26 24,361,841 12/30/21 quarterly AA+ Federal Home Loan Bank 10/14/26 24,341,957 01/14/22 quarterly AA+ Federal Home Loan Bank 10/21/26 24,330,996 01/21/22 quarterly AA+ Federal Home Loan Bank 10/22/26 24,342,084 11/22/21 monthly AA+ US Treasury Note 11/15/26 631,081 none N/A AA+ US Treasury Note 11/30/26 461,733 none N/A AA+ Federal Home Loan Mortgage Corp. 02/10/28 509,632 none N/A AA+ Federal Home Loan Bank 02/26/27 134,446 none N/A AA+ US Treasury Note 02/28/27 243,838 none N/A AA+ Federal Farm Credit Bank 04/12/27 14,890,024 04/12/23 continuously AA+ Federal National Mortgage Assoc. 08/05/27 14,992,346 02/05/25 quarterly Aaa US Treasury Note 09/30/27 10,098,047 none N/A AA+ US Treasury Note 09/30/27 20,196,094 none N/A AA+ US Treasury Note 10/31/27 15,154,688 none N/A AA+ US Treasury Note 12/31/27 15,084,961 none N/A AA+ US Treasury Note 02/29/28 812,108 none N/A AA+ US Treasury Note 02/29/28 15,134,766 none N/A AA+ US Treasury Note 07/31/28 15,201,563 none N/A AA+ US Treasury Note 08/31/28 931,210 none N/A AA+ US Treasury Note 09/30/28 564,302 none N/A AA+ US Treasury Note 01/31/29 15,165,820 none N/A AA+ Federal Home Loan Mortgage Corp. 02/06/29 10,003,286 02/06/26 one time AA+ Merck & Co., Inc. Corp Note 03/07/29 9,796,492 12/07/28 continuously A+ Federal Home Loan Mortgage Corp. 03/27/29 9,849,837 03/27/25 monthly AA+ US Treasury Note 03/31/29 15,230,859 none N/A AA+ Federal National Mortgage Assoc. 04/11/29 9,845,792 04/11/25 monthly AA+ Amazon Inc. Corp Note 04/13/29 9,860,207 02/13/29 continuously AA+ US Treasury Note 04/30/29 10,321,094 none N/A AA+ Federal Agricultural Mortgage Corp. 05/02/29 10,003,948 none N/A AA+ Federal Home Loan Mortgage Corp. 07/17/29 9,990,875 07/17/25 quarterly AA+ Federal Agricultural Mortgage Corp. 08/06/29 10,045,837 8/6/26 one time AA+ Federal Agricultural Mortgage Corp. 08/06/29 10,033,105 8/6/26 one time Aaa Federal Home Loan Mortgage Corp. 08/13/29 10,000,772 08/13/26 quarterly AA+ Federal Home Loan Mortgage Corp. 08/14/29 9,999,528 02/14/25 semi-annual AA+ Federal Home Loan Mortgage Corp. 08/20/29 10,017,719 8/20/26 quarterly Aaa Federal Home Loan Mortgage Corp. 08/20/29 9,998,092 08/20/25 quarterly AA+ Federal Home Loan Mortgage Corp. 08/20/29 14,980,166 08/20/25 quarterly AA+ Federal Agricultural Mortgage Corp. 08/20/29 10,024,225 11/20/26 quarterly AA+ Federal Farm Credit Bank 08/27/29 10,023,863 08/27/27 continuously AA+ US Treasury Note 08/31/29 489,765 none N/A AA+ Federal Home Loan Bank 09/12/29 14,685,455 02/12/27 quarterly AA+ Federal Agricultural Mortgage Corp. 09/24/29 14,887,739 03/24/27 one time AA+ US Treasury Note 09/30/29 928,389 none N/A AA+ Procter & Gamble Co. Corp Note 10/24/29 10,118,869 none N/A AA- Federal Home Loan Bank 11/08/29 15,139,323 11/08/27 one time AA+ Federal Home Loan Bank 11/13/29 10,078,400 07/13/27 one time AA+ 50 Notes to the Financial Statements FINANCIAL SECTION Page 101 of 3203 NOTE 2 – CASH AND INVESTMENTS (Continued) Investment Final Maturities Fair Value First Call Date Call Frequency Rating * Federal Home Loan Bank 11/13/29 15,085,191 11/13/27 one time AA+ Federal National Mortgage Assoc. 11/14/29 10,050,436 05/14/27 one time AA+ Federal Home Loan Bank 11/15/29 15,117,237 01/15/27 one time AA+ JP Morgan Chase Bank Corp Note 11/15/29 15,048,669 07/15/26 one time AA- Bank of America Corp Note 12/04/29 10,050,316 12/04/26 one time A- Federal Home Loan Bank 12/17/29 10,102,299 06/17/27 one time AA+ Federal Agricultural Mortgage Corp. 12/17/29 10,050,858 06/17/27 one time AA+ Federal National Mortgage Assoc. 12/19/29 10,086,905 06/19/25 monthly AA+ US Treasury Note 12/31/29 503,205 none N/A AA+ Federal Agricultural Mortgage Corp. 01/24/30 15,226,480 01/24/28 one time AA+ US Treasury Note 01/31/30 277,626 none N/A AA+ Federal Farm Credit Bank 02/12/30 14,995,219 11/12/25 quarterly AA+ Federal Farm Credit Bank 02/19/30 10,096,422 02/19/27 continuously AA+ Federal Agricultural Mortgage Corp. 02/19/30 15,132,417 08/19/27 one time AA+ Federal Home Loan Bank 03/25/30 10,053,538 06/25/27 annually AA+ Federal Agricultural Mortgage Corp. 04/08/30 10,048,585 10/08/27 one time AA+ Bank of America Corp Note 04/22/30 15,026,111 10/22/25 semi-annual A- Federal Home Loan Bank 05/06/30 9,992,596 11/06/25 monthly AA+ Apple Inc. Corp Note 05/12/30 10,115,543 04/20/30 one time AA+ Federal Home Loan Bank 05/15/30 9,962,430 05/15/28 continuously AA+ Alphabet, Inc. Corp Note 05/15/30 10,134,952 04/15/30 one time AA+ Federal National Mortgage Assoc. 05/16/30 10,045,555 08/16/27 one time AA+ Federal Home Loan Mortgage Corp. 05/22/30 9,989,596 05/22/28 quarterly AA+ Federal National Mortgage Assoc. 05/23/30 10,045,979 08/23/27 one time AA+ Federal Agricultural Mortgage Corp. 06/17/30 15,025,899 06/17/26 one time AA+ Federal Agricultural Mortgage Corp. 06/17/30 20,044,318 06/17/26 quarterly AA+ Federal Farm Credit Bank 06/25/30 564,944 none N/A AA+ US Treasury Note 06/30/30 500,215 none N/A AA+ Berkshire Hathaway Corp Note 07/15/30 9,838,657 04/15/30 continuously A- Federal National Mortgage Assoc. 07/19/30 15,025,280 07/19/27 one time AA+ Federal Home Loan Bank 07/26/30 15,103,799 07/26/28 one time AA+ Federal National Mortgage Assoc. 07/30/30 14,995,283 07/30/27 one time AA+ Federal Home Loan Bank 08/02/30 10,017,406 02/02/26 quarterly AA+ Federal Home Loan Bank 08/08/30 14,999,566 08/08/28 quarterly AA+ Federal Home Loan Bank 08/21/30 15,019,950 08/21/28 one time AA+ Federal Agricultural Mortgage Corp. 09/03/30 9,961,928 09/03/27 quarterly AA+ Federal Home Loan Bank 09/03/30 14,898,548 03/03/28 quarterly AA+ JP Morgan Chase Bank Corp Note 09/05/30 15,018,502 09/05/28 quarterly AA+ Federal Agricultural Mortgage Corp. 09/09/30 9,995,353 09/09/27 one time AA+ Federal Agricultural Mortgage Corp. 09/12/30 14,886,907 09/12/28 one time AA+ Federal National Mortgage Assoc. 09/12/30 14,870,958 09/12/28 quarterly AA+ Federal Agricultural Mortgage Corp. 09/18/30 14,951,673 09/18/28 quarterly AA+ Total $ 2,292,743,580 *Credit ratings are Standard & Poor’s ratings. 51 FINANCIAL SECTION Notes to the Financial Statements Page 102 of 3203 NOTE 2 - CASH AND INVESTMENTS (Continued) The County maintains a cash and investment pool that is available for use by all funds. Each fund’s portion of this pool is displayed on the balance sheet under the heading of Cash and Investments. Investment income is allocated monthly to participating funds based on the percentage of each fund’s average daily balance in the total pool. CREDIT RISK Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The County’s investment policy limits credit risk by restricting authorized investments to the Florida Local Government Surplus Trust Fund (Florida PRIME), other Local Government Investment Pools rated AAAm/AAAf/Aaa-mf, S1 or equivalent, local direct obligations of, or obligations backed by the full faith and credit of the United States Government, U.S. government sponsored Corporation/Instrumentalities (except for Student Loan Marketing Association), certificates of deposit collateralized by U.S. Government Securities or Agencies, fixed income mutual funds collateralized by U.S. Government Securities or Agencies, prime commercial paper rated “A-1” and “P-1”, tax-exempt obligations rated “A-/A3” or higher and issued by state or local governments, NOW accounts fully collateralized in accordance with Chapter 280, Florida Statutes and qualifying repurchase agreements. The policy requires that each firm involved in a repurchase agreement must execute the County’s master repurchase agreement, a third party custodian must hold collateral for all repurchase agreements with a term of more than one day and the fair value of the collateral shall maintain a minimum price of 102 percent on U.S. Government securities and Agencies and Instrumentalities, and must be marked to market daily. The final term of the repurchase agreement must be one year or less. Florida PRIME is an investment pool administered by the State Board of Administration (SBA), under the regulatory oversight of the State of Florida. As of September 30, 2025, the County had $100,656,514 invested in the State Board of Administration’s Local Government Surplus Funds Trust Fund Investment Pool. All of these funds are held in the Florida PRIME pool. Florida PRIME is rated “AAAm” by Standard & Poor’s Global Ratings Services. Florida Cooperative Liquid Assets Securities System (FLCLASS) is an intergovernmental investment pool established pursuant to the Florida Interlocal Cooperation Act of 1969, as amended, (Section 163.01, Florida Statutes) and is an authorized investment under Section 218.415, Florida Statutes. FLCLASS is supervised by a board of trustees comprised of eligible participants of the FLCLASS program. As of September 30, 2025, the County had $66,608,537 was invested in the FLCLASS Daily Liquidity Fund. The FLCLASS Daily Liquidity Pool is rated “AAAm” by Standard and Poor’s Global Ratings Services. Florida Public Assets for Liquidity Management (FL PALM) is a common law trust organized under the authority of the Florida Interlocal Cooperation Act of 1969, as amended, (Section 163.01, Florida Statutes) and Section 218.415 of the Florida Statutes. FL PALM was created on October 22, 2010 by contract among its participating governmental units and is governed by trustees. The fund is an investment opportunity for State school districts, political subdivisions of the State or instrumentalities of political subdivisions of the State. As of September 30, 2025, the County had $143,012,360 invested in FL PALM Portfolio. The FL PALM Portfolio is rated “AAAm” by Standard and Poor’s Global Ratings Services. All cash deposits are held in qualified public depositories pursuant to Florida Statutes Chapter 280, “Florida Security for Public Deposits Act”. Under the Act, all qualified public depositories are required to pledge eligible collateral having a fair value equal to or greater than the average daily or monthly balance of all public deposits, multiplied by the depository’s collateral pledging level. The pledging level may range from 25% to 150% depending upon the depository’s financial condition. Any losses to public deposits are covered by applicable deposit insurance, sale of securities pledged as collateral, and if necessary, assessments against other qualified public depositories of the same type as the depository in default. CUSTODIAL CREDIT RISK Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. As of September 30, 2025, the County had demand deposits of $510,854,788. All balances in excess of the Federal Depository Insurance Corporation (FDIC) insurance for these demand deposits are fully collateralized by the multiple financial institutions’ collateral pool in accordance with Florida Statutes Section 280. The discretely presented component unit demand deposits of $513,861 are secured by the FDIC as individual entity balances do not exceed $250,000. The certificate of deposit balance does not exceed $250,000 and as such, is also secured by FDIC insurance. Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The County’s investment policy requires execution of a third-party custodial safekeeping agreement for purchased securities and collateral, and requires that securities be held in the County’s name. 52 Notes to the Financial Statements FINANCIAL SECTION Page 103 of 3203 NOTE 2 – CASH AND INVESTMENTS (Continued) CREDIT RISK The County’s investment policy establishes limitations on portfolio composition in order to control the concentration of credit risk. The following maximum limits per sector, are established by policy: Sector Investment Policy Limit U.S. Treasury 100% U.S. Agencies 80% - Maximum 40% per issuer Corporates 25% - Maximum 5% per issuer Certificates of Deposit 30% Repurchase Agreements 20% Commercial Paper 25% State Investment Pools 50% INTEREST RATE RISK Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. One of the primary objectives of the investment policy is to match investment cash flow and maturity with known cash needs and anticipated cash flow requirements. The County limits exposure to interest rate risk by structuring the portfolio to meet daily cash flow demands. Investments shall have an average maturity of not more than five years, except for mortgage securities. Mortgage securities will not be used to match liabilities that are reasonably definable as to amount and disbursement date and are used to invest funds associated with reserves or liabilities that are not associated with a specifically identified cash flow schedule. The weighted average days to maturity (WAM) of Florida PRIME on September 30, 2025, was 47 days. The weighted average life (WAL) of Florida PRIME at September 30, 2025, was 73 days. The weighted average days to maturity (WAM) of the FL PALM Portfolio was 42 days, while the weighted average life (WAL) was 80 days. The weighted average days to maturity (WAM) of the FLCLASS Liquidity Pool on September 30, 2025, was 42 days, while the weighted average life (WAL) was 85 days. Next interest rate reset dates for floating rate securities are used in the calculation of the respective weighted average days to maturity. The portion of the County’s cash and investments invested in U.S. Government Agencies is detailed as follows, at September 30, 2025: Issuer % of Portfolio Federal Home Loan Bank 18.68% Federal Farm Credit Bank 3.33% Federal Home Loan Mortgage Corporation 8.14% Federal National Mortgage Association 5.44% Federal Agricultural Mortgage Corporation 8.74% Total U.S. Government Agencies 44.33% Reconciliation of cash and investments to the basic financial statements: Primary government: Cash and investments $ 1,052,692,266 Restricted cash and investments, current 65,225,102 Restricted cash and investments, non-current 1,032,211,675 Restricted cash with fiscal agent 106,534,896 Fiduciary funds: Cash and investments 36,079,641 Total $ 2,292,743,580 FAIR VALUE MEASUREMENTS GASB Statement No. 72, Fair Value Measurements and Application, sets forth the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under GASB Statement No. 72 are described as follows: Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the County has the ability to access. 53 FINANCIAL SECTION Notes to the Financial Statements Page 104 of 3203 NOTE 2 – CASH AND INVESTMENTS (Continued) Level 2 – Inputs to the valuation methodology include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs other than quoted prices that are observable for the asset or liability; Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs, if any, reflect the County’s own assumptions about the inputs market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the County’s own data. The County has the following recurring fair value measurements as of September 30, 2025: US Treasury Notes classified as Level 1 of the fair value hierarchy were valued using prices quoted in active markets for those securities. As of September 30, 2025, the fair value of the County’s US Treasury Notes was $223,684,664. US Agency obligations and corporate notes classified as Level 2 of the fair value hierarchy were valued using quoted prices for similar assets in active markets for those securities. As of September 30, 2025, the fair value of the County’s US Agency obligations was $1,016,331,259 and the fair value of its corporate notes was $124,893,414. NOTE 3 – TRADE RECEIVABLES Trade receivables for Governmental and Business‐type Activities are net of an allowance for doubtful accounts as follows: Trade Receivables Less Allowance for Doubtful Accounts Net Trade Receivables General Fund $ 1,231,420 $ 717,424 $ 513,996 Bayshore Gateway Community Redevelopment Agency 12,720 12,720 - Tourist Development 1,725,856 8,466 1,717,390 Nonmajor Governmental Funds 4,838,869 119,972 4,718,897 Total receivables reported in Governmental Funds 7,808,865 858,582 6,950,283 Total receivables reported in Internal Service Funds 4,310,887 14,520 4,296,367 Total Governmental Activities trade receivables $ 12,119,752 $ 873,102 $ 11,246,650 County Water and Sewer $ 23,613,554 $ 172,934 $ 23,440,620 Solid Waste Disposal 1,369,160 13,421 1,355,739 Emergency Medical Services 33,225,433 31,498,984 1,726,449 Nonmajor Enterprise Funds 60,928 16,336 44,592 Total Business-type Activities trade receivables $ 58,269,075 $ 31,701,675 $ 26,567,400 The County has multi and single-family home rehabilitation and homeownership loan programs funded under the Community Development Block Grant (CDBG), HOME Investment Partnership Program (HOME), Neighborhood Stabilization Program (NSP) and the State Housing Initiatives Partnership Program (SHIP), in addition to some affordable housing impact fee programs. If the homeowners remain in their homes for the full term of the agreement, the loan or deferred impact fee is forgiven. If the property is transferred or sold before the end of the agreement, the proceeds from the repayment including interest, if any, are then repaid and returned to the appropriate program. A lien is placed against the property to ensure the repayment of the loan and interest, if any. As collection is uncertain on these loans, they are not recognized in the financial statements. 54 Notes to the Financial Statements FINANCIAL SECTION Page 105 of 3203 NOTE 4 – LEASE RECEIVABLES The County leases land, building, office space and equipment to third parties. As of September 30, 2025, the County’s lease receivables were valued at 10,505,903 and the deferred inflow of resources associated with these leases that will be recognized as revenue over the term of the leases was $9,369,265. The lease receivables for Governmental and Business-type Activities at September 30, 2025, were as follows: GOVERNMENTAL ACTIVITIES Land leases - annual lease payments totaling $161,378 plus interest at a rate of 2.29%, due dates ranging from January 20, 2026 to December 30, 2048. $ 5,037,735 Building and office space leases - annual lease payments totaling $43,209 plus interest at a rate ranging from 2.31% - 4.79%, due dates ranging from January 1, 2026 to January 1, 2049. 1,670,072 Equipment leases - annual lease payments totaling $103,723 plus interest at a rate of 2.29%, due dates ranging from December 19, 2025 to May 22, 2030. 451,529 Total Governmental Activities Lease Receivables $ 7,159,336 BUSINESS-TYPE ACTIVITIES Land leases - annual lease payments totaling $46,786 plus interest at a rate ranging from 0.15% to 3.00%, due dates ranging from October 1, 2025 to March 01, 2062. $ 2,145,256 Building and office space leases - annual lease payments totaling $192,658 plus interest at a rate raning from of 2.29%, to 3.00% due dates ranging from October 1, 2025 to November 01, 2032. 1,201,311 Total Business-type Activities Lease Receivables $ 3,346,567 The payments for the lease receivables are expected to be received in the subsequent years as follows: Governmental Activities Business-Type Activities Fiscal Year Principal Interest Principal Interest 2026 $ 308,310 $ 189,973 $ 239,444 $ 81,754 2027 313,653 182,399 253,577 75,301 2028 346,713 174,561 251,495 68,727 2029 302,562 166,304 199,226 62,572 2030 325,516 158,155 204,829 56,969 2031-2035 1,657,249 665,763 687,686 213,550 2036-2040 2,268,178 401,735 457,993 156,694 2041-2045 1,001,721 169,316 251,217 109,108 2046-2050 635,434 36,776 210,065 83,905 2051-2055 - - 236,985 56,985 2056-2060 - - 267,349 26,621 2061-2062 - - 86,701 1,489 $ 7,159,336 $ 2,144,982 $ 3,346,567 $ 993,675 55 FINANCIAL SECTION Notes to the Financial Statements Page 106 of 3203 NOTE 4 - LEASE RECEIVABLES (Continued) The County has one leasing agreement that qualifies to be treated as regulated in accordance with the requirements of GASB Statement No. 87, Leases. The County leases land to third party under this agreement. The land lease is for twenty one years with an option to extend for nine years and annual lease payment of $2,448. The County recognized $2,448 in lease revenue during the current fiscal year related to this lease. As of September 30, 2025, the remaining nominal amount of revenue that will be recognized as revenue over the lease term associated with this lease amounts to $56,304 which is expected to be received for each of the subsequent five years and in five-year increments thereafter as stated below: Fiscal Year Business-type Activities 2026 $ 2,448 2027 2,448 2028 2,448 2029 2,448 2030 2,448 2031-2035 12,240 2036-2040 12,240 2041-2045 12,240 2046-2048 7,344 Total $ 56,304 NOTE 5 – INTERFUND PAYABLES AND RECEIVABLES ADVANCES Advances were made to funds for the purposes of capital acquisitions and improvements. Reimbursements will take place over the next several years as funds are available. Advances to and advances from other funds at September 30, 2025 were as follows: Advance To Advance From Governmental Activities: General Fund $ 9,124,900 $ - Tourist Development 16,200,000 - Disaster Recovery - 40,496,464 Other governmental funds: Community Development 9,264 - Pelican Bay 748,000 - Improvement Districts - 75,283 Fire Control Districts - 268,100 Economic and Innovation Zones - 8,856,800 County-Wide Capital Improvements 35,000,000 - Pelican Bay Capital Improvements 1,073,682 - Amateur Sports Complex - 16,200,000 Other Capital Projects 75,283 9,264 Total Governmental Activities 62,231,129 65,905,911 Business-type Activities: County Water and Sewer 2,790,100 - Solid Waste Disposal 884,682 - Total Business-type Activities 3,674,782 - Total Advances $ 65,905,911 $ 65,905,911 56 Notes to the Financial Statements FINANCIAL SECTION Page 107 of 3203 NOTE 5 – INTERFUND PAYABLES AND RECEIVABLES (Continued) DUE FROM AND DUE TO Interfund receivables and payables generally result from recording the excess fees associated with Tax Collector and Property Appraiser services, as excess fees are allocated from the General Fund back to the funds that paid for the collection services. Excess fees are calculated after year end, and as such are interfund receivables and payables. Other outstanding balances are the result of time delays between the provision and payment of interfund services and to cover temporary cash deficits. Due from and due to other funds at September 30, 2025 were as follows: Due From Due To Governmental Activities: General Fund $ 6,756,075 $ 4,410,926 Bayshore Gateway Community Redevelopment Agency - 1,626 Immokalee Community Redevelopment Agency 321 8,168 Tourist Development 2,323,444 527 Disaster Recovery - 9,534 Infrastructure Sales Tax 104 34,430 Other Governmental Funds: Road Districts 185 - Unincorporated Area MSTD 939,071 12,913 Community Development 3 1,326 Water Management and Pollution Control 54,315 - Pelican Bay 70,472 - Improvement Districts 119,343 - Fire Control Districts 30,626 - Lighting District 12,690 - 911 Enhancement Fee - 415,413 Grants and Shared Revenues 605,510 8,751,120 State Housing Initiative Partnership 98,520 - 800 MHz IRCP Fund 25,044 - State Court Administration 64,536 - Utility Fee - 198 Conservation Collier 398,586 247 Court Information Technology 65,382 - Court Services - 273,905 Court Facilities Fee 86,699 - Affordable Housing - 98,520 Other Public Safety Special Revenue Funds 13,264 391,580 Other Special Revenue Funds 24,573 - County-Wide Capital Improvements 8,077 513,724 Parks Improvements 5,286 - Pelican Bay Capital Improvements 24,893 - Road Impact Districts 42 - Road Construction 2,984,399 1,154 Other Capital Projects 300 1,048 Total other governmental funds 5,631,816 10,461,148 Business-type Activities: County Water and Sewer - 24,577 Solid Waste Disposal 187,436 1,296 Nonmajor Enterprise Funds: Airport Authority 9,534 - Collier Area Transit 22,092 - Total other nonmajor business-type funds 219,062 25,873 Internal Service Funds: Self- Insurance 22,533 - Sheriff’s Self-Insurance - 1,123 Fleet Management - 45,864 Motor Pool Capital Recovery 45,864 - Total internal service funds 68,397 46,987 Total All Funds $ 14,999,219 $ 14,999,219 57 FINANCIAL SECTION Notes to the Financial Statements Page 108 of 3203 NOTE 6 – CAPITAL ASSETS A summary of capital asset activity for the year ended September 30, 2025 is as follows: October 1, 2024 Additions Deductions Transfers and Reclassifications September 30, 2025 Governmental Activities: Capital assets not depreciated or amortized: Land, nondepreciable and nonamortizable assets $ 638,405,162 $ 53,122,070 $ (752,270) $ - $ 690,774,962 Construction in progress - Leases 454,508 407,569 - (832,432) 29,645 Construction in progress - SBITA 147,370 62,075 - (209,445) - Construction in progress 213,072,911 160,015,487 (1,161,574) (124,005,926) 247,920,898 Total capital assets not depreciated or amortized 852,079,951 213,607,201 (1,913,844) (125,047,803) 938,725,505 Capital assets depreciated and amortized: Buildings 540,260,001 655,853 (307,505) 30,170,425 570,778,774 Infrastructure 1,314,158,198 41,770 (360,000) 52,392,928 1,366,232,896 Improvements other than buildings 460,589,234 101,271 (4,724,367) 33,014,138 488,980,276 Machinery and equipment 310,023,761 19,242,212 (36,598,214) 8,530,862 301,198,621 Right-to-use leased land 445,181 - (76,091) - 369,090 Right-to-use leased buildings 4,057,032 936,669 (342,289) - 4,651,412 Right-to-use leased equipment 5,542,952 4,818,002 (590,859) 832,432 10,602,527 Right-to-use SBITA 23,633,664 6,462,311 (1,693,825) 209,445 28,611,595 Total capital assets depreciated and amortized 2,658,710,023 32,258,088 (44,693,150) 125,150,230 2,771,425,191 Less accumulated depreciation and amortization: Buildings 300,748,470 18,348,986 (224,216) - 318,873,240 Infrastructure 674,291,548 41,259,582 (5,000) - 715,546,130 Improvements other than buildings 275,952,005 22,556,138 (4,681,216) - 293,826,927 Machinery and equipment 234,337,927 25,130,265 (35,975,190) (11,904) 223,481,098 Right-to-use leased land 183,757 32,652 (76,092) - 140,317 Right-to-use leased buildings 1,314,991 561,987 (342,288) - 1,534,690 Right-to-use leased equipment 2,338,064 1,148,517 (585,337) - 2,901,244 Right-to-use SBITA 7,149,030 5,841,115 (1,599,407) - 11,390,738 Total accumulated depreciation and amortization 1,496,315,792 114,879,242 (43,488,746) (11,904) 1,567,694,384 Total depreciable and amortizable capital assets, net 1,162,394,231 (82,621,154) (1,204,404) 125,162,134 1,203,730,807 Total Governmental Activities capital assets, net $ 2,014,474,182 $ 130,986,047 $ (3,118,248) $ 114,331 $ 2,142,456,312 Business-type Activities: Capital assets not depreciated or amortized: Land, nondepreciable and nonamortizable assets $ 33,790,449 $ 10,000 $ - $ - $ 33,800,449 Construction in progress - SBITA 74,209 29,011 - (74,209) 29,011 Construction in progress 214,529,711 105,805,349 (367,409) (37,746,122) 282,221,529 Total capital assets not depreciated or amortized 248,394,369 105,844,360 (367,409) (37,820,331) 316,050,989 Capital assets depreciated and amortized: Buildings 180,701,372 - - 4,732,749 185,434,121 Improvements other than buildings 1,574,363,110 28,748,671 (926,578) 32,716,216 1,634,901,419 Machinery and equipment 112,429,897 12,467,775 (3,434,541) 194,730 121,657,861 Right-to-use leased buildings 726,978 31,688 - - 758,666 Right-to-use leased equipment 360,318 159,782 (134,846) - 385,254 Right-to-use SBITA 520,570 460,617 - 74,209 1,055,396 Total capital assets depreciated and amortized 1,869,102,245 41,868,533 (4,495,965) 37,717,904 1,944,192,717 Less accumulated depreciation and amortization: Buildings 121,173,525 4,769,386 - - 125,942,911 Improvements other than buildings 773,553,318 50,089,010 (326,765) - 823,315,563 Machinery and equipment 76,760,898 8,252,797 (3,422,852) 11,904 81,602,747 Right-to-use leased buildings 337,975 70,688 - - 408,663 Right-to-use leased equipment 147,963 37,678 (134,846) - 50,795 Right-to-use SBITA 118,080 141,478 - - 259,558 Total accumulated depreciation and amortization 972,091,759 63,361,037 (3,884,463) 11,904 1,031,580,237 Total depreciable and amortizable capital assets, net 897,010,486 (21,492,504) (611,502) 37,706,000 912,612,480 Total Business-type Activities capital assets, net $ 1,145,404,855 $ 84,351,856 $ (978,911) $ (114,331) $ 1,228,663,469 58 Notes to the Financial Statements FINANCIAL SECTION Page 109 of 3203 NOTE 6 – CAPITAL ASSETS (Continued) Schedule of depreciation and amortization for fiscal year 2025: General Government $ 10,606,751 Public Safety 25,761,907 Physical Environment 14,209,293 Transportation 38,516,750 Economic Environment 681,484 Human Services 371,337 Culture and Recreation 17,661,146 Subtotal 107,808,668 Internal Service Funds 7,070,574 Total Governmental Activities $ 114,879,242 Water and Sewer $ 53,437,753 Solid Waste 2,200,729 EMS 2,624,500 Airport Authority 2,702,913 Mass Transit 2,395,142 Total Business-type Activities $ 63,361,037 NOTE 7 – LONG-TERM DEBT SUMMARY OF CHANGES IN LONG-TERM OBLIGATIONS The following is a summary of changes in long-term obligations for the year ended September 30, 2025: 000’s Omitted October 1, 2024 Additions (2) Reductions Premium/ Discount Amortized September 30, 2025 Due within one year Governmental Activities: Revenue Bonds Payable $ 148,580 $ - $ (4,110) $ - $ 144,470 $ 4,235 Premiums on Bonds Payable 16,367 - - (912) 15,455 - Direct Placement Loans and Notes 159,808 - (27,246) - 132,562 14,309 Discount on Direct Placement Loan (156) - - 15 (141) - Commercial Paper Loans 5,500 - (370) - 5,130 - Leases Payable 6,782 5,796 (1,587) - 10,991 1,715 SBITA Liability 15,230 5,557 (5,618) - 15,169 4,622 Self-Insurance Claims 15,659 90,532 (92,682) - 13,509 11,401 Compensated Absences (1) 68,735 2,978 - - 71,713 14,586 Total $ 436,505 $ 104,863 $ (131,613) $ (897) $ 408,858 $ 50,868 Business-type Activities: Revenue Bonds Payable $ 198,715 $ - $ (2,320) $ - $ 196,395 $ 2,435 Premium on Bonds Payable 30,930 - - (1,499) 29,431 - Direct Placement Loans and Notes 94,267 - (11,429) - 82,838 10,103 Developer Note Payable 70 5 - - 75 75 Leases Payable 638 191 (99) - 730 105 SBITA Liability 381 385 (125) - 641 144 Landfill Closure Liability 1,504 9 - - 1,513 45 Compensated Absences (1) 9,709 (2) - - 9,707 4,853 Total $ 336,214 $ 588 $ (13,973) $ (1,499) $ 321,330 $ 17,760 (1) The beginning balance was restated due to the implementation of GASB No. 101. (2) The change in compensated absences liability is presented as a net change. 59 FINANCIAL SECTION Notes to the Financial Statements Page 110 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) DESCRIPTIONS OF BONDS, LOANS AND NOTES PAYABLE Bonds, loans and notes payable at September 30, 2025 were composed of the following: GOVERNMENTAL ACTIVITIES Governmental Activities Revenue Bonds $62,965,000 2018 Tourist Development Tax Revenue Bonds, due in remaining annual installments of $1,315,000 to $3,605,000 through October 1, 2048; interest at 4.00% to 5.00% and collateralized by a pledge on tourist development tax revenues. Bonds were issued for purposes of financing the development, acquisition, construction and equipping of a regional tournament caliber amateur sports complex. $ 56,120,000 $75,100,000 2020A Special Obligation Revenue Bonds, due in remaining annual installments of $225,000 to $6,045,000 through October 1, 2045; interest at 4.00% to 5.00% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Bonds were issued for purposes of providing funding for the acquisition, construction and and equipping of various capital improvements and refunding a commercial paper loan. 74,320,000 $24,075,000 2020B Taxable Special Obligation Revenue Bonds, due in remaining annual installments of $2,695,000 to $2,920,000 through October 1, 2029; interest at 2.00% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Bonds were issued for purposes of financing the purchase of certain real property. 14,030,000 Total Governmental Activities Revenue Bonds $ 144,470,000 Governmental Activities Direct Placement Loans $43,713,000 2017 Special Obligation Refunding Revenue Note (Bank Term Loan) due in annual installments of $2,919,000 to $3,724,000 through July 1, 2034; interest at 3.09% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Loan was issued to advance refund a portion of the County’s 2010 Special Obligation Revenue Bonds. 29,752,000 $28,060,000 2019 Taxable Special Obligation Taxable Revenue Note (Bank Term Loan) due in remaining annual installments of $1,555,000 to $5,165,000 through October 1, 2029; interest at 2.74% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Loan was issued to acquire the real property known as the Golden Gate Golf Course. 21,385,000 $32,865,000 2022A Special Obligation Refunding Revenue Note (Bank Term Loan) due in remaining annual installments of $1,540,000 to $1,620,000 through October 1, 2029; interest at 1.43% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Loan was issued to refund the Series 2011 Special Obligation Refunding Revenue Bonds. 7,895,000 60 Notes to the Financial Statements FINANCIAL SECTION Page 111 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) $75,560,000 2022B Special Obligation Refunding Revenue Note (Bank Term Loan) due in remaining annual installments of $5,295,000 to $8,295,000 through October 1, 2035; interest at 1.85% and collateralized by a pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Loan was issued to refund the Series 2013 Special Obligation Refunding Revenue Bonds. 73,530,000 Total Governmental Activities Direct Placement Loans $ 132,562,000 Governmental Activities Commercial Paper Loans $5,500,000 Commercial Paper Loan issued by the Florida Local Government Finance Commission Pooled Commercial Paper Program with: $1,000,000 due on June 1, 2027, $1,500,000 due on September 7, 2027, and $3,000,000 due on September 5, 2028; monthly variable interest for the current fiscal year of 3.41% to 4.00%, based on the underlying commercial paper that is purchased and collateralized by all legally available non-ad valorem revenues. Loan was issued for purposes of constructing sidewalk improvements in the Pelican Bay Services District. $ 5,130,000 Total Governmental Activities Commercial Paper Loans $ 5,130,000 Total Governmental Activities Obligations $ 282,162,000 Unamortized Direct Placement Loan Discount (897,323) Unamortized Bond Premiums 16,211,241 Total Unamortized Bond Premiums and Discounts, net $ 15,313,918 Governmental Activities Obligations, Net $ 297,475,918 Less Current Portion of Governmental Activities Obligations (18,544,000) Long-Term Portion of Governmental Activities Obligations, Net $ 278,931,918 BUSINESS-TYPE ACTIVITIES Business-type Activities Revenue Bonds $76,185,000 2019 Collier County Water and Sewer Revenue Bonds due in remaining annual installments of $4,385,000 to $14,160,000 through July 1, 2039; interest at 3.00% to 5.00% and collateralized by a lien on and a pledge of net revenues of the Collier County Water and Sewer District (District). Bonds were issued for purposes of financing the acquisition, construction and equipping of various utility capital improvements within the Collier County Water and Sewer District. $ 76,185,000 $128,900,000 2021 Collier County Water and Sewer Revenue Bonds due in remaining annual installments of $2,435,000 to $11,300,000 through July 1, 2046; interest at 4.00% to 5.00% and collateralized by a lien on and a pledge of net revenues of the Collier County Water and Sewer District (District). Bonds were issued for purposes of financing the acquisition, construction and equipping of various water and wastewater improvements within the Collier County Water and Sewer District. 120,210,000 Total Business-type Activities Revenue Bonds $ 196,395,000 Business-type Activities Direct Placement Loans $35,965,000 2018 Collier County Water and Sewer Revenue Bond (Bank Term Loan) due in remaining annual installments of $2,835,000 to $3,945,000 through July 1, 2029; interest at 2.41% and collateralized by a lien on and a pledge of net revenues of the Collier County Water and Sewer District. Loan was issued to finance the acquisition of water and wastewater utility facilities within the Golden Gate Community. $ 14,395,000 61 FINANCIAL SECTION Notes to the Financial Statements Page 112 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) $49,945,000 2023 Taxable Collier County Water and Sewer Revenue Bond (Bank Term Loan) due in remaining annual installments of $270,000 to $7,090,000 through July 1, 2036; interest at 4.15% and collateralized by a lien on and a pledge of net revenues of the Collier County Water and Sewer District. Loan was issued to refund the Series 2016 Collier County Water and Sewer Refunding Revenue Bonds. 49,945,000 $89,982,000 2016 County Water and Sewer District Refunding Revenue Note (Bank Term Loan) with Synovus Financial Corporation, due in remaining annual installments of $2,881,000 to $6,343,000 through July 1, 2029; interest at 1.80% and collateralized by a subordinated pledge on the net revenues of the Collier County Water and Sewer District. Loan was issued to currently refund all of the District’s State Revolving Fund Loans. $ 18,498,000 Total Business-type Activities Direct Placement Loans $ 82,838,000 Business-type Activities Note Payable $166,580 County Water and Sewer District agreement with private developer payable through use of sewer impact fee credits. Non-interest bearing agreement. $ 75,217 Total Business-type Activities Note Payable $ 75,217 Total Business-type Activities Obligations $ 279,308,217 Unamortized Bond Premiums $ 29,430,942 Business-type Activities Obligations, Net $ 308,739,159 Less Current Portion of Business-type Activities Obligations Payable from Unrestricted Assets $ (9,403,500) Less Current Portion of Business-type Activities Obligations Payable from Restricted Assets (3,209,717) Long-Term Portion of Business-type Activities Obligations, Net $ 296,125,942 SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY The total annual debt service requirements to maturity of long-term debt, excluding compensated absences, premiums, discounts and arbitrage rebate liability, are as follows: Governmental Activities Fiscal Direct Placement Loans Year Revenue Bonds and Notes Payable Commercial Paper Loans Totals Principal Interest Principal Interest Principal Interest 2026 $ 4,235,000 $ 5,734,900 $ 14,309,000 $ 2,869,089 $ - $ 923,400 $ 28,071,389 2027 4,365,000 5,601,575 14,603,000 2,544,824 2,130,000 895,050 30,139,449 2028 4,500,000 5,463,275 14,955,000 2,198,749 3,000,000 540,000 30,657,024 2029 4,645,000 5,319,625 15,311,000 1,843,850 - - 27,119,475 2030 4,790,000 5,170,450 15,666,000 1,480,083 - - 27,106,533 2031-35 27,270,000 22,269,025 51,743,000 3,341,319 - - 104,623,344 2036-40 33,830,000 15,668,325 5,975,000 55,269 - - 55,528,594 2041-45 41,185,000 8,177,300 - - - - 49,362,300 2046-50 19,650,000 1,236,000 - - - - 20,886,000 Total $ 144,470,000 $ 74,640,475 $ 132,562,000 $ 14,333,183 $ 5,130,000 $ 2,358,450 $ 373,494,108 62 Notes to the Financial Statements FINANCIAL SECTION Page 113 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) Business-type Activities Fiscal Direct Placement Loans Developer Year Revenue Bonds and Notes Payable Note Payable Totals Principal Interest Principal Interest Principal Interest 2026 $ 2,435,000 $ 7,765,681 $ 10,103,000 $ 2,752,602 $ 75,217 $ - $ 23,131,500 2027 2,560,000 7,643,931 8,941,000 2,547,811 - - 21,692,742 2028 2,685,000 7,515,931 8,683,000 2,357,012 - - 21,240,943 2029 2,820,000 7,381,681 11,046,000 2,170,073 - - 23,417,754 2030 7,350,000 7,240,681 5,555,000 1,828,697 - - 21,974,378 2031-35 42,105,000 30,825,977 31,420,000 5,488,582 - - 109,839,559 2036-40 74,830,000 20,484,050 7,090,000 294,235 - - 102,698,285 2041-45 50,310,000 8,454,800 - - - - 58,764,800 2046-50 11,300,000 452,000 - - - - 11,752,000 Total $ 196,395,000 $ 97,764,732 $ 82,838,000 $ 17,439,012 $ 75,217 $ - $ 394,511,961 DEFEASED DEBT The County has defeased certain outstanding bonds by placing the proceeds of new debt in an irrevocable trust to provide for all future debt service payment on the defeased bonds. Accordingly, the trust account and the defeased bonds are not included in the County’s financial statements. As of September 30, 2025, the following issue was considered defeased: Original Debt Defeased Defeased Bonds Outstanding 2016 County Water and Sewer Refunding Revenue Bonds $48,105,000 $48,105,000 UNDRAWN LINES OF CREDIT Governmental Activities As of September 30, 2025, the governmental activities had an undrawn non-revolving commercial paper line of credit balance of $34,500,000 for various governmental capital improvements such as roads and Pelican Bay sidewalk improvements. Business-type Activities As of September 30, 2025, the business-type activities had an undrawn non-revolving commercial paper line of credit balance of $50,000,000 for various water and sewer capital improvements. RESTRICTIVE COVENANTS According to County resolutions authorizing the issuance of the Series 2020A and 2020B Taxable Special Obligation Refunding Revenue Bonds and Series 2017, 2019 and 2022A and 2022B Special Obligation Refunding Revenue Notes (bank term loans), the County has covenanted, subject to certain restrictions and limitations, to appropriate in its annual budget, by amendment if necessary, from non-ad valorem revenues amounts sufficient to pay principal and interest on the combined Special Obligation Bonds and Notes. The total non-ad valorem revenue collections pledged to payment of the Special Obligation Bonds and Notes for the fiscal year ended September 30, 2025 was $169,898,354. According to County resolutions authorizing the issuance of the Series 2014 Gas Tax Refunding Revenue Bond (bank term loan), the issue was payable from and secured by a lien on gas tax revenues. Total pledged gas tax revenue collections for the fiscal year ended September 30, 2025, were $25,852,688. According to County resolutions authorizing the issuance of the Series 2018 Tourist Development Tax Revenue Bonds, the issues are payable from and secured by a lien on tourist development tax revenues. Total tourist development tax revenues for the fiscal year ended September 30, 2025 were $49,827,537. 63 FINANCIAL SECTION Notes to the Financial Statements Page 114 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) The covenants of the loan agreement authorizing the Florida Local Government Finance Commission pooled commercial paper loans include appropriation in the annual budget, by amendment, if necessary, of amounts of non-ad valorem revenues or other legally available funds sufficient to satisfy the loan repayments. The County Water and Sewer District (District) has pledged future water and sewer customer revenues, net of certain operating expenses, to repay $260,735,000 in Series 2018, 2019, 2021 and 2023 senior lien revenue bonds and direct placement loans. Proceeds from the bonds and loans were used for the expansion of the District’s water and sewer systems as well as the refinancing of bonds issued for purposes of rehabilitation or expansion of the District’s water and sewer systems. Principal and interest are payable through July 1, 2046, solely from the net revenues and certain other fees and charges derived from operation of the County’s Water and Sewer District (District). The pledge of net revenues by the District from the operation of the system does not constitute a lien upon the system or any other property of the County. The resolutions authorizing the revenue bonds include an obligation for the District to fix, establish and maintain such rates and collect such fees so as to provide in each year net revenues, as defined in the bond resolutions, which together with system development fees (impact fees) and special assessment proceeds (if applicable) received shall be at least 125% of the annual debt service requirements for the bonds; provided, however, that net revenues in each fiscal year shall be adequate to pay at least 100% of the annual debt service on the bonds. Fiscal year 2025 pledged revenues, net of operating expenses (excluding depreciation and amortization), were $116,548,262, and $133,920,656 when system development fees were included. Principal and interest paid on the bonds during fiscal year 2025 totaled $16,379,765, providing coverage of 712% and 818%, respectively. In addition, bond covenants require a renewal and replacement amount equal to $300,000 in the District funds. The District was in compliance with these covenants for the year ended September 30, 2025. In addition, the District has a note outstanding in the amount of $18,498,000 with Synovus Financial Corporation. This note is collateralized by a lien on pledged revenues consisting of net revenues from the operations of the County Water and Sewer System and system development fees. The lien is subordinate in all respects to the liens placed upon pledged revenues established by bonded and direct placement loan indebtedness. Principal and interest paid on the note during fiscal year 2025 totaled $8,231,626. The District’s note was in compliance with these covenants for the year ended September 30, 2025. LEGAL DEBT MARGIN The Constitution of the State of Florida and the Florida Statutes set no legal debt limit. LEASES PAYABLE The County is a lessee for noncancellable leases of land, building, office space and equipment. At September 30, 2025, the County’s lease payable of $11,721,610 was composed of the following: GOVERNMENTAL ACTIVITIES Leases with options to purchase equipment - annual payments totaling $328 plus interest at the rate of 2.93%, due date of June 24, 2026. $ 328 Land leases - annual payments totaling $22,685 plus interest at rates ranging from 1.51% to 2.11%, due dates ranging from October 1, 2025 to July 1, 2051. 241,757 Building and office space leases - annual payments totaling $514,161 plus interest at rates ranging from 0.79% to 4.82%, due dates ranging from October 1, 2025 to January 1, 2040. 3,404,447 Equipment and vehicle leases - annual payments totaling $1,177,776 plus interest at rates ranging from 0.31% to 5.00%, due dates ranging from October 1, 2025 to September 1, 2048. 7,344,947 Total Governmental Activities Leases Payable $ 10,991,479 64 Notes to the Financial Statements FINANCIAL SECTION Page 115 of 3203 NOTE 7 – LONG-TERM DEBT (Continued) BUSINESS-TYPE ACTIVITIES Building and office space leases - annual payments totaling $71,768 plus interest at the rates of 1.59% to 1.93%, due dates ranging from October 1, 2025 to September 1, 2034. $ 371,836 Equipment and vehicle leases - annual payments totaling $33,495 plus interest at rates ranging from 1.55% to 4.67%, due dates ranging from October 1, 2025 to February 1, 2048. 358,295 Total Business-type Activities Leases Payable $ 730,131 The future principal and interest Lease payments as of September 30, 2025, were as follows: Governmental Activities Business-type Activities Fiscal Year Principal Interest Principal Interest 2026 $ 1,714,950 $ 300,983 $ 105,263 $ 20,174 2027 1,833,992 241,789 80,712 17,659 2028 1,795,838 181,459 72,931 15,530 2029 1,546,370 125,584 73,601 13,286 2030 755,166 94,425 48,138 11,579 2031-2035 2,044,910 315,725 171,611 44,396 2036-2040 937,682 154,413 48,111 31,755 2041-2045 303,602 49,188 78,209 18,961 2046-2050 58,675 4,025 51,555 2,532 2051-2052 294 5 - - Total $ 10,991,479 $ 1,467,596 $ 730,131 $ 175,872 SBITA LIABILITY The County is a customer for noncancellable arrangements for software, software as a service and other intangible right of use assets. At September 30, 2025, the County’s SBITA liability of $15,810,260 was composed of the following: GOVERNMENTAL ACTIVITIES SBITA Arrangements - annual payments totaling $4,622,138, plus interest with rates ranging from 0.34% to 5.12%, due dates ranging from October 1, 2025 to August 24, 2033. $ 15,168,804 Total Governmental Activities SBITA Liability $ 15,168,804 BUSINESS-TYPE ACTIVITIES SBITA Arrangements - annual payments totaling $144,446, plus interest with rates ranging from 4.18% to 4.46%, due dates ranging from December 18, 2025 to March 3, 2031. $ 641,456 Total Business-type Activities SBITA Liability $ 641,456 The future principal and interest SBITA payments as of September 30, 2025, were as follows: Governmental Activities Business-type Activities Fiscal Year Principal Interest Principal Interest 2026 $ 4,622,138 $ 480,291 $ 144,446 $ 22,899 2027 3,652,433 333,285 155,919 16,547 2028 2,240,053 207,097 130,964 11,217 2029 1,208,797 154,817 142,610 5,152 2030 1,179,523 109,078 54,937 1,561 2031-2033 2,265,860 107,682 12,580 232 Total $ 15,168,804 $ 1,392,250 $ 641,456 $ 57,608 65 FINANCIAL SECTION Notes to the Financial Statements Page 116 of 3203 NOTE 8 – CONDUIT DEBT OBLIGATIONS COMPONENT UNIT CONDUIT DEBT The Industrial Development Authority, Housing Finance Authority, Health Facilities Authority and Educational Facilities Authority, all component units of Collier County, issue debt instruments for the purpose of providing capital financing to independent third parties. Industrial development revenue bonds have been issued to provide financial assistance to public entities for the acquisition and construction of industrial and commercial facilities. Housing revenue bonds have been issued for the purpose of financing the development of multi-family residential rental communities. The health facility revenue bonds were issued to provide financing for the construction of health park facilities. The educational facility revenue bonds were used to provide financing for the construction of educational facilities. These bonds were secured by the financed property, a letter of credit or a corporate guarantee. The primary revenues pledged to pay the debt are those revenues derived from the project or facilities constructed. Neither the issuing authority, nor the County, has extended any additional commitments for debt service payments of the bonds beyond the collateral and the payments from the private-sector entities on the underlying mortgage or promissory notes and maintenance of the tax-exempt status of the conduit debt obligation and as such are not reported as liabilities in the accompanying financial statements. As of September 30, 2025, the outstanding principal amount payable on all component unit conduit debt was $621,564,400 and is made up of the following: Industrial development revenue bonds $ 362,246,947 Housing finance revenue bonds 74,943,548 Health facilities revenue bonds 175,147,064 Educational facilities revenue bonds 9,226,841 Total $ 621,564,400 NOTE 9 – DEFINED BENEFIT PENSION PLANS BACKGROUND The Florida Retirement System (FRS) Pension Plan was created by Chapter 121, Florida Statutes, effective December 1, 1970. The FRS is a qualified retirement plan under Section 401(a), Internal Revenue Code, created to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State-administered retirement system in paying the costs of health insurance. Essentially all regular employees of the County are eligible to enroll as members of the State-administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions and benefits are defined and described in detail. Such provisions may be amended at any time by the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost sharing, multiple employer defined benefit plans and other nonintegrated programs. An annual comprehensive financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ web site (www.dms.myflorida.com). The County’s pension expense totaled $30,460,139 for both the FRS Pension Plan and HIS Plan for the year ended September 30, 2025. FLORIDA RETIREMENT SYSTEM PENSION PLAN PLAN DESCRIPTION The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows: Regular Class – Members of the FRS who do not qualify for membership in the other classes. Elected County Officers Class – Members who hold specified elective offices in local government. Senior Management Service Class (SMSC) – Members in senior management level positions. 66 Notes to the Financial Statements FINANCIAL SECTION Page 117 of 3203 NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued) Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class. Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62 or at any age after 30 years of service, except for members classified as special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service, except for members classified as special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a 5 percent benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed 96 months after electing to participate. Certain instructional personnel may extend their participation for an additional 24 months beyond their initial 96-month participation period. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. BENEFITS PROVIDED Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. The following chart shows the percentage value for each year of service credit earned: % Value Class, Initial Enrollment and Retirement Age/Years of Service: (per year of service) Regular Class members initially enrolled before July 1, 2011 Retirement up to age 62 or up to 30 years of service 1.60 Retirement at age 63 or with 31 years of service 1.63 Retirement at age 64 or with 32 years of service 1.65 Retirement at age 65 or with 33 or more years of service 1.68 Regular Class members initially enrolled on or after July 1, 2011 Retirement up to age 65 or up to 33 years of service 1.60 Retirement at age 66 or with 34 years of service 1.63 Retirement at age 67 or with 35 years of service 1.65 Retirement at age 68 or with 36 or more years of service 1.68 Elected County Officers’ Class 3.00 Senior Management Service Class 2.00 Special Risk Class Service from December 1, 1970 through September 30, 1974 2.00 Service on and after October 1, 1974 3.00 As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3 percent per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3 percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. 67 FINANCIAL SECTION Notes to the Financial Statements Page 118 of 3203 NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued) Page break CONTRIBUTIONS The Florida Legislature establishes contribution rates for participating employers and employees. Effective July 1, 2011, all FRS Plan members (except those in DROP) are required to make 3% employee contributions on a pretax basis. The employer contribution rates by job class for the periods from October 1, 2024 through June 30, 2025 and from July 1, 2025 through September 30, 2025, respectively, were as follows: Regular employees – 13.63% and 14.03%; Special Risk – Regular-32.79% and 35.19%; County Elected Officials – 58.68% and 54.57%; Senior Management Services – 34.52% and 33.24%; and DROP participants – 21.13% and 22.02%. The County’s contributions to the FRS Plan were $50,723,791 for the year ended September 30, 2025. PENSION COSTS At September 30, 2025, the County reported a liability of $256,673,518 for its proportionate share of the FRS Plan’s net pension liability. The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2024. The County’s proportion of the net pension liability was based on the County’s contributions received by FRS during the measurement period for employer payroll paid dates from July 1, 2024, through June 30, 2025, relative to the total employer contributions received from all of FRS’s participating employers. At June 30, 2025, the County’s proportion was 0.827042%, which was a decrease of 0.006994% from its proportion measured as of June 30, 2024. For the year ended September 30, 2025, the County recognized pension expense of $28,025,619 for its proportionate share of FRS’s pension expense. In addition, the County reported its proportionate share of FRS’s deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Economic Experience $ 27,415,434 $ - Changes in Actuarial Assumptions 29,806,463 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - (42,854,236) Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 10,742,653 (5,898,597) County Contributions Subsequent to the Measurement Date 13,190,811 - Total $ 81,155,361 $ (48,752,833) Deferred outflows of resources related to pensions of $13,190,811, resulting from County contributions to the FRS Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2026. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as increases or decreases in pension expense as follows: Year Ending September 30 Amount 2026 $ 43,569,328 2027 (4,839,825) 2028 (10,506,517) 2029 (9,011,269) 2030 - ACTUARIAL ASSUMPTIONS The total pension liability in the July 1, 2024, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.40% per year Salary Increases 3.50%, including inflation Investment Rate of Return 6.70%, Net of Pension Plan investment expense 68 Notes to the Financial Statements FINANCIAL SECTION Page 119 of 3203 NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued) Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2021. The actuarial assumptions used in the July 1, 2024 valuation were based on the results of an actuarial experience study for the period July 1, 2018, through June 30, 2023. The long-term expected rate of return on pension plan investments was not based on historical returns, but instead is based on a forward-looking capital market economic model. 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, as outlined in the FRS Plan’s investment policy, and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Asset Class Target Allocation Annual Arithmetic Return Compound Annual (Geometric) Return Standard Deviation Cash 1.0% 3.2% 3.2% 1.1% Fixed income 29.0% 5.5% 5.4% 4.0% Global equity 45.0% 8.5% 6.9% 18.3% Real estate (property) 12.0% 8.4% 7.1% 16.8% Private equity 11.0% 12.4% 8.8% 28.4% Strategic investments 2.0% 6.5% 6.1% 8.7% Totals 100.0% Assumed Inflation - Mean 2.4% 1.5% DISCOUNT RATE The discount rate used to measure the total pension liability for the FRS Plan in fiscal year 2025 was 6.70% which was the same as in fiscal year 2024. The projection of cash flows used to determine the discount rate assumed that employee and employer contributions will be made at the rate specified in statute. Based on that assumption, 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 long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. PENSION LIABILITY SENSITIVITY The following presents the County’s proportionate share of the net pension liability for the FRS Plan, calculated using the discount rate disclosed in the preceding paragraph, as well as what the County’s proportionate share of the net pension liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: Description 1% Decrease in Discount Rate Current Discount Rate 1% Increase in Discount Rate FRS Plan Discount Rate 5.70% 6.70% 7.70% County’s Proportionate Share of the FRS Plan Net Pension Liability $503,717,817 $256,673,518 $49,555,149 PENSION PLAN FIDUCIARY NET POSITION Detailed information about the FRS Plan’s fiduciary net position is available in a separately-issued FRS Pension Plan and Other State-Administered Systems Annual Comprehensive Financial Report. That report may be obtained through the Florida Department of Management Services website at www.dms.myflorida.com. 69 FINANCIAL SECTION Notes to the Financial Statements Page 120 of 3203 NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued) RETIREE HEALTH INSURANCE SUBSIDY PROGRAM PLAN DESCRIPTION The Retiree Health Insurance Subsidy Program (HIS Plan) is a non-qualified, cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. BENEFITS PROVIDED For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. CONTRIBUTIONS The HIS Plan is funded by required contributions from FRS participating employers as set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all active FRS members. The FRS contribution rates include a 2.00% HIS Plan subsidy for the periods October 1, 2024 through June 30, 2025 and a 2.00% HIS Plan subsidy from July 1, 2025 through September 30, 2025, pursuant to Section 112.363, Florida Statutes. The County contributed 100 percent of its statutorily required contributions for the current and preceding 3 years. HIS Plan contributions are deposited in a separate trust fund from which payments are authorized. HIS Plan 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 canceled. The County’s contributions to the HIS Plan were $6,579,478 for the year ended September 30, 2025. PENSION COSTS At September 30, 2025, the County reported a liability of $93,241,696 for its proportionate share of the HIS Plan’s net pension liability. The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2024. The projected HIS benefits to be paid out in the next fiscal year exceed the fiduciary net position of the HIS Plan as of the end of the fiscal year. As such, the County has reported its proportion of the excess of the projected benefit payment over the fiduciary net position as a current liability. The County’s proportion of the net pension liability was based on the County’s contributions received during the measurement period for employer payroll paid dates from July 1, 2024, through June 30, 2025, relative to the total employer contributions received from all participating employers. At June 30, 2025, the County’s proportion was 0.727459%, which was a decrease of 0.006910% from its proportion measured as of June 30, 2024. For the year ended September 30, 2025, the County recognized pension expense of $2,434,520 for its proportionate share of HIS’s pension expense. In addition, the County reported its proportionate share of HIS’s deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Economic Experience $ 556,590 $ (147,908) Changes in Actuarial Assumptions 825,293 (22,552,775) Net Difference Between Projected and Actual Earnings on HIS Program Investments - (77,607) Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 4,247,021 (2,999,452) County Contributions Subsequent to the Measurement Date 1,614,454 - Total $ 7,243,358 $ (25,777,742) 70 Notes to the Financial Statements FINANCIAL SECTION Page 121 of 3203 NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued) Deferred outflows of resources related to pensions of $1,614,454, resulting from County contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2026. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as increases or decreases in pension expense as follows: Year Ending September 30 Amount 2026 $ (4,104,277) 2027 (4,998,162) 2028 (4,254,533) 2029 (4,073,130) 2030 (2,718,736) Thereafter - ACTUARIAL ASSUMPTIONS The total pension liability in the July 1, 2024, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.40% per year Salary Increases 3.50%, including inflation Municipal Bond Rate 5.20% Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2021. The actuarial assumptions used in the July 1, 2024 valuation were based on the results of an actuarial experience study for the period July 1, 2018, through June 30, 2023. DISCOUNT RATE The discount rate used to measure the total pension liability for HIS plan increased from 3.93% in fiscal year 2024 to 5.20% in fiscal year 2025. 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 the municipal bond rate selected by the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted as the applicable municipal bond index. PENSION LIABILITY SENSITIVITY The following presents the County’s proportionate share of the net pension liability for the HIS Plan, calculated using the discount rate disclosed in the preceding paragraph, as well as what the County’s proportionate share of the net pension liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: Description 1% Decrease in Discount Rate Current Discount Rate 1% Increase in Discount Rate HIS Plan Discount Rate 4.20% 5.20% 6.20% County’s Proportionate Share of the HIS Plan Net Pension Liability $105,145,021 $93,241,696 $83,258,588 PENSION PLAN FIDUCIARY NET POSITION Detailed information about the HIS Plan’s fiduciary’s net position is available in a separately-issued FRS Pension Plan and Other State-Administered Systems Annual Comprehensive Financial Report. That report may be obtained through the Florida Department of Management Services website at www.dms.myflorida.com. 71 FINANCIAL SECTION Notes to the Financial Statements Page 122 of 3203 NOTE 9 - DEFINED BENEFIT PENSION PLANS (Continued) SUMMARY The aggregate amount of net pension liability, related deferred outflows of resources and deferred inflows of resources and pension expense for the County’s defined benefit pension plans are summarized below: FRS Plan HIS Plan Total Net pension liability $ 256,673,518 $ 93,241,696 $ 349,915,214 Deferred outflows of resources related to pensions 81,155,361 7,243,358 88,398,719 Deferred inflows of resources related to pensions (48,752,833) (25,777,742) (74,530,575) Pension expense 28,025,619 2,434,520 30,460,139 The net pension liability is reported as a noncurrent liability since the fiduciary net position of the Florida Retirement System and the Retiree Health Insurance Subsidy Program exceeds the amount of benefit payments expected to be made within one year. In the governmental funds, liabilities associated with the net pension liability are primarily liquidated through the General Fund, the Unincorporated Area Municipal Services Taxing District (MSTD), and the Community Development Fund. NOTE 10 – DEFINED CONTRIBUTION PLAN The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering the plan, including the FRS Financial Guidance Program, are funded through an employer contribution of .06% of payroll from July 1, 2024 to June 30, 2025 and .06% of payroll from July 1, 2025 to June 30, 2026 in addition to forfeited benefits of plan members. The County’s Investment Plan pension expense totaled $12,793,342 for the year ended September 30, 2025. For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up to 5 years. If the employee returns to FRS-covered employment within the 5-year period, the employee will regain control over their account. If the employee does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the County. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. 72 Notes to the Financial Statements FINANCIAL SECTION Page 123 of 3203 NOTE 11 – TRANSFERS Transfers between funds were used to (1) move revenues from the fund that statute or budget requires they be collected into the fund that statute or budget requires they be expended from, (2) account for payments in lieu of taxes not based on an approximation of services rendered, (3) move receipts restricted to debt service to the debt service fund as payments become due and (4) use unrestricted revenues collected in the General Fund to finance operating and capital programs accounted for in other funds in accordance with budgetary authorizations. Transfers of note include a General Fund transfer of $27.8 million to the Road Districts Fund and $30.4 million to the Emergency Medical Services Fund to support operations. The General Fund also transferred $36.5 million to the County-Wide Capital Improvements Fund to finance various projects, including $1.5 million for new voting equipment, $3.5 million for repairs and maintenance at the domestic animal services facility, and $13.8 million for general building repairs and maintenance. The Unincorporated Area MSTD transferred $5.2 million to the General Fund for stormwater-related maintenance, $6 million to the Water Management Capital Project Fund for stormwater capital projects, and $4.1 million to the Parks and Recreation Capital Project Fund. The Road Construction Fund transferred $10.8 million to the Gas Tax Revenue Bonds Fund for debt service payments. The Water Management Fund transferred $4.2 million to the Grants and Shared Revenue Fund to provide matching funds for stormwater grant projects. Additionally, the General Fund transferred $9.7 million and the Unincorporated Area MSTD transferred $14.3 million to the Road Construction Fund to help finance various bridge and road resurfacing projects. Transfers for the year ended September 30, 2025 were as follows: Transfers from Fund Transfers to Fund Amount Governmental Activities: General Fund Tourist Development $ 3,690,600 Disaster Recovery 2,542,300 Nonmajor Governmental Funds 97,084,454 Emergency Medical Services 30,421,000 Nonmajor Business-type 6,131,132 Internal Service Funds 4,709,200 Tourist Development General Fund 996,551 Nonmajor Governmental Funds 7,342,300 Internal Service Funds 85,500 Infrastructure Sales Tax Nonmajor Governmental Funds 598,167 Nonmajor Governmental Funds General Fund 9,336,845 Nonmajor Governmental Funds 67,836,635 Nonmajor Business-type 30,139 Internal Service Funds 2,180,700 Business-type Activities: County Water and Sewer General Fund 11,540,400 Internal Service Funds 1,894,500 Solid Waste Disposal General Fund 838,779 Internal Service Funds 330,400 Emergency Medical Services Internal Service Funds 8,800 Nonmajor Business-type General Fund 250,000 Nonmajor Business-type 6,483 Internal Service Funds 56,900 Total Transfers $ 247,911,785 73 FINANCIAL SECTION Notes to the Financial Statements Page 124 of 3203 NOTE 12 – NET POSITION/FUND BALANCE CLASSIFICATION Net position represents the difference between total assets plus deferred outflows of resources and liabilities plus deferred inflows of resources and is categorized as follows: Net investment in capital assets: Total capital assets, net of debt issued and deferred amounts on refundings related to the acquisition of these assets and net of depreciation and amortization is reported separately in the net position section. Restricted for growth related capital expansion: Impact fees are restricted for growth related capital expansion. Restricted for transportation capital projects: Gas taxes and other revenues restricted for transportation capital improvements. Restricted for community development: Building and permitting fees restricted for licensing, permitting and inspection services. Restricted for tourist development: Tourist development tax proceeds are restricted for tourist related activities. Restricted for Conservation Collier: Balances generated by the former levy of one quarter mill of ad valorem revenues restricted for the maintenance and management of environmentally sensitive land. Restricted for community redevelopment: Tax increment revenues generated in the redevelopment areas are restricted for redevelopment purposes. Restricted for infrastructure sales tax capital projects: Infrastructure sales tax proceeds are restricted for infrastructural capital improvements. Restricted for grants: State and federal government grant monies restricted for grant related purposes. Restricted for debt service: Balances are restricted in conjunction with the issuance of bonds and have been funded by operating transfers from the appropriate funds. The use of monies in the sinking fund is restricted to the payment of principal and interest on long-term debt. Restricted for court programs: Balances are restricted for court programs. Restricted for public safety: Balances are restricted for public safety programs. Restricted for nonexpendable purposes – other: Balances are restricted in conjunction with the maintenance and management of certain conservation lands for mitigation purposes. Restricted for special revenues – other: Balances are restricted for specific uses associated with the revenue collected. Restricted for renewal and replacement: Balance is restricted in conjunction with the issuance of County Water and Sewer District Bonds for use in funding the cost of additions, replacement or major repair of District capital assets. Unrestricted: Balances are not restricted for specific purposes. Governmental funds report fund balances as either spendable or non-spendable as follows: Non-spendable fund balance: Amounts that are not in spendable form or that are legally or contractually required to be maintained intact. Items that are not spendable also include inventories, prepaid amounts and long term portions of advances, loans and notes receivable. Spendable fund balance: Restricted fund balance – Amounts that can be spent only for specific purposes through restrictions placed upon them by external resource providers such as creditors, grantors or contributors; or imposed by law through constitutional provisions or enabling legislation. Committed fund balance – Amounts that can be spent only for specific purposes determined by the County’s highest decision making authority, the Board of County Commissioners, via ordinance. Commitments may be modified or removed by the Board of County Commissioners only by amending the ordinance that created the original commitment. Assigned fund balance – Amounts that are intended to be spent for specific purposes as determined by the Board of County Commissioners, but that are neither restricted nor committed to the specific purpose. Unassigned fund balance – Unassigned fund balance is the residual classification for the County’s general fund. Amounts in this classification are spendable but have not been deemed restricted, committed or assigned. Unassigned fund balance may also include negative balances for any governmental fund whose expenditures have exceeded the amounts restricted, committed or assigned for those specific purposes. 74 Notes to the Financial Statements FINANCIAL SECTION Page 125 of 3203 NOTE 12 – NET POSITION/FUND BALANCES CLASSIFICATION (Continued) When both restricted and unrestricted amounts are available, the County spends the restricted amounts first, unless prohibited by law, grant agreements or other contractual arrangement. Further, when committed fund balance is available the County will use it first, followed by assigned fund balance and then unassigned fund balance for purposes in which any of the unrestricted fund balance classifications could be used. A detailed schedule of fund balances at September 30, 2025 is as follows: General Fund Bayshore Gateway Community Redevelopment Agency Immokalee Community Redevelopment Agency Tourist Development Disaster Recovery Infrastructure Sales Tax Other Governmental Funds Total Governmental Funds Nonspendable: Endowments $ - $ - $ - $ - $ - $ - $ 5,522,800 $ 5,522,800 Inventory 1,580,151 - - - - - 1,952,997 3,533,148 Advances to other funds 9,124,900 - - - - - - 9,124,900 Notes 1,476,839 - - - - - - 1,476,839 Prepaid costs 575,932 1,335 - - - - 191,286 768,553 Total nonspendable fund balance 12,757,822 1,335 - - - - 7,667,083 20,426,240 Restricted for: Community redevelopment - 19,098,265 5,195,057 - - - - 24,293,322 Federal and state grants 722,292 - - - - - 29,998,822 30,721,114 Infrastructure sales tax capital projects - - - - - 301,044,878 - 301,044,878 Bond covenants or debt service - - - - - - 4,255,315 4,255,315 Parks and recreation - - - - - - 9,879,829 9,879,829 Parks growth related capital expansion - - - - - - 65,391,405 65,391,405 Transportation capital projects - - - - - - 104,886,985 104,886,985 Transportation growth related capital - - - - - - 133,166,815 133,166,815 Community development - - - - - - 31,406,061 31,406,061 Tourist development - - - 183,007,732 - - - 183,007,732 Conservation Collier - - - - - - 82,527,731 82,527,731 Emergency 911 growth related capital expansion - - - - - - 1,498,848 1,498,848 Public safety - - - - - - 15,250,466 15,250,466 General government facilities growth related capital expansion - - - - - - 3,800,894 3,800,894 Water management - - - - - - 7,999,024 7,999,024 Libraries - - - - - - 426,940 426,940 Court functions - - - - - - 11,852,465 11,852,465 Public records modernization - - - - - - 9,510,362 9,510,362 Other purposes - - - - - - 3,563,913 3,563,913 Total restricted fund balance 722,292 19,098,265 5,195,057 183,007,732 - 301,044,878 515,415,875 1,024,484,099 Committed for: Special districts - - - - - - 57,250,240 57,250,240 Natural resource management - - - - - - 6,889,295 6,889,295 Utility regulation - - - - - - 1,032,348 1,032,348 Economic development - - - - - - 4,698,915 4,698,915 Other purposes - - - - - - 2,858,617 2,858,617 Total committed fund balance - - - - - - 72,729,415 72,729,415 Assigned for: Parks and recreation - - - - - - 23,081,677 23,081,677 General building & improvements - - - - - - 142,488,043 142,488,043 Water management 1,518,784 - - - - - 37,273,940 38,792,724 Debt service - - - - - - 1,160,548 1,160,548 Subsequent year budget 28,945,700 - - - - - - 28,945,700 Other purposes 2,312,049 - - - - - 13,698,065 16,010,114 Total assigned fund balance 32,776,533 - - - - - 217,702,273 250,478,806 Unassigned: 149,302,184 - - - (21,633,300) - (1,399,475) 126,269,409 Total Fund Balances $ 195,558,831 $ 19,099,600 $ 5,195,057 $ 183,007,732 $ (21,633,300) $ 301,044,878 $ 812,115,171 $ 1,494,387,969 75 FINANCIAL SECTION Notes to the Financial Statements Page 126 of 3203 NOTE 13 – 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. A self-insurance internal service fund is maintained by the County to administer insurance activities relating to workers’ compensation, health and property and casualty, which covers general, property, auto, public official and crime liabilities. The County self-insurance program covers operations of the Board and the constitutional officers, except for the Sheriff. Under these programs, the self-insurance fund provides coverage up to a maximum amount for each claim. The County purchases commercial insurance for claims in excess of coverage provided by the self-insurance fund and for all other covered risks of loss. Claim Type County’s Coverage Excess Carrier’s Coverage Property and casualty claims $100,000 ‐ $500,000 $500,000 - $75,000,000 ($250,000 named storm deductible; 5% deductible of reported values per damaged building; no deductible cap) Auto liability claims $300,000 $300,000 - $5,000,000 Employee health claims $750,000 $750,000 - Unlimited Workers’ compensation claims $600,000 $600,000 - Statutory Settled claims have not exceeded the insurance provided by third party carriers in any of the past three years. All divisions of the County, excluding the Sheriff, participate in this program. Charges to operating departments are based upon amounts believed by management to meet the required annual payouts during the fiscal year and to pay for the estimated operating costs of the programs. For the fiscal year ended September 30, 2025 the operating departments were charged $66,790,231 for workers’ compensation, health and property and casualty self-insurance programs. The claims loss reserve for workers’ compensation, health and property and casualty of $9,203,496 reported at September 30, 2025 was calculated by third party actuaries based upon GASB Statement No. 30, Risk Financing Omnibus, which requires that a liability for claims be reported when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. The estimated liabilities for unpaid losses related to workers’ compensation and property and casualty were discounted at 3.0%. It should be noted that the discount rate is an estimate based on the expected rate of return over extended periods. The estimated liabilities for unpaid losses related to health were not discounted as their turnover period is much shorter. Claims loss reserves of $7,094,678 are recorded as current liabilities. The Sheriff participates in the Statewide Florida Sheriff’s Self-Insurance Fund for its professional liability insurance. The fund is managed by representatives of the participating Sheriff offices and provides professional liability insurance to participating Sheriff agencies. The Florida Sheriff’s Self-Insurance Fund provides liability insurance coverage subject to the following limitations: $5,000,000 for any one incident or occurrence and $10,000,000 for an annual aggregate per member. The Sheriff also participates in the Statewide Florida Sheriff’s Self-Insurance Fund program for workers’ compensation coverage. The Florida Sheriff’s Association Workers’ Compensation Insurance Trust (FSAWIT) is a limited self-insurance fund providing coverage for the first $1,000,000 of every claim. Re-insurance is provided through a third party insurer for all claims exceeding $1,00,000 up to $18,000,000. Settled claims have not exceeded the insurance provided by third party carriers in any of the past three years. Premiums charged to participating Sheriffs are based upon amounts believed by Fund management to meet the estimated annual payouts during the fiscal year and to pay for the estimated operating costs of the program. All liabilities associated with these self-insured risks are reported in the basic financial statements of the Statewide Florida Sheriff’s Self-Insurance Fund. The Sheriff cannot be additionally assessed for claims paid by the program. The Sheriff has also established a self-funded employee health plan. An internal service fund is used to account for the activities of the plan. Excess coverage has been purchased which provides specific claim excess coverage for any one incident exceeding $250,000. In 2025, there was one covered individual who had higher deductible amounts because of a history of high claims. This individual had a deductible of $700,000. Specific claim excess coverage for this individual was for claims exceeding $700,000. The maximum annual individual stop loss payment amount is unlimited. Payments to the internal service fund are based on actuarial estimates of amounts needed to pay prior year and current year claims including claims incurred but not yet reported. The claims loss reserve for health of $4,306,000 reported at September 30, 2025 was calculated by third party actuaries based upon GASB Statement No. 30, Risk Financing Omnibus, which requires that a liability for claims be reported when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. The entire Sheriff’s health claim loss reserve is recorded as a current liability. 76 Notes to the Financial Statements FINANCIAL SECTION Page 127 of 3203 NOTE 13 – RISK MANAGEMENT (Continued) CHANGES IN SELF-INSURANCE CLAIMS PAYABLE Changes in the self-insurance claims payable for fiscal years 2024 and 2025 were as follows for the County and Sheriff self- insurance programs: Property and Group Workers’ Casualty Health Compensation Total Balance at September 30, 2023 $ 1,520,382 $ 11,544,000 $ 1,009,120 $ 14,073,502 Current year claims incurred and changes in estimates 1,249,558 86,247,878 569,797 88,067,233 Claim payments (1,235,352) (84,591,878) (654,171) (86,481,401) Balance at September 30, 2024 1,534,588 13,200,000 924,746 15,659,334 Current year claims incurred and changes in estimates 793,927 88,940,056 797,724 90,531,707 Claim payments (1,082,804) (90,903,056) (695,685) (92,681,545) Balance at September 30, 2025 $ 1,245,711 $ 11,237,000 $ 1,026,785 $ 13,509,496 NOTE 14 – LANDFILL LIABILITY On May 1, 1995, the County entered into a landfill operating agreement with a third party for the County’s landfill operations. Under the contract, the third party is responsible for the daily operations, regulatory compliance, closure, postclosure and financial assurance requirements of the active cells within the Naples and Immokalee landfill sites. Collier County is responsible for the postclosure costs relating to portions of the Naples and Immokalee landfill sites. None of the cells that Collier County is responsible for has accepted waste since December 1989. The County is also responsible for staffing and operating the scale house at each site. In accordance with U.S. Environmental Protection Agency rule Solid Waste Disposal and Facility Criteria and GASB Statement No. 18, Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs, a liability has been established representing amounts estimated to be spent on postclosure relating to cells for which Collier County is responsible. The County’s estimated liability in connection with the landfills is included in the proprietary funds statement of net position. The landfill liability will be reassessed on an annual basis, and any changes due to inflation, changes in contract terms, changes in technology or additional postclosure care requirements will be recorded as a current cost. NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS COUNTY’S PLAN DESCRIPTION AND BENEFITS PROVIDED The County provides post employment healthcare benefits for retirees through a single employer defined benefit plan (County’s OPEB Plan) and can amend the benefits provisions. The participants of this plan include retirees of the Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, the Property Appraiser, the Tax Collector and the Supervisor of Elections. The Sheriff also provides post employment healthcare benefits under a separate plan. In accordance with Florida Statute 112.0801, employees who retire and immediately begin receiving benefits from the FRS have the option of paying premiums to continue in the County’s health insurance plan at the same group rate as for active employees. The Board of County Commissioners and the Tax Collector also subsidize the cost of the post employment healthcare for qualifying retirees and each has the authority to amend benefit provisions. The Board of County Commissioners offers a subsidy for its retirees who have at least 60% of eligible accrued sick leave remaining at the time of retirement and have completed 15 years of continuous service with the Board. In addition, the retiree must retire from the Board, be at least 55 years of age or have completed 30 years of service under the Florida Retirement System (FRS) and be eligible to receive an FRS benefit with no break in time. Such employees are eligible to receive a 50% to 100% subsidy toward the cost of coverage under the active plan. A subsidy is currently provided to 22 retirees. The Tax Collector offers a subsidy of 100% of the cost of health care for employees with 10 years of service, between the ages of 54 and 64 and who exchange 800 hours of sick leave at retirement for employees hired prior to June 1, 2015. A subsidy is currently provided to 4 retirees. The County’s OPEB Plan is currently being funded on a pay as you go basis. No trust fund has been established for the plan. The plan does not issue a separate financial report. 77 FINANCIAL SECTION Notes to the Financial Statements Page 128 of 3203 NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS (Continued) PARTICIPANT DATA As of September 30, 2025, the following employees were covered by the benefit terms: Inactive employees or beneficiaries currently receiving benefits 61 Active employees 2,630 Total employees 2,691 TOTAL OPEB LIABILITY The County’s total OPEB liability of $11,974,588 was measured as of September 30, 2025 and was determined by an actuarial valuation as of October 1, 2025. The following table shows the changes in the County’s total OPEB liability for the year ended September 30, 2025. Total OPEB Liability Balance, as of October 1, 2024 $ 11,854,815 Changes: Service cost 571,178 Interest on total OPEB liability 459,881 Changes in assumptions or other inputs (200,036) Benefit payments (711,250) Net changes 119,773 Balance, as of September 30, 2025 $ 11,974,588 OPEB LIABILITY DISCOUNT RATE SENSITIVITY The following presents the County’s total OPEB liability, as well as what the County’s total OPEB liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: Description 1% Decrease in Discount Rate Current Discount Rate 1% Increase in Discount Rate OPEB Plan Discount Rate 3.90% 4.90% 5.90% Total OPEB Liability $ 12,983,004 $ 11,974,588 $ 11,070,374 OPEB LIABILITY HEALTHCARE TREND RATE SENSITIVITY The following presents the County’s total OPEB liability, as well as what the County’s total OPEB liability would be if it were calculated using a healthcare trend rate one percentage point lower or one percentage point higher than the current healthcare trend rate: Description 1% Decrease in Healthcare Cost Trend Rate Healthcare Cost Trend Rate 1% Increase in Healthcare Cost Trend Rate Healthcare Cost Trend Rate 4.00% 5.00% 6.00% Total OPEB Liability $ 10,871,412 $ 11,974,588 $ 13,253,464 DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB For the year ended September 30, 2025, the County’s OPEB expense was $999,124. In addition, the County reported deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Economic Experience $ 2,101,460 $ 77,247 Changes in assumptions 464,047 1,024,661 Total $ 2,565,507 $ 1,101,908 78 Notes to the Financial Statements FINANCIAL SECTION Page 129 of 3203 NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS (Continued) Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized over 6.38 years as increases or decreases in OPEB expense as follows: Year Ending September 30 Amount 2026 $ (10,351) 2027 252,848 2028 413,354 2029 379,880 2030 322,886 Thereafter 104,982 ACTUARIAL METHODS AND ASSUMPTIONS 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. Calculations for financial reporting purposes are based on the benefits provided under terms of the plan as understood by the employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets. The actuarial methods are: Actuarial cost method Entry Age Actuarial The actuarial assumptions are: Discount rate 4.90% (Based on the 20 year AA municipal bond rate) Healthcare cost trend rate 7.00%, grading down to 5.00% over 8 years Salary increase 3% New employees None The discount rate was changed from 3.81% to 4.90% based on the 20 year AA municipal bond rate. Mortality rates were based on the Pri-2012 Mortality Fully Generational using Projection Scale MP-2021. Since the most recent valuation, the following changes have been made: • The discount rate was changed from 3.81% to 4.90%. • The healthcare cost trend rate changed to reflect an initial trend of 7.00% grading down to 5.00% over an eight-year period. SHERIFF’S PLAN DESCRIPTION AND BENEFITS PROVIDED The Sheriff provides post employment healthcare benefits for retirees through a single employer defined benefit plan (Sheriff’s OPEB Plan) and can amend the benefit provisions. In accordance with Florida Statute 112.0801, employees who retire and immediately begin receiving benefits from the FRS have the option of paying premiums to continue in the Sheriff’s health insurance plan at the same group rate as for active employees. Prior to 2010, the Sheriff subsidized approximately 26% of the cost for both single and family healthcare for its retirees who have 6 years of creditable service with the Sheriff and who receive a monthly retirement benefit from the Florida Retirement System. Approximately 9% of retirees receive the subsidy. The Sheriff’s OPEB Plan is currently being funded on a pay as you go basis. No trust fund has been established for the plan. The plan does not issue a separate financial report. 79 FINANCIAL SECTION Notes to the Financial Statements Page 130 of 3203 NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS (Continued) PARTICIPANT DATA As of September 30, 2025, the following employees were covered by the benefit terms: Inactive employees or beneficiaries currently receiving benefits 161 Active employees 1,146 Total employees 1,307 TOTAL OPEB LIABILITY The Sheriff’s total OPEB liability of $53,228,758 was measured as of September 30, 2025 and was determined by an actuarial valuation as of October 1, 2024. The following table shows the changes in the Sheriff’s total OPEB liability for the year ended September 30, 2025. Total OPEB Liability Balance, as of October 1, 2024 $ 47,121,910 Changes: Service cost 850,836 Interest on total OPEB liability 1,756,260 Differences between expected and actual experience 7,689,512 Changes in assumptions or other inputs (436,393) Benefit payments (3,753,367) Net changes 6,106,848 Balance, as of September 30, 2025 $ 53,228,758 OPEB LIABILITY DISCOUNT RATE SENSITIVITY The following presents the Sheriff’s total OPEB liability, as well as what the Sheriff’s total OPEB liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: Description 1% Decrease in Discount Rate Current Discount Rate 1% Increase in Discount Rate OPEB Plan Discount Rate 3.90% 4.90% 5.90% Total OPEB Liability $ 56,603,072 $ 53,228,758 $ 50,012,924 OPEB LIABILITY HEALTHCARE TREND RATE SENSITIVITY The following presents the Sheriff’s total OPEB liability, as well as what the Sheriff’s total OPEB liability would be if it were calculated using a healthcare trend rate one percentage point lower or one percentage point higher than the current healthcare trend rate: Description 1% Decrease in Healthcare Cost Trend Rate Healthcare Cost Trend Rate 1% Increase in Healthcare Cost Trend Rate Healthcare Cost Trend Rate 6.00% 7.00% 8.00% Total OPEB Liability $ 48,965,899 $ 53,228,758 $ 58,148,115 DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB For the year ended September 30, 2025, the Sheriff’s OPEB expense was $8,451,303. In addition, the Sheriff reported deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Economic Experience $ 23,522,797 $ - Changes in assumptions 2,996,384 4,025,823 Total $ 26,519,181 $ 4,025,823 80 Notes to the Financial Statements FINANCIAL SECTION Page 131 of 3203 NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS (Continued) Amounts reported as deferred inflows and outflows of resources related to OPEB will be recognized over 6.41 years as an increase in OPEB expense: Year Ending September 30 Deferred Outflows of Resources 2026 $ 5,715,231 2027 5,399,116 2028 4,547,952 2029 4,086,343 2030 2,280,789 Thereafter 463,927 ACTUARIAL METHODS AND ASSUMPTIONS 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. Calculations for financial reporting purposes are based on the benefits provided under terms of the plan as understood by the employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets. The actuarial methods are: Actuarial cost method Entry Age Actuarial The actuarial assumptions are: Discount rate 4.90% (Based on the Bond Buyer 20-Bond GO index) Healthcare cost trend rate Varies depending on year from 4.5% - 8.5% Salary increase Varies depending on time in service New employees None Mortality rates were based on the PubG-2010 and PubS-2010 Mortality Generational using Projection Scale MP-2021 Since the most recent valuation, the following changes have been made: • The discount rate was changed from 3.81% to 4.90%. • The health care claim cost assumption has been updated to reflect experience through September 30, 2025. • The health care trend assumption has been updated from 7.0% grading down to 5.0% over eight years to 8.5% grading down to 4.5% over 12 years . • Benefits for current Medicare eligible retirees enrolled in the health plans are being valued at their current contribution rates. 81 FINANCIAL SECTION Notes to the Financial Statements Page 132 of 3203 NOTE 15 – OTHER POSTEMPLOYMENT BENEFITS (Continued) SUMMARY The aggregate amount of total OPEB liability, related deferred outflows of resources and deferred inflows of resources and OPEB expense for the County’s postemployment benefits plans are summarized below: County’s Sheriff’s OPEB Plan OPEB Plan Total Total OPEB liability $ 11,974,588 $ 53,228,758 $ 65,203,346 Deferred outflows of resources related to OPEB 2,565,507 26,519,181 29,084,688 Deferred inflows of resources related to OPEB 1,101,908 4,025,823 5,127,731 OPEB expense 999,124 8,451,303 9,450,427 Because OPEB are funded on a pay-as-you-go basis, the estimated costs for the subsequent fiscal year are reported as a current liability. In the governmental funds, liabilities associated with the County and Sheriff’s OPEB plans are primarily liquidated through the General Fund, the Unincorporated Area Municipal Services Taxing District (MSTD), and the Community Development Fund. NOTE 16 – SIGNIFICANT CONTINGENCIES LITIGATION The County is involved as defendant or plaintiff in certain litigation and claims arising in the ordinary course of operations. In the opinion of County legal counsel, the range of potential recoveries or liabilities, other than as disclosed here, will not materially affect the financial position of the County. STATE AND FEDERAL GRANTS 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 disallowances, if any, would have a material effect on the financial position of the County. ARBITRAGE REBATE In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed construction funds in excess of the interest costs incurred are required to be rebated to the federal government. As of September 30, 2025, the County has recorded an arbitrage rebate liability of $1,379,855 for governmental activities and $3,959,407 for business-type activities. HURRICANE IRMA On September 10, 2017, Category 3 Hurricane Irma made landfall in Collier County causing widespread power outages and debris, coastal flooding and beach erosion. The County has incurred approximately $114 million in recovery efforts and has budgeted an additional $612,000 for the 2026 fiscal year. The County did not recognize any revenue from the Federal Emergency Management Agency (FEMA) during fiscal year 2025. As of September 30, 2025, the County reported $6,165,867 in outstanding receivables related to FEMA claims and continues to expect reimbursements from FEMA as projects are completed over the next few years. HURRICANE IAN On September 28, 2022, Hurricane Ian made landfall just north of Collier County as a Category 4 storm, resulting in significant storm surge along the coastal areas. The County incurred approximately $95.3 million in recovery efforts and has budgeted an additional $24.2 million for fiscal year 2026. During 2025, the County recognized $541,560 in revenue from FEMA, and $2.5 million in insurance reimbursements. As of September 30, 2025, the County reported $12,826,826 in outstanding receivables related to FEMA claims and expects substantial reimbursements from FEMA and insurance in the years to come. HURRICANE MILTON On October 9, 2024, Hurricane Milton made landfall as a Category 3 storm just over 100 miles to the north of Collier County in Siesta Key, Florida. Hurricane Milton brought significant storm surge to the coastal areas and widespread power outages throughout the County. The County spent approximately $7.9 million for recovery costs in 2025 and has budgeted another $2.5 million for fiscal year 2026. Insurance reimbursements and Federal Emergency Management Agency assistance are expected to cover the majority of expenditures. 82 Notes to the Financial Statements FINANCIAL SECTION Page 133 of 3203 NOTE 17 – SIGNIFICANT COMMITMENTS Encumbrances represent commitments for future expenditures, based on purchase orders or contracts issued, where the goods or services have been ordered but not received. Encumbrance commitments do not include construction contracts, as they are included as construction commitments. Collier County had the following significant individual encumbrances as of September 30, 2025: Encumbrance Category Commitments Governmental Activities: Disaster Recovery General Government $ 856,965 Infrastructure Sales Tax Public Safety 1,274,500 Transportation 4,999,225 Other Governmental Funds General Government 4,377,794 Physical Environment 4,548,578 Transportation 7,890,435 Economic Environment 8,254,173 Human Services 4,680,279 Culture and Recreation 1,902,826 Business-type Activities: Water and Sewer Utilities 51,787,687 Emergency Medical Services Emergency Medical Services 3,500,219 Solid Waste Landfill Services 908,544 Other Enterprise Funds Collier Area Transit 995,829 Total $ 95,977,054 Collier County has active construction projects as of September 30, 2025. The projects include road construction, governmental facilities and utilities capital improvements. At year end, the County’s significant commitments with contractors include the following: Construction Category Commitments Governmental Activities: Bayshore Gateway Community Redevelopment Economic Environment $ 2,552,220 Immokalee Community Redevelopment Economic Environment 1,186,180 Disaster Recovery Culture and Recreation 2,308,133 Infrastructure Sales Tax Public Safety 40,533,646 Transportation 4,410,746 Human Services 44,965,957 Culture and Recreation 820,308 Other Governmental Funds General Government 4,104,063 Physical Environment 1,824,953 Transportation 40,510,788 Culture and Recreation 1,684,533 Business-type Activities: Water and Sewer Utilities 37,639,294 Total $ 182,540,821 83 FINANCIAL SECTION Notes to the Financial Statements Page 134 of 3203 NOTE 18 – SUBSEQUENT EVENTS GOVERNMENTAL ACTIVITIES On October 28, 2025, the Collier County Board of County Commissioners approved an $85,000,000 increase to the County’s existing line of credit with the Florida Local Government Finance Commission’s Pooled Commercial Paper Loan Program. The total amount authorized under the County’s non-revolving line of credit is $125,000,000. The line of credit was issued to fund various governmental capital initiatives such as Pelican Bay sidewalks, stormwater infrastructure and transportation improvements and is secured by the County’s covenant to budget and appropriate legally available non-ad valorem revenues. To date, draws of $5,500,000 have been made against the line of credit for purposes of funding Pelican Bay sidewalks. As of September 30, 2025 the outstanding balance in the County’s commercial paper program was $5,130,000. No subsequent draws have been made against the aggregate line of credit, but a prepayment of $500,000 was made in November of 2025. BUSINESS-TYPE ACTIVITIES On October 14, 2025, the Collier County Board of County Commissioners, as the ex-offico governing board of the Collier County Water-Sewer District (District), approved a $150,000,000 increase to the District’s existing line of credit with the Florida Local Government Finance Commission’s Pooled Commercial Paper Loan Program. The total amount authorized under the District’s non-revolving line of credit is $200,000,000. The line of credit was issued to fund various water and sewer capital improvements and is secured by a subordinate pledge of and a lien on the net revenues of the water and sewer utility system. No draws have been made against the line of credit to date. NOTE 19 – FUND DEFICITS The following funds had a fund balance defecit at September 30, 2025: Fund Amount Disaster Recovery $ (21,633,300) Amateur Sports Complex (1,396,445) $ (23,029,745) The fund balance deficit in the Disaster Recovery fund is the result of disaster recovery expenditures being incurred before insurance recoveries and FEMA reimbursement revenues are able to be recognized. Advances from the County Water and Sewer fund, and other governmental funds, were made during a prior fiscal year to provide sufficient cash flow. The Disaster Recovery fund anticipates repaying the remaining advance in the next few years as additional insurance proceeds and FEMA reimbursements are received. The fund balance deficit in the Amateur Sports Complex fund is the result of advances from other governmental funds made in prior years to partially fund construction for the Paradise Coast Sports Compelx construction. County management began repayment in this fiscal year and anticipates the remaining advance will be reapaid with future years’ tourist tax revenue. 84 Notes to the Financial Statements FINANCIAL SECTION Page 135 of 3203 NOTE 20 – ADJUSTMENTS AND RESTATEMENTS TO BEGINNING BALANCES The Grants and Shared Revenue fund previously met the criteria to be reported as a major governmental fund. However, effective October 1, 2024 the fund no longer met the criteria to be reported as a major fund and is reported as a nonmajor governmental fund for the fiscal year ended September 30, 2025. In addition, the Tourist Development fund no longer met the criteria to be reported as a nonmajor governmental fund effective October 1, 2024 and is reported as a major governmental fund for the fiscal year ended September 30, 2025. The effect of these changes to or within the financial reporting entity are shown in the table below. Effective September 30, 2025, Collier County implemented GASB Statement No. 101, Compensated Absences. The primary objective of this statement is to update the recognition and measurement guidance for compensated absences to better meet the information needs of financial statement users. As a result of the implementation of this standard, the compensated absences liability as of October 1, 2024 was understated by $24,870,569 in the governmental activities and $5,139,972 in the business-type activities. The effect of the implementation of this standard is shown in the table below. September 30, 2024 As Previously Reported Grants and Shared Revenue Change from Major to Nonmajor Fund Tourist Development Change from Nonmajor to Major Fund Change in Accounting Principle September 30, 2024 As Adjusted or Restated Government-Wide: Governmental Activities $ 2,890,767,313 $ - $ - $ (24,870,569) $ 2,865,896,744 Business-type Activities 1,315,729,673 - - (5,139,972) 1,310,589,701 Total Primary Government $ 4,206,496,986 $ - $ - $ (30,010,541) $ 4,176,486,445 Governmental Funds: Major Funds: General Fund $ 194,643,145 $ - $ - $ - $ 194,643,145 Bayshore Gateway Community Redevelopment Agency 17,137,351 - - - 17,137,351 Immokalee Community Redevelopment Agency 4,162,918 - - - 4,162,918 Grants and Shared Revenue 17,076,474 (17,076,474) - - - Tourist Development - - 168,721,039 - 168,721,039 Disaster Recovery (14,650,435) - - - (14,650,435) Infrastructure Sales Tax 343,470,879 - - - 343,470,879 Other Governmental Funds 924,268,604 17,076,474 (168,721,039) - 772,624,039 Total Governmental Funds $ 1,486,108,936 $ - $ - $ - $ 1,486,108,936 Proprietary Funds: County Water and Sewer $ 1,107,963,191 $ - $ - $ (3,087,377) $ 1,104,875,814 Solid Waste Disposal 101,789,102 - - (162,796) 101,626,306 Emergency Medical Services 29,878,543 - - (1,762,331) 28,116,212 Other nonmajor funds 84,119,966 - - (127,468) 83,992,498 Total Proprietary Funds $ 1,323,750,802 $ - $ - $ (5,139,972) $ 1,318,610,830 Governmental Activities - Internal Service Funds $ 109,290,037 $ - $ - $ (613,048) $ 108,676,989 Fiduciary Funds: Sheriff Private Purpose Trust Fund $ 404,783 $ - $ - $ - $ 404,783 Other Custodial Funds 17,947,560 - - - 17,947,560 Total Fiduciary Funds $ 18,352,343 $ - $ - $ - $ 18,352,343 Discretely Presented Component Units Industrial Development Authority $ 238,576 $ - $ - $ - $ 238,576 Health Facilities Authority 41,242 - - - 41,242 Housing Finance Authority 231,199 - - - 231,199 Educational Facilities Authority 59,477 - - - 59,477 $ 570,494 $ - $ - $ - $ 570,494 85 FINANCIAL SECTION Notes to the Financial Statements Page 136 of 3203 Page 137 of 3203 REQUIRED SUPPLEMENTARY INFORMATION Page 138 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF THE COUNTY’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN Last Ten Fiscal Years 2025 2024 2023 2022 2021 County’s Proportion of the Net Pension Liability 0.827041828% 0.834035360% 0.828499167% 0.785103420% 0.770303194% County’s Proportionate Share of the Net Pension Liability $ 256,673,518 $ 322,644,100 $ 330,130,697 $ 292,121,565 $ 58,187,652 County’s Covered Payroll *$ 325,481,396 $ 311,112,807 $ 297,384,952 $ 252,964,206 $ 241,529,826 County’s Proportionate Share of the Net Pension Liability (Asset) as a Percentage of Its Covered Payroll 78.86% 103.71% 111.01% 115.48% 24.09% Plan Fiduciary Net Position as a Percentage of the total Pension Liability 87.26% 83.70% 82.38% 82.89% 96.40% * Covered Payroll consists of pensionable wages calculated as of the respective measurement date, restated for periods 2015 to 2017 pursuant to GASB No. 82, Pension Issues. SCHEDULE OF COUNTY CONTRIBUTIONS FLORIDA RETIREMENT SYSTEM PENSION PLAN Last Ten Fiscal Years 2025 2024 2023 2022 2021 Contractually Required Contribution $ 50,723,791 $ 47,713,620 $ 41,265,309 $ 35,022,631 $ 30,034,061 Contributions in Relation to the Contractually Required Contribution (50,723,791) (47,713,620) (41,265,309) (35,022,631) (30,034,061) Contribution Deficiency (Excess)$ - $ - $ - $ - $ - County’s Covered Payroll - Fiscal Year *$ 329,345,323 $ 314,378,569 $ 298,405,341 $ 261,931,755 $ 241,604,760 Contributions as a Percentage of Covered Payroll 15.40% 15.18% 13.83% 13.37% 12.43% * Covered Payroll - Fiscal Year consists of pensionable wages calculated for the respective fiscal year, restated for periods 2015 to 2017 pursuant to GASB No. 82, Pension Issues. SCHEDULE OF THE COUNTY’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY RETIREE HEALTH INSURANCE SUBSIDY PROGRAM Last Ten Fiscal Years 2025 2024 2023 2022 2021 County’s Proportion of the Net Pension Liability 0.727459341% 0.734369520% 0.747985695% 0.693371195% 0.682720614% County’s Proportionate Share of the Net Pension Liability $ 93,241,696 $ 110,162,602 $ 118,790,106 $ 73,439,084 $ 83,745,948 County’s Covered Payroll *$ 325,481,396 $ 311,112,807 $ 297,384,952 $ 252,964,206 $ 241,529,826 County’s Proportionate Share of the Net Pension Liability (Asset) as a Percentage of Its Covered Payroll 28.65% 35.41% 39.94% 29.03% 34.67% Plan Fiduciary Net Position as a Percentage of the total Pension Liability 6.36% 4.80% 4.12% 4.81% 3.56% * Covered Payroll consists of pensionable wages calculated as of the respective measurement date pursuant to GASB No.82, Pension Issues. SCHEDULE OF COUNTY CONTRIBUTIONS RETIREE HEALTH INSURANCE SUBSIDY PROGRAM Last Ten Fiscal Years 2025 2024 2023 2022 2021 Contractually Required Contribution $ 6,579,478 $ 6,284,808 $ 5,184,935 $ 4,341,241 $ 4,008,775 Contributions in Relation to the Contractually Required Contribution (6,579,478) (6,284,808) (5,184,935) (4,341,241) (4,008,775) Contribution Deficiency (Excess)$ - $ - $ - $ - $ - County’s Covered Payroll - Fiscal Year *$ 329,345,323 $ 314,378,569 $ 298,405,341 $ 261,931,755 $ 241,604,760 Contributions as a Percentage of Covered Payroll 2.00% 2.00% 1.74% 1.66% 1.66% * Covered Payroll consists of pensionable wages calculated as of the respective measurement date pursuant to GASB No.82, Pension Issues. 88 FINANCIAL SECTION Required Supplementary Information Page 139 of 3203 2020 2019 2018 2017 2016 0.794941674% 0.797837050% 0.804668214% 0.796720676% 0.772938545% $ 344,539,437 $ 274,763,972 $ 242,370,237 $ 235,664,630 $ 195,167,590 $ 234,174,659 $ 228,455,160 $ 225,786,565 $ 212,195,163 $ 199,870,915 147.13% 120.27% 107.34% 111.06% 97.65% 78.85% 82.61% 84.26% 83.89% 84.88% 2020 2019 2018 2017 2016 $ 27,741,964 $ 25,202,730 $ 23,401,059 $ 20,299,090 $ 20,563,824 (27,741,964) (25,202,730) (23,401,059) (20,299,090) (20,563,824) $ - $ - $ - $ - $ - $ 240,018,783 $ 230,500,331 $ 226,283,207 $ 216,521,253 $ 206,179,415 11.56% 10.93% 10.34% 9.38% 9.97% 2020 2019 2018 2017 2016 0.673478223% 0.683003525% 0.690065185% 0.665383863% 0.645620406% $ 82,230,597 $ 76,421,260 $ 73,037,274 $ 71,145,914 $ 75,244,385 $ 234,174,659 $ 228,455,160 $ 225,786,565 $ 212,195,163 $ 199,870,915 35.12% 33.45% 32.35% 33.53% 37.65% 3.00% 2.63% 2.15% 1.64% 0.97% 2020 2019 2018 2017 2016 $ 3,982,772 $ 3,792,652 $ 3,750,438 $ 3,593,353 $ 3,415,537 (3,982,772) (3,792,652) (3,750,438) (3,593,353) (3,415,537) $ - $ - $ - $ - $ - $ 240,018,783 $ 230,500,331 $ 226,283,207 $ 216,521,253 $ 206,179,415 1.66% 1.65% 1.66% 1.66% 1.66% 89 FINANCIAL SECTION Required Supplementary Information Page 140 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF CHANGES IN THE COLLIER COUNTY TOTAL OPEB LIABILITY AND RELATED RATIOS Last Ten Fiscal Years Board of County Commissioners and Constitutional Officers Total OPEB liability 2025 2024 2023 2022 2021 Service Cost $ 571,178 $ 433,482 $ 463,595 $ 673,684 $ 609,931 Interest 459,881 375,346 327,904 148,910 162,236 Changes of benefit terms - - - - - Differences between expected and actual experience 402,354 2,204,683 290,477 (1,534) (588,396) Changes of assumptions or other inputs (602,390) 391,890 309,325 (1,585,700) 74,553 Benefit payments (711,250) (588,547) (595,148) (494,511) (574,452) Net change in total OPEB liability 119,773 2,816,854 796,153 (1,259,151) (316,128) Total OPEB liability, beginning 11,854,815 9,037,961 8,241,808 9,500,959 9,817,087 Total OPEB liability, ending $ 11,974,588 $ 11,854,815 $ 9,037,961 $ 8,241,808 $ 9,500,959 Covered-employee payroll $ 191,752,259 $ 184,859,953 $ 176,269,735 $ 152,351,768 $ 141,768,412 Total OPEB liability as a percentage of covered employee payroll 6.24% 6.41% 5.13% 5.41% 6.70% Notes to the Schedule Changes in Assumptions: Change in the discount rate of 3.81% as of September 30, 2024 to 4.90% as of September 30, 2025. The defined benefit OPEB plan provided is not administered through a trust that meets the criteria of GASB Statement 75, paragraph 4. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. Sheriff Total OPEB liability 2025 2024 2023 2022 2021 Service Cost $ 850,836 $ 838,265 $ 778,361 $ 734,513 $ 777,037 Interest 1,756,260 1,525,269 1,080,092 422,604 448,520 Changes of benefit terms - - - - - Differences between expected and actual experience 7,689,512 6,781,811 5,877,459 10,708,734 451 Changes of assumptions or other inputs (436,393) 2,695,381 (883,713) (5,446,075) 353,427 Benefit payments (3,753,367) (2,346,391) (2,352,648) (1,461,666) (1,329,954) Net change in total OPEB liability 6,106,848 9,494,335 4,499,551 4,958,110 249,481 Total OPEB liability, beginning 47,121,910 37,627,575 33,128,024 28,169,914 27,920,433 Total OPEB liability, ending $ 53,228,758 $ 47,121,910 $ 37,627,575 $ 33,128,024 $ 28,169,914 Covered-employee payroll $ 115,273,129 $ 107,517,934 $ 100,636,180 $ 95,742,481 $ 87,324,387 Total OPEB liability as a percentage of covered employee payroll 46.18% 43.83% 37.39% 34.60% 32.26% Notes to the Schedule Changes in Assumptions: Change in the discount rate of 3.81% as of September 30, 2024 to 4.90% as of September 30, 2025. The defined benefit OPEB plan provided is not administered through a trust that meets the criteria of GASB Statement 75, paragraph 4. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. 90 FINANCIAL SECTION Required Supplementary Information Page 141 of 3203 2020 2019 2018 2017 $ 609,998 $ 438,933 $ 491,865 $ 464,531 190,846 287,048 252,345 248,849 - - - - (1,190) - - (8,258) 322,360 387,596 (221,309) - (474,429) (674,797) (625,275) (589,882) 647,585 438,780 (102,374) 115,240 9,169,502 8,730,722 8,833,096 8,717,856 $ 9,817,087 $ 9,169,502 $ 8,730,722 $ 8,833,096 $ 135,688,734 $ 132,769,448 $ 123,441,030 $ 121,574,778 7.24% 6.91% 7.07% 7.27% 2020 2019 2018 2017 $ 555,065 $ 485,365 $ 520,082 $ 491,420 435,838 631,825 503,525 502,621 - - - - 5,292,054 - 2,048,462 (83,607) 949,878 2,250,569 (898,977) - (1,098,451) (1,074,207) (941,061) (871,353) 6,134,384 2,293,552 1,232,031 39,081 21,786,049 19,492,497 18,260,466 18,221,385 $ 27,920,433 $ 21,786,049 $ 19,492,497 $ 18,260,466 $ 83,944,157 $ 81,378,975 $ 80,473,682 $ 91,192,818 33.26% 26.77% 24.22% 20.02% 91 FINANCIAL SECTION Required Supplementary Information Page 142 of 3203 Page 143 of 3203 COMBINING & INDIVIDUAL FUND FINANCIAL STATEMENTS & OTHER SUPPLEMENTAL INFORMATION Page 144 of 3203 Page 145 of 3203 NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds ROAD DISTRICTS – To account for taxes levied and expenditures to carry on all work on roads and bridges in the County except that provided for in capital project funds. UNINCORPORATED AREA MUNICIPAL SERVICES TAXING DISTRICT (MSTD) – To account for revenues derived from and expanded for the benefit of the unincorporated areas of the County. COMMUNITY DEVELOPMENT – To account for building permit and development fees to support licensing, permitting and inspection services. WATER MANAGEMENT AND POLLUTION CONTROL – To account for taxes levied County-wide to provide water resource management and water pollution control. PELICAN BAY – To account for taxes levied in the Pelican Bay development to provide water resource management and beautification services. IMPROVEMENT DISTRICTS – To account for taxes levied within municipal service taxing districts to provide for specified improvements and/or the maintenance of such improvements. FIRE CONTROL DISTRICTS – To account for taxes levied within municipal service taxing districts for fire prevention and control. LIGHTING DISTRICT – To account for taxes levied within a municipal service taxing district for street lighting. 911 ENHANCEMENT FEE – To account for fees levied on each telephone access line in the County for the enhancement of the 911 emergency telephone system. GRANTS AND SHARED REVENUE – To account for the revenues received from federal, state and local grants. STATE HOUSING INITIATIVE PARTNERSHIP – To account for state revenues received to provide affordable residential housing for very low to moderate income persons and those who have special housing needs. 800 MHZ INTERGOVERNMENTAL RADIO COMMUNICATIONS PROGRAM FUND (IRCP) – To account for moving traffic violation surcharges received to fund the County’s intergovernmental radio communications program. STATE COURT ADMINISTRATION – To account for County monies used to fund the operation of the court system. CONFISCATED PROPERTY – To account for the accumulation and expenditure of proceeds from the sale of property confiscated by the Sheriff. GAC LAND SALES, ROADS AND CANALS – To account for principal and settlement fees received from a 1977 settlement with GAC Properties, Inc., and interest thereon to be expended for the restoration and maintenance of roads, facilities and drainage improvements in the Golden Gate Estates area. UTILITY FEE – To account for fees to be used to effectively and efficiently regulate private water and wastewater utilities operating within the unincorporated areas of Collier County and the City of Marco Island. CONSERVATION COLLIER – To account for the acquisition and management of environmentally sensitive lands. COURT INFORMATION TECHNOLOGY – To account for the accumulation of resources to enhance and increase access to court information. COURT SERVICES – To account for the accumulation of revenues associated with the function of the local court system. UNIVERSITY EXTENSION – To account for fund accumulation to meet the educational goals of the Collier County UF/IFAS extension. COURT FACILITIES FEE – To account for the accumulation of resources to improve court facilities. AFFORDABLE HOUSING – To account for fees to be used to provide for affordable housing related projects. ECONOMIC AND INNOVATION ZONES – To account for the accumulation of resources for economic development in accordance with an approved tax increment financing plan. OTHER COURT SPECIAL REVENUE FUNDS – To account for the statutory surcharge on recording documents to be paid to the Clerk of the Circuit Court for modernization. 95 FINANCIAL SECTION Nonmajor Governmental Funds Page 146 of 3203 OTHER PUBLIC SAFETY SPECIAL REVENUE FUNDS – To account for the accumulation of resources for the Sheriff’s Inmate Welfare, Federal Equitable Sharing and other statutory revenues paid to the Sheriff to fund various inmate welfare, crime prevention and training programs. OTHER SPECIAL REVENUE FUNDS – To account for the accumulation of resources for the following programs: Miscellaneous Florida Statutes Fee Collections Euclid and Lakeland Assessment Teen Court Legal Aid Society Animal Control Parks and Recreation Donations Public Library Domestic Violence Law Library Juvenile Cyber Security County Drug Abuse Driver Education Local Provider Participation Permanent Funds RESOURCE RECOVERY PARK ENDOWMENT – To account for the permanent endowment established for the benefit of the County’s land conservation program. PEPPER RANCH CONSERVATION BANK – To account for the permanent endowment established for the benefit of creating and maintaining a panther habitat land conservation bank. Debt Service Funds POOLED COMMERCIAL PAPER PROGRAM – To account for the accumulation of resources and payment of interest and principal on variable rate debt incurred for capital improvements within Pelican Bay. GAS TAX REFUNDING REVENUE BONDS – To account for the accumulation of resources and payment of interest and principal on the Series 2012 Gas Tax Refunding Revenue Bonds and Series 2014 Gas Tax Refunding Revenue Bond (bank term loan) incurred in the refinancing of Gas Tax Revenue Bonds. SPECIAL OBLIGATION REFUNDING REVENUE BONDS – To account for the accumulation of resources and payment of interest and principal on the Series 2020A and 2020B (Taxable) Special Obligation Revenue Bonds and the Series 2017 Special Obligation Refunding Revenue Note (bank term loan) incurred in the refinancing of variable rate commercial paper loans and revenue bonds. Also used to account for the accumulation of resources and payment of interest and principal on the Series 2019 Taxable Special Obligation Revenue Note (bank term loan) used to purchase the Golden Gate Golf Course and the Series 2022A and 2022B Special Obligation Revenue Notes (bank term loans) used to refinance the Series 2011 and 2013 Special Obligation Refunding Revenue Bonds. TOURIST DEVELOPMENT TAX REVENUE BONDS – To account for the accumulation of resources and payment of interest and principal on the Series 2018 Tourist Development Tax Revenue Bonds incurred to pay the cost of the development, acquisition, construction and equipping of a regional tournament caliber amateur sports complex. Capital Project Funds COUNTY-WIDE CAPITAL IMPROVEMENTS – To account for capital projects, designated by the Board of County Commissioners, to be funded by a County-wide one third mil levy. PARKS IMPROVEMENTS – To account for the expenditure of funds raised specifically for improvements to parks. Projects include land acquisition, design, construction and equipping of certain Community Park sites in the unincorporated areas of the County. Primary funding is ad valorem taxes. COUNTY-WIDE LIBRARY IMPACT FEES – To account for the receipt and expenditure of library impact fees collected from all qualifying new construction. These impact fees must be used for acquisition of County-wide library facilities. CORRECTIONAL FACILITIES IMPACT FEES – To account for the receipt and expenditure of correctional facilities impact fees collected from all qualifying new construction. These impact fees must be used for the acquisition/construction of correctional facilities. EMERGENCY MEDICAL SERVICES IMPACT FEES – To account for the receipt and expenditure of emergency medical service impact fees collected from all qualifying new construction. These impact fees must be used for acquisition/construction of emergency service facilities. 96 FINANCIAL SECTION Nonmajor Governmental Funds Page 147 of 3203 WATER MANAGEMENT – To account for the receipt and expenditure of funds raised specifically for water management purposes. Primary funding is from ad valorem taxes and bond proceeds. PELICAN BAY CAPITAL IMPROVEMENTS – To account for the receipt and expenditure of funds raised specifically for water management purposes and the restoration of the Clam Bay estuary in the Pelican Bay Development. Primary funding is a capital special assessment and commercial paper proceeds. PARKS IMPACT DISTRICTS – To account for the receipt and expenditure of parks impact fees collected from all qualifying new construction. The impact fees must be used for the acquisition/construction of park facilities. ROAD IMPACT DISTRICTS – To account for the receipt and expenditure of road impact fees collected from all qualifying new construction. The impact fees must be used for the acquisition/construction of roads. ROAD CONSTRUCTION – To account for the receipt and expenditure of gas taxes. Projects include, but are not limited to, right- of-way acquisition, design and construction of various transportation improvements. GOVERNMENT FACILITIES IMPACT FEES – To account for the receipt and expenditure of government facilities impact fees collected from qualifying new construction. The impact fees must be used for the acquisition and construction of government facilities. LAW ENFORCEMENT IMPACT FEES – To account for the receipt and expenditure of law enforcement impact fees collected from all qualifying new construction. The impact fees must be used for the acquisition and construction of law enforcement related facilities. ALL TERRAIN VEHICLE PARK – To account for the receipt and expenditure of funds for the creation of an All Terrain Vehicle park. AMATEUR SPORTS COMPLEX – To account for major capital expenditures related to the new Amateur Sports Complex. Primary funding is bonds proceeds and advances from other tourist tax funds. OTHER CAPITAL PROJECTS – To account for major capital expenditures financed from resources other than proceeds from the issuance of long-term debt and the one third mil levy. 97 FINANCIAL SECTION Nonmajor Governmental Funds Page 148 of 3203 COLLIER COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30, 2025 Special Revenue Funds Water Management Road Unincorporated Community and Pollution Pelican Districts Area MSTD Development Control Bay ASSETS Cash and investments $ 6,687,756 $ 21,623,251 $ 40,275,191 $ 4,431,350 $ 2,224,902 Receivables: Interest 43,460 144,867 197,967 24,328 19,140 Trade, net 7,973 56,975 - - - Notes - - - - - Impact fee - - - - - Special assessments - - - - - Leases 17,335 5,930,490 - - - Due from other funds 185 939,071 3 54,315 70,472 Due from other governments 6,950 796,274 85,348 3,160 840 Deposits - - - - - Inventory for resale - - - - - Inventory 1,736,797 39,104 - 177,096 - Advances to other funds - - 9,264 - 748,000 Prepaid costs - - 91,950 - - Total assets $ 8,500,456 $ 29,530,032 $ 40,659,723 $ 4,690,249 $ 3,063,354 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable $ 739,662 $ 778,728 $ 234,603 $ 22,072 $ 242,309 Wages payable 1,088,910 1,069,197 1,396,701 110,884 143,718 Due to other funds - 12,913 1,326 - - Due to other governments 44 18,346 3,326,688 - - Unearned revenues - 2,646 - - - Refundable deposits - 24,014 4,202,394 - - Retainage payable - - - - - Advances from other funds - - - - - Total liabilities 1,828,616 1,905,844 9,161,712 132,956 386,027 Deferred inflows of resources: Unavailable revenue - - - - - Related to leases 16,372 5,103,232 - - - Total deferred inflows of resources 16,372 5,103,232 - - - Fund balances: Nonspendable 1,736,797 39,104 91,950 177,096 - Restricted 4,918,671 - 31,406,061 - - Committed - 22,481,852 - 4,380,197 2,677,327 Assigned - - - - - Unassigned - - - - - Total fund balances 6,655,468 22,520,956 31,498,011 4,557,293 2,677,327 Total liabilities, deferred inflows of resources and fund balances $ 8,500,456 $ 29,530,032 $ 40,659,723 $ 4,690,249 $ 3,063,354 See accompanying independent auditors’ report 98 FINANCIAL SECTION Nonmajor Governmental Funds Page 149 of 3203 Special Revenue Funds State Fire 911 Grants and Housing Improvement Control Lighting Enhancement Shared Initiative 800 MHz State Court Districts Districts District Fee Revenue Partnership IRCP Fund Administration $ 32,550,456 $ 1,907,679 $ 1,199,263 $ 1,714,373 $ 31,453,231 $ 10,164,979 $ 39,670 $ 578,183 170,520 5,839 7,092 10,188 181,455 58,402 2,038 3,985 4,487 - - - 4,491,603 2,424 - - - - - - - 2,109,296 - - - - - - - - - - - - - - - - - - - - - - - - 939,830 - 119,343 30,626 12,690 - 605,510 98,520 25,044 64,536 257 - - 387,911 11,020,879 - 4,707 486 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 78,721 12,685 - - - $ 32,845,063 $ 1,944,144 $ 1,219,045 $ 2,191,193 $ 47,765,363 $ 12,433,621 $ 1,011,289 $ 647,190 $ 49,286 $ - $ 50,381 $ 181,733 $ 4,464,302 $ 295,841 $ 27,206 $ 21,593 35,955 - - 16,478 191,844 39,170 15,571 154,835 - - - 415,413 8,751,120 - - - - 922,217 - - 64,168 - - - - - - - 9,551,662 - - - 6,871 - - - - - - - - - - - 155,034 - - - 75,283 268,100 - - - - - - 167,395 1,190,317 50,381 613,624 23,178,130 335,011 42,777 176,428 - - - - 4,659,754 2,014,582 - - - - - - - - 878,260 - - - - - 4,659,754 2,014,582 878,260 - - - - 78,721 12,685 - - - - - - 1,498,848 19,914,794 10,084,028 - - 32,677,668 753,827 1,168,664 - - - 90,252 470,762 - - - - - - - - - - - - - - - - 32,677,668 753,827 1,168,664 1,577,569 19,927,479 10,084,028 90,252 470,762 $ 32,845,063 $ 1,944,144 $ 1,219,045 $ 2,191,193 $ 47,765,363 $ 12,433,621 $ 1,011,289 $ 647,190 99 FINANCIAL SECTION Nonmajor Governmental Funds Page 150 of 3203 COLLIER COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30, 2025 Special Revenue Funds GAC Land Court Confiscated Sales, Roads Utility Conservation Information Court University Property and Canals Fee Collier Technology Services Extension ASSETS Cash and investments $ 646,655 $ 2,256,112 $ 998,783 $ 80,945,305 $ 915,106 $ 1,896,005 $ 104,071 Receivables: Interest 3,422 11,640 4,797 483,868 5,581 - 535 Trade, net - - 47,136 - - - - Notes - - - - - - - Impact fee - - - - - - - Special assessments - - - - - - - Leases - - - - - - - Due from other funds - - - 398,586 65,382 - - Due from other governments - - - 198 245 88,178 5 Deposits - - - - - - - Inventory for resale - 144,014 - - - - - Inventory - - - - - - - Advances to other funds - - - - - - - Prepaid costs - - - 4,900 - 3,030 - Total assets $ 650,077 $ 2,411,766 $ 1,050,716 $ 81,832,857 $ 986,314 $ 1,987,213 $ 104,611 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable $ - $ - $ - $ 81,800 $ 33,490 $ 2,845 $ - Wages payable - - 18,170 51,726 8,768 322,228 - Due to other funds - - 198 247 - 273,905 - Due to other governments - - - - 170,914 1,388,235 - Unearned revenues - - - - - - - Refundable deposits - - - - - - - Retainage payable - - - - - - - Advances from other funds - - - - - - - Total liabilities - - 18,368 133,773 213,172 1,987,213 - Deferred inflows of resources: Unavailable revenue - - - - - - - Related to leases - - - - - - - Total deferred inflows of resources - - - - - - - Fund balances: Nonspendable - - - 4,900 - 3,030 - Restricted 650,077 2,411,766 - 81,694,184 773,142 - 104,611 Committed - - 1,032,348 - - - - Assigned - - - - - - - Unassigned - - - - - (3,030) - Total fund balances 650,077 2,411,766 1,032,348 81,699,084 773,142 - 104,611 Total liabilities, deferred inflows of resources and fund balances $ 650,077 $ 2,411,766 $ 1,050,716 $ 81,832,857 $ 986,314 $ 1,987,213 $ 104,611 100 FINANCIAL SECTION Nonmajor Governmental Funds Page 151 of 3203 Special Revenue Funds Other Other Other Total Court Economic and Court Special Public Safety Special Special Facilities Affordable Innovation Revenue Special Revenue Revenue Fee Housing Zones Funds Revenue Funds Funds Funds $ 11,224,152 $ 1,826,442 $ 14,036,637 $ 9,531,362 $ 6,768,781 $ 1,971,393 $ 287,971,088 57,359 13,220 81,203 - 8,013 23,910 1,562,829 - - - - 81,172 - 4,691,770 - 893,826 - - - - 3,003,122 - - - - - - - - - - - - - - - - - - - - 6,887,655 86,699 - - - 13,264 24,573 2,608,819 - - - - - 545 12,395,983 - - - - - - - - - - - - - 144,014 - - - - - - 1,952,997 - - - - - - 757,264 - - - - - - 191,286 $ 11,368,210 $ 2,733,488 $ 14,117,840 $ 9,531,362 $ 6,871,230 $ 2,020,421 $ 322,166,827 $ 205,845 $ 8,029 $ 562,125 $ 21,000 $ 37,806 $ 65,378 $ 8,126,034 - - - - 3,327 9,015 4,676,497 - 98,520 - - 391,580 - 9,945,222 - - - - - 74 5,890,686 - 198,577 - - - - 9,752,885 - - - - - - 4,233,279 83,042 - - - - - 238,076 - - 8,856,800 - - - 9,200,183 288,887 305,126 9,418,925 21,000 432,713 74,467 52,062,862 - 893,826 - - - - 7,568,162 - - - - - - 5,997,864 - 893,826 - - - - 13,566,026 - - - - - - 2,144,283 11,079,323 - - 9,510,362 6,438,517 1,182,887 181,667,271 - 1,534,536 4,698,915 - - 763,067 72,729,415 - - - - - - - - - - - - - (3,030) 11,079,323 1,534,536 4,698,915 9,510,362 6,438,517 1,945,954 256,537,939 $ 11,368,210 $ 2,733,488 $ 14,117,840 $ 9,531,362 $ 6,871,230 $ 2,020,421 $ 322,166,827 101 FINANCIAL SECTION Nonmajor Governmental Funds Page 152 of 3203 COLLIER COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30, 2025 Permanent Funds Debt Service Funds Resource Pepper Pooled Special Recovery Ranch Total Commercial Gas Tax Obligation Park Conservation Permanent Paper Refunding Refunding Endowment Bank Funds Program Revenue Bonds Revenue Bonds ASSETS Cash and investments $ 1,850,273 $ 4,473,029 $ 6,323,302 $ 39 $ 796,036 $ 1,573,067 Receivables: Interest 10,166 23,126 33,292 1 3,066 7,117 Trade, net - - - - - - Notes - - - - - - Impact fee - - - - - - Special assessments - - - - - - Leases - - - - - - Due from other funds - - - - - - Due from other governments - - - 7,911 361,446 - Deposits - - - - - - Inventory for resale - - - - - - Inventory - - - - - - Advances to other funds - - - - - - Prepaid costs - - - - - - Total assets $ 1,860,439 $ 4,496,155 $ 6,356,594 $ 7,951 $ 1,160,548 $ 1,580,184 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable $ - $ - $ - $ - $ - $ - Wages payable - - - - - - Due to other funds - - - - - - Due to other governments - 247 247 - - - Unearned revenues - - - - - - Refundable deposits - - - - - - Retainage payable - - - - - - Advances from other funds - - - - - - Total liabilities - 247 247 - - - Deferred inflows of resources: Unavailable revenue - - - - - - Related to leases - - - - - - Total deferred inflows of resources - - - - - - Fund balances: Nonspendable 1,582,800 3,940,000 5,522,800 - - - Restricted 277,639 555,908 833,547 7,951 - 1,580,184 Committed - - - - - - Assigned - - - - 1,160,548 - Unassigned - - - - - - Total fund balances 1,860,439 4,495,908 6,356,347 7,951 1,160,548 1,580,184 Total liabilities, deferred inflows of resources and fund balances $ 1,860,439 $ 4,496,155 $ 6,356,594 $ 7,951 $ 1,160,548 $ 1,580,184 See accompanying independent auditors’ report 102 FINANCIAL SECTION Nonmajor Governmental Funds Page 153 of 3203 Debt Service Funds Capital Project Funds Tourist Development Total Emergency Tax Debt County-Wide County-Wide Correctional Medical Revenue Service Capital Parks Library Facilities Services Water Bonds Funds Improvements Improvements Impact Fees Impact Fees Impact Fees Management $ 2,653,614 $ 5,022,756 $ 108,535,742 $ 29,586,021 $ 420,404 $ 1,668,077 $ 1,811,796 $ 43,969,473 13,566 23,750 643,535 158,843 2,417 8,921 8,553 230,922 - - 16,181 8,926 - - - - - - - - - - - - - - - - 289,134 252,837 104,356 - - - - - - - - - - - - - - - - - - - 8,077 5,286 - - - - - 369,357 2,492,112 79,728 4,119 6,613 1,821 2,356 - - - - - - - - - - - - - - - - - - - - - - - - - - 35,000,000 - - - - - - - - - - - - - $ 2,667,180 $ 5,415,863 $ 146,695,647 $ 29,838,804 $ 716,074 $ 1,936,448 $ 1,926,526 $ 44,202,751 $ - $ - $ 3,514,044 $ 380,632 $ - $ - $ - $ 237,056 - - - - - - - - - - 513,724 - - - - - - - 10,912 - - - - 316,067 - - - - - - - - - - - - - - - - - - 168,924 16,267 - - - 952,696 - - - - - - - - - - 4,207,604 396,899 - - - 1,505,819 - - - - 289,134 252,837 104,356 - - - - - - - - - - - - - 289,134 252,837 104,356 - - - - - - - - - 2,667,180 4,255,315 - 9,879,829 426,940 1,683,611 1,822,170 7,999,024 - - - - - - - - - 1,160,548 142,488,043 19,562,076 - - - 34,697,908 - - - - - - - - 2,667,180 5,415,863 142,488,043 29,441,905 426,940 1,683,611 1,822,170 42,696,932 $ 2,667,180 $ 5,415,863 $ 146,695,647 $ 29,838,804 $ 716,074 $ 1,936,448 $ 1,926,526 $ 44,202,751 103 FINANCIAL SECTION Nonmajor Governmental Funds Page 154 of 3203 COLLIER COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS September 30, 2025 Capital Project Funds Pelican Bay Parks Road Government Law Capital Impact Impact Road Facilities Enforcement Improvements Districts Districts Construction Impact Fees Impact Fees ASSETS Cash and investments $ 3,793,129 $ 66,435,573 $ 137,373,929 $ 94,062,289 $ 3,769,057 $ 4,327,874 Receivables: Interest 28,369 344,173 714,406 499,247 19,858 21,091 Trade, net - - - 2,020 - - Notes - - - - - - Impact fee - 2,414,959 5,975,726 - 531,981 291,573 Special assessments - - - - - - Leases - - - - - - Due from other funds 24,893 - 42 2,984,399 - - Due from other governments 29,761 54,774 112,027 3,645,034 11,979 - Deposits - 1,250 - 2,486 - - Inventory for resale - - - - - - Inventory - - - - - - Advances to other funds 1,073,682 - - - - - Prepaid costs - - - - - - Total assets $ 4,949,834 $ 69,250,729 $ 144,176,130 $ 101,195,475 $ 4,332,875 $ 4,640,538 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable $ 685,345 $ 1,178,221 $ 2,995,888 $ 2,149,363 $ - $ - Wages payable - - - - - - Due to other funds - - - 1,154 - - Due to other governments - - - 16 - - Unearned revenues - - - - - - Refundable deposits - - 22,500 81,360 - - Retainage payable 576,860 266,144 2,015,201 106,865 - - Advances from other funds - - - - - - Total liabilities 1,262,205 1,444,365 5,033,589 2,338,758 - - Deferred inflows of resources: Unavailable revenue - 2,414,959 5,975,726 - 531,981 291,573 Related to leases - - - - - - Total deferred inflows of resources - 2,414,959 5,975,726 - 531,981 291,573 Fund balances: Nonspendable - - - - - - Restricted 1,111,597 65,391,405 133,166,815 98,856,717 3,800,894 4,348,965 Committed - - - - - - Assigned 2,576,032 - - - - - Unassigned - - - - - - Total fund balances 3,687,629 65,391,405 133,166,815 98,856,717 3,800,894 4,348,965 Total liabilities, deferred inflows of resources and fund balances $ 4,949,834 $ 69,250,729 $ 144,176,130 $ 101,195,475 $ 4,332,875 $ 4,640,538 See accompanying independent auditors’ report 104 FINANCIAL SECTION Nonmajor Governmental Funds Page 155 of 3203 Capital Project Funds Total Total All Terrain Amateur Other Capital Nonmajor Vehicle Sports Capital Project Governmental Park Complex Projects Funds Funds $ 3,501,460 $ 15,041,271 $ 13,670,578 $ 527,966,673 $ 827,283,819 18,141 79,159 71,443 2,849,078 4,468,949 - - - 27,127 4,718,897 - - - - 3,003,122 - - - 9,860,566 9,860,566 - - 1,405 1,405 1,405 - - - - 6,887,655 - - 300 3,022,997 5,631,816 - - 61,143 6,501,467 19,266,807 - - - 3,736 3,736 - - - - 144,014 - - - - 1,952,997 - - 75,283 36,148,965 36,906,229 - - - - 191,286 $ 3,519,601 $ 15,120,430 $ 13,880,152 $ 586,382,014 $ 920,321,298 $ - $ 316,875 $ - $ 11,457,424 $ 19,583,458 - - - - 4,676,497 - - 1,048 515,926 10,461,148 - - - 326,995 6,217,928 - - - - 9,752,885 - - - 103,860 4,337,139 - - - 4,102,957 4,341,033 - 16,200,000 9,264 16,209,264 25,409,447 - 16,516,875 10,312 32,716,426 84,779,535 - - - 9,860,566 17,428,728 - - - - 5,997,864 - - - 9,860,566 23,426,592 - - - - 7,667,083 - - 171,775 328,659,742 515,415,875 - - - - 72,729,415 3,519,601 - 13,698,065 216,541,725 217,702,273 - (1,396,445) - (1,396,445) (1,399,475) 3,519,601 (1,396,445) 13,869,840 543,805,022 812,115,171 $ 3,519,601 $ 15,120,430 $ 13,880,152 $ 586,382,014 $ 920,321,298 105 FINANCIAL SECTION Nonmajor Governmental Funds Page 156 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Water Management Road Unincorporated Community and Pollution Pelican Districts Area MSTD Development Control Bay Revenues: Taxes $-$66,682,540 $-$3,604,859 $ 847,517 Licenses, permits and impact fees -82,459 29,999,162 -- Intergovernmental 1,412,610 ---- Charges for services 365,466 3,948,438 4,338,177 201,082 - Fines and forfeitures -546,680 --- Interest earnings 322,764 1,802,968 1,651,612 218,286 201,606 Special assessments ----5,187,500 Miscellaneous 54,078 320,898 51,534 -119 Total revenues 2,154,918 73,383,983 36,040,485 4,024,227 6,236,742 Expenditures: Current: General government -7,569,526 12,178,912 -- Public safety -5,083,015 20,608,106 -- Physical environment -1,320,391 1,964,109 3,136,547 1,221,273 Transportation 27,891,060 7,659,492 433,056 -4,083,906 Economic environment ----- Human services ----- Culture and recreation -16,519,253 --- Debt service Principal 48,618 106,115 --84,538 Interest 7,642 7,556 --4,617 Fiscal charges ----- Capital outlay 166,018 630,966 108,386 -141,689 Total expenditures 28,113,338 38,896,314 35,292,569 3,136,547 5,536,023 Excess (deficit) of revenues over (under) expenditures (25,958,420) 34,487,669 747,916 887,680 700,719 Other financing sources (uses): Leases ----- SBITAs -129,415 --- Sale of capital assets 188,240 52,375 2,000 -25,320 Insurance proceeds 396,804 46,447 24,258 1,544 2,299 Transfers in 27,750,600 1,197,759 2,242,203 97,207 70,323 Transfers out (1,079,400) (35,500,071) (4,315,300) (234,661) (716,543) Total other financing sources (uses)27,256,244 (34,074,075) (2,046,839) (135,910) (618,601) Net change in fund balances 1,297,824 413,594 (1,298,923) 751,770 82,118 Fund balances at beginning of year, as previously presented 5,357,644 22,107,362 32,796,934 3,805,523 2,595,209 Change within financial reporting entity: Major fund to nonmajor ----- Nonmajor fund to major ----- Fund balances at end of year $ 6,655,468 $ 22,520,956 $ 31,498,011 $ 4,557,293 $ 2,677,327 See accompanying independent auditors’ report 106 FINANCIAL SECTION Nonmajor Governmental Funds Page 157 of 3203 Special Revenue Funds State Fire 911 Grants and Housing Improvement Control Lighting Enhancement Shared Tourist Initiative 800 MHz State Court Districts Districts District Fee Revenue Development Partnership IRCP Fund Administration $ 9,106,848 $ 2,061,559 $ 954,841 $ - $ - $ - $ - $ - $ - - - - - - - - - - - - - 2,400,811 43,965,844 - 3,000,452 - - 258,214 - - - 261,555 - - 669,937 99,522 - - - - - - - - 657,538 1,424,137 88,125 64,128 79,525 1,669,604 - 559,118 63,235 32,745 - - - - - - - - - - - 25,674 - 2,341,248 - 210,708 145,417 - 10,789,199 2,149,684 1,044,643 2,480,336 48,238,251 - 3,770,278 878,589 789,805 - - - - 1,645,733 - - - 1,196,061 - 4,436,430 - 2,098,424 2,492,420 - - 2,157,822 1,862,695 1,201,004 - - - 1,934,337 - - - - 1,826,660 - 885,648 - 408,394 - - - - - - - - 18,610,222 - 6,361,069 - - - - - - 6,945,574 - - - - 1,297,248 - - - 170,681 - - - - - - - - 106,491 - - 381,190 - 2,574 - - - 14,703 - - 38,317 - - - - - - - - - - 101,652 847,989 - 248,712 18,673,309 - - 955,532 - 4,429,138 5,284,419 885,648 2,347,136 51,001,864 - 6,361,069 3,532,861 3,058,756 6,360,061 (3,134,735) 158,995 133,200 (2,763,613) - (2,590,791) (2,654,272) (2,268,951) - - - - - - - 955,532 - - - - - - - - - - 1,600 5,000 - - 12,433 - - - - 19,157 - - - - - - - - 752,071 3,149,792 12,114 - 5,632,324 - - 1,323,700 2,401,700 (687,489) (59,118) (26,474) - (30,139) - (31,571) - (235,400) 85,339 3,095,674 (14,360) - 5,614,618 - (31,571) 2,279,232 2,166,300 6,445,400 (39,061) 144,635 133,200 2,851,005 - (2,622,362) (375,040) (102,651) 26,232,268 792,888 1,024,029 1,444,369 - 168,721,039 12,706,390 465,292 573,413 - - - - 17,076,474 - - - - - - - - - (168,721,039) - - - $ 32,677,668 $ 753,827 $ 1,168,664 $ 1,577,569 $ 19,927,479 $ - $ 10,084,028 $ 90,252 $ 470,762 107 FINANCIAL SECTION Nonmajor Governmental Funds Page 158 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Special Revenue Funds GAC Land Court Confiscated Sales, Roads Utility Conservation Information Court Property and Canals Fee Collier Technology Services Revenues: Taxes $ - $ - $ 189,400 $ 30,711,012 $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - 692,409 Charges for services - - 196,272 - 788,362 5,785,184 Fines and forfeitures 126,286 - - - - 2,875,711 Interest earnings 28,199 108,669 40,209 3,945,172 51,076 - Special assessments - - - - - - Miscellaneous - - - 444,425 - 711,643 Total revenues 154,485 108,669 425,881 35,100,609 839,438 10,064,947 Expenditures: Current: General government - - - - 1,107,777 10,637,043 Public safety 22,500 - - - 9,046 - Physical environment - - 365,940 2,041,497 - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - 36,736 - Culture and recreation - 399,774 - - - - Debt service Principal - - - - - - Interest - - - - - - Fiscal charges - - - - - - Capital outlay - - - 18,191,223 - - Total expenditures 22,500 399,774 365,940 20,232,720 1,153,559 10,637,043 Excess (deficit) of revenues over (under) expenditures 131,985 (291,105) 59,941 14,867,889 (314,121) (572,096) Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - 1,480,014 - - Insurance proceeds - - - - - - Transfers in - - - 397,296 130,000 572,096 Transfers out - - (12,700) (903,244) - - Total other financing sources (uses) - - (12,700) 974,066 130,000 572,096 Net change in fund balances 131,985 (291,105) 47,241 15,841,955 (184,121) - Fund balances at beginning of year, as previously presented 518,092 2,702,871 985,107 65,857,129 957,263 - Change within financial reporting entity: Major fund to nonmajor - - - - - - Nonmajor fund to major - - - - - - Fund balances at end of year $ 650,077 $ 2,411,766 $ 1,032,348 $ 81,699,084 $ 773,142 $ - See accompanying independent auditors’ report 108 FINANCIAL SECTION Nonmajor Governmental Funds Page 159 of 3203 Special Revenue Funds Other Other Other Total Court Economic and Court Special Public Safety Special Special University Facilities Affordable Innovation Revenue Special Revenue Revenue Extension Fee Housing Zone Funds Revenue Funds Funds Funds $ - $ - $ - $ 3,683,000 $ - $ - $ - $ 117,841,576 - - - - - - 93,165 30,174,786 - - - - - - - 51,472,126 26,473 - 926,376 - 1,221,758 1,328,144 275,221 20,690,181 - 1,050,435 - - - 89,935 45,649 5,392,234 4,667 496,301 112,794 657,721 469,781 71,256 363,834 14,527,532 - - - - - - 12,654,900 17,842,400 - - 8,713 - - - 387,256 4,701,713 31,140 1,546,736 1,047,883 4,340,721 1,691,539 1,489,335 13,820,025 262,642,548 - 2,616 - - 212,557 - 204,343 34,754,568 - - - - - 1,405,988 193,000 40,369,446 22,987 - - - - - - 13,208,085 - - - - - - - 43,188,216 - - 1,287,129 3,119,999 - - - 29,378,419 - - - - - - 13,117,219 20,099,529 - - - - - - 4,960 18,391,916 - - - - 47,406 - - 774,358 - - - - 823 - - 76,232 - - - - - - - - - 1,648,158 1,093,009 - 92,946 - - 42,899,589 22,987 1,650,774 2,380,138 3,119,999 353,732 1,405,988 13,519,522 243,140,358 8,153 (104,038) (1,332,255) 1,220,722 1,337,807 83,347 300,503 19,502,190 - - - - - - - 955,532 - - - - 92,946 - - 222,361 - - - - - - - 1,766,982 - 105,553 - - - - - 596,062 - - 722,600 - - - 244,300 46,696,085 - - - - - - (79,400) (43,911,510) - 105,553 722,600 - 92,946 - 164,900 6,325,512 8,153 1,515 (609,655) 1,220,722 1,430,753 83,347 465,403 25,827,702 96,458 11,077,808 2,144,191 3,478,193 8,079,609 6,355,170 1,480,551 382,354,802 - - - - - - - 17,076,474 - - - - - - - (168,721,039) $ 104,611 $ 11,079,323 $ 1,534,536 $ 4,698,915 $ 9,510,362 $ 6,438,517 $ 1,945,954 $ 256,537,939 109 FINANCIAL SECTION Nonmajor Governmental Funds Page 160 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Permanent Funds Debt Service Funds Pooled Special Resource Pepper Ranch Total Commercial Gas Tax Obligation Recovery Park Conservation Permanent Paper Refunding Refunding Endowment Bank Funds Program Revenue Bonds Revenue Bonds Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - 2,201,371 - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 86,176 195,216 281,392 56 58,669 56,316 Special assessments - - - - - - Miscellaneous - 43,260 43,260 - - - Total revenues 86,176 238,476 324,652 56 2,260,040 56,316 Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment 112,795 - 112,795 - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service Principal - - - 370,000 13,265,000 16,836,000 Interest - - - 188,854 355,838 6,561,352 Fiscal charges - - - 3,750 2,500 3,750 Capital outlay - - - - - - Total expenditures 112,795 - 112,795 562,604 13,623,338 23,401,102 Excess (deficit) of revenues over (under) expenditures (26,619) 238,476 211,857 (562,548) (11,363,298) (23,344,786) Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - - - Transfers in - - - 562,530 10,793,350 23,356,400 Transfers out - - - - - - Total other financing sources (uses) - - - 562,530 10,793,350 23,356,400 Net change in fund balances (26,619) 238,476 211,857 (18) (569,948) 11,614 Fund balances at beginning of year, as previously presented 1,887,058 4,257,432 6,144,490 7,969 1,730,496 1,568,570 Change within financial reporting entity: Major fund to nonmajor - - - - - - Nonmajor fund to major - - - - - - Fund balances at end of year $ 1,860,439 $ 4,495,908 $ 6,356,347 $ 7,951 $ 1,160,548 $ 1,580,184 See accompanying independent auditors’ report 110 FINANCIAL SECTION Nonmajor Governmental Funds Page 161 of 3203 Debt Service Funds Capital Project Funds Tourist Total Emergency Development Debt County-Wide County-Wide Correctional Medical Tax Service Capital Parks Library Facilities Services Water Revenue Bonds Funds Improvements Improvements Impact Fees Impact Fees Impact Fees Management $ - $ - $ - $ - $ - $ - $ - $ - - - - 608,034 955,559 1,761,733 499,642 - - 2,201,371 - - - - - - - - - - - - - - - - - - - - - - 60,560 175,601 5,316,742 1,357,195 28,105 58,742 37,876 2,095,951 - - - - - - - - - - 105,079 - - - - - 60,560 2,376,972 5,421,821 1,965,229 983,664 1,820,475 537,518 2,095,951 - - 9,997,995 - - - - - - - 1,561,925 - - 4,994 4,080 - - - 33,060 - - - - 7,245,685 - - - - - - - - - - - - - - - - - - 482,371 - - - - - - - 334,892 2,385,900 3,273 - - - 1,255,000 31,726,000 57,613 - - - - - 2,463,125 9,569,169 9,482 - - - - - 1,250 11,250 - - - - - - - - 15,686,023 5,360,735 - - - 9,316,381 3,719,375 41,306,419 28,163,361 7,746,635 3,273 4,994 4,080 16,562,066 (3,658,815) (38,929,447) (22,741,540) (5,781,406) 980,391 1,815,481 533,438 (14,466,115) - - - - - - - - - - - - - - - - - - 1,299,081 1,000 - - 1,370,000 - - - 16,195 - - - - - 3,694,100 38,406,380 37,469,800 7,245,000 - - - 8,930,955 - - (2,484,200) (13,211) (1,088,700) (1,912,900) (545,600) (3,489,460) 3,694,100 38,406,380 36,300,876 7,232,789 (1,088,700) (1,912,900) 824,400 5,441,495 35,285 (523,067) 13,559,336 1,451,383 (108,309) (97,419) 1,357,838 (9,024,620) 2,631,895 5,938,930 128,928,707 27,990,522 535,249 1,781,030 464,332 51,721,552 - - - - - - - - - - - - - - - - $ 2,667,180 $ 5,415,863 $ 142,488,043 $ 29,441,905 $ 426,940 $ 1,683,611 $ 1,822,170 $ 42,696,932 111 FINANCIAL SECTION Nonmajor Governmental Funds Page 162 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Capital Project Funds Pelican Bay Parks Road Government Law Capital Impact Impact Road Facilities Enforcement Improvements Districts Districts Construction Impact Fees Impact Fees Revenues: Taxes $ - $ - $ - $ 18,588,196 $ - $ - Licenses, permits and impact fees - 9,461,203 31,402,500 - 3,294,276 2,020,283 Intergovernmental - - - 5,063,122 - - Charges for services - - - 170,323 - - Fines and forfeitures - - - - - - Interest earnings 299,882 2,852,169 6,483,902 4,162,080 148,166 175,286 Special assessments 2,167,213 - - - - - Miscellaneous - - - 1,105,362 - - Total revenues 2,467,095 12,313,372 37,886,402 29,089,083 3,442,442 2,195,569 Expenditures: Current: General government - - - - 6,088 - Public safety - - - - - 5,316 Physical environment 945,784 - - - - - Transportation - - 1,685,194 20,563,644 - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - 30,978 - - - - Debt service Principal - - - 195,858 - - Interest - - - 17,803 - - Fiscal charges - - - - - - Capital outlay 4,369,278 5,510,133 49,796,181 5,980,894 - - Total expenditures 5,315,062 5,541,111 51,481,375 26,758,199 6,088 5,316 Excess (deficit) of revenues over (under) expenditures (2,847,967) 6,772,261 (13,594,973) 2,330,884 3,436,354 2,190,253 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - 1,250 - - 275 - Insurance proceeds - - - 86,913 - - Transfers in 1,084,539 - - 23,940,000 1,700,700 - Transfers out (613,646) (4,855,600) (671,042) (10,820,437) (4,978,200) (1,755,900) Total other financing sources (uses) 470,893 (4,854,350) (671,042) 13,206,476 (3,277,225) (1,755,900) Net change in fund balances (2,377,074) 1,917,911 (14,266,015) 15,537,360 159,129 434,353 Fund balances at beginning of year, as previously presented 6,064,703 63,473,494 147,432,830 83,319,357 3,641,765 3,914,612 Change within financial reporting entity: Major fund to nonmajor - - - - - - Nonmajor fund to major - - - - - - Fund balances at end of year $ 3,687,629 $ 65,391,405 $ 133,166,815 $ 98,856,717 $ 3,800,894 $ 4,348,965 See accompanying independent auditors’ report 112 FINANCIAL SECTION Nonmajor Governmental Funds Page 163 of 3203 Capital Project Funds Total Total All Terrain Amateur Other Capital Nonmajor Vehicle Sports Capital Project Governmental Park Complex Projects Funds Funds $ - $ - $ 17,407 $ 18,605,603 $ 136,447,179 - - 8,959 50,012,189 80,186,975 - - - 5,063,122 58,736,619 - - 2,000 172,323 20,862,504 - - - - 5,392,234 153,669 623,418 643,213 24,436,396 39,420,921 - - - 2,167,213 20,009,613 - - - 1,210,441 5,955,414 153,669 623,418 671,579 101,667,287 367,011,459 - - - 10,004,083 44,758,651 - - 39,266 1,615,581 41,985,027 - - - 8,224,529 21,545,409 - - - 22,248,838 65,437,054 - - - - 29,378,419 - - - 482,371 20,581,900 300 501,561 137,091 3,393,995 21,785,911 - - - 253,471 32,753,829 - - - 27,285 9,672,686 - - - - 11,250 - 404,549 79,316 96,503,490 139,403,079 300 906,110 255,673 142,753,643 427,313,215 153,369 (282,692) 415,906 (41,086,356) (60,301,756) - - - - 955,532 - - - - 222,361 - - - 2,671,606 4,438,588 - - - 103,108 699,170 - 4,102,500 3,285,597 87,759,091 172,861,556 - - (2,243,913) (35,472,809) (79,384,319) - 4,102,500 1,041,684 55,060,996 99,792,888 153,369 3,819,808 1,457,590 13,974,640 39,491,132 3,366,232 (5,216,253) 12,412,250 529,830,382 924,268,604 - - - - 17,076,474 - - - - (168,721,039) $ 3,519,601 $ (1,396,445) $ 13,869,840 $ 543,805,022 $ 812,115,171 113 FINANCIAL SECTION Nonmajor Governmental Funds Page 164 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Infrastructure Sales Tax (Major Fund) Road Districts (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - 1,211,700 1,412,610 200,910 Charges for services - - - 190,005 365,466 175,461 Fines and forfeitures - - - - - - Interest earnings 600,000 12,817,580 12,217,580 25,000 277,145 252,145 Special assessments - - - - - - Miscellaneous - - - 44,213 54,078 9,865 Total revenues 600,000 12,817,580 12,217,580 1,470,918 2,109,299 638,381 Expenditures: Current: General government - - - - - - Public safety 800 - 800 - - - Physical environment - - - - - - Transportation - - - 30,840,046 28,052,158 2,787,888 Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - 60,000 56,260 3,740 Capital outlay 288,831,497 56,739,755 232,091,742 495,620 166,018 329,602 Total expenditures 288,832,297 56,739,755 232,092,542 31,395,666 28,274,436 3,121,230 Excess (deficit) of revenues over (under) expenditures (288,232,297) (43,922,175) 244,310,122 (29,924,748) (26,165,137) 3,759,611 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - 177,240 188,240 11,000 Insurance proceeds - - - 305,165 396,804 91,639 Transfers in - - - 27,750,600 27,750,600 - Transfers out (3,963,015) (598,167) 3,364,848 (1,079,400) (1,079,400) - Total other financing sources (uses) (3,963,015) (598,167) 3,364,848 27,153,605 27,256,244 102,639 Net change in fund balances (292,195,312) (44,520,342) 247,674,970 (2,771,143) 1,091,107 3,862,250 Fund balances at beginning of year 335,879,679 343,470,879 7,591,200 3,067,144 5,357,644 2,290,500 Fund balances at end of year $ 43,684,367 $ 298,950,537 $ 255,266,170 $ 296,001 $ 6,448,751 $ 6,152,750 Reconciliation: Net change in fund balance, budgetary basis $ (44,520,342) $ 1,091,107 Net change in fair value of investments 2,094,341 45,619 Change in inventory - 161,098 Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ (42,426,001) $ 1,297,824 See accompanying independent auditors’ report 114 FINANCIAL SECTION Nonmajor Governmental Funds Page 165 of 3203 Unincorporated Area MSTD Community Development (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ 68,449,200 $ 66,682,540 $ (1,766,660) $ - $ - $ - 28,800 82,459 53,659 30,185,700 29,999,162 (186,538) - - - - - - 3,827,400 3,948,438 121,038 3,726,200 4,338,177 611,977 220,000 546,680 326,680 - - - 390,000 1,556,913 1,166,913 965,400 1,400,108 434,708 - - - - - - 295,800 320,898 25,098 51,000 51,534 534 73,211,200 73,137,928 (73,272) 34,928,300 35,788,981 860,681 9,724,019 7,569,526 2,154,493 16,602,019 12,178,912 4,423,107 5,789,130 5,083,015 706,115 25,104,964 20,608,106 4,496,858 1,767,500 1,320,391 447,109 2,049,300 1,964,109 85,191 9,948,750 7,670,827 2,277,923 478,500 433,056 45,444 - - - - - - - - - - - - 17,879,400 16,519,253 1,360,147 - - - 114,000 113,671 329 - - - 887,743 501,551 386,192 108,386 108,386 - 46,110,542 38,778,234 7,332,308 44,343,169 35,292,569 9,050,600 27,100,658 34,359,694 7,259,036 (9,414,869) 496,412 9,911,281 - - - - - - - - - - - - 25,000 52,375 27,375 400 2,000 1,600 13,463 46,447 32,984 - 24,258 24,258 588,500 1,197,759 609,259 2,242,200 2,242,203 3 (35,890,300) (35,500,071) 390,229 (4,315,300) (4,315,300) - (35,263,337) (34,203,490) 1,059,847 (2,072,700) (2,046,839) 25,861 (8,162,679) 156,204 8,318,883 (11,487,569) (1,550,427) 9,937,142 17,860,779 22,107,362 4,246,583 34,054,769 32,796,934 (1,257,835) $ 9,698,100 $ 22,263,566 $ 12,565,466 $ 22,567,200 $ 31,246,507 $ 8,679,307 $ 156,204 $ (1,550,427) 246,055 251,504 11,335 - - - - - (129,415) - 129,415 - - - - - - - - - $ 413,594 $ (1,298,923) 115 FINANCIAL SECTION Nonmajor Governmental Funds Page 166 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Water Management and Pollution Control Pelican Bay (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ 3,745,400 $ 3,604,859 $ (140,541) $ 879,400 $ 847,517 $ (31,883) Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services 160,000 201,082 41,082 34,100 - (34,100) Fines and forfeitures - - - - - - Interest earnings 9,000 185,467 176,467 61,200 171,491 110,291 Special assessments - - - 5,380,000 5,187,500 (192,500) Miscellaneous - - - 65,600 119 (65,481) Total revenues 3,914,400 3,991,408 77,008 6,420,300 6,206,627 (213,673) Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment 4,096,630 3,103,971 992,659 1,260,469 1,221,273 39,196 Transportation - - - 4,322,170 4,083,906 238,264 Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - 90,000 89,155 845 Capital outlay 115,000 - 115,000 146,900 141,689 5,211 Total expenditures 4,211,630 3,103,971 1,107,659 5,819,539 5,536,023 283,516 Excess (deficit) of revenues over (under) expenditures (297,230) 887,437 1,184,667 600,761 670,604 69,843 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - 25,320 25,320 Insurance proceeds - 1,544 1,544 - 2,299 2,299 Transfers in 45,000 97,207 52,207 - 70,323 70,323 Transfers out (249,100) (234,661) 14,439 (1,469,950) (1,464,543) 5,407 Total other financing sources (uses) (204,100) (135,910) 68,190 (1,469,950) (1,366,601) 103,349 Net change in fund balances (501,330) 751,527 1,252,857 (869,189) (695,997) 173,192 Fund balances at beginning of year 2,996,730 3,805,523 808,793 1,969,689 2,595,209 625,520 Fund balances at end of year $ 2,495,400 $ 4,557,050 $ 2,061,650 $ 1,100,500 $ 1,899,212 $ 798,712 Reconciliation: Net change in fund balance, budgetary basis $ 751,527 $ (695,997) Net change in fair value of investments 32,819 30,115 Change in inventory (32,576) - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - 748,000 Unbudgeted funds - - Net change in fund balance, GAAP basis $ 751,770 $ 82,118 See accompanying independent auditors’ report 116 FINANCIAL SECTION Nonmajor Governmental Funds Page 167 of 3203 Improvement Districts Fire Control Districts (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ 9,464,600 $ 9,106,848 $ (357,752) $ 2,127,100 $ 2,061,559 $ (65,541) - - - - - - - - - - - - 233,200 258,214 25,014 - - - - - - - - - 103,800 1,208,624 1,104,824 4,000 74,841 70,841 - - - - - - - - - - - - 9,801,600 10,573,686 772,086 2,131,100 2,136,400 5,300 - - - - - - - - - 4,980,431 4,436,430 544,001 7,558,439 1,201,004 6,357,435 - - - 4,946,811 1,826,660 3,120,151 - - - - - - - - - - - - - - - 1,496,100 1,297,248 198,852 - - - 3,000 2,574 426 - - - 9,563,219 101,652 9,461,567 848,300 847,989 311 23,567,569 4,429,138 19,138,431 5,828,731 5,284,419 544,312 (13,765,969) 6,144,548 19,910,517 (3,697,631) (3,148,019) 549,612 - - - - - - - - - - - - - 1,600 1,600 - 5,000 5,000 - 19,157 19,157 - - - 3,231,800 3,349,871 118,071 3,128,000 3,149,792 21,792 (3,307,800) (3,287,089) 20,711 (59,600) (59,118) 482 (76,000) 83,539 159,539 3,068,400 3,095,674 27,274 (13,841,969) 6,228,087 20,070,056 (629,231) (52,345) 576,886 24,033,710 26,232,268 2,198,558 1,587,431 792,888 (794,543) $ 10,191,741 $ 32,460,355 $ 22,268,614 $ 958,200 $ 740,543 $ (217,657) $ 6,228,087 $ (52,345) 215,513 13,284 - - - - - - - - - - (2,597,800) - 2,597,800 - 1,800 - - - $ 6,445,400 $ (39,061) 117 FINANCIAL SECTION Nonmajor Governmental Funds Page 168 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Lighting District 911 Enhancement Fee (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ 987,500 $ 954,841 $ (32,659) $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - 2,100,000 2,400,811 300,811 Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 3,000 54,455 51,455 12,000 67,408 55,408 Special assessments - - - - - - Miscellaneous - 25,674 25,674 - - - Total revenues 990,500 1,034,970 44,470 2,112,000 2,468,219 356,219 Expenditures: Current: General government - - - - - - Public safety - - - 3,046,300 2,098,424 947,876 Physical environment - - - - - - Transportation 1,070,300 885,648 184,652 - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - - - - Capital outlay - - - 250,000 248,712 1,288 Total expenditures 1,070,300 885,648 184,652 3,296,300 2,347,136 949,164 Excess (deficit) of revenues over (under) expenditures (79,800) 149,322 229,122 (1,184,300) 121,083 1,305,383 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - - - Transfers in - 12,114 12,114 - - - Transfers out (27,500) (26,474) 1,026 - - - Total other financing sources (uses) (27,500) (14,360) 13,140 - - - Net change in fund balances (107,300) 134,962 242,262 (1,184,300) 121,083 1,305,383 Fund balances at beginning of year 990,100 1,024,029 33,929 1,641,700 1,444,369 (197,331) Fund balances at end of year $ 882,800 $ 1,158,991 $ 276,191 $ 457,400 $ 1,565,452 $ 1,108,052 Reconciliation: Net change in fund balance, budgetary basis $ 134,962 $ 121,083 Net change in fair value of investments 9,673 12,117 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 144,635 $ 133,200 See accompanying independent auditors’ report 118 FINANCIAL SECTION Nonmajor Governmental Funds Page 169 of 3203 Grants and Shared Revenue State Housing Initiativeship Partnership (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - - - - - - - 119,570,896 40,694,928 (78,875,968) 16,704,800 3,000,452 (13,704,348) 632,363 261,555 (370,808) - - - - - - - - - 605,252 1,414,245 808,993 687,089 473,493 (213,596) - - - - - - 2,270,486 2,341,248 70,762 1,047,688 210,708 (836,980) 123,078,997 44,711,976 (78,367,021) 18,439,577 3,684,653 (14,754,924) 2,926,345 1,645,733 1,280,612 - - - 954,182 118,184 835,998 - - - 2,247,960 1,934,337 313,623 - - - 1,950,675 408,394 1,542,281 - - - 41,056,494 19,733,211 21,323,283 18,439,577 6,361,069 12,078,508 18,500,289 6,945,574 11,554,715 - - - 1,884,927 170,681 1,714,246 - - - 105,000 100,800 4,200 - - - 90,611,143 17,203,925 73,407,218 - - - 160,237,015 48,260,839 111,976,176 18,439,577 6,361,069 12,078,508 (37,158,018) (3,548,863) 33,609,155 - (2,676,416) (2,676,416) - - - - - - - - - - - - 4 - (4) - - - - - - - - - 33,506,736 8,917,018 (24,589,718) - - - (8,142,954) (3,314,833) 4,828,121 - (31,571) (31,571) 25,363,786 5,602,185 (19,761,601) - (31,571) (31,571) (11,794,232) 2,053,322 13,847,554 - (2,707,987) (2,707,987) 17,147,660 13,744,996 (3,402,664) - 12,706,390 12,706,390 $ 5,353,428 $ 15,798,318 $ 10,444,890 $ - $ 9,998,403 $ 9,998,403 $ 2,053,322 $ (2,707,987) 255,359 85,625 - - - - - - - - - - (3,284,694) - 3,284,694 - - - 542,324 - $ 2,851,005 $ (2,622,362) 119 FINANCIAL SECTION Nonmajor Governmental Funds Page 170 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 800 MHZ IRCP Fund State Court Administration (Budgetary Basis)(Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ -$ -$ -$ -$ -$ - Licenses, permits and impact fees ------ Intergovernmental ------ Charges for services 878,600 669,937 (208,663) 152,800 99,522 (53,278) Fines and forfeitures ---613,300 657,538 44,238 Interest earnings 14,900 58,794 43,894 5,000 27,745 22,745 Special assessments ------ Miscellaneous 161,400 145,417 (15,983) --- Total revenues 1,054,900 874,148 (180,752) 771,100 784,805 13,705 Expenditures: Current: General government --- 1,332,300 1,196,061 136,239 Public safety 2,197,362 2,157,822 39,540 1,964,800 1,862,695 102,105 Physical environment ------ Transportation ------ Economic environment ------ Human services ------ Culture and recreation ------ Debt service 420,000 419,507 493 --- Capital outlay ---6,000 -6,000 Total expenditures 2,617,362 2,577,329 40,033 3,303,100 3,058,756 244,344 Excess (deficit) of revenues over (under) expenditures (1,562,462) (1,703,181) (140,719) (2,532,000) (2,273,951) 258,049 Other financing sources (uses): Leases ------ SBITAs ------ Sale of capital assets ------ Insurance proceeds ------ Transfers in 1,323,700 1,323,700 -2,655,100 2,586,614 (68,486) Transfers out ---(488,800) (420,314) 68,486 Total other financing sources (uses)1,323,700 1,323,700 -2,166,300 2,166,300 - Net change in fund balances (238,762) (379,481) (140,719) (365,700) (107,651) 258,049 Fund balances at beginning of year 495,001 465,292 (29,709) 404,300 573,413 169,113 Fund balances at end of year $ 256,239 $ 85,811 $ (170,428) $ 38,600 $ 465,762 $ 427,162 Reconciliation: Net change in fund balance, budgetary basis $ (379,481) $ (107,651) Net change in fair value of investments 4,441 5,000 Change in inventory -- Lease inception related capital outlay not budgeted 955,532 - Lease inception proceeds (955,532) - SBITA inception related capital outlay -- SBITA inception proceeds -- Interfund transfers in -(184,914) Interfund transfers out -184,914 Advances budgeted as transfers -- Unbudgeted funds -- Net change in fund balance, GAAP basis $ (375,040) $ (102,651) See accompanying independent auditors’ report 120 FINANCIAL SECTION Nonmajor Governmental Funds Page 171 of 3203 Confiscated Property GAC Land Sales, Roads and Canals (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - - - - - - - - - - - - - - - - - - - - 126,286 126,286 - - - 6,000 23,907 17,907 71,500 92,086 20,586 - - - - - - - - - - - - 6,000 150,193 144,193 71,500 92,086 20,586 - - - - - - 32,500 22,500 10,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 404,772 399,774 4,998 - - - - - - - - - - - - 32,500 22,500 10,000 404,772 399,774 4,998 (26,500) 127,693 154,193 (333,272) (307,688) 25,584 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (26,500) 127,693 154,193 (333,272) (307,688) 25,584 523,100 518,092 (5,008) 2,382,200 2,702,871 320,671 $ 496,600 $ 645,785 $ 149,185 $ 2,048,928 $ 2,395,183 $ 346,255 $ 127,693 $ (307,688) 4,292 16,583 - - - - - - - - - - - - - - - - - - $ 131,985 $ (291,105) 121 FINANCIAL SECTION Nonmajor Governmental Funds Page 172 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Utility Fee Conservation Collier (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ 124,000 $ 189,400 $ 65,400 $ 31,914,200 $ 30,711,012 $ (1,203,188) Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services 100,000 196,272 96,272 - - - Fines and forfeitures - - - - - - Interest earnings 25,900 34,066 8,166 1,335,500 3,345,201 2,009,701 Special assessments - - - - - - Miscellaneous - - - 47,400 444,425 397,025 Total revenues 249,900 419,738 169,838 33,297,100 34,500,638 1,203,538 Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment 434,800 365,940 68,860 3,420,136 2,041,497 1,378,639 Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - - - - Capital outlay - - - 41,973,084 18,191,223 23,781,861 Total expenditures 434,800 365,940 68,860 45,393,220 20,232,720 25,160,500 Excess (deficit) of revenues over (under) expenditures (184,900) 53,798 238,698 (12,096,120) 14,267,918 26,364,038 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - 1,480,014 1,480,014 Insurance proceeds - - - - - - Transfers in - - - 7,977,000 8,374,296 397,296 Transfers out (12,700) (12,700) - (9,250,600) (8,880,244) 370,356 Total other financing sources (uses) (12,700) (12,700) - (1,273,600) 974,066 2,247,666 Net change in fund balances (197,600) 41,098 238,698 (13,369,720) 15,241,984 28,611,704 Fund balances at beginning of year 882,900 985,107 102,207 60,733,020 65,857,129 5,124,109 Fund balances at end of year $ 685,300 $ 1,026,205 $ 340,905 $ 47,363,300 $ 81,099,113 $ 33,735,813 Reconciliation: Net change in fund balance, budgetary basis $ 41,098 $ 15,241,984 Net change in fair value of investments 6,143 599,971 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - (7,977,000) Interfund transfers out - 7,977,000 Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 47,241 $ 15,841,955 See accompanying independent auditors’ report 122 FINANCIAL SECTION Nonmajor Governmental Funds Page 173 of 3203 Court Information Technology Court Services (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - - - - - - - - - - 393,100 692,409 299,309 815,600 788,362 (27,238) 4,826,231 5,785,184 958,953 - - - 2,651,000 2,875,711 224,711 5,000 43,252 38,252 - - - - - - - - - - - - 309,669 711,643 401,974 820,600 831,614 11,014 8,180,000 10,064,947 1,884,947 1,501,300 1,107,777 393,523 9,300,000 10,637,043 (1,337,043) 27,400 9,046 18,354 - - - - - - - - - - - - - - - - - - - - - 38,100 36,736 1,364 - - - - - - - - - - - - - - - 64,000 - 64,000 - - - 1,630,800 1,153,559 477,241 9,300,000 10,637,043 (1,337,043) (810,200) (321,945) 488,255 (1,120,000) (572,096) 547,904 - - - - - - - - - - - - - - - - - - - - - - - - 130,000 130,000 - 1,120,000 572,096 (547,904) - - - - - - 130,000 130,000 - 1,120,000 572,096 (547,904) (680,200) (191,945) 488,255 - - - 835,100 957,263 122,163 - - - $ 154,900 $ 765,318 $ 610,418 $ - $ - $ - $ (191,945) $ - 7,824 - - - - - - - - - - - - - - - - - - - $ (184,121) $ - 123 FINANCIAL SECTION Nonmajor Governmental Funds Page 174 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 University Extension Court Facilities Fee (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services 20,000 26,473 6,473 - - - Fines and forfeitures - - - 900,000 1,050,435 150,435 Interest earnings 400 3,957 3,557 35,000 420,659 385,659 Special assessments - - - - - - Miscellaneous - - - - - - Total revenues 20,400 30,430 10,030 935,000 1,471,094 536,094 Expenditures: Current: General government - - - 2,262,479 2,616 2,259,863 Public safety - - - - - - Physical environment 43,200 22,987 20,213 - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - - - - Capital outlay - - - 5,393,135 1,648,158 3,744,977 Total expenditures 43,200 22,987 20,213 7,655,614 1,650,774 6,004,840 Excess (deficit) of revenues over (under) expenditures (22,800) 7,443 30,243 (6,720,614) (179,680) 6,540,934 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - 105,553 105,553 Transfers in - - - - - - Transfers out - - - - - - Total other financing sources (uses) - - - - 105,553 105,553 Net change in fund balances (22,800) 7,443 30,243 (6,720,614) (74,127) 6,646,487 Fund balances at beginning of year 37,100 96,458 59,358 11,047,815 11,077,808 29,993 Fund balances at end of year $ 14,300 $ 103,901 $ 89,601 $ 4,327,201 $ 11,003,681 $ 6,676,480 Reconciliation: Net change in fund balance, budgetary basis $ 7,443 $ (74,127) Net change in fair value of investments 710 75,642 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 8,153 $ 1,515 See accompanying independent auditors’ report 124 FINANCIAL SECTION Nonmajor Governmental Funds Page 175 of 3203 Affordable Housing Economic and Innovation Zones (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ 3,683,000 $ 3,683,000 $ - - - - - - - - - - - - - 911,226 926,376 15,150 - - - - - - - - - 37,100 95,581 58,481 289,300 557,830 268,530 - - - - - - - 8,713 8,713 - - - 948,326 1,030,670 82,344 3,972,300 4,240,830 268,530 - - - - - - - - - - - - - - - - - - - - - - - - 2,692,043 1,287,129 1,404,914 3,854,675 3,119,999 734,676 - - - - - - - - - - - - - - - - - - 1,100,000 1,093,009 6,991 - - - 3,792,043 2,380,138 1,411,905 3,854,675 3,119,999 734,676 (2,843,717) (1,349,468) 1,494,249 117,625 1,120,831 1,003,206 - - - - - - - - - - - - - - - - - - - - - - - - 722,600 722,600 - 1,356,800 1,356,800 - - - - - - - 722,600 722,600 - 1,356,800 1,356,800 - (2,121,117) (626,868) 1,494,249 1,474,425 2,477,631 1,003,206 3,665,617 2,144,191 (1,521,426) 14,684,100 3,478,193 (11,205,907) $ 1,544,500 $ 1,517,323 $ (27,177) $ 16,158,525 $ 5,955,824 $ (10,202,701) $ (626,868) $ 2,477,631 17,213 99,891 - - - - - - - - - - - - - - - (1,356,800) - - $ (609,655) $ 1,220,722 125 FINANCIAL SECTION Nonmajor Governmental Funds Page 176 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Other Court Special Revenue Funds Other Public Safety Revenue Funds (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services 1,027,400 1,221,758 194,358 76,000 71,108 (4,892) Fines and forfeitures - - - 82,000 89,935 7,935 Interest earnings 115,000 469,781 354,781 16,000 60,388 44,388 Special assessments - - - - - - Miscellaneous - - - - - - Total revenues 1,142,400 1,691,539 549,139 174,000 221,431 47,431 Expenditures: Current: General government 3,879,200 212,557 3,666,643 - - - Public safety - - - 825,000 310,086 514,914 Physical environment - - - - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service 50,000 48,229 1,771 - - - Capital outlay 197,600 - 197,600 - - - Total expenditures 4,126,800 260,786 3,866,014 825,000 310,086 514,914 Excess (deficit) of revenues over (under) expenditures (2,984,400) 1,430,753 4,415,153 (651,000) (88,655) 562,345 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - - - Transfers in - - - - - - Transfers out - - - - - - Total other financing sources (uses) - - - - - - Net change in fund balances (2,984,400) 1,430,753 4,415,153 (651,000) (88,655) 562,345 Fund balances at beginning of year 8,079,609 8,079,609 - 1,432,400 1,604,307 171,907 Fund balances at end of year $ 5,095,209 $ 9,510,362 $ 4,415,153 $ 781,400 $ 1,515,652 $ 734,252 Reconciliation: Net change in fund balance, budgetary basis $ 1,430,753 $ (88,655) Net change in fair value of investments - 10,868 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay (92,946) - SBITA inception proceeds 92,946 - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - 161,134 Net change in fund balance, GAAP basis $ 1,430,753 $ 83,347 See accompanying independent auditors’ report 126 FINANCIAL SECTION Nonmajor Governmental Funds Page 177 of 3203 Other Special Revenue Revenue Funds Resource Recovery Park Endowment (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - 61,500 93,165 31,665 - - - - - - - - - 262,500 275,221 12,721 - - - 42,500 45,649 3,149 - - - 73,200 307,383 234,183 55,500 73,042 17,542 12,654,900 12,654,900 - - - - 122,400 387,256 264,856 - - - 13,217,000 13,763,574 546,574 55,500 73,042 17,542 214,600 204,343 10,257 - - - 193,000 193,000 - - - - - - - 194,300 112,795 81,505 102,100 - 102,100 - - - - - - - - - 13,807,149 13,117,219 689,930 - - - 278,500 4,960 273,540 - - - - - - - - - 50,000 - 50,000 - - - 14,645,349 13,519,522 1,125,827 194,300 112,795 81,505 (1,428,349) 244,052 1,672,401 (138,800) (39,753) 99,047 - - - - - - - - - - - - - - - - - - - - - - - - 244,300 244,300 - - - - (79,400) (79,400) - - - - 164,900 164,900 - - - - (1,263,449) 408,952 1,672,401 (138,800) (39,753) 99,047 1,470,549 1,480,551 10,002 1,851,500 1,887,058 35,558 $ 207,100 $ 1,889,503 $ 1,682,403 $ 1,712,700 $ 1,847,305 $ 134,605 $ 408,952 $ (39,753) 56,451 13,134 - - - - - - - - - - - - - - - - - - $ 465,403 $ (26,619) 127 FINANCIAL SECTION Nonmajor Governmental Funds Page 178 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Pepper Ranch Conservation Bank Pooled Commercial Paper Program (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 127,200 165,470 38,270 - 46 46 Special assessments - - - - - - Miscellaneous 41,200 43,260 2,060 - - - Total revenues 168,400 208,730 40,330 - 46 46 Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment 41,200 - 41,200 - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - 1,158,700 562,604 596,096 Capital outlay - - - - - - Total expenditures 41,200 - 41,200 1,158,700 562,604 596,096 Excess (deficit) of revenues over (under) expenditures 127,200 208,730 81,530 (1,158,700) (562,558) 596,142 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - - - Transfers in - - - 1,158,500 562,530 (595,970) Transfers out - - - - - - Total other financing sources (uses) - - - 1,158,500 562,530 (595,970) Net change in fund balances 127,200 208,730 81,530 (200) (28) 172 Fund balances at beginning of year 4,238,800 4,257,432 18,632 200 7,969 7,769 Fund balances at end of year $ 4,366,000 $ 4,466,162 $ 100,162 $ - $ 7,941 $ 7,941 Reconciliation: Net change in fund balance, budgetary basis $ 208,730 $ (28) Net change in fair value of investments 29,746 10 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 238,476 $ (18) See accompanying independent auditors’ report 128 FINANCIAL SECTION Nonmajor Governmental Funds Page 179 of 3203 Gas Tax Refunding Revenue Bonds Special Obligation Refunding Revenue Bonds (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - - - - - - - 2,100,000 2,201,371 101,371 - - - - - - - - - - - - - - - 1,000 49,599 48,599 5,900 47,699 41,799 - - - - - - - - - - - - 2,101,000 2,250,970 149,970 5,900 47,699 41,799 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13,638,900 13,623,338 15,562 23,441,600 23,401,102 40,498 - - - - - - 13,638,900 13,623,338 15,562 23,441,600 23,401,102 40,498 (11,537,900) (11,372,368) 165,532 (23,435,700) (23,353,403) 82,297 - - - - - - - - - - - - - - - - - - - - - - - - 11,316,700 10,793,350 (523,350) 23,356,400 23,356,400 - - - - - - - 11,316,700 10,793,350 (523,350) 23,356,400 23,356,400 - (221,200) (579,018) (357,818) (79,300) 2,997 82,297 1,517,500 1,730,496 212,996 1,386,400 1,568,570 182,170 $ 1,296,300 $ 1,151,478 $ (144,822) $ 1,307,100 $ 1,571,567 $ 264,467 $ (579,018) $ 2,997 9,070 8,617 - - - - - - - - - - - - - - - - - - $ (569,948) $ 11,614 129 FINANCIAL SECTION Nonmajor Governmental Funds Page 180 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Tourist Development Tax Revenue Bonds County-Wide Capital Improvements (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees - - - - - - Intergovernmental - - - - - - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 5,000 51,612 46,612 130,000 4,507,602 4,377,602 Special assessments - - - - - - Miscellaneous - - - - 105,079 105,079 Total revenues 5,000 51,612 46,612 130,000 4,612,681 4,482,681 Expenditures: Current: General government - - - 51,943,774 9,997,995 41,945,779 Public safety - - - 11,601,230 1,561,925 10,039,305 Physical environment - - - 126,664 33,060 93,604 Transportation - - - - - - Economic environment - - - - - - Human services - - - 1,000,000 482,371 517,629 Culture and recreation - - - 384,236 334,892 49,344 Debt service 3,731,700 3,719,375 12,325 70,000 67,095 2,905 Capital outlay - - - 54,794,515 15,686,023 39,108,492 Total expenditures 3,731,700 3,719,375 12,325 119,920,419 28,163,361 91,757,058 Excess (deficit) of revenues over (under) expenditures (3,726,700) (3,667,763) 58,937 (119,790,419) (23,550,680) 96,239,739 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - 1,299,081 1,299,081 Insurance proceeds - - - - 16,195 16,195 Transfers in 3,694,100 3,694,100 - 37,469,800 37,469,800 - Transfers out - - - (16,700,700) (17,484,200) (783,500) Total other financing sources (uses) 3,694,100 3,694,100 - 20,769,100 21,300,876 531,776 Net change in fund balances (32,600) 26,337 58,937 (99,021,319) (2,249,804) 96,771,515 Fund balances at beginning of year 2,563,800 2,631,895 68,095 106,644,919 128,928,707 22,283,788 Fund balances at end of year $ 2,531,200 $ 2,658,232 $ 127,032 $ 7,623,600 $ 126,678,903 $ 119,055,303 Reconciliation: Net change in fund balance, budgetary basis $ 26,337 $ (2,249,804) Net change in fair value of investments 8,948 809,140 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - 15,000,000 Unbudgeted funds - - Net change in fund balance, GAAP basis $ 35,285 $ 13,559,336 See accompanying independent auditors’ report 130 FINANCIAL SECTION Nonmajor Governmental Funds Page 181 of 3203 Parks Improvements County-Wide Library Impact Fees (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - 680,000 608,034 (71,966) 950,000 955,559 5,559 - - - - - - - - - - - - - - - - - - 179,000 1,150,348 971,348 5,800 23,778 17,978 - - - - - - - - - - - - 859,000 1,758,382 899,382 955,800 979,337 23,537 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,368,541 2,385,900 9,982,641 155,197 3,273 151,924 - - - - - - 14,485,252 5,360,735 9,124,517 - - - 26,853,793 7,746,635 19,107,158 155,197 3,273 151,924 (25,994,793) (5,988,253) 20,006,540 800,603 976,064 175,461 - - - - - - - - - - - - - 1,000 1,000 - - - - - - - - - 7,245,000 7,245,000 - - - - (525,436) (13,211) 512,225 (1,088,700) (1,088,700) - 6,719,564 7,232,789 513,225 (1,088,700) (1,088,700) - (19,275,229) 1,244,536 20,519,765 (288,097) (112,636) 175,461 27,955,413 27,990,522 35,109 335,897 535,249 199,352 $ 8,680,184 $ 29,235,058 $ 20,554,874 $ 47,800 $ 422,613 $ 374,813 $ 1,244,536 $ (112,636) 206,847 4,327 - - - - - - - - - - - - - - - - - - $ 1,451,383 $ (108,309) 131 FINANCIAL SECTION Nonmajor Governmental Funds Page 182 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Correctional Facilities Impact Fees Emergency Medical Services Impact Fees (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees 1,800,000 1,761,733 (38,267) 475,000 499,642 24,642 Intergovernmental - - - - - - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 10,700 49,980 39,280 7,000 32,192 25,192 Special assessments - - - - - - Miscellaneous - - - - - - Total revenues 1,810,700 1,811,713 1,013 482,000 531,834 49,834 Expenditures: Current: General government - - - - - - Public safety 256,669 4,994 251,675 104,993 4,080 100,913 Physical environment - - - - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - - - - Debt service - - - - - - Capital outlay - - - 33,107 - 33,107 Total expenditures 256,669 4,994 251,675 138,100 4,080 134,020 Excess (deficit) of revenues over (under) expenditures 1,554,031 1,806,719 252,688 343,900 527,754 183,854 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - 1,370,000 1,370,000 Insurance proceeds - - - - - - Transfers in - - - - - - Transfers out (1,912,900) (1,912,900) - (545,600) (545,600) - Total other financing sources (uses) (1,912,900) (1,912,900) - (545,600) 824,400 1,370,000 Net change in fund balances (358,869) (106,181) 252,688 (201,700) 1,352,154 1,553,854 Fund balances at beginning of year 2,012,669 1,781,030 (231,639) 416,301 464,332 48,031 Fund balances at end of year $ 1,653,800 $ 1,674,849 $ 21,049 $ 214,601 $ 1,816,486 $ 1,601,885 Reconciliation: Net change in fund balance, budgetary basis $ (106,181) $ 1,352,154 Net change in fair value of investments 8,762 5,684 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ (97,419) $ 1,357,838 See accompanying independent auditors’ report 132 FINANCIAL SECTION Nonmajor Governmental Funds Page 183 of 3203 Water Management Pelican Bay Capital Improvements (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ - $ - $ - - - - - - - - - - - - - - - - 218,877 - (218,877) - - - - - - 1,456,000 1,774,001 318,001 40,200 253,909 213,709 - - - 2,247,600 2,167,213 (80,387) - - - - - - 1,456,000 1,774,001 318,001 2,506,677 2,421,122 (85,555) - - - - - - - - - - - - 9,262,045 7,245,685 2,016,360 1,351,174 945,784 405,390 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 45,777,108 9,316,381 36,460,727 6,473,100 4,369,278 2,103,822 55,039,153 16,562,066 38,477,087 7,824,274 5,315,062 2,509,212 (53,583,153) (14,788,065) 38,795,088 (5,317,597) (2,893,940) 2,423,657 - - - - - - - - - - - - - - - - - - - - - - - - 8,930,955 8,930,955 - 1,059,647 1,084,539 24,892 (4,209,263) (3,489,460) 719,803 (1,838,282) (1,687,328) 150,954 4,721,692 5,441,495 719,803 (778,635) (602,789) 175,846 (48,861,461) (9,346,570) 39,514,891 (6,096,232) (3,496,729) 2,599,503 51,019,078 51,721,552 702,474 6,210,732 6,064,703 (146,029) $ 2,157,617 $ 42,374,982 $ 40,217,365 $ 114,500 $ 2,567,974 $ 2,453,474 $ (9,346,570) $ (3,496,729) 321,950 45,973 - - - - - - - - - - - - - - - 1,073,682 - - $ (9,024,620) $ (2,377,074) 133 FINANCIAL SECTION Nonmajor Governmental Funds Page 184 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Parks Impact Districts Road Impact Districts (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees 10,760,000 9,461,203 (1,298,797) 24,827,000 31,402,500 6,575,500 Intergovernmental - - - - - - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 211,500 2,418,550 2,207,050 2,896,700 5,495,548 2,598,848 Special assessments - - - - - - Miscellaneous - - - - - - Total revenues 10,971,500 11,879,753 908,253 27,723,700 36,898,048 9,174,348 Expenditures: Current: General government - - - - - - Public safety - - - - - - Physical environment - - - - - - Transportation - - - 4,065,169 1,685,194 2,379,975 Economic environment - - - - - - Human services - - - - - - Culture and recreation 206,504 30,978 175,526 - - - Debt service - - - - - - Capital outlay 62,937,505 5,510,133 57,427,372 154,630,515 49,796,181 104,834,334 Total expenditures 63,144,009 5,541,111 57,602,898 158,695,684 51,481,375 107,214,309 Excess (deficit) of revenues over (under) expenditures (52,172,509) 6,338,642 58,511,151 (130,971,984) (14,583,327) 116,388,657 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - 1,250 1,250 - - - Insurance proceeds - - - - - - Transfers in - - - - - - Transfers out (4,855,600) (4,855,600) - (13,105,293) (671,042) 12,434,251 Total other financing sources (uses) (4,855,600) (4,854,350) 1,250 (13,105,293) (671,042) 12,434,251 Net change in fund balances (57,028,109) 1,484,292 58,512,401 (144,077,277) (15,254,369) 128,822,908 Fund balances at beginning of year 61,566,008 63,473,494 1,907,486 149,061,819 147,432,830 (1,628,989) Fund balances at end of year $ 4,537,899 $ 64,957,786 $ 60,419,887 $ 4,984,542 $ 132,178,461 $ 127,193,919 Reconciliation: Net change in fund balance, budgetary basis $ 1,484,292 $ (15,254,369) Net change in fair value of investments 433,619 988,354 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 1,917,911 $ (14,266,015) See accompanying independent auditors’ report 134 FINANCIAL SECTION Nonmajor Governmental Funds Page 185 of 3203 Road Construction Government Facilities Impact Fees (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ 18,120,000 $ 18,588,196 $ 468,196 $ - $ - $ - - - - 3,040,000 3,294,276 254,276 4,880,000 5,063,122 183,122 - - - 30,650 170,323 139,673 - - - - - - - - - 1,449,400 3,528,460 2,079,060 25,000 125,956 100,956 - - - - - - 558,042 1,105,362 547,320 - - - 25,038,092 28,455,463 3,417,371 3,065,000 3,420,232 355,232 - - - 69,467 6,088 63,379 - - - - - - - - - - - - 41,235,635 20,563,644 20,671,991 - - - - - - - - - - - - - - - - - - - - - 215,000 213,661 1,339 - - - 99,731,133 5,980,894 93,750,239 - - - 141,181,768 26,758,199 114,423,569 69,467 6,088 63,379 (116,143,676) 1,697,264 117,840,940 2,995,533 3,414,144 418,611 - - - - - - - - - - - - - - - - 275 275 68,148 86,913 18,765 - - - 23,940,000 23,940,000 - 1,700,700 1,700,700 - (14,349,546) (10,820,437) 3,529,109 (4,978,200) (4,978,200) - 9,658,602 13,206,476 3,547,874 (3,277,500) (3,277,225) 275 (106,485,074) 14,903,740 121,388,814 (281,967) 136,919 418,886 109,314,371 83,319,357 (25,995,014) 3,354,967 3,641,765 286,798 $ 2,829,297 $ 98,223,097 $ 95,393,800 $ 3,073,000 $ 3,778,684 $ 705,684 $ 14,903,740 $ 136,919 633,620 22,210 - - - - - - - - - - - - - - - - - - $ 15,537,360 $ 159,129 135 FINANCIAL SECTION Nonmajor Governmental Funds Page 186 of 3203 COLLIER COUNTY, FLORIDA COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGETARY BASIS) NONMAJOR GOVERNMENTAL FUNDS For The Fiscal Year Ended September 30, 2025 Law Enforcement Impact Fees All Terrain Vehicle Park (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance Revenues: Taxes $ - $ - $ - $ - $ - $ - Licenses, permits and impact fees 1,900,000 2,020,283 120,283 - - - Intergovernmental - - - - - - Charges for services - - - - - - Fines and forfeitures - - - - - - Interest earnings 18,000 148,662 130,662 15,000 130,250 115,250 Special assessments - - - - - - Miscellaneous - - - - - - Total revenues 1,918,000 2,168,945 250,945 15,000 130,250 115,250 Expenditures: Current: General government - - - - - - Public safety 103,317 5,316 98,001 - - - Physical environment - - - - - - Transportation - - - - - - Economic environment - - - - - - Human services - - - - - - Culture and recreation - - - 231,770 300 231,470 Debt service - - - - - - Capital outlay 200 - 200 - - - Total expenditures 103,517 5,316 98,201 231,770 300 231,470 Excess (deficit) of revenues over (under) expenditures 1,814,483 2,163,629 349,146 (216,770) 129,950 346,720 Other financing sources (uses): Leases - - - - - - SBITAs - - - - - - Sale of capital assets - - - - - - Insurance proceeds - - - - - - Transfers in - - - - - - Transfers out (1,755,900) (1,755,900) - - - - Total other financing sources (uses) (1,755,900) (1,755,900) - - - - Net change in fund balances 58,583 407,729 349,146 (216,770) 129,950 346,720 Fund balances at beginning of year 3,431,817 3,914,612 482,795 3,331,470 3,366,232 34,762 Fund balances at end of year $ 3,490,400 $ 4,322,341 $ 831,941 $ 3,114,700 $ 3,496,182 $ 381,482 Reconciliation: Net change in fund balance, budgetary basis $ 407,729 $ 129,950 Net change in fair value of investments 26,624 23,419 Change in inventory - - Lease inception related capital outlay not budgeted - - Lease inception proceeds - - SBITA inception related capital outlay - - SBITA inception proceeds - - Interfund transfers in - - Interfund transfers out - - Advances budgeted as transfers - - Unbudgeted funds - - Net change in fund balance, GAAP basis $ 434,353 $ 153,369 See accompanying independent auditors’ report 136 FINANCIAL SECTION Nonmajor Governmental Funds Page 187 of 3203 Amateur Sports Complex Other Capital Projects (Budgetary Basis) (Budgetary Basis) Budget Actual Variance Budget Actual Variance $ - $ - $ - $ 18,100 $ 17,407 $ (693) - - - 9,000 8,959 (41) - - - - - - - - - - 2,000 2,000 - - - - - - 150,000 528,744 378,744 14,900 545,258 530,358 - - - - - - - - - - - - 150,000 528,744 378,744 42,000 573,624 531,624 - - - 50,509 - 50,509 - - - 86,132 39,266 46,866 - - - - - - - - - - - - - - - - - - - - - - - - 750,000 501,561 248,439 299,543 137,091 162,452 - - - - - - 14,661,055 404,549 14,256,506 11,929,679 79,316 11,850,363 15,411,055 906,110 14,504,945 12,365,863 255,673 12,110,190 (15,261,055) (377,366) 14,883,689 (12,323,863) 317,951 12,641,814 - - - - - - - - - - - - - - - - - - - - - - - - 4,102,500 4,102,500 - 3,287,100 3,287,397 297 (500,000) (500,000) - (2,336,603) (2,243,913) 92,690 3,602,500 3,602,500 - 950,497 1,043,484 92,987 (11,658,555) 3,225,134 14,883,689 (11,373,366) 1,361,435 12,734,801 11,666,055 (5,216,253) (16,882,308) 11,942,066 12,412,250 470,184 $ 7,500 $ (1,991,119) $ (1,998,619) $ 568,700 $ 13,773,685 $ 13,204,985 $ 3,225,134 $ 1,361,435 94,674 97,955 - - - - - - - - - - - - - - 500,000 (1,800) - - $ 3,819,808 $ 1,457,590 137 FINANCIAL SECTION Nonmajor Governmental Funds Page 188 of 3203 Page 189 of 3203 NONMAJOR ENTERPRISE FUNDS AIRPORT AUTHORITY – To account for the provision of landing facilities and the sale of fuel at the airports. COLLIER AREA TRANSIT – To account for the provision of public transportation throughout the County. 139 FINANCIAL SECTION Nonmajor Enterprise Funds Page 190 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS September 30, 2025 Airport Collier Area Total Nonmajor Authority Transit Enterprise Funds ASSETS Current assets: Cash and investments $ 10,031,700 $ 1,199,223 $ 11,230,923 Receivables: Trade, net 19,056 25,536 44,592 Interest 33,581 13,266 46,847 Leases 217,377 - 217,377 Due from other funds 9,534 22,092 31,626 Due from other governments 2,182 1,079 3,261 Inventory 157,877 - 157,877 Restricted assets: Cash and investments 39,758 277,087 316,845 Due from other governments 303,476 3,494,703 3,798,179 Total current assets 10,814,541 5,032,986 15,847,527 Noncurrent assets: Receivables: Leases 2,412,188 - 2,412,188 Capital assets: Land, nondepreciable and nonamortizable capital assets 1,805,421 7,180,210 8,985,631 Depreciable and amortizable capital assets, net 47,632,141 21,351,730 68,983,871 Total noncurrent assets 51,849,750 28,531,940 80,381,690 Total assets 62,664,291 33,564,926 96,229,217 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources related to OPEB 19,574 2,936 22,510 Deferred outflows of resources related to pensions 230,426 64,625 295,051 Total deferred outflows of resources 250,000 67,561 317,561 LIABILITIES Current liabilities: Accounts payable 170,935 847,954 1,018,889 Wages payable 103,849 29,086 132,935 Due to other governments 5,493 164 5,657 Compensated absences 104,124 41,983 146,107 Total OPEB Liability 6,340 1,669 8,009 Liabilities payable from restricted assets: Accounts payable 170,040 1,569,640 1,739,680 Due to other governments - 121,759 121,759 Refundable deposits 9,826 - 9,826 Total current liabilities 570,607 2,612,255 3,182,862 Noncurrent liabilities: Compensated absences 104,124 41,983 146,107 Total OPEB liability 84,615 11,974 96,589 Net pension liability 1,066,816 274,767 1,341,583 Total noncurrent liabilities 1,255,555 328,724 1,584,279 Total liabilities 1,826,162 2,940,979 4,767,141 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources related to leases 2,520,471 - 2,520,471 Deferred inflows of resources related to OPEB 8,383 1,257 9,640 Deferred inflows of resources related to pensions 252,355 62,754 315,109 Total deferred inflows of resources 2,781,209 64,011 2,845,220 NET POSITION Net investment in capital assets 49,256,565 27,225,271 76,481,836 Restricted for: Grants and other purposes 103,310 3,387,060 3,490,370 Unrestricted 8,947,045 15,166 8,962,211 Total net position $ 58,306,920 $ 30,627,497 $ 88,934,417 See accompanying independent auditors’ report 140 FINANCIAL SECTION Nonmajor Enterprise Funds Page 191 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION NONMAJOR ENTERPRISE FUNDS For The Fiscal Year Ended September 30, 2025 Airport Collier Area Total Nonmajor Authority Transit Enterprise Funds Operating revenues: Charges for services $ 10,539,631 $ 1,085,028 $ 11,624,659 Miscellaneous 5,616 45,923 51,539 Total operating revenues 10,545,247 1,130,951 11,676,198 Operating expenses: Personal services 1,907,787 423,033 2,330,820 General and administrative 6,495,121 15,082,511 21,577,632 Depreciation and amortization 2,702,913 2,395,142 5,098,055 Total operating expenditures 11,105,821 17,900,686 29,006,507 Operating loss (560,574) (16,769,735) (17,330,309) Non-operating revenues (expenses): Operating grants and contributions - 4,028,164 4,028,164 Interest earnings 458,195 92,724 550,919 Insurance reimbursement - 46,282 46,282 Loss on disposal of capital assets 2,000 (4,691) (2,691) Total non-operating revenues (expenses) 460,195 4,162,479 4,622,674 Loss before contributions and transfers (100,379) (12,607,256) (12,707,635) Capital grants and contributions 2,151,970 9,351,183 11,503,153 Transfers in - 6,167,754 6,167,754 Transfers out (306,900) (6,483) (313,383) Total transfers and contributions 1,845,070 15,512,454 17,357,524 Change in net position 1,744,691 2,905,198 4,649,889 Net position - beginning 56,623,198 27,788,798 84,411,996 Restatement of net position due to implementation of GASB 101 (60,969) (66,499) (127,468) Net position - beginning as restated 56,562,229 27,722,299 84,284,528 Net position - ending $ 58,306,920 $ 30,627,497 $ 88,934,417 See accompanying independent auditors’ report 141 FINANCIAL SECTION Nonmajor Enterprise Funds Page 192 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS For The Fiscal Year Ended September 30, 2025 Airport Collier Area Total Nonmajor Authority Transit Enterprise Funds Cash flows from operating activities: Cash received for services $ 10,539,214 $ 1,128,119 $ 11,667,333 Cash payments for goods and services (6,047,458) (12,402,182) (18,449,640) Cash payments to employees (1,949,652) (542,303) (2,491,955) Cash payments for interfund services (825,421) (3,360,470) (4,185,891) Net cash provided by (used for) operating activities 1,716,683 (15,176,836) (13,460,153) Cash flows from non-capital financing activities: Cash received from operating grants - 4,234,767 4,234,767 Cash transfers from other funds 506,615 6,161,203 6,667,818 Cash transfers to other funds (816,315) - (816,315) Net cash provided by (used for) non-capital financing activities (309,700) 10,395,970 10,086,270 Cash flows from capital and related financing activities: Receipts from insurance reimbursements - 46,282 46,282 Proceeds from disposal of capital assets 2,000 28,401 30,401 Proceeds from capital grants 2,400,476 8,600,881 11,001,357 Proceeds from leasing activities 211,606 - 211,606 Payments for capital acquisitions (2,784,340) (4,268,151) (7,052,491) Net cash provided by (used for) capital and related financing activities (170,258) 4,407,413 4,237,155 Cash flows from investing activities: Interest on investments 455,662 88,681 544,343 Net cash provided by investing activities 455,662 88,681 544,343 Net increase (decrease) in cash and investments 1,692,387 (284,772) 1,407,615 Cash and investments, October 1, 2024 8,379,071 1,761,082 10,140,153 Cash and investments, September 30, 2025 $ 10,071,458 $ 1,476,310 $ 11,547,768 Cash and investments $ 10,031,700 $ 1,199,223 $ 11,230,923 Cash and investments - restricted 39,758 277,087 316,845 Cash and investments, September 30, 2025 $ 10,071,458 $ 1,476,310 $ 11,547,768 Operating loss $ (560,574) $ (16,769,735) $ (17,330,309) Adjustments to reconcile operating loss to net cash provided by operating activities: Depreciation and amortization expense 2,702,913 2,395,142 5,098,055 Net changes in assets and liabilities: Trade receivable (2,916) (2,732) (5,648) Due from other funds (9,534) - (9,534) Inventory 20,009 - 20,009 Accounts payable (153,655) (658,290) (811,945) Retainage payable (4,224) - (4,224) Wages payable 10,020 (2,524) 7,496 Due to other governments 1,667 (21,851) (20,184) Compensated absences 52,292 (20,415) 31,877 Refundable deposits - (100) (100) Unearned revenue (3,117) - (3,117) Total OPEB liability 1,279 (9,956) (8,677) Deferred outflows of resources related to OPEB 917 2,456 3,373 Deferred inflows of resources related to OPEB 250 (883) (633) Net pension liability (290,500) (145,501) (436,001) Deferred outflows of resources related to pensions 87,438 40,982 128,420 Deferred inflows of resources related to pensions 96,439 16,571 113,010 Deferred inflows of resources related to leases (232,021) - (232,021) Total adjustments 2,277,257 1,592,899 3,870,156 Net cash provided by (used for) operating activities $ 1,716,683 $ (15,176,836) $ (13,460,153) Non-cash investing, capital and financing activities: Change in fair value of investments $ 61,790 $ 14,087 $ 75,877 Change in capital related grant receivable (248,506) 740,302 491,796 Capital related accounts payable 180,997 1,265,726 1,446,723 See accompanying independent auditors’ report 142 FINANCIAL SECTION Nonmajor Enterprise Funds Page 193 of 3203 INTERNAL SERVICE FUNDS SELF‐INSURANCE – To account for the self‐insurance costs of providing coverage for property, general and vehicle liability. To account for the provisions of health benefits to Board and participating constitutional officer employees and their dependents. To account for payment of workers’ compensation claims, in lieu of insurance. SHERIFF’S SELF‐INSURANCE – To account for the provisions of health benefits to Sheriff employees and their dependents. To account for payment of workers’ compensation claims, in lieu of insurance. FLEET MANAGEMENT – To account for fuel, oil, lubricants, repairs and maintenance of County vehicles and the use of certain County owned vehicles by County employees. MOTOR POOL CAPITAL RECOVERY – To account for the accumulation of resources for the replacement of vehicles and heavy equipment for County governmental activities. INFORMATION TECHNOLOGY – To account for the costs of operating the County data processing facility and telephone communication system. 143 FINANCIAL SECTION Internal Service Funds Page 194 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS September 30, 2025 Self-Sheriff’s Self-Fleet Motor Pool Information Insurance Insurance Management Capital Recovery Technology Total ASSETS Current assets: Cash and investments $ 50,685,289 $ 20,323,948 $ 2,667,684 $ 26,691,434 $ 18,526,240 $ 118,894,595 Receivables: Trade, net 4,006,244 290,123 - - - 4,296,367 Interest 293,893 49,254 11,396 143,972 101,041 599,556 Due from other funds 22,533 - - 45,864 -68,397 Due from other governments 313 -252,178 -3,597 256,088 Inventory - - 741,720 --741,720 Prepaid costs 4,276,180 - - - 1,530,065 5,806,245 Total current assets 59,284,452 20,663,325 3,672,978 26,881,270 20,160,943 130,662,968 Noncurrent assets: Capital assets: Land, nondepreciable and nonamortizable capital assets - - - - 85,563 85,563 Depreciable and amortizable capital assets, net 1,158,865 -7,125,871 12,186,086 7,832,250 28,303,072 Total noncurrent assets 1,158,865 -7,125,871 12,186,086 7,917,813 28,388,635 Total assets 60,443,317 20,663,325 10,798,849 39,067,356 28,078,756 159,051,603 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources related to OPEB 17,618 -30,340 979 45,021 93,958 Deferred outflows of resources related to pensions 261,293 -456,770 11,503 785,766 1,515,332 Total deferred outflows of resources 278,911 -487,110 12,482 830,787 1,609,290 LIABILITIES Current liabilities: Accounts payable 1,979,513 27,900 595,783 554,812 573,459 3,731,467 Wages payable 119,793 -195,474 4,898 335,412 655,577 Due to other funds -1,123 45,864 - - 46,987 Due to other governments 3,962 -69,440 - - 73,402 Unearned revenues 38,010 123,503 - - - 161,513 Self-insurance claims payable 7,094,678 4,306,000 - - - 11,400,678 Compensated absences 125,383 -180,203 2,892 419,736 728,214 Total OPEB Liability 6,007 -10,345 334 15,350 32,036 Lease payable 2,881 --- - 2,881 SBITA liability 116,186 -40,843 -1,186,514 1,343,543 Total current liabilities 9,486,413 4,458,526 1,137,952 562,936 2,530,471 18,176,298 Noncurrent liabilities: Self-insurance claims payable 2,108,818 - - - - 2,108,818 Compensated absences 125,383 -180,203 2,892 419,736 728,214 Lease payable 9,672 - - - - 9,672 SBITA liability 958,873 -87,038 -2,154,167 3,200,078 Total OPEB liability 75,853 -130,636 4,214 193,847 404,550 Net pension liability 1,132,259 -1,975,527 54,489 3,282,122 6,444,397 Total noncurrent liabilities 4,410,858 -2,373,404 61,595 6,049,872 12,895,729 Total liabilities 13,897,271 4,458,526 3,511,356 624,531 8,580,343 31,072,027 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources related to OPEB 7,545 -12,994 419 19,281 40,239 Deferred inflows of resources related to pensions 260,715 -454,517 13,002 743,685 1,471,919 Total deferred inflows of resources 268,260 -467,511 13,421 762,966 1,512,158 NET POSITION Net investment in capital assets 71,253 -6,849,124 11,631,273 4,409,004 22,960,654 Unrestricted 46,485,444 16,204,799 457,968 26,810,613 15,157,230 105,116,054 Total net position $ 46,556,697 $ 16,204,799 $ 7,307,092 $ 38,441,886 $ 19,566,234 $ 128,076,708 See accompanying independent auditors’ report 144 FINANCIAL SECTION Internal Service Funds Page 195 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For The Fiscal Year Ended September 30, 2025 Self- Sheriff’s Self- Fleet Motor Pool Information Insurance Insurance Management Capital Recovery Technology Total Operating revenues: Charges for services $ 75,581,693 $ 41,386,008 $ 12,390,022 $ 3,090,000 $ 10,452,025 $ 142,899,748 Miscellaneous 4,370,001 - 27,236 - - 4,397,237 Total operating revenues 79,951,694 41,386,008 12,417,258 3,090,000 10,452,025 147,296,985 Operating expenses: Personal services 2,044,077 - 3,564,366 92,127 5,846,959 11,547,529 General and administrative 18,139,071 4,653,980 8,785,726 20,942 5,780,202 37,379,921 Insurance claims paid 51,698,760 35,104,440 - - - 86,803,200 Depreciation and amortization 158,758 - 740,402 2,560,575 3,610,839 7,070,574 Total operating expenditures 72,040,666 39,758,420 13,090,494 2,673,644 15,238,000 142,801,224 Operating income (loss) 7,911,028 1,627,588 (673,236) 416,356 (4,785,975) 4,495,761 Non-operating revenues (expenses): Interest earnings 2,305,266 719,227 102,917 1,235,047 902,718 5,265,175 Insurance reimbursement 132,704 - - 3,485 - 136,189 Interest expense (32,484) - (3,157) - (32,594) (68,235) Loss on disposal of capital assets - - 18,295 286,534 - 304,829 Total non-operating revenues (expenses) 2,405,486 719,227 118,055 1,525,066 870,124 5,637,958 Income (loss) before contributions and transfers 10,316,514 2,346,815 (555,181) 1,941,422 (3,915,851) 10,133,719 Transfers in - - - 476,300 8,789,700 9,266,000 Total transfers and contributions - - - 476,300 8,789,700 9,266,000 Change in net position 10,316,514 2,346,815 (555,181) 2,417,722 4,873,849 19,399,719 Net position - beginning as previously stated 36,334,938 13,857,984 7,994,727 36,025,800 15,076,588 109,290,037 Restatement of net position due to implementation of GASB 101 (94,755) - (132,454) (1,636) (384,203) (613,048) Net position - beginning as restated 36,240,183 13,857,984 7,862,273 36,024,164 14,692,385 108,676,989 Net position - ending $ 46,556,697 $ 16,204,799 $ 7,307,092 $ 38,441,886 $ 19,566,234 $ 128,076,708 See accompanying independent auditors’ report 145 FINANCIAL SECTION Internal Service Funds Page 196 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For The Fiscal Year Ended September 30, 2025 Self- Sheriff’s Self- Fleet Motor Pool Information Insurance Insurance Management Capital Recovery Technology Total Cash flows from operating activities: Cash received from other funds for services $ 70,127,576 $ 39,799,179 $ 12,045,353 $ 3,090,000 $ 10,452,025 $ 135,514,133 Cash received from other governments for services - - 370,744 - - 370,744 Cash received from employees for services 9,150,844 - - - - 9,150,844 Cash received from retirees for services 624,534 1,591,481 - - - 2,216,015 Cash payments on behalf of retirees (1,609,172) - - - - (1,609,172) Cash payments for goods and services (14,173,879) (4,624,957) (8,150,320) (74,661) (4,547,453) (31,571,270) Cash payments for self insurance claims (56,452,330) (35,010,871) - - - (91,463,201) Cash payments to employees (2,108,730) - (3,747,428) (91,699) (5,909,134) (11,856,991) Cash payments for interfund services (822,111) - (503,493) (7,500) (380,042) (1,713,146) Net cash provided by (used for) operating activities 4,736,732 1,754,832 14,856 2,916,140 (384,604) 9,037,956 Cash flows from non-capital financing activities: Cash transfers from other funds - - - 476,300 8,789,700 9,266,000 Net cash provided by non-capital financing activities - - - 476,300 8,789,700 9,266,000 Cash flows from capital and related financing activities: Receipts from insurance reimbursements 132,704 - - 3,485 - 136,189 Proceeds from disposal of capital assets - - 18,295 296,750 - 315,045 Payments for capital acquisitions - - (313,953) (3,989,975) (2,152,800) (6,456,728) Principal payments on leases (2,819) - - - - (2,819) Principal payments on SBITA (112,935) - (42,707) - (2,419,480) (2,575,122) Interest and fiscal agent fees paid (32,484) - (3,157) - (32,594) (68,235) Net cash used for capital and related financing activities (15,534) - (341,522) (3,689,740) (4,604,874) (8,651,670) Cash flows from investing activities: Interest on investments 2,209,724 618,831 99,573 1,187,590 857,700 4,973,418 Net cash provided by investing activities 2,209,724 618,831 99,573 1,187,590 857,700 4,973,418 Net increase (decrease) in cash and investments 6,930,922 2,373,663 (227,093) 890,290 4,657,922 14,625,704 Cash and investments, October 1, 2024 43,754,367 17,950,285 2,894,777 25,801,144 13,868,318 104,268,891 Cash and investments, September 30, 2025 $ 50,685,289 $ 20,323,948 $ 2,667,684 $ 26,691,434 $ 18,526,240 $ 118,894,595 146 FINANCIAL SECTION Internal Service Funds Page 197 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For The Fiscal Year Ended September 30, 2025 Sheriff’s Motor Pool Self- Self- Fleet Capital Information Insurance Insurance Management Recovery Technology Total Operating income (loss)$ 7,911,028 $ 1,627,588 $ (673,236) $ 416,356 $ (4,785,975) $ 4,495,761 Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation and amortization expense 158,758 - 740,402 2,560,575 3,610,839 7,070,574 Net changes in assets and liabilities: Trade receivable (2,684,742) 98,569 - - - (2,586,173) Due from other funds 1,732 - 100 (45,864) - (44,032) Due from other governments - - (1,161) - - (1,161) Inventory - - (23,350) - - (23,350) Prepaid costs 377,176 - - - 1,174,854 1,552,030 Accounts payable 1,195,349 - 105,565 (15,355) (314,947) 970,612 Wages payable 12,184 - 3,895 682 33,654 50,415 Due to other funds (1,519) 1,123 40,479 - (7,200) 32,883 Due to other governments (1,032) - 9,119 - - 8,087 Compensated absences 24,112 - 27,118 3,310 64,225 118,765 Unearned revenue (10,527) 4,652 - - - (5,875) Self-insurance claims payable (2,144,838) 22,900 - - - (2,121,938) Total OPEB liability (3,096) - (5,332) (172) (7,913) (16,513) Deferred outflows of resources related to OPEB 1,794 - 3,093 99 4,590 9,576 Deferred inflows of resources related to OPEB (159) - (275) (9) (409) (852) Net pension liability (290,849) - (561,332) (12,564) (694,544) (1,559,289) Deferred outflows of resources related to pensions 89,118 - 175,521 3,876 227,436 495,951 Deferred inflows of resources related to pensions 102,243 - 174,250 5,206 310,786 592,485 Total adjustments (3,174,296) 127,244 688,092 2,499,784 4,401,371 4,542,195 Net cash provided by (used for) operating activities $ 4,736,732 $ 1,754,832 $ 14,856 $ 2,916,140 $ (384,604) $ 9,037,956 Non-cash investing, capital and financing activities: Change in fair value of investments $ 349,665 $ 615,013 $ 15,642 $ 188,345 $ 138,384 $ 692,036 SBITA right-to-use assets acquired 15,092 - 232,663 - 3,347,787 3,595,542 Capital related accounts payable 12,553 - 148,866 554,813 168,128 884,360 See accompanying independent auditors’ report 147 FINANCIAL SECTION Internal Service Funds Page 198 of 3203 Page 199 of 3203 FIDUCIARY FUNDS CLERK OF COURTS CUSTODIAL FUND – To account for monies held in custodial capacity by the Clerk of the Circuit Court prior to disbursement. SHERIFF CUSTODIAL FUND – To account for monies held in a custodial capacity by the Sheriff. TAX COLLECTOR CUSTODIAL FUND – To account for assets held by the Tax Collector prior to legal disbursement. 149 FINANCIAL SECTION Fiduciary Funds Page 200 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS September 30, 2025 Clerk Tax of Courts Sheriff Collector Custodial Fund Custodial Fund Custodial Fund Total ASSETS Cash and investments $ 29,385,899 $ 432,624 $ 5,829,980 $ 35,648,503 Trade receivable, net - 13,709 3,793 17,502 Due from other governments - - 7,916 7,916 Total assets $ 29,385,899 $ 446,333 $ 5,841,689 $ 35,673,921 LIABILITIES Due to other governments $ 4,316,057 $ 92,977 $ 5,513,385 $ 9,922,419 Due to individuals - 9,298 328,304 337,602 Total liabilities $ 4,316,057 $ 102,275 $ 5,841,689 $ 10,260,021 FIDUCIARY NET POSITION Restricted for individuals and governments $ 25,069,842 $ 344,058 $ - $ 25,413,900 See accompanying independent auditors’ report 150 FINANCIAL SECTION Fiduciary Funds Page 201 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS For The Fiscal Year Ended September 30, 2025 Clerk Tax of Courts Sheriff Collector Custodial Fund Custodial Fund Custodial Fund Total ADDITIONS: Contributions for individuals $ 22,913,888 $ 3,625,101 $ - $ 26,538,989 Fees collected for other governments 147,104,437 447,087 1,065,310,861 1,212,862,385 Miscellaneous - 7,521 1,038,265 1,045,786 Total additions 170,018,325 4,079,709 1,066,349,126 1,240,447,160 DEDUCTIONS: Beneficiary payments to individuals 15,315,385 3,608,657 - 18,924,042 Payment of fees to other governments 147,251,484 365,485 1,066,349,126 1,213,966,095 Payments to other entities - 90,683 - 90,683 Total deductions 162,566,869 4,064,825 1,066,349,126 1,232,980,820 Net increase in fiduciary net position 7,451,456 14,884 - 7,466,340 Fiduciary net position - beginning of year 17,618,386 329,174 - 17,947,560 Fiduciary net position - end of year $ 25,069,842 $ 344,058 $ - $ 25,413,900 151 FINANCIAL SECTION Fiduciary Funds Page 202 of 3203 Page 203 of 3203 COMPONENT UNITS COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY – The authority was established for the purpose of facilitating projects that promote economic growth and opportunities for employment in Collier County. COLLIER COUNTY HEALTH FACILITIES AUTHORITY – The authority was established for the purpose of assisting health facilities in the acquisition, construction and financing of projects within the County. COLLIER COUNTY HOUSING FINANCE AUTHORITY – The authority was established for the purpose of stimulating the construction of residential housing for low and moderate income families through the use of public financing. COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY – The authority was established for the purpose of assisting institutions of higher education in the construction, financing and refinancing of projects. 153 FINANCIAL SECTION Component Units Page 204 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION COMPONENT UNITS September 30, 2025 Industrial Health Housing Educational Development Facilities Finance Facilities Authority Authority Authority Authority Total ASSETS Cash and investments $ 184,402 $ 35,067 $ 241,090 $ 53,302 $ 513,861 Total assets $ 184,402 $ 35,067 $ 241,090 $ 53,302 $ 513,861 NET POSITION Unrestricted $ 184,402 $ 35,067 $ 241,090 $ 53,302 $ 513,861 Total Net Position $ 184,402 $ 35,067 $ 241,090 $ 53,302 $ 513,861 See accompanying independent auditors’ report 154 FINANCIAL SECTION Component Units Page 205 of 3203 COLLIER COUNTY, FLORIDA COMBINING STATEMENT OF ACTIVITIES COMPONENT UNITS For The Fiscal Year Ended September 30, 2025 Net (Expense) Revenue and Changes Program Revenues in Net Position Fees, Fines and Operating Grants Governmental Functions/Programs Expenses Charges for Services and Contributions Activities Industrial Development Authority $ 85,324 $ - $ 28,000 $ (57,324) Health Facilities Authority 6,175 - - (6,175) Housing Finance Authority 13,105 - 18,795 5,690 Educational Facilities Authority 6,175 - - (6,175) Total $ 110,779 $ - $ 46,795 $ (63,984) General revenues: Miscellaneous revenue 7,351 Total general revenues 7,351 Change in net position (56,633) Net position - beginning 570,494 Net position - ending $ 513,861 See accompanying independent auditors’ report 155 FINANCIAL SECTION Component Units Page 206 of 3203 Page 207 of 3203 OTHER SUPPLEMENTAL INFORMATION Schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill. 157 FINANCIAL SECTION Other Supplemental Information Page 208 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF RECEIPTS AND EXPENDITURES OF FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL For The Fiscal Year Ended September 30, 2025 Amount Amount Received Expended in the in the 2025 2025 Source Fiscal Year Fiscal Year British Petroleum: Gulf Seafood and Tourism Promotional Fund $ - $ - Note: This schedule does not include funds related to the Deepwater Horizon Oil Spill that are considered Federal awards or State financial assistance. The Schedule of Expenditures of Federal Awards and State Financial Assistance does not include any expenditures of Federal awards or State financial assistance related to the Deepwater Horizon Oil Spill for the 2025 fiscal year. 158 FINANCIAL SECTION Other Supplemental Information Page 209 of 3203 STATISTICAL SECTION Page 210 of 3203 Page 211 of 3203 FINANCIAL TRENDS These schedules contain trend information to help the reader understand how the government’s financial perfomance and wellbeing have changed over time. Net Position by Component ��162 Change in Net Position ��164 Governmental Activities Tax Revenues by Source ��166 Fund Balances of Governmental Funds ��167 Changes in Fund Balances of Governmental Funds ��168 REVENUE CAPACITY These schedules contain trend information to help the reader assess the County’s most significant local revenue source, Property Tax. Assessed Value and Estimated Actual Value of Taxable Property ��170 Property Tax Rates – All Direct and Overlapping Governments ��172 Principal Taxpayers County-Wide ��173 Property Tax Levies and Collections ��174 DEBT CAPACITY These schedules present information to help the reader assess the affordability of the County’s current levels of outstanding debt and the County’s ability to issue additional debt in the future. Ratios of Outstanding Debt by Type ��176 Legal Debt Margin Information ��178 Direct, Overlapping and Underlapping Governmental Activities Debt��178 Pledged-Revenue Coverage ��179 DEMOGRAPHIC AND ECONOMIC INFORMATION These schedules offer demographic and economic indicators to help the reader understand the environment within which the County’s financial activities take place. Demographic and Economic Statistics ��180 Principal Employers ��181 OPERATING INFORMATION These schedules contain service and infrastructure data to help the reader understand how the information in the County’s financial report relates to the services the County provides and the activities it performs. Budgeted Full-Time Equivalent County Employees by Function ��182 Operating Indicators by Function ��183 Capital Asset Statistics by Function ��184 161 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. Statistical schedules differ from financial statements because they usually cover more than one fiscal year and may present non-accounting data. These schedules reflect social and economic data, and financial trends of Collier County, Florida. STATISTICAL SECTION Page 212 of 3203 COLLIER COUNTY, FLORIDA NET POSITION BY COMPONENT Last Ten Fiscal Years (accrual basis of accounting) (amounts expressed in thousands) (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 Governmental Activities: Net investment in capital assets $ 1,801,430 $ 1,671,210 $ 1,604,950 $ 1,509,272 $ 1,396,962 $ 1,331,163 Restricted 1,057,443 1,040,052 932,472 782,820 660,442 559,050 Unrestricted 204,354 179,505 99,589 87,851 42,882 (23,652) Total governmental activities net position $ 3,063,227 $ 2,890,767 $ 2,637,011 $ 2,379,943 $ 2,100,286 $ 1,866,561 Business-type Activities: Net investment in capital assets $ 957,339 $ 912,382 $ 882,904 $ 870,966 $ 846,257 $ 818,092 Restricted 51,311 49,699 46,639 48,511 50,827 42,036 Unrestricted 416,667 353,649 296,239 240,180 241,239 215,623 Total business-type activities net position $ 1,425,317 $ 1,315,730 $ 1,225,782 $ 1,159,657 $ 1,138,323 $ 1,075,751 Primary Government: Net investment in capital assets $ 2,758,769 $ 2,583,592 $ 2,487,854 $ 2,380,238 $ 2,243,219 $ 2,149,255 Restricted 1,108,754 1,089,751 979,111 831,331 711,269 601,086 Unrestricted 621,021 533,154 395,828 328,031 284,121 191,971 Total primary government net position $ 4,488,544 $ 4,206,497 $ 3,862,793 $ 3,539,600 $ 3,238,609 $ 2,942,312 162 STATISTICAL SECTION Page 213 of 3203 Fiscal Year 2019 2018 2017 2016 $ 1,302,980 $ 1,287,184 $ 1,257,685 $ 1,225,520 478,719 362,045 336,922 327,968 (32,158) (29,328) (24,011) 2,478 $ 1,749,541 $ 1,619,901 $ 1,570,596 $ 1,555,966 $ 777,814 $ 763,259 $ 741,912 $ 723,000 39,371 31,982 32,619 35,760 205,756 143,198 168,602 169,287 $ 1,022,941 $ 938,439 $ 943,133 $ 928,047 $ 2,080,794 $ 2,050,443 $ 1,999,597 $ 1,948,520 518,090 394,027 369,541 363,728 173,598 113,870 144,591 171,765 $ 2,772,482 $ 2,558,340 $ 2,513,729 $ 2,484,013 163 STATISTICAL SECTION Page 214 of 3203 COLLIER COUNTY, FLORIDA CHANGE IN NET POSITION Last Ten Fiscal Years (accrual basis of accounting) (amounts expressed in thousands) (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 Expenses Governmental activities: General government $ 180,816 $ 175,663 $ 179,599 $ 138,961 $ 129,810 $ 135,978 Public safety 321,293 320,976 330,024 274,244 237,435 266,736 Transportation 103,656 97,304 97,579 94,079 88,679 89,954 Culture and recreation 90,773 83,129 86,605 70,800 59,348 56,900 Other activities 119,065 114,212 117,725 97,039 114,798 54,967 Interest on long-term debt 9,490 10,387 10,320 10,818 14,601 12,321 Total governmental activities expenses $ 825,093 $ 801,671 $ 821,852 $ 685,941 $ 644,671 $ 616,856 Business-type activities: Water and Sewer $ 205,985 $ 203,338 $ 190,639 $ 175,794 $ 166,035 $ 155,368 Solid Waste 62,631 61,695 85,475 51,071 51,896 49,158 Emergency Medical Services 43,121 49,100 43,838 41,626 27,782 33,761 Airport Authority 11,076 11,480 11,762 11,612 7,805 6,168 Mass Transit 17,986 17,767 17,200 14,766 13,638 13,716 Total business-type activities expenses 340,799 343,380 348,914 294,869 267,156 258,171 Total primary government expenses $ 1,165,892 $ 1,145,051 $ 1,170,766 $ 980,810 $ 911,827 $ 875,027 Program Revenues Governmental activities: Charges for services: General government $ 50,168 $ 46,430 $ 44,893 $ 46,133 $ 40,237 $ 39,204 Public safety 31,196 26,299 25,318 28,900 29,790 25,037 Transportation 1,989 1,776 1,532 1,700 1,897 1,425 Culture and recreation 12,683 11,336 10,483 10,015 7,617 5,055 Other activities 2,442 1,866 1,513 1,257 3,566 1,959 Operating Grants and Contributions 75,768 82,431 73,672 79,246 98,708 34,025 Capital Grants and Contributions 61,492 61,284 52,102 132,702 50,311 47,343 Total governmental activities program revenues 235,738 231,422 209,513 299,953 232,126 154,048 Business-type activities: Charges for services: Water and Sewer $ 241,714 $ 221,031 $ 192,611 $ 177,260 $ 168,017 $ 162,702 Solid Waste 73,639 71,201 64,854 60,340 59,078 53,885 Emergency Medical Services 17,853 19,172 15,570 18,491 14,206 13,069 Airport Authority 10,452 10,182 9,498 9,633 7,242 4,959 Mass Transit 1,131 1,268 1,081 1,140 1,086 978 Operating Grants and Contributions 4,169 7,358 42,508 8,172 26,394 11,548 Capital Grants and Contributions 58,902 47,371 47,787 48,197 42,974 42,099 Total business-type activities program revenues 407,860 377,583 373,909 323,233 318,997 289,240 Total primary government program revenues 643,598 609,005 583,422 623,186 551,123 443,288 Net (expense)/revenue: Governmental activities (589,355) (570,249) (612,339) (385,988) (412,545) (462,808) Business-type activities 67,061 34,203 24,995 28,364 51,841 31,069 Total primary government net expense $ (522,294) $ (536,046) $ (587,344) $ (357,624) $ (360,704) $ (431,739) General Revenues and Other Changes in Net Position Governmental Activities: Taxes: Property taxes $ 552,088 $ 531,452 $ 518,877 $ 447,901 $ 400,607 $ 376,140 Gas taxes 25,853 25,808 24,846 24,196 22,920 21,005 Sales taxes 63,055 64,862 68,746 65,043 55,732 45,228 Infrastructure sales tax - 33,851 124,563 120,376 99,588 81,735 Tourist taxes 49,827 48,637 44,108 47,470 36,192 26,062 Other taxes 7,161 6,694 6,690 6,658 6,289 6,438 State revenue sharing 18,584 18,251 18,831 17,758 13,776 12,343 Interest earnings 79,982 100,307 62,110 (55,942) 1,639 14,336 Miscellaneous 11,776 16,119 18,892 7,899 18,407 11,523 Transfers, net (21,641) (21,976) (18,257) (15,714) (8,880) (15,020) Total governmental activities $ 786,685 $ 824,005 $ 869,406 $ 665,645 $ 646,270 $ 579,790 Business-type Activities: Interest earnings $ 25,726 $ 33,601 $ 21,606 $ (22,905) $ 394 $ 5,870 Miscellaneous 300 168 1,266 161 1,457 851 Transfers, net 21,641 21,976 18,257 15,714 8,880 15,020 Total business-type activities 47,667 55,745 41,129 (7,030) 10,731 21,741 Total primary government $ 834,352 $ 879,750 $ 910,535 $ 658,615 $ 657,001 $ 601,531 Change in Net Position Governmental activities $ 197,330 $ 253,756 $ 257,067 $ 279,657 $ 233,725 $ 116,982 Business-type activities 114,728 89,948 66,124 21,334 62,572 52,810 Total primary government $ 312,058 $ 343,704 $ 323,191 $ 300,991 $ 296,297 $ 169,792 164 STATISTICAL SECTION Page 215 of 3203 Fiscal Year 2019 2018 2017 2016 $ 134,018 $ 126,920 $ 108,388 $ 104,188 254,341 223,177 225,360 205,347 88,200 83,386 75,589 70,560 59,401 58,042 51,889 49,526 52,500 64,822 41,899 48,256 13,223 9,736 11,294 12,077 $ 601,683 $ 566,083 $ 514,419 $ 489,954 $ 153,602 $ 144,113 $ 144,850 $ 130,792 47,529 106,823 43,664 39,271 34,871 32,275 28,644 26,529 6,361 5,533 4,905 4,402 13,090 12,680 11,354 11,333 255,453 301,424 233,417 212,327 $ 857,136 $ 867,507 $ 747,836 $ 702,281 $ 39,981 $ 37,703 $ 33,377 $ 35,184 26,137 28,040 24,240 25,276 1,206 2,111 2,024 4,880 7,808 7,886 8,192 8,393 1,862 2,235 1,467 1,230 30,313 29,549 26,539 26,387 56,268 47,645 38,124 36,818 163,575 155,169 133,963 138,168 $ 155,839 $ 145,757 $ 135,045 $ 123,856 51,928 50,449 45,209 41,918 13,854 12,836 11,812 13,161 4,639 3,951 3,734 3,073 1,203 1,129 1,267 1,225 46,592 16,426 5,025 4,435 37,888 38,670 26,993 25,367 311,943 269,218 229,085 213,035 475,518 424,387 363,048 351,203 (438,108) (410,914) (380,456) (351,786) 56,490 (32,206) (4,332) 708 $ (381,618) $ (443,120) $ (384,788) $ (351,078) $ 356,099 $ 337,447 $ 312,633 $ 281,136 24,485 22,749 21,799 20,478 49,550 44,093 41,799 40,659 60,787 - - - 31,653 27,962 21,961 21,838 7,140 6,914 7,478 7,280 13,194 12,564 11,602 11,100 24,113 6,857 3,574 4,891 17,594 18,121 9,714 5,976 (16,837) (16,487) (14,793) (14,250) $ 567,778 $ 460,220 $ 415,767 $ 379,108 $ 9,699 $ 2,602 $ 1,379 $ 2,011 1,476 8,423 126 200 16,837 16,487 14,793 14,250 28,012 27,512 16,298 16,461 $ 595,790 $ 487,732 $ 432,065 $ 395,569 $ 129,670 $ 49,306 $ 35,311 $ 27,322 84,502 (4,694) 11,966 17,169 $ 214,172 $ 44,612 $ 47,277 $ 44,491 165 STATISTICAL SECTION Page 216 of 3203 COLLIER COUNTY, FLORIDA GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE Last Ten Fiscal Years (amounts expressed in thousands) (unaudited) Fiscal Property Gas Sales Infrastructure Tourist Other Year Tax Taxs Tax Sales Tax Tax Taxes Total 2016 $ 281,136 $ 20,478 $ 40,659 $ - $ 21,838 $ 7,280 $ 371,391 2017 312,633 21,799 41,799 - 21,961 7,478 405,670 2018 337,447 22,749 44,093 - 27,962 6,914 439,165 2019 356,099 24,485 49,550 60,787 31,653 7,140 529,714 2020 376,140 21,005 45,228 81,735 26,062 6,438 556,608 2021 400,607 22,920 55,732 99,588 36,192 6,289 621,328 2022 447,901 24,196 65,043 120,376 47,470 6,658 711,644 2023 518,877 24,846 68,746 124,563 44,108 6,690 787,830 2024 531,452 25,808 64,862 33,851 48,637 6,694 711,304 2025 552,088 25,853 63,055 - 49,827 7,161 697,984 166 STATISTICAL SECTION Page 217 of 3203 COLLIER COUNTY, FLORIDA FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years (modified accrual basis of accounting) (amounts expressed in thousands) (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 General fund Nonspendable $ 12,758 $ 10,729 $ 5,189 $ 3,811 $ 2,785 $ 2,779 $ 2,383 $ 2,645 $ 3,386 $ 3,675 Restricted 722 554 76 197 580 1,087 461 306 2,440 264 Assigned 32,777 50,022 29,293 35,243 12,281 11,664 1,115 1,736 1,598 1,674 Unassigned 149,302 133,338 129,010 114,549 117,116 104,299 103,707 77,342 54,805 53,961 Total general fund $ 195,559 $ 194,643 $ 163,568 $ 153,800 $ 132,762 $ 119,829 $ 107,666 $ 82,029 $ 62,229 $ 59,574 All other governmental funds Nonspendable $ 7,668 $ 7,459 $ 7,198 $ 6,993 $ 6,623 $ 3,490 $ 2,887 $ 8,135 $ 2,385 $ 3,055 Restricted 1,023,762 1,037,754 964,567 822,398 722,297 560,480 522,311 354,514 328,447 324,334 Committed 72,730 64,532 58,730 48,432 44,582 41,517 40,355 34,788 32,759 26,069 Assigned 217,702 201,589 161,986 110,481 84,392 52,613 31,977 21,129 33,822 28,644 Unassigned (23,033) (19,868) (21,285) (1,636) - - - (246) - (89) Total all other governmental funds $ 1,298,829 $ 1,291,466 $ 1,171,196 $ 986,668 $ 857,894 $ 658,100 $ 597,530 $ 418,320 $ 397,413 $ 382,013 167 STATISTICAL SECTION Page 218 of 3203 COLLIER COUNTY, FLORIDA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years (modified accrual basis of accounting) (amounts expressed in thousands) (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 Revenues: Taxes $ 625,572 $ 637,365 $ 710,628 $ 637,798 $ 556,387 $ 503,593 Licenses, permits and impact fees 80,462 75,634 74,882 87,077 79,468 68,989 Intergovernmental 146,666 160,021 155,490 159,873 174,230 96,684 Charges for services 50,951 47,956 43,598 44,586 38,570 34,959 Fines and forfeitures 5,934 2,368 2,705 2,498 2,567 2,334 Interest earnings 74,716 93,816 58,191 (51,856) 1,575 13,178 Special assessments 20,010 17,561 12,026 15,228 5,610 5,619 Miscellaneous 7,555 5,981 5,719 6,454 11,851 6,799 Total revenues 1,011,866 1,040,702 1,063,239 901,658 870,258 732,155 Expenditures: Current: General government 156,525 146,032 140,034 118,232 109,729 108,008 Public safety 308,635 288,393 269,511 247,700 226,655 219,808 Physical environment 41,827 43,483 40,098 25,747 21,050 20,986 Transportation 66,185 60,124 58,366 59,272 53,788 53,316 Economic environment 32,424 27,371 42,700 40,858 13,824 9,395 Human services 37,040 33,771 25,028 25,208 77,191 20,242 Culture and recreation 74,576 65,931 64,120 56,473 49,493 46,246 Debt service: Principal 36,557 34,473 32,456 28,761 31,084 26,507 Interest 10,229 10,958 10,914 13,519 13,151 12,731 Redemption of debt - - - - 10,000 - Other fiscal charges 11 9 10 171 1,084 21 Capital outlay 226,194 170,156 177,660 127,836 164,344 129,056 Total expenditures 990,203 880,701 860,897 743,777 771,393 646,316 Excess of revenues over expenditures 21,663 160,001 202,342 157,881 98,865 85,839 Other financing sources (uses): Bonds issued - - - - 99,175 - Loans issued - 3,000 1,500 1,000 - - Refunding loans issued - - - 108,425 - - Premiums on bonds issued - - - - 16,925 - Discount on loans issued - - - (189) - - Payment to refunding escrow - - - (108,044) - - Leases 5,781 1,347 237 865 2,658 358 Subscription based information technology arrangements 2,346 8,175 7,414 - - - Sale of capital assets 5,318 709 1,219 4,662 337 712 Insurance proceeds 4,100 9,609 12,834 842 4,157 2,104 Transfers in 202,057 242,683 205,310 185,203 236,502 144,991 Transfers out (232,986) (274,179) (236,560) (200,834) (246,785) (161,271) Total other financing sources (uses) (13,384) (8,656) (8,046) (8,070) 112,969 (13,106) Net change in fund balances $ 8,279 $ 151,345 $ 194,296 $ 149,811 $ 211,834 $ 72,733 Debt service as a percentage of noncapital expenditures 6.13% 6.39% 6.35% 6.86% 7.41% 7.59% 168 STATISTICAL SECTION Page 219 of 3203 Fiscal Year 2019 2018 2017 2016 $ 471,127 $ 386,814 $ 355,885 $ 322,915 78,182 75,102 59,217 61,033 100,191 92,206 86,656 83,949 37,255 36,981 34,008 38,362 2,491 2,375 2,263 2,708 22,046 6,133 3,233 4,440 7,452 4,789 4,350 3,746 5,566 4,527 8,705 6,600 724,310 608,927 554,317 523,753 103,445 101,198 89,193 84,599 213,829 198,097 197,762 177,375 23,728 31,994 12,465 15,283 45,245 45,904 41,003 36,011 8,378 9,942 8,199 11,061 17,005 15,849 15,058 14,038 48,793 47,671 42,889 40,886 23,127 21,864 21,439 20,743 11,521 10,165 11,908 12,713 - - 5,588 - 801 128 48 19 107,881 82,871 80,495 67,198 603,753 565,683 526,047 479,926 120,557 43,244 28,270 43,827 62,965 - - - 28,060 12,000 - - - 43,713 5,293 - 3,238 - - - - - - - - (44,525) - - - - - - - - - - 376 1,065 155 306 6,416 3,762 339 796 140,633 114,358 117,833 121,654 (157,399) (132,910) (133,834) (137,530) 84,289 (2,537) (10,214) (14,774) $ 204,846 $ 40,707 $ 18,056 $ 29,053 6.99% 6.63% 7.58% 8.11% 169 STATISTICAL SECTION Page 220 of 3203 COLLIER COUNTY, FLORIDA ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years (amounts expressed in thousands) (unaudited) Fiscal Year Government Ended Residential Commercial Institutional and Industrial Agricultural Personal September 30 Property Property Other Property Property Property Property 2016 $ 66,559,709 $ 4,377,974 $ 5,067,190 $ 682,762 $ 282,725 $ 2,353,841 2017 73,334,846 4,681,110 5,252,880 763,216 282,376 2,342,953 2018 79,459,537 5,047,802 5,438,701 841,128 280,507 2,448,008 2019 83,819,751 5,360,190 5,681,034 923,980 283,625 2,534,892 2020 87,951,024 6,001,743 5,936,391 1,073,086 282,370 2,619,748 2021 93,113,447 6,691,606 6,257,252 1,195,303 276,441 2,755,010 2022 98,746,606 6,636,506 6,516,129 1,274,347 292,672 2,835,230 2023 114,910,903 7,662,665 7,158,582 1,469,083 297,269 3,052,293 2024 129,902,284 8,252,914 7,808,052 1,669,731 313,114 3,292,148 2025 142,901,822 8,927,014 8,363,832 1,913,481 343,374 3,397,109 Property is assessed as of January 1 each year, and taxes based on these assessments are levied and become due on the following November 1. Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the next succeeding calendar year. (1) Centrally assesed property is property that is assessed by the State of Florida rather than the Property Appraiser since the property is located in more than one county. (2) Exemptions are provided for agricultural government, institutional and historic preservation property. Exemptions available solely to residential property include, but are not limited to, widows/widowers, disabled/blind, $25,000 homestead differential (capped values). (3) Total Direct Rate is the average of the direct rates levied (taxes levied to total taxable value). (4) The basis of assessed value required by the state is 100% of actual value including tax exemptions. Source: Property Appraiser Recapitulation Report, Form DR-403V 170 STATISTICAL SECTION Page 221 of 3203 Total Assessed Centrally Less:Total Taxable Direct Estimated Value as a Assessed Tax Assessed Tax Actual Percentage of Property (1)Exempt (2)Value Rate (3)Value Actual Value (4) $ 134 $ 9,235,508 $ 70,088,827 4.1572 $ 79,324,335 100% 211 9,537,260 77,120,332 4.2029 86,657,592 100% 246 9,905,942 83,609,987 4.1851 93,515,929 100% 244 10,317,449 88,286,267 4.1827 98,603,716 100% 232 10,676,611 93,187,983 4.1876 103,864,594 100% 221 11,121,148 99,168,132 4.1906 110,289,280 100% 193 11,622,676 104,679,007 4.4407 116,301,683 100% 200 12,400,782 122,150,213 4.4391 134,550,995 100% 178 13,221,848 138,016,573 4.0040 151,238,421 100% 207 13,793,170 152,053,669 3.7672 165,846,839 100% 171 STATISTICAL SECTION Page 222 of 3203 COLLIER COUNTY, FLORIDA PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Fiscal Years (unaudited) Collier County Other Special Debt Capital Fiscal General Revenue Service Project Collier County Independent Year Fund Funds Funds Funds Total School District Districts Total 2016 3.5645 0.5856 0.0071 0.0000 4.1572 5.4800 1.1331 10.7703 2017 3.5645 0.6323 0.0061 0.0000 4.2029 5.2450 1.1138 10.5617 2018 3.5645 0.6145 0.0061 0.0000 4.1851 5.1220 1.2375 10.5446 2019 3.5645 0.6122 0.0060 0.0000 4.1827 5.0490 1.2331 10.4648 2020 3.5645 0.6172 0.0059 0.0000 4.1876 5.0830 1.2272 10.4978 2021 3.5645 0.6202 0.0058 0.0001 4.1906 5.0160 1.2262 10.4328 2022 3.5645 0.8761 0.0000 0.0001 4.4407 4.8890 1.2155 10.5452 2023 3.5645 0.8745 0.0000 0.0001 4.4391 4.4590 1.1988 10.0969 2024 3.2043 0.7960 0.0000 0.0001 4.0004 4.2920 1.1905 9.4829 2025 3.0107 0.7564 0.0000 0.0001 3.7672 4.3132 1.1885 9.2689 Basis for property tax rates is 1 mill per $1,000 of assessed value. Property is assessed as of January 1 and taxes based on those assessments are levied according to the tax rate in effect that tax year and become due on November 1. Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the following calendar year. Sources: Property Appraiser Recapitulation Report, Form 403CC Collier County Adopted Budget 172 STATISTICAL SECTION Page 223 of 3203 COLLIER COUNTY, FLORIDA PRINCIPAL TAXPAYERS COUNTY-WIDE 2025 TAX ROLL (unaudited) 2025 2016 Property Percent of Property Percent of Taxes Total Taxes Total Owner/Taxpayer Levied Rank Taxes Levied Levied Rank Taxes Levied Marco Hotel, LLC $ 3,520,302 1 0.22% HHR Naples, LLC 2,863,337 2 0.18% 1,788,013 1 0.23% Siena Lakes, LLC 1,647,033 3 0.10% CC-Naples, Inc. 1,580,196 4 0.10% GWR Naples, LLC 1,577,899 5 0.10% The Moorings, Inc. 1,488,100 6 0.09% WSR-NB, LLC 1,448,975 7 0.09% Naples Beach Club Land Trust I 1,437,197 8 0.09% PR Mercato, LLC 1,110,983 9 0.07% 1,034,694 3 0.13% Pearl at Founders SQ, LLC 1,128,511 10 0.07% Florida Power & Light Company 1,559,104 2 0.20% The Arlington of Naples, Inc. 900,888 4 0.12% Naples HMA, Inc. 814,584 5 0.11% Arthrex Manufacturing, Inc. 803,972 6 0.10% Collier HMA, Inc. 793,135 7 0.10% Lee County Electric Co-Op, Inc. 788,170 8 0.10% Wal-Mart Stores East, LP 756,812 9 0.10% Waterside at Pelican Bay, LLC 577,010 10 0.07% Total $ 17,802,533 1.11% $ 9,816,382 1.26% Total Property Taxes Levied - County-Wide $ 1,599,379,667 $ 778,888,377 Amounts for taxpayers with similar names have not been combined. Sources: Property Appraiser’s taxpayer listing in order of taxes levied Property Appraiser Recapitulation Report, Form DR-403CC 173 STATISTICAL SECTION Page 224 of 3203 COLLIER COUNTY, FLORIDA PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Fiscal Years (amounts expressed in thousands) (unaudited) Fiscal Year Total County Tax Collected within the Total County Tax Ended Levy for Fiscal Year of the Levy Levy Cost September 30 Population (1) Fiscal Year (2) Amount Percentage of Levy Per Person 2016 350,202 $ 291,369 $ 281,114 96.4% $ 832 2017 357,470 324,123 312,507 96.4% 907 2018 367,347 349,928 337,361 96.4% 953 2019 376,706 369,257 356,075 96.4% 980 2020 375,752 390,115 376,086 96.4% 1,038 2021 382,680 415,635 400,531 96.4% 1,086 2022 390,912 464,860 447,901 96.4% 1,189 2023 399,480 542,294 518,859 95.7% 1,357 2024 408,381 552,067 531,484 96.3% 1,352 2025 413,314 572,840 552,154 96.4% 1,386 Property taxes levied apply only to General, Special Revenue, Debt Service Funds and Capital Projects Funds. Property tax levies are based on assessed values as of January 1st and become due and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid by November 30, with the discount declining by one percent each month thereafter. Accordingly, taxes collected are not 100 percent of the amount levied. Taxes become delinquent on April 1st of each year and tax certificates for the unpaid taxes must be sold no later than June 1st of each year. Property taxes receivable and a corresponding reserve for uncollectible property taxes are not included in the financial statements as there are no significant delinquent taxes as of September 30, 2025. Sources: (1)https://www.bebr.ufl.edu/population/population-data-archive/ (2)Property Appraiser Recapitulation Report, Form DR-403CC 174 STATISTICAL SECTION Page 225 of 3203 Page 226 of 3203 COLLIER COUNTY, FLORIDA RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years (amounts expressed in thousands) (unaudited) Governmental Activities Limited General Obligation Bonds (1) Revenue Bonds (1) Direct Placement Loans and Notes Payable Other Loans Financed Purchase Obligations Leases (3) SBITA (3) Fiscal Year 2016 $ 2,941 $ 246,135 $ 87,360 $ - $ 937 $ - $ - 2017 2,499 232,147 79,227 - 316 - - 2018 2,037 175,975 102,930 - 236 - - 2019 1,560 226,896 145,952 - 153 - - 2020 1,063 209,822 136,549 - 56 7,255 - 2021 - 309,856 111,582 - 28 7,425 - 2022 - 178,680 208,979 1,000 - 7,309 - 2023 - 169,849 186,388 2,500 - 6,610 7,722 2024 - 164,947 159,653 5,500 - 6,782 15,230 2025 - 159,925 132,421 5,130 - 10,991 15,169 (1) Amounts include the unamortized premium or discount. (2) Not presented in thousands. See the Schedule of Demographic and Economic Statistics for personal income and population data. (3) Collier County adopted GASB Statement No. 87, Leases in fiscal year 2020 and GASB Statement No. 96, Subscription-Based Information Technology Arrangements in fiscal year 2023. 176 STATISTICAL SECTION Page 227 of 3203 Business-type Activities Revenue Bonds (1) Direct Placement Loans and Notes Payable Other Loans/ Notes Financed Purchase Obligations Leases (3) SBITA (3) Total Primary Government Percentage of Personal Income (2) Per Capita (2) $ 59,954 $ 24,727 $ 95,707 $ 1,247 $ - $ - $ 519,008 1.74% $ 1,482 59,351 108,278 66 865 - - 482,749 1.53% 1,350 58,748 129,141 66 521 - - 469,654 1.38% 1,278 139,382 113,576 66 173 - - 627,758 1.65% 1,666 138,524 98,165 70 59 808 - 592,371 1.44% 1,577 297,456 82,476 70 - 703 - 809,596 1.91% 2,115 293,299 67,624 70 - 607 - 757,568 1.66% 1,938 233,355 106,030 70 - 726 437 713,687 1.37% 1,787 229,645 94,267 70 - 638 381 677,113 1.24% 1,658 225,826 82,838 75 - 730 641 633,746 1.01% 1,533 177 STATISTICAL SECTION Page 228 of 3203 COLLIER COUNTY, FLORIDA LEGAL DEBT MARGIN INFORMATION As Of September 30, 2025 (unaudited) Pursuant to the Florida Constitution and Florida Statute 200.181, there is no legal limit on the amount of ad valorem taxes Collier County may levy for the payment of voted bonds. As a result, a schedule computing Legal Debt Margin is not applicable and is therefore not presented. DIRECT, OVERLAPPING AND UNDERLYING DEBT As of September 30, 2025 (unaudited) Estimated Estimated Percentage Share of Debt Applicable Based Overlapping Outstanding on Population (2) Debt Direct Debt: Governmental Activities Special Obligation Revenue Bonds (1)(3)$ 101,322,847 100.00% $ 101,322,847 Tourist Development Tax Revenue Bonds (1) 58,602,745 100.00% 58,602,745 Direct Placement Loans and Notes Payable (1)(3) 132,420,325 100.00% 132,420,325 Leases, SBITA and Other Loans (3) 31,290,283 100.00% 31,290,283 Total Governmental Activities Direct Debt 323,636,200 323,636,200 Overlapping Debt: N/A - 0.00% - Underlying Debt: City of Naples (4) 22,524,643 4.62% 1,040,639 City of Marco Island (5) 15,369,177 3.92% 602,472 City of Everglades (6) - 0.09% - Subtotal, Underlying Debt 37,893,820 8.63% 1,643,111 Total Direct, Overlapping and Underlying Debt $ 361,530,020 $ 325,279,311 (1) Amounts include the unamortized premium or discount. (2) Population numbers obtained from University of Florida Bureau of Economic and Business Research. (3) Totals consist of more than one issuance. (4) Governmental activities debt outstanding amount obtained from the City of Naples. (5) Governmental activities debt outstanding amount obtained from the City of Marco Island. (6) Governmental activities debt outstanding amount obtained from the City of Everglades. 178 STATISTICAL SECTION Page 229 of 3203 COLLIER COUNTY, FLORIDA PLEDGED-REVENUE COVERAGE Last Ten Fiscal Years (amounts expressed in thousands) (unaudited) Governmental Activities: Gas Tax Bonds and Direct Placement Loans Special Obligation Bonds and Direct Placement Loans(4) Legally Available Gas Non-Ad Fiscal Tax Debt Service Valorem Debt Service Year Collections Principal Interest Coverage(1) Collections(2) Principal Interest Coverage(3) 2016 $ 20,478 $ 9,900 $ 3,242 1.56 $ 107,268 $ 9,280 $ 9,020 5.86 2017 21,799 10,195 2,939 1.66 108,577 9,705 8,591 5.93 2018 22,749 10,510 2,737 1.72 118,725 10,258 7,012 6.87 2019 22,709 10,830 2,542 1.70 125,162 10,865 7,191 6.93 2020 21,005 11,170 2,178 1.57 124,638 11,362 7,244 6.70 2021 22,920 11,515 1,802 1.72 129,594 11,841 8,458 6.38 2022 24,196 11,875 1,413 1.82 152,914 14,798 9,354 6.33 2023 24,776 12,215 1,046 1.87 165,483 16,885 6,887 6.96 2024 25,808 12,965 706 1.89 167,622 16,581 6,899 6.91 2025 25,853 13,265 357 1.90 171,136 16,836 6,561 7.31 Business-type Activities: Water and Sewer Revenue Bonds and Direct Placement Loans Water/ Sewer Less: Net Fiscal Charges Operating Available Debt Service Year and Other (4) Expenses (5) Revenue Principal Interest Coverage (6) 2016 $ 125,456 $ 84,474 $ 40,982 $ 3,986 $ 2,841 6.00 2017 136,064 97,904 38,160 3,902 2,818 5.68 2018 155,847 90,507 65,340 5,528 3,050 7.62 2019 163,653 98,281 65,372 6,261 4,091 6.31 2020 169,444 100,866 68,578 6,384 6,189 5.45 2021 170,927 106,913 64,014 6,500 6,066 5.09 2022 160,302 113,392 46,910 9,016 10,959 2.35 2023 209,447 125,794 83,653 5,610 10,851 5.08 2024 245,127 137,084 108,043 5,795 10,587 6.18 2025 258,913 142,365 116,548 5,990 10,390 7.12 (1) Gas Tax Collections divided by annual total debt service requirements for the respective fiscal year. (2) The revenues that comprise the legally available non-ad valorem revenues are defined by bond documents; these revenues include Sales Tax and certain impact fees and are averaged over two fiscal years. Coverage must be at least 1.5. (3) Legally Available Non-Ad Valorem Collections divided by annual total debt service requirements for the respective fiscal year. Fiscal year 2025 collections were $169,898,354. (4) Operating revenues plus other income; certain interest earnings, gain on disposal of assets, capital grants and contributions and transfers in are not included. (5) Total operating expenses, excluding depreciation and amortization; loss on disposal of assets, interest expense and transfers out are not included. (6) Net available revenue divided by annual total senior lien debt service requirements for the County Water and Sewer District. Coverage must be at least 1.00. 179 STATISTICAL SECTION Page 230 of 3203 COLLIER COUNTY, FLORIDA DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Fiscal Years (unaudited) Per Capita Fiscal Personal Personal Median School Unemployment Year Population(1) Income(2) Income Age(3) Enrollment(4) Rate(5) 2016 350,202 $ 29,889,525,000 $85,349 48.5 47,289 4.9% 2017 357,470 31,512,180,000 88,153 49.2 49,394 3.6% 2018 367,347 33,958,713,000 92,443 49.7 47,934 3.3% 2019 376,706 38,058,323,000 101,029 50.3 48,441 3.2% 2020 375,752 41,014,314,000 109,153 50.8 47,048 5.7% 2021 382,680 42,413,331,000 110,832 51.3 48,838 3.6% 2022 390,912 45,539,558,000 116,496 51.5 49,692 2.8% 2023 399,480 52,200,912,000 130,672 52.2 49,662 3.3% 2024 408,381 54,390,465,000 133,186 53.1 48,266 3.7% 2025 413,314 62,493,250,000 151,200 53.3 47,303 4.7% Sources: (1)UF BEBR Florida Estimates of Population 2024 (2)fred.stlouisfed.org/series/PI12021 (3)fred.stlouisfed.org/series/B01002001E012021 (4)collierschools.com/Page/349 (5)floridajobs.org 180 STATISTICAL SECTION Page 231 of 3203 COLLIER COUNTY, FLORIDA PRINCIPAL EMPLOYERS (unaudited) 2025 2016 Percent of Percent of Total County Total County Employer Employees Rank Employment Employees Rank Employment Collier County Public Schools 5,908 1 3.38% 5,361 1 3.87% NCH Healthcare System 4,567 2 2.62% 4,315 2 3.11% Arthex, Inc. 4,428 3 2.54% 2,105 4 1.52% Publix Supermarkets 3,160 4 1.81% 1,249 6 0.90% Collier County Government (excl. Sheriff) 2,717 5 1.55% 2,276 3 1.64% Collier County Sheriff’s Office 1,269 6 0.73% 1,401 5 1.01% Ritz Carlton Hotel 1,100 7 0.63% 1,100 7 0.79% JW Marriott - Marco Island 1,092 8 0.63% 801 9 0.58% Seminole Casino - Immokalee 900 9 0.52% 1,000 8 0.72% City of Naples 547 10 0.31% Naples Grande Resort 488 10 0.35% Other employers 148,814 85.28% 118,576 85.51% Totals 174,502 100.00% 138,672 100.00% Sources: Southwest Florida Economic Development Alliance Collier County Public Schools NCH Healthcare System Publix Corporate Office Arthrex, Inc. 181 STATISTICAL SECTION Page 232 of 3203 COLLIER COUNTY, FLORIDA BUDGETED FULL-TIME EQUIVALENT COUNTY EMPLOYEES BY FUNCTION (1) Last Ten Fiscal Years (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: General government 1,515 1,487 1,456 1,434 1,374 1,366 1,342 1,299 1,351 1,262 Public safety 1,153 1,110 1,133 1,104 1,111 1,100 1,080 1,089 1,112 1,124 Physical environment 117 104 105 97 94 90 80 73 73 70 Transportation 238 255 236 232 233 235 228 224 219 211 Economic environment 45 42 40 31 26 27 31 30 29 26 Human services 67 72 70 70 70 61 58 58 58 56 Culture and recreation 339 363 361 354 370 340 347 337 324 304 Water and Sewer 477 485 476 467 434 438 436 414 410 384 Solid Waste 51 44 44 44 45 44 45 43 31 28 Emergency Medical Services 237 228 228 202 202 202 202 199 194 193 Airport Authority 20 20 18 17 15 15 15 15 15 15 Collier Area Transit 5 5 5 5 5 5 5 5 4 4 Total 4,264 4,215 4,172 4,057 3,979 3,923 3,869 3,786 3,820 3,677 (1) Includes the Board of County Commissioners and the Constitutional Officers 182 STATISTICAL SECTION Page 233 of 3203 COLLIER COUNTY, FLORIDA OPERATING INDICATORS BY FUNCTION Last Ten Fiscal Years (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: Police: Physical arrests 8,515 8,406 8,224 7,285 6,519 6,227 9,072 9,266 8,269 9,359 Parking violations 671 689 410 429 362 333 817 894 1,068 867 Traffic violations 31,069 28,343 30,041 32,146 24,674 22,370 26,773 17,157 15,473 14,462 Fire: Fires reported ** ** ** ** ** ** ** ** ** 31 Emergency responses (exclude fires)** ** ** ** ** ** ** ** ** 839 Number of calls answered 891 1126 962 737 886 680 870 804 795 870 Transportation: Collier Area Transit ridership 659,475 755,143 722,918 662,396 649,391 723,423 913,569 944,931 996,687 1,082,519 Street resurfacing (lane miles) 62 16 57 93 42 34 43 40 38 34 Culture and recreation: Beach parking stickers issued 139,211 141,452 142,338 150,078 144,254 131,645 146,500 143,500 149,490 139,828 Library circulation 1,771,620 1,776,128 2,083,700 2,063,261 2,554,082 2,080,277 2,471,878 2,253,555 2,193,351 2,349,418 Water: New connections 1,322 1,150 1,695 2,368 2,864 2,031 2,297 2,776 1,951 2,023 Wastewater: Average daily sewage treatment 22,179 24,894 23,586 22,220 21,603 21,015 20,426 18,030 18,555 17,866 (millions of gallons) ** Due to the consolidation of Fire Districts, this information is no longer being tracked. Sources: Police-Collier County Sheriff’s Department Fire-Collier County Bureau of Emergency Services, Greater Naples Fire District Transportation-Collier County Alternative Transportation and Road and Bridge Departments Culture and Recreation-Collier County Parks and Recreation and Public Library Departments Water-Collier County Utility Billing Department Wastewater-Collier County Wastewater Department 183 STATISTICAL SECTION Page 234 of 3203 COLLIER COUNTY, FLORIDA CAPITAL ASSET STATISTICS BY FUNCTION Last Ten Fiscal Years (unaudited) Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: Public Safety: Police stations 7 7 7 7 7 7 7 7 7 7 Patrol units 261 261 267 268 273 273 272 272 270 274 Fire: Fire stations 4 4 4 4 4 4 4 4 4 4 Highways and streets: Streets* (miles)1,261 1,186 1,170 1,170 1,167 1,172 1,169 1,166 1,161 1,159 Streetlights 5,553 5,502 5,511 5,412 5,378 5,364 4,635 5,083 5,074 5,182 Traffic signals 425 413 407 382 381 377 377 377 374 365 Culture and recreation: Parks acreage 2,649 1,524 1,524 1,524 1,561 1,560 1,521 1,521 1,521 1,521 Parks 67 67 67 67 66 66 61 61 61 61 Swimming pools 17 17 17 11 9 9 9 9 8 8 Tennis courts 32 32 32 42 40 40 45 45 45 45 Community centers 10 10 10 10 9 9 9 9 9 9 Libraries 10 10 10 10 10 10 10 10 10 10 Number of volumes in libraries 769,229 664,355 722,042 699,760 653,726 659,112 663,811 593,378 557,188 567,248 Water: Number of customers 88,061 86,414 84,452 82,790 81,339 75,837 73,854 71,614 66,010 61,830 Water mains (miles)1,249 1,228 1,207 1,205 1,191 1,166 1,149 1,132 1,067 1,015 Maximum daily capacity (per million gallons)37,150 34,954 36,373 34,811 32,726 33,658 32,113 30,956 32,243 33,877 Wastewater: Sanitary sewers (miles)1,279 1,259 1,246 1,212 1,201 1,186 1,181 1,156 1,085 1,021 Primary and secondary drainage facilities 329 329 330 330 325 325 322 312 289 294 Sources: Police-Collier County Sheriff’s Department Fire-Collier County Bureau of Emergency Services Department Highway and Streets-Collier County Traffic Operations, Transportation Engineering and Road and Bridge Departments Culture and Recreation-Collier County Parks and Recreation and Public Library Departments Water-Collier County Water and Utility Billing Departments Wastewater-Collier County Stormwater and Wastewater Departments 184 STATISTICAL SECTION Page 235 of 3203 SINGLE AUDIT Page 236 of 3203 Page 237 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Board of County Commissioners Collier 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, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of Collier County, Florida (the County), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements, and have issued our report thereon dated March 30, 2026. Report on 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) as a basis for designing 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 entity’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 or significant deficiencies may exist that were not identified. 187 Page 238 of 3203 Honorable Board of County Commissioners Collier County, Florida Report on 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 financial statements. 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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida March 30, 2026 188 Page 239 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND STATE PROJECT AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER 10.550, RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA Honorable Board of County Commissioners Collier County, Florida Report on Compliance for Each Major Federal Program and State Project Opinion on Each Major Federal Program and State Project We have audited Collier County, Florida (the County)’s compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement and the requirements identified as subject to audit in the State of Florida 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, 2025. The County’s major federal programs and state projects are identified in the summary of auditors’ results section of the accompanying schedule of findings and questioned costs. In our opinion, the County complied, in all material respects, with the 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, 2025. Basis for Opinion on Each Major Federal Program and State Project We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and Chapter 10.550, Rules of the Auditor General Local Governmental Entity Audits (Chapter 10.550). Our responsibilities under those standards, the Uniform Guidance and Chapter 10.550 are further described in the Auditors’ Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program and state project. Our audit does not provide a legal determination of the County’s compliance with the compliance requirements referred to above. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the County’s federal programs and state projects. 189 Page 240 of 3203 Honorable Board of County Commissioners Collier County, Florida Auditors’ Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the County’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, the Uniform Guidance, and Chapter 10.550 will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the County’s compliance with the requirements of each major federal program and state project as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, the Uniform Guidance, and Chapter 10.550, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the County’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. Obtain an understanding of the County’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the County’s internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. Report on 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 and state project on a timely basis. A material weakness in internal control over compliance is a deficiency, or a 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 and 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. 190 Page 241 of 3203 Honorable Board of County Commissioners Collier County, Florida Our consideration of internal control over compliance was for the limited purpose described in the Auditors’ Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. 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 the Uniform Guidance and Chapter 10.550. Accordingly, this report is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida March 30, 2026 191 Page 242 of 3203 ASSISTANCE GRANT / CONTRACT LISTING IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS FEDERAL AWARDS U.S. Department of Housing and Urban Development Direct Programs: Assistant Secretary for Community Planning and Development: CDBG - Entitlement Grants Cluster: COVID-19 - Community Development Block Grants/Entitlement Grants 14.218 B-20-UW-12-0016 283,551$ 252,093$ Community Development Block Grants/Entitlement Grants 14.218 B-21-UC-12-0016 7,334 5,621 Community Development Block Grants/Entitlement Grants 14.218 B-22-UC-12-0016 625,255 561,016 Community Development Block Grants/Entitlement Grants 14.218 B-23-UC-12-0016 1,363,202 1,128,459 Community Development Block Grants/Entitlement Grants 14.218 B-24-UC-12-0016 449,696 244,495 Total Assistance Listing 2,729,038 2,191,684 Total CDBG - Entitlement Grants Cluster 2,729,038 2,191,684 COVID-19 - Community Development Block Grants/State's Program and Non-Entitlement Grants in Hawaii 14.228 22CV-E19 5,437 - Emergency Solutions Grant Program 14.231 E-22-UW-12-0016 2,202 - Emergency Solutions Grant Program 14.231 E-23-UC-12-0016 102,466 73,059 Emergency Solutions Grant Program 14.231 E-24-UC-12-0016 143,412 88,514 Emergency Solutions Grant Program 14.231 E-24-UW-12-0016 1,129,176 - Emergency Solutions Grant Program 14.231 E-25-UW-12-0016 55,692 - Total Assistance Listing 1,432,948 161,573 Home Investment Partnerships Program 14.239 M20-UC120217 95,672 - Home Investment Partnerships Program 14.239 M21-UC120217 59,797 59,797 COVID-19 - Home Investment Partnerships Program 14.239 M21-UP120217 68,001 - Home Investment Partnerships Program 14.239 M22-UC120217 23,817 - Home Investment Partnerships Program 14.239 M23-UC120217 86,157 - Home Investment Partnerships Program 14.239 M24-UC120217 116,050 - Total Assistance Listing 449,494 59,797 Total U.S. Department of Housing and Urban Development 4,616,917 2,413,054 U.S. Department of the Interior Direct Programs: Departmental Offices: Payments in Lieu of Taxes 15.226 Collier County 1,770,185 - Total U.S. Department of the Interior 1,770,185 - U.S. Department of Justice Direct Programs: Office of Community Oriented Policing Service: Public Safety Partnership and Community Policing Grants 16.710 15JCOPS-24-GG-02149-TECP 1,038,000 - Office of Justice Programs: Treatment Court Discretionary Grant Program 16.585 15PBJA-23-GG-04295-DGCT 227,100 230,101 Edward Byrne Memorial Justice Assistance Grant Program 16.738 15PBJA-23-GG-03294-JAGX 45,527 - Pass-Through Programs: Florida Office of the Attorney General: Florida Department of Legal Affairs: Crime Victim Assistance 16.575 VOCA-C-2024-CCSO-00190 188,881 - Total U.S. Department of Justice 1,499,508 230,101 (Continued) See accompanying Notes to the Schedule of Expenditures of Federal Awards and State Financial Assistance. FEDERAL PROGRAM PASS-THROUGH ENTITY COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 FEDERAL AGENCY 192 Page 243 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 ASSISTANCE GRANT / CONTRACT LISTING IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS FEDERAL AWARDS (Continued) U.S. Department of Transportation Direct Programs: Federal Aviation Administration: Airport Improvement Program, Infrastructure Investment and Jobs Act Programs, and COVID-19 Airports Programs 20.106 3-12-0142-017-2023 896,374$ -$ Airport Improvement Program, Infrastructure Investment and Jobs Act Programs, and COVID-19 Airports Programs 20.106 3-12-0142-018-2023 252,413 - Total Assistance Listing 1,148,787 - Office of the Secretary: National Infrastructure Investments 20.933 693JJ32040007 4,146,393 - Safe Streets and Roads for All 20.939 693JJ32440059 135,436 - Federal Transit Administration: Federal Transit Cluster: Federal Transit Formula Grants 20.507 FL-95-X062-00 461 - Federal Transit Formula Grants 20.507 FL-95-X085-00 590 - Federal Transit Formula Grants 20.507 FL-95-X086-00 35,871 - Federal Transit Formula Grants 20.507 FL-2018-025-00 35,033 - Federal Transit Formula Grants 20.507 FL-2019-028-00 136,128 - COVID-19 - Federal Transit Formula Grants 20.507 FL-2020-046-00 283,317 - Federal Transit Formula Grants 20.507 FL-2020-091-00 3,160 - Federal Transit Formula Grants 20.507 FL-2020-103-00 23,994 - Federal Transit Formula Grants 20.507 FL-2020-115-00 2,105 - Federal Transit Formula Grants 20.507 FL-2022-005-00 619,094 - Federal Transit Formula Grants 20.507 FL-2023-011-00 108,115 - Federal Transit Formula Grants 20.507 FL-2023-084-00 298,935 - Federal Transit Formula Grants 20.507 FL-2024-066-00 3,881,252 - Federal Transit Formula Grants 20.507 FL-2025-089-00 49,551 - Total Assistance Listing 5,477,606 - Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 FL-2018-008-00 151,188 - Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 FL-2021-033-00 1,223,622 - Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 FL-2023-084-00 6,549 - Pass-Through Programs: Florida Department of Transportation: Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 G2L70 22,498 - Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 G2U41 572,005 - Buses and Bus Facilities Formula, Competitive, and Low or No Emissions Programs 20.526 G2W58 587,078 - Total Assistance Listing 2,562,940 - Total Federal Transit Cluster 8,040,546 - (Continued) FEDERAL AGENCY PASS-THROUGH ENTITY FEDERAL PROGRAM 193 Page 244 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 ASSISTANCE GRANT / CONTRACT LISTING IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS FEDERAL AWARDS (Continued) Highway Planning and Construction 20.205 G2A77 316,333$ -$ Highway Planning and Construction 20.205 G2A87 10,425 - Highway Planning and Construction 20.205 G2M06 841,477 - Highway Planning and Construction 20.205 G2M22 1,952,959 - Highway Planning and Construction 20.205 G2M23 128,626 - Highway Planning and Construction 20.205 G2V40 1,092,937 - Highway Planning and Construction 20.205 G3117 88 - Highway Planning and Construction 20.205 G3650 84 - Total Assistance Listing 4,342,929 - Metropolitan Transportation Planning and State and Non-Metropolitan Planning and Research 20.505 G1V40 71,250 - Metropolitan Transportation Planning and State and Non-Metropolitan Planning and Research 20.505 G2594 22,492 - Total Assistance Listing 93,742 - COVID-19 - Formula Grants for Rural Areas and Tribal Transit Program 20.509 G2B95 1,074,670 - Formula Grants for Rural Areas and Tribal Transit Program 20.509 G2T56 572,005 - Formula Grants for Rural Areas and Tribal Transit Program 20.509 G2W59 587,078 - Formula Grants for Rural Areas and Tribal Transit Program 20.509 G2W60 61,484 - Total Assistance Listing 2,295,237 - Transit Services Programs Cluster: Enhanced Mobility of Seniors and Individuals with Disabilities 20.513 G2Y32 363,388 - Total Transit Services Programs Cluster 363,388 - Highway Safety Cluster: State and Community Highway Safety 20.600 G3314 61,330 - State and Community Highway Safety 20.600 G3617 125,000 - Total Assistance Listing 186,330 - Total Highway Safety Cluster 186,330 - Total U.S. Department of Transportation 20,752,788 - U.S. Department of the Treasury Direct Programs: Departmental Offices: COVID-19 - Local Assistance and Tribal Consistency Fund 21.032 LATCFCO0202 58,410 - COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 SLFRP3243 14,763,878 2,362,239 Pass-Through Programs: Florida Department of Environmental Protection: COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 23CO2 1,284,920 - Total Assistance Listing 16,048,798 2,362,239 Total U.S. Department of the Treasury 16,107,208 2,362,239 U.S. Department of Health and Human Services Pass-Through Programs: Florida Department of Elder Affairs: Area Agency on Aging for Southwest Florida, Inc.: Aging Cluster: Special Programs for the Aging, Title III, Part B, Grants for Supportive Services and Senior Centers 93.044 OAA 203.24 191,590 - Special Programs for the Aging, Title III, Part B, Grants for Supportive Services and Senior Centers 93.044 HA025.203 229,904 - Total Assistance Listing 421,494 - (Continued) FEDERAL AGENCY PASS-THROUGH ENTITY FEDERAL PROGRAM 194 Page 245 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 ASSISTANCE GRANT / CONTRACT LISTING IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS FEDERAL AWARDS (Continued) Special Programs for the Aging, Title III, Part C, Nutrition Services 93.045 OAA 203.24 299,478$ -$ Special Programs for the Aging, Title III, Part C, Nutrition Services 93.045 HA025.203 691,384 - Total Assistance Listing 990,862 - Nutrition Services Incentive Program 93.053 OAA 203.24 15,078 - Nutrition Services Incentive Program 93.053 HA025.203 35,882 - Total Assistance Listing 50,960 - Total Aging Cluster 1,463,316 - National Family Caregiver Support, Title III, Part E 93.052 OAA 203.24 18,712 - National Family Caregiver Support, Title III, Part E 93.052 HA025.203 59,488 - Total Assistance Listing 78,200 - Low-Income Home Energy Assistance 93.568 EHEAP 203.21 64,474 - Low-Income Home Energy Assistance 93.568 HP025 11,541 - Total Assistance Listing 76,015 - Florida Department of Revenue: Child Support Services 93.563 CDC11 157,263 - Total U.S. Department of Health and Human Services 1,774,794 - Corporation for National and Community Service Direct Programs: AmeriCorps Seniors Retired and Senior Volunteer Program (RSVP) 94.002 94.002 24SRHFL011 61,970 - AmeriCorps September 11th National Day of Service and Remembrance Grants 94.012 94.012 23BIHFL001 177,209 157,377 Total Corporation for National and Community Service 239,179 157,377 U.S. Executive Office of the President Direct Programs: High Intensity Drug Trafficking Areas Program 95.001 G23MI0015A 39,106 - High Intensity Drug Trafficking Areas Program 95.001 G24MI0015A 94,842 - High Intensity Drug Trafficking Areas Program 95.001 HID1225G0669-00 6,152 - Total U.S. Executive Office of the President 140,100 - U.S. Department of Homeland Security Pass-Through Programs: Executive Office of the Governor: Florida Division of Emergency Management: Disaster Grants - Public Assistance (Presidentially Declared Disasters) 97.036 Z2967 492,187 - Hazard Mitigation Grant 97.039 H0419 364,265 - Emergency Management Performance Grants 97.042 G0559 82,464 - Homeland Security Grant Program 97.067 R0867 34,725 - Homeland Security Grant Program 97.067 R1089 106,583 - Total Assistance Listing 141,308 - Total U.S. Department of Homeland Security 1,080,224 - 47,980,903$ 5,162,771$ (Continued) TOTAL EXPENDITURES OF FEDERAL AWARDS FEDERAL AGENCY PASS-THROUGH ENTITY FEDERAL PROGRAM 195 Page 246 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 GRANT / CONTRACT CSFA IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS STATE FINANCIAL ASSISTANCE Direct Projects: Florida Division of Emergency Management: Emergency Management Programs 31.063 A0444 105,806$ -$ Total Florida Executive Office of the Governor 105,806 - Direct Projects: Beach Management Funding Assistance Program 37.003 20CO2 6,242 - Beach Management Funding Assistance Program 37.003 20CO3 72,647 - Beach Management Funding Assistance Program 37.003 21CO1 160,662 - Total CSFA 239,551 - Statewide Water Quality Restoration Projects 37.039 LPA0268 287,393 - Statewide Water Quality Restoration Projects 37.039 LPA0495 850,370 - Statewide Water Quality Restoration Projects 37.039 LPA0524 110,000 - Total CSFA 1,247,763 - Resilient Florida Program 37.098 23PLN108 41,900 - Total Florida Department of Environmental Protection 1,529,214 - Florida Housing Finance Corporation Direct Projects: 40.901 Collier County FY 2021-2022 1,178,437 - 40.901 Collier County FY 2022-2023 1,931,213 - 40.901 Collier County FY 2022-2023 HHRP 524,009 - 40.901 Collier County FY 2023-2024 2,220,647 - 40.901 Collier County FY 2024-2025 509,470 - 40.901 Collier County FY 2025-2028 100,000 - Total Florida Housing Finance Corporation 6,463,776 - Direct Projects: Division of State Fire Marshal Grants and Aids-Local Government Fire Service Grants 43.009 FM921 3,646,613 - Total Florida Department of Financial Services 3,646,613 - Direct Projects: State Aid to Libraries 45.030 21-ST-08 1,748 - State Aid to Libraries 45.030 22-ST-08 5,001 - Total Florida Department of State and Secretary of State 6,749 - Direct Projects: Florida Highway Beautification Grant Program 55.003 G2A95 100,000 - Aviation Grant Programs 55.004 G2861 943,964 - County Incentive Grant Program (CIGP)55.008 G1S82 221,068 - Small County Outreach Program (SCOP)55.009 G2K06 918,622 - Public Transit Block Grant Program 55.010 G2S00 94,540 - Public Transit Block Grant Program 55.010 G3504 1,211,442 - Total CSFA 1,305,982 - Transit Corridor Development Program 55.013 G2X27 116,180 - Transit Corridor Development Program 55.013 G3645 491,530 - Total CSFA 607,710 - Transportation Regional Incentive Program (TRIP)55.026 G2S32 42 - Pass-Through Projects: Florida Commission for the Transportation Disadvantaged: Florida Commission for the Transportation Disadvantaged (CTD) Trip and Equipment Grant Program 55.001 G2Z03 573,984 - Florida Commission for the Transportation Disadvantaged (CTD) Trip and Equipment Grant Program 55.001 G3D80 182,501 - Total CSFA 756,485 - (Continued) Florida Executive Office of the Governor Florida Department of Environmental Protection State Housing Initiatives Partnership Program (SHIP) State Housing Initiatives Partnership Program (SHIP) State Housing Initiatives Partnership Program (SHIP) State Housing Initiatives Partnership Program (SHIP) STATE AGENCY PASS-THROUGH ENTITY STATE PROJECT Florida Department of State and Secretary of State Florida Department of Transportation State Housing Initiatives Partnership Program (SHIP) State Housing Initiatives Partnership Program (SHIP) Florida Department of Financial Services 196 Page 247 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 GRANT / CONTRACT CSFA IDENTIFYING TRANSFERS TO NUMBER NUMBER EXPENDITURES SUBRECIPIENTS STATE FINANCIAL ASSISTANCE (Continued) Florida Commission for the Transportation Disadvantaged (CTD) Planning Grant Program 55.002 G3000 24,932$ -$ Florida Commission for the Transportation Disadvantaged (CTD) Planning Grant Program 55.002 G3C98 6,034 - Total CSFA 30,966 - Total Florida Department of Transportation 4,884,839 - Florida Department of Children and Families Direct Projects: State Opioid Settlement Trust Fund Services 60.355 Collier County Abatement Fund 1,694,483 73,936 Pass-Through Projects: Central Florida Behavioral Network, Inc.: State Opioid Settlement Trust Fund Services 60.355 PK290 27,720 - Total CSFA 1,722,203 73,936 Total Florida Department of Children and Families 1,722,203 73,936 Florida Department of Health Direct Projects: County Grant Awards 64.005 EMS CGP Interest 31,131 - County Grant Awards 64.005 C2411 355,165 - Total CSFA 386,296 - Total Florida Department of Health 386,296 - Direct Projects: Senior Center - Fixed Capital Outlay (FCO)65.013 XF305 60,903 - Pass-Through Projects: Area Agency on Aging for Southwest Florida, Inc.: Home Care for the Elderly 65.001 HCE 203.24 10,270 - Home Care for the Elderly 65.001 HH025 7,031 - Total CSFA 17,301 - Alzheimer's Respite Services 65.004 ADI 203.24 644,351 - Alzheimer's Respite Services 65.004 HZ025 222,125 - Total CSFA 866,476 - Community Care for the Elderly 65.010 CCE 203.24 912,752 - Community Care for the Elderly 65.010 HC025 177,199 - Total CSFA 1,089,951 - Total Florida Department of Elder Affairs 2,034,631 - Florida Department of Law Enforcement Direct Projects: FDLE Drone Replacement Program 71.092 3X016 399,672 - State Assistance For Fentanyl Eradication (S.A.F.E) In Florida 71.122 2023-SAFE-SF-028 34,604 - Total Florida Department of Law Enforcement 434,276 - Florida Department of Management Services Direct Projects: Prepaid Next Generation 911 (NG911) State Grant Program 72.003 S20-22-02-03 430,194 - Prepaid Next Generation 911 (NG911) State Grant Program 72.003 S22-23-01-13 47,760 - Total CSFA 477,954 - Local Government Cybersecurity Grant Program 72.016 DMS24/25-099 210,747 - Total Florida Department of Management Services 688,701 - TOTAL EXPENDITURES OF STATE FINANCIAL ASSISTANCE 21,903,104$ 73,936$ Florida Department of Elder Affairs PASS-THROUGH ENTITY STATE PROJECT STATE AGENCY 197 Page 248 of 3203 COLLIER COUNTY, FLORIDA NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE YEAR ENDED SEPTEMBER 30, 2025 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the Federal and State grant activity for Collier County, Florida (the County) and is presented on the modified accrual basis of accounting for expenditures accounted for in the governmental funds and the accrual basis of accounting for expenditures in proprietary funds. Under the modified accrual basis, revenue is recognized if it is both measurable and available for use during the fiscal year and expenditures are recognized in the period liabilities are incurred, if measurable. Under the accrual basis, expenditures are recognized in the period liabilities are incurred. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and Section 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented, or used in the preparation of, the basic financial statements for the fiscal year ended September 30, 2025. 2. Contingency The grant revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the County. 3. Indirect Cost Rate The County has not elected to use the 15 percent de minimus cost rate allowed under the Uniform Guidance. 4. Disaster Grants - Public Assistance (Presidentially Declared Disasters) (97.036) After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (Assistance Listing 97.036) to reimburse eligible costs associated with debris removal, emergency protective measures and the repair, restoration, reconstruction or replacement of public facilities or infrastructure damaged or destroyed. Reimbursements are provided in the form of cost-shared grants. Hurricane Irma (FEMA-4337-DR) made landfall in Collier County on September 10, 2017. No additional expenditure was reported in 2025, but the County is still waiting to receive final payments. Hurricane Ian (FEMA-4673-DR) made landfall in Collier County on September 28, 2022. Of the $492,187 reported on the Schedule for grant Z2967, $460,623 was incurred in fiscal year 2023 and $24,392 was incurred in fiscal year 2024. 198 Page 249 of 3203 COLLIER COUNTY, FLORIDA NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE YEAR ENDED SEPTEMBER 30, 2025 5. Local Assistance and Tribal Consistency Fund (21.032) The Department of Treasury awarded the County $1,790,192 from the Local Assistance and Tribal Consistency Fund (LATCF). The two tranches were received in 2023 and of that amount, $256,842 has been expended as of fiscal year 2025. The balance of the revenue is restricted in the fund until the County incurs additional expenditures. Year Ending September 30 Amount 2023 LATCF Revenue $ 1,790,192 2023 LATCF Expenditures (21,934) 2024 LATCF Expenditures (176,498) 2025 LATCF Expenditures (58,410) Total $ 1,533,350 6. State Opioid Settlement Trust Fund Services (60.355) – Qualified-Regional/Abatement Fund As part of the National Opioid Settlement and the Florida Opioid Allocation and Statewide Response Agreement, the County is set to receive yearly distributions over an 18-year period from various pharmaceutical companies passed through the State. The County received the first distribution in April 2023 from the Abatement (Regional) Fund. Of the amounts received from 2023 through 2025, $1,735,792 has been expended. The balance of the revenue is restricted in the fund until the County incurs additional expenditures. 7. Donated Supplies for Hurricane Preparedness In 2025, the County received a donation of 800 tons of sand, valued at $32.46 per ton, for a total of $25,968 in preparation for the arrival of Hurricane Milton. Year Ending September 30 Revenues Expenditures Total 2023 (Year 1) $2,628,842 ($2,952) $2,625,890 2024 (Year 2) 2025 (Year 3) $1,241,219 $1,542,963 ($9,808) ($1,723,032) $1,231,411 ($180,069) Grand Total $5,413,024 ($1,735,792) $3,677,232 199 Page 250 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED SEPTEMBER 30, 2025 SECTION I - SUMMARY OF AUDITORS’ RESULTS Financial Statements Type of auditors’ report issued? Unmodified Internal control over financial reporting:  Material weakness(es) identified? No  Significant deficiency(ies) identified that are not considered to be material weakness(es)? None reported Noncompliance material to the financial statements noted? No Federal Awards Internal control over major federal programs:  Material weakness(es) identified? No  Significant deficiency(ies) identified that are not considered to be material weakness(es)? None reported Type of auditors’ report issued on compliance for major federal programs? Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? No Identification of Major Federal Programs: Assistance Listing Numbers Name of Federal Program or Cluster 14.231 Emergency Solutions Grant Program 16.710 Public Safety Partnership and Community Policing Grants 20.507 & 20.526 Federal Transit Cluster 20.509 Formula Grants for Rural Areas 21.027 Coronavirus State and Local Fiscal Recovery Funds 93.044, 93.045 & 93.053 Aging Cluster Dollar threshold used to distinguish between Type A and Type B programs: $1,439,427 Auditee qualified as low-risk auditee? No 200 Page 251 of 3203 COLLIER COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED SEPTEMBER 30, 2025 SECTION I - SUMMARY OF AUDITORS’ RESULTS (CONTINUED) State Financial Assistance Internal control over state projects: Material weakness(es) identified?No Significant deficiency(ies) identified that are not considered to be material weakness(es)?None reported Type of auditors’ report issued on compliance for major state projects? Unmodified Any audit findings disclosed that are required to be reported in accordance with Chapter 10.557? No Identification of Major State Projects: CSFA Numbers Name of State Project 37.039 Statewide Water Quality Restoration Projects 40.901 State Housing Initiatives Partnership (SHIP) 43.009 Grants & Aids – Local Government Fire Service Grants 55.009 Small County Outreach Program (SCOP) 60.355 State Opioid Settlement Trust Fund Services 65.010 Community Care for the Elderly Dollar threshold used to distinguish between Type A and Type B state projects $750,000 SECTION II - FINANCIAL STATEMENT FINDINGS Our audit did not disclose any matters required to be reported in accordance with Government Auditing Standards. SECTION III - FINDINGS AND QUESTIONED COSTS – MAJOR FEDERAL PROGRAMS Our audit did not disclose any matters required to be reported in accordance with 2 CFR 200.516(a). SECTION IV - FINDINGS AND QUESTIONED COSTS – MAJOR STATE PROJECTS Our audit did not disclose any matters required to be reported in accordance with Rule 10.554(1)(I)4, Rules of the Florida Auditor General. 201 Page 252 of 3203 Page 253 of 3203 AUDITOR GENERAL Page 254 of 3203 Page 255 of 3203 CliftonLarsonAllen LLP CLAconnect.com MANAGEMENT LETTER Honorable Board of County Commissioners Collier County, Florida Report on the Financial Statements We have audited the financial statements of Collier County, Florida, (the County) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 30, 2026. Auditors’ Responsibility We conducted our audit 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; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; Independent Auditors’ Report on Compliance for Each Major Federal Program and State Project and Report on Internal Control over Compliance; Schedule of Findings and Questioned Cost; and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule, which are dated March 30, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations made in the preceding financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. This information is included in the notes to the basic financial statements. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. 205 Page 256 of 3203 Honorable Board of County Commissioners Collier County, Florida Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the County met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the County did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the County. It is management’s responsibility to monitor the County’s financial condition, and our financial condition assessment was based in part on representations made by management and review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Property Assessed Clean Energy (PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, requires a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, operated in the County’s geographical boundaries. PACE programs did operate within the County’s geographical boundaries during the fiscal year under audit. A list of the Program Administrators and Third Party Administrators contact information is included in Appendix B. Special District Component Units Section 10.554(1)(i)5.c., Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality, or special district, to provide the financial information necessary for proper reporting of the component unit within the audited financial statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. Specific Information (For a dependent special district or an independent special district, or a local government entity that includes the information of a dependent special district) As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Airport Authority reported: a. The total number of district employees compensated in the last pay period of the district’s fiscal year as 20. b. The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 10. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $1,907,787. 206 Page 257 of 3203 Honorable Board of County Commissioners Collier County, Florida d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $149,130. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $15,684,717. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Community Redevelopment Agency reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as six. b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as two. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $908,193. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $14,063. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: See Appendix A. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $30,274,571. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Educational Facilities Authority reported: a. The total number of district employees compensated in the last pay period of the district’s fiscal year as zero. b. The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as one. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $-0-. d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $6,000. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $-0-. 207 Page 258 of 3203 Honorable Board of County Commissioners Collier County, Florida As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Health Facilities Authority reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as zero. b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as one. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $-0-. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $6,000. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $-0-. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Housing Finance Authority reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as zero. b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as one. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $-0-. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $12,500. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $-0-. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Industrial Development Authority reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as zero. 208 Page 259 of 3203 Honorable Board of County Commissioners Collier County, Florida b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as one. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $-0-. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $10,000. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $-0-. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Metropolitan Organization reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as four. b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as zero. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $555,369. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $-0-. e.Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: None. f.A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $2,927,487. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Collier County Water-Sewer District reported: a.The total number of district employees compensated in the last pay period of the district’s fiscal year as 463. b.The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 77. c.All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $49,435,491. d.All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $1,535,624. 209 Page 260 of 3203 Honorable Board of County Commissioners Collier County, Florida e. Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project: See Appendix A. f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $679,910,516. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, of fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of County Commissioners, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida March 30, 2026 210 Page 261 of 3203 Appendix A Listing of Special District Construction Projects September 30, 2025 Affiliated EntityName of ProjectTotal Expenditures300542 - Collier County Water-Sewer DistrictRaw Water Booster Booster Pump Station Generator Replacement662,750$ 300542 - Collier County Water-Sewer DistrictMPS 302 Force Main Replacement1,707,534 300542 - Collier County Water-Sewer DistrictNCWRF Electrical Service Upgrade2,659,250 301535 - Collier County Community Redevelopment Agency Pedestrian Boardwalk1,080,977 6,110,511$ 211 Page 262 of 3203 Appendix B Listing of PACE Programs September 30, 2025 ProgramProgram AdministratorThird Party AdministratorsRenew Financial Group LLC555 12th St, Suite 1650Oakland, CA 94607Attn: David Crichton, Chief Operating OfficerPhone: (844) 736-3934The Green Corridor Property Assessment Clean Energy Districtc/o Governmental Management Services South Florida5385 N. Nob Hill RoadSunrise, FL 33351866-807-6864Ygrene Energy Fund 6303 Blue Lagoon Drive, Ste. 400, Miami, FL 33126866-634-1358customer.care@ygrene.comWilldan Financial Services27368 Via Industria, Suite 200Diana Davies, Project Manager866-807-6864POSR@willdan.comFortiFi12770 High Bluff Dr- STE 260San Diego CA 92130858-345-2000Home Run750 University Ave- STE 140Los Gatos CA 95032800231-6991Bayview4425 Ponce De LeonCoral Gables FL 33146844-518-2343See next page for contacts.Florida PACE Funding Agency6650 Professional ParkwaySuite 102Sarasota, Florida 34240Wendi LeachExecutive Director850-400-7223FL PACE Funding AgencyFlorida PACE Funding Agency6650 Professional ParkwaySuite 102Sarasota, Florida 34240Wendi LeachExecutive Director850-400-7223Florida Green Finance AuthorityJames CandelaAssistant District Finance DirectorSpecial District Services, Inc.2501 A Burns RoadPalm Beach Gardens, FL 33410www.sdsinc.orgFlorida Green Finance Authority ℅ Special District Services, Inc 2501A Burns RoadPalm Beach Gardens, FL 33410Attn: Todd Wodraska, Manager and SecretaryPhone: (561) 630-4922Florida Development Finance Corporation (FRED)Florida Development Finance CoprorationRyan Bartkus, Sr. Directorrbartkus@fdfcbonds.com(407) 712-6353Ahisha Rodriguez, Sr. Programs Managerarodriguez@fdfcbonds.com(407) 712-6352212 Page 263 of 3203 Appendix B Listing of PACE Programs September 30, 2025 213 Page 264 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT ACCOUNTANTS’ REPORT Honorable Board of County Commissioners Collier County, Florida We have examined Collier County, Florida’s (the County) compliance with Section 218.415, Florida Statutes, regarding the investment of public funds; Section 365.172(10) and 365.173(2)(d), Florida Statutes, regarding emergency communications number E911 system fund during the year ended September 30, 2025. Management of the County is responsible for the County’s compliance with the specified requirements. Our responsibility is to express an opinion on the County’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the County complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the County complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the County’s compliance with specified requirements. In our opinion, the County complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds; Section 365.172(10) and 365.173(2)(d), Florida Statutes, regarding emergency communications number E911 system fund during the year ended September 30, 2025. This report is intended solely for the information and use of the County and the Auditor General, State of Florida, and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida March 30, 2026 214 Page 265 of 3203 ANNUAL DEBT REPORT (UNAUDITED) Pursuant to the Collier County Debt Policy, the following Tables were prepared for the fiscal year ended September 30, 2025. Table 1. Calculation of Collier County General Governmental Debt Ratio Table 2. Calculation of Collier County Enterprise Debt Ratios Page 266 of 3203 Page 267 of 3203 Bondable revenues, as defined by Collier County Debt Policy: Current Ad Valorem Taxes 552,088,418$ Governmental Impact Fees 49,404,156 Half Cent Sales Tax 63,054,689 Developmental Fees 32,535,005 State Revenue Sharing 18,584,199 5th Cent Local Option Gas Tax 7,136,111 6th Cent Local Option Gas Tax 9,529,052 Constitutional Gas Tax 5,063,122 Seventh Cent Gas Tax 2,201,371 Ninth Cent Gas Tax 1,923,032 Parks and Recreation Fees 7,736,697 Tourist Development Tax 49,827,537 Court Facilities Fee 1,050,435 Communications Services Tax 4,175,484 Total bondable revenues 804,309,308$ Fiscal 2025 governmental debt service requirements: Series 2014 Gas Tax Refunding Bond Principal:13,265,000$ Interest:355,837 Series 2017 Special Obligation Refunding Note Principal:2,831,000 Interest:1,006,815 Series 2019 Taxable Special Obligation Note Principal:2,240,000 Interest:616,637 Series 2020A Special Obligation Bonds Principal:215,000 Interest:3,093,375 Series 2020B Taxable Special Obligation Bonds Principal:2,640,000 Interest:307,000 Series 2022A Special Obligation Refunding Note Principal:8,330,000 Interest:171,855 Series 2022B Special Obligation Refunding Note Principal:580,000 Interest:1,365,670 Series 2018 Tourist Development Tax Bonds Principal:1,255,000 Interest:2,463,125 Commercial Paper Program Principal:370,000 Interest:188,854 Total fiscal 2025 governmental debt service requirements 41,295,168$ Governmental debt ratio of fiscal year 2025 debt service requirements to total bondable revenues (13.0% maximum allowed by County policy) 5.1% Notes: Debt service requirement are based upon current amortization tables for the fiscal year indicated. TABLE 1 Calculation of Collier County General Governmental Debt Ratio For the Fiscal Year Ended September 30, 2025 217 Page 268 of 3203 Collier County Water and Sewer District: Total Sales Revenues 236,926,399$ Miscellaneous Revenues 4,787,643 Total Operating Revenues 241,714,042 Non-Operating Revenues 17,198,828 Gross Revenues 258,912,870 Less: Operation and Maintenance Expense (excluding Depreciation and Amortization)142,364,608 Net Revenues Available for Debt Service (1)116,548,262$ Total Fiscal Year 2025 Debt Service on Bonds (2)16,379,765$ Net Revenues Debt Service Coverage on Bonded Debt (100% Required) - (1/2)712% Other Pledged Funds: System Development Fees (Impact Fees)17,372,395$ Total Pledged Funds Available for Debt Service (3)133,920,657$ Total Fiscal Year 2025 Debt Service on Bonds (4)16,379,765$ Total Pledged Funds Debt Service Coverage on Bonded Debt (125% Required) - (3/4)818% Total Pledged Funds Available for Debt Service After Payment of Bonds (5)117,540,892$ Total Fiscal Year 2025 Debt Service on Subordinated Indebtedness (6)8,231,626$ Calculated Coverage on Subordinated Indebtedness - (5/6)1428% Total Pledged Funds Available for System Purposes 109,309,266$ Notes: Coverage calculations utilitize definitions of Gross Revenues, Net Revenues, System Development Fees and Pledged Funds established in Resolution CWS 85-5, as Amended and Restated. TABLE 2 Calculation of Collier County Enterprise Debt Ratios For the Fiscal Year Ended September 30, 2025 218 Page 269 of 3203 Summary Debt Statement for Fiscal Year 2025 General Governmental Debt: While the Florida State Constitution and the Florida Statutes set no legal debt limit at the local level, prudent fiscal management requires a self-imposed level of restraint. Collier County’s Debt Policy sets the maximum allowable governmental debt ratio at 13.0%, and the County continues to operate below this threshold. The governmental debt ratio is the ratio of debt service requirements to total bondable revenues, as defined by Collier County’s Debt Policy. It should be noted that while ad valorem taxes are bondable for purposes of the governmental debt ratio calculation, they may only be pledged for the payment of debt service pursuant to voter referendum. The governmental debt ratio decreased by 0.2% for the fiscal year ended September 30, 2025, to 5.1% (see Table 1), less than half of the allowable ratio. This is mainly reflective of increases in ad valorem tax and developmental fee collections. These revenue increases were accompanied by a 0.4% increase in debt service. Overall, bondable governmental revenues increased by 3.4% over fiscal year 2024. Again, this increase was largely the result of a 3.9% increase in FY-2025 ad valorem collections and a 12.6% increase in FY-2025 developmental fee collections. Debt restructuring over the last ten years, coupled with the growth of general governmental revenues, has produced several consecutive years of decreases in the general governmental debt ratio. The trend in the governmental debt ratio is shown in the table below: 6.0%6.0%6.5%6.0%5.8%5.3%5.3%5.1% 13.0% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 FY-2025 Comparison of Governmental Debt Ratio to Maximum Allowable Governmental Debt Ratio Collier County, Florida (FY18 -FY25) Annual Governmental Debt Ratio Maximum Allowable Governmental Debt Ratio 219 Page 270 of 3203 Summary of Existing and Newly Issued General Government Debt Existing General Government Debt The following table lists outstanding General Governmental Debt as of September 30, 2025: Issue Amount Interest Rates Final Maturity Purpose Series 2017 Special Obligation Refunding Revenue Note (Direct Placement Loan) $29,752,000 3.09% July 1, 2034 Advance refund a portion of the Series 2010 Special Obligation Revenue Bonds. Series 2019 Special Obligation Revenue Note (Taxable Direct Placement Loan) $21,385,000 2.74% October 1, 2029 Fund the purchase of the Golden Gate Golf Course. Series 2020A Special Obligation Revenue Bonds $74,320,000 4.00% - 5.00% October 1, 2045 Fund stormwater and parks capital improvements and refinance sports complex land purchase. Series 2020B Special Obligation Revenue Bonds (Taxable) $14,030,000 2.00% October 1, 2029 Fund the purchase of the HHH Ranch and the Camp Keais property. Series 2022A Special Obligation Refunding Revenue Note (Direct Placement Loan) $7,895,000 1.43% October 1, 2029 Refund all outstanding Series 2011 Special Obligation Refunding Revenue Bonds. Series 2022B Special Obligation Refunding Revenue Note (Direct Placement Loan) $73,530,000 1.85% October 1, 2035 Refund all outstanding Series 2013 Special Obligation Refunding Revenue Bonds. Series 2018 Tourist Development Tax Revenue Bonds $56,120,000 4.00% - 5.00% October 1, 2048 Fund the construction and equipping of a regional tournament caliber amateur sports complex. Commercial Paper Loan – Florida Local Government Finance Commission $5,130,000 3.41% - 4.00% (Variable Rate) June 1, 2027 Construct sidewalk improvements in the Pelican Bay Services District. Total $282,162,000 220 Page 271 of 3203 New General Government Debt Collier County had no new general governmental debt issued during FY-2025. Collier County Governmental Bonded Debt Ratings Table: Current Ratings (as of 3/27/2026) Fitch Moody’s Standard & Poor’s Special Obligation Bonds* - Aaa AAA Tourist Development Tax Bonds** AA+ Aa3 - *Fitch does not currently rate the Special Obligation Bonds. ** Standard & Poor’s does not currently rate the Tourist Development Tax Bonds. A rating of AA by Fitch Ratings denotes the expectations of very low default risk and indicates very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. Fitch also uses intermediate +/- modifiers for each AA category. Fitch also maintains an Issuer Default Rating of AAA for Collier County which indicates the lowest expectation of default risk and exceptionally strong capacity for payment of financial commitments. A Moody’s Investors Service rating of Aaa is indicative of an investment grade instrument of the highest quality, with minimum credit risk. A Moody’s Investors Service rating of Aa is indicative of a high-quality investment grade instrument with very low credit risk. Moody’s uses intermediate modifiers of 1 (higher) to 3 (lower) within the Aa range. Moody’s also maintains an Issuer Rating of Aaa for Collier County which indicates excellent overall credit worthiness. An obligation rated AAA has the highest rating assigned by Standard and Poor’s Global Ratings. The obligor’s capacity to meet its financial commitments on the obligation is extremely strong. Standard and Poor’s also maintains an Issuer Credit Rating of AAA for Collier County which indicates excellent overall credit worthiness. Collier County Enterprise Debt: Currently, the Collier County Water and Sewer District (District) is the only County enterprise activity with bonded debt outstanding. The Collier County Debt Policy does not set a maximum allowable enterprise debt ratio, but coverage requirements related to the District’s debt are set by bond covenants. Net revenues, defined as operating revenues plus specific non-operating revenues less operating expenses, excluding depreciation, must cover senior lien bonded debt service at 100%. Total pledged funds, defined as net revenues plus impact fees and special assessments, if applicable, must cover senior lien bonded debt service at 125%. Net revenue coverage on senior lien bonded debt was 712% and total pledged funds coverage on senior lien bonded debt was 818% for FY-2025, up from 660% and 765%, respectively, for FY-2024 (see Table 2). Bonded debt coverages for FY-2025 increased primarily due to a 10.2% increase in total sales revenues, offset by decreases in non-operating revenues. Total sales revenue increased as the rate increases effective January 1, 2024, were in effect for all fiscal year 2025, supplemented by rate increases effective as of October 1, 2024. Non-operating revenues decreased due to smaller unrealized gains related to investments when compared to FY-2024. The District’s calculated coverage on subordinated debt, all in the form of a 221 Page 272 of 3203 bank loan with Synovus Bank, also increased from 1,239% to 1,428% (see Table 2). The total pledged funds coverage required by the subordinated loan agreement is equivalent to 115% of total subordinated debt service in each fiscal year, after payment of bonded senior lien debt service. User rates for potable water, wastewater and irrigation water, as well as miscellaneous revenues, offset system operating, maintenance, debt service and capital costs. In December of 2023, the following rate increases were adopted by the District Board: Rate Type Effective January 1, 2024 Effective October 1, 2024 Effective October 1, 2025 Water User 9.0% 4.5% 4.5% Wastewater User 9.5% 7.5% 7.5% Irrigation Quality User 9.5% 9.5% 9.5% The District’s focus remains the optimization of resources, risk-based prioritization of capital projects and infrastructure expansion in Golden Gate City and the northeast service area to serve future residents and businesses. Summary of Existing and Newly Issued Enterprise Debt Existing Enterprise Debt The following table lists outstanding Enterprise Debt as of September 30, 2025: Issue Amount Interest Rates Final Maturity Purpose Series 2016 Water and Sewer Refunding Revenue Note (Subordinated) $18,498,000 1.80% July 1, 2029 Refund all outstanding State Revolving Fund Loans. Series 2018 Water and Sewer Revenue Bond (Bank Term Loan) $14,395,000 2.41% July 1, 2029 Fund the purchase of water and wastewater facilities within the Golden Gate Community. Series 2019 Water and Sewer Revenue Bonds $76,185,000 3.00% - 5.00% July 1, 2039 Fund utility improvements in the northeast area of the District. Series 2021 Water and Sewer Revenue Bonds $120,210,000 4.00% - 5.00% July 1, 2046 Fund utility improvements in Golden Gate City and the northeast area of the District. Series 2023 Water and Sewer Revenue Bond (Bank Term Loan) (Taxable) $49,945,000 4.15% July 1, 2036 Refund all outstanding Series 2016 Water and Sewer Refunding Revenue Bonds. Total $279,233,000 222 Page 273 of 3203 New Enterprise Debt Collier County had no new enterprise debt issued during FY-2025. Collier County Enterprise Debt Ratings Table: Current Ratings (as of 3/27/2026) Fitch Moody’s Standard & Poor’s* Water and Sewer Revenue Bonds AAA Aaa - * Standard & Poor’s does not currently rate County Water and Sewer Revenue Bonds. A rating of AAA by Fitch Ratings denotes the lowest expectation of default risk. A rating of AAA is only assigned in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. A Moody’s Investors Service rating of Aaa is indicative of an investment grade instrument of the highest quality, with minimum credit risk. 223 Page 274 of 3203 Page 275 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Financial Statements and Supplemental Reports Year Ended September 30, 2025 Page 276 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Financial Statements and Other Reports Year Ended September 30, 2025 Contents Independent Auditors’ Report ..........................................................................................................1 Financial Statements Balance Sheet – Governmental Funds ........................................................................................4 Statement of Revenues, Expenditures, and Changes in Fund Balance – Governmental Funds ................................................................................................................5 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – General Fund .............................................................................................................6 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Court Services Fund ..................................................................................................7 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Other Special Revenue Fund .....................................................................................8 Statement of Fiduciary Net Position – Custodial Funds .............................................................9 Statement of Changes in Fiduciary Net Position – Custodial Funds ........................................10 Notes to Financial Statements ...................................................................................................11 Supplementary Information Combining Statement of Fiduciary Net Position – All Custodial Funds ..................................28 Combining Statement of Changes in Fiduciary Net Position – All Custodial Funds ...............29 Other Reports Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ..........................................30 Management Letter ...................................................................................................................32 Independent Accountants’ Report .............................................................................................34 Page 277 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 1 INDEPENDENT AUDITORS’ REPORT Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller Collier County, Florida Report on the Audit of the Financial Statements Opinions We have audited the financial statements of each major fund and the aggregate remaining fund information of the Collier County, Florida, Clerk of the Circuit Court and Comptroller (Clerk), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Clerk’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of each major fund and the aggregate remaining fund information of the Clerk as of September 30, 2025, and the respective changes in financial position and the respective budgetary comparisons for the General Fund, Court Services Fund, and Other Special Revenue Fund for the year ended, in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Clerk and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphases of Matter As discussed in Note 1, the financial statements of the Clerk referred to above were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the financial statements are intended to present the financial position and changes in financial position of only that portion of each major fund and the aggregate remaining fund information of the Collier County, Florida that is attributable to the transactions of the Clerk. They do not purport to, and do not, present fairly the financial position of Collier County, Florida as of September 30, 2025, or the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter. Page 278 of 3203 Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller 2 As discussed in Note 1 to the financial statements, the Clerk implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, effective for the fiscal year end September 30, 2025. GASB Statement No. 101 requires liabilities to be recognized for leave attributable to services already rendered, that accumulates and is more likely than not to be used or otherwise paid or settled. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Clerk’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Page 279 of 3203 Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller 3 Required Supplementary Information Management has omitted the management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinions on the basic financial statements are not affected by this missing information. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Clerk’s basic financial statements. The combining custodial fund statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 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 GAAS. In our opinion, the combining custodial fund statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 18, 2026, on our consideration of the Clerk’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Clerk’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Clerk’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida January 18, 2026 Page 280 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Balance Sheet – Governmental Funds September 30, 2025 See accompanying Notes to Financial Statements. 4 Other Total Court Special Governmental General Services Revenue Funds Assets Cash and cash equivalents 3,609,688$ 1,896,005$ 9,531,362$ 15,037,055$ Accounts receivable, net 686 - - 686 Due from Collier County, Florida Board of County Commissioners 8,998 - - 8,998 Due from other governments 11,840 88,178 - 100,018 Prepaid expenditures 18,554 3,030 - 21,584 Total assets 3,649,766$ 1,987,213$ 9,531,362$ 15,168,341$ Liabilities and fund balances Liabilities: Vouchers payable and accrued liabilities 740,882$ 325,074$ 21,000$ 1,086,956$ Due to Collier County, Florida Board of County Commissioners 1,601,087 273,904 - 1,874,991 Due to other governments 215,460 1,388,235 - 1,603,695 Deposits 1,092,337 - - 1,092,337 Total liabilities 3,649,766 1,987,213 21,000 5,657,979 Fund balance: Nonspendable 18,554 3,030 - 21,584 Restricted - - 9,510,362 9,510,362 Unassigned (18,554) (3,030) - (21,584) Total fund balance - - 9,510,362 9,510,362 Total liabilities and fund balance 3,649,766$ 1,987,213$ 9,531,362$ 15,168,341$ Page 281 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 5 Other Total Court Special Governmental General Services Revenue Funds Revenues: Intergovernmental -$ 692,409$ -$ 692,409$ Charges for services 3,688,625 5,785,184 1,221,758 10,695,567 Fines and Forfeitures - 2,875,711 - 2,875,711 Interest income 442,428 - 469,781 912,209 Miscellaneous 760 711,643 - 712,403 Total revenues 4,131,813 10,064,947 1,691,539 15,888,299 Expenditures: General government: Personal services 13,983,711 8,363,136 - 22,346,847 Operating 2,642,977 737,263 212,557 3,592,797 Capital outlay 629,659 - 92,946 722,605 Debt service principal 362,132 - 47,406 409,538 Debt service interest 29,706 - 823 30,529 Total expenditures 17,648,185 9,100,399 353,732 27,102,316 Excess (deficiency) of revenues over (under) expenditures (13,516,372) 964,548 1,337,807 (11,214,017) Other financing sources (uses): Subscription-based information technology arrangements 427,656 - 92,946 520,602 Transfers in: Collier County, Florida Board of County Commissioners appropriations 15,194,800 - - 15,194,800 Operating transfers in - 572,096 - 572,096 Transfers out: Distribution of excess fees to State of Florida - (1,536,644) - (1,536,644) Distribution of excess appropriations to Collier County, Florida Board of County Commissioners (1,533,988) - - (1,533,988) Operating transfers out (572,096) - - (572,096) Total other financing sources (uses)13,516,372 (964,548) 92,946 12,644,770 Net change in fund balance - - 1,430,753 1,430,753 Fund balances – beginning of year - - 8,079,609 8,079,609 Fund balances – end of year -$ -$ 9,510,362$ 9,510,362$ Page 282 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual General Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 6 Variance With Final Budget Positive Original Final Actual (Negative) Revenues: Charges for services 3,076,000$ 3,076,000$ 3,688,625$ 612,625$ Interest income 469,600 469,600 442,428 (27,172) Miscellaneous 500 500 760 260 Total revenues 3,546,100 3,546,100 4,131,813 585,713 Expenditures: General government: Personal services 13,917,100 14,119,600 13,983,711 135,889 Operating expenditures 3,441,400 3,277,300 2,642,977 634,323 Capital outlay 262,400 224,000 629,659 (405,659) Debt service principal - - 362,132 (362,132) Debt service interest - - 29,706 (29,706) Total expenditures 17,620,900 17,620,900 17,648,185 (27,285) Excess (deficiency) of revenues over (under) expenditures (14,074,800) (14,074,800) (13,516,372) 558,428 Other financing sources (uses): Subscription-based information technology Arrangements - - 427,656 427,656 Transfers in: Collier County, Florida Board of County Commissioners appropriations 15,194,800 15,194,800 15,194,800 - Transfers out: Distribution of excess appropriations to Collier County, Florida Board of County Commissioners - - (1,533,988) (1,533,988) Operating transfers out (1,120,000) (1,120,000) (572,096) 547,904 Total other financing sources (uses) 14,074,800 14,074,800 13,516,372 (558,428) Net change in fund balance - - - - Fund balance – beginning of year - - - - Fund balance – end of year -$ -$ -$ -$ Budget Page 283 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Court Services Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 7 Variance With Final Budget Positive Original Final Actual (Negative) Revenues: Intergovernmental 318,100$ 393,100$ 692,409$ 299,309$ Charges for services 4,901,231 4,826,231 5,785,184 958,953 Fines and Forfeitures 2,651,000 2,651,000 2,875,711 224,711 Miscellaneous - 309,669 711,643 401,974 Total revenues 7,870,331 8,180,000 10,064,947 1,884,947 Expenditures: General government: Personal services 8,642,331 8,447,600 8,363,136 84,464 Operating expenditures 348,000 852,400 737,263 115,137 Total expenditures 8,990,331 9,300,000 9,100,399 199,601 Excess of revenues over expenditures (1,120,000) (1,120,000) 964,548 2,084,548 Other financing uses: Transfers in: Operating transfers in 1,120,000 1,120,000 572,096 (547,904) Transfers out: Distribution of excess fees to State of Florida - - (1,536,644) (1,536,644) Total other financing uses 1,120,000 1,120,000 (964,548) (2,084,548) Net change in fund balance - - - - Fund balance – beginning of year - - - - Fund balance – end of year -$ -$ -$ -$ Budget Page 284 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Other Special Revenue Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 8 Variance With Final Budget Positive Original Final Actual (Negative) Revenues: Charges for services 1,027,400$ 1,027,400$ 1,221,758$ 194,358$ Interest income 115,000 115,000 469,781 354,781 Total revenues 1,142,400 1,142,400 1,691,539 549,139 Expenditures: General government: Personal services 1,547,500 1,547,500 - 1,547,500 Operating expenditures 2,381,700 2,381,700 212,557 2,169,143 Capital outlay 197,600 197,600 92,946 104,654 Debt service principal - - 47,406 (47,406) Debt service interest - - 823 (823) Total expenditures 4,126,800 4,126,800 353,732 3,773,068 Excess of revenues over expenditures (2,984,400) (2,984,400) 1,337,807 4,322,207 Other financing sources (uses): Subscription-based information technology arrangements - - 92,946 92,946 Total other financing sources (uses) - - 92,946 92,946 Net change in fund balance (2,984,400) (2,984,400) 1,430,753 4,415,153 Fund balance – beginning of year 8,079,609 8,079,609 8,079,609 - Fund balance – end of year 5,095,209$ 5,095,209$ 9,510,362$ 4,415,153$ Budget Page 285 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Fiduciary Net Position Custodial Funds September 30, 2025 See accompanying Notes to Financial Statements. 9 Assets Cash and cash equivalents 29,385,900$ Total assets 29,385,900 Liabilities Due to other governments 4,316,057 Total liabilities 4,316,057 Fiduciary Net Position Restricted for: Individuals, organizations, and other governments 25,069,843 Total fiduciary net position 25,069,843 Total liabilities and fiduciary net position 29,385,900$ Page 286 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Statement of Changes in Fiduciary Net Position Custodial Funds Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 10 Additions Fees/Fines collected for other governments 147,098,329$ Registry and other deposits collected 22,913,888 Total additions 170,012,217 Deductions Fees/Fines disbursed to other governments 147,245,375 Registry and other deposits disbursed 15,315,385 Total deductions 162,560,760 Change in fiduciary net position 7,451,457 Fiduciary net position - beginning of year 17,618,386 Fiduciary net position - end of year 25,069,843$ Page 287 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 11 1.Summary of Significant Accounting Policies Reporting Entity The Collier County, Florida Clerk of the Circuit Court and Comptroller (Clerk) is an elected constitutional officer as provided for by the Constitution of the State of Florida. The Clerk’s Budget is presented pursuant to Chapter 218, Florida Statutes. Additionally, a budget is submitted to the Florida Clerks of Court Operations Corporation for the Court Services Fund. The financial statements presented include the general fund, special revenue funds, and fiduciary funds of the Clerk’s office. The accompanying financial statements were prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General - Local Governmental Entity Audits, which allows the Clerk to only present fund financial statements. These financial statements present only the portion of the funds of Collier County, Florida (the County) that are attributable to the Clerk. They are not intended to present fairly the financial position and results of operations of the County in conformity with accounting principles generally accepted in the United States of America. The financial activities of the Clerk, as a constitutional officer, are included in the County Annual Comprehensive Financial Report. There are no separate legal entities (component units) for which the Clerk is considered to be financially accountable. The general operations of the Clerk are funded by fees from third parties, transfer in lieu of fees from the Collier County, Florida Board of County Commissioners (Board), appropriations from the State of Florida, and interest income. Pursuant to Chapter 218 Florida Statutes, funds remaining in the general fund at fiscal year-end, in excess of amounts expended, are returned to the Board. Excess revenues returned to the Board are reflected as transfers out in the Clerk’s general fund. Court-related operations are funded by the collection of fines, fees, costs and service charges and a child support grant. Any surplus of revenues after expenditures in this fund is remitted to the State in January of the next year. Special revenue funds are retained by the Clerk and budgeted according to requirements of each source. Measurement Focus, Basis of Accounting, and Basis of Presentation These fund financial statements report detailed information about the Clerk. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is reported in a separate column. Page 288 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 12 1. Summary of Significant Accounting Policies (continued) Governmental Funds Governmental funds are accounted for using the flow of current financial resources measurement focus. Only current assets and current liabilities, generally, are included on the balance sheet. Operating statements for these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The Clerk reports the following major governmental funds: General Fund –The general fund is used to account for all revenue and expenditures applicable to the general operations of the Clerk, which are not accounted for in another fund. All operating revenue not specifically restricted or designated as to use, is recorded in the general fund. Court Services Fund – The court services fund is a special revenue fund established to account for court-related filing fees, service charges, fines, court costs, appropriations and expenses of the Clerk as mandated by Section 28.35, Florida Statutes. Other Special Revenue Fund – The other special revenue fund is a special revenue fund used to account for revenues mandated by Section 28.24(12)(d), Florida Statutes, to be held in trust by the Clerk and used exclusively for equipment and maintenance of equipment, personnel training, and technical assistance in modernizing the public records system of the office; and revenues mandated by Section 28.24(12)(e) and Section 28.37(5), Florida Statutes, to be used exclusively for funding court-related technology needs. The modified accrual basis of accounting is used by governmental funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available to finance liabilities of the current fiscal year). For this purpose, the Clerk considers revenues to be available if they are collected within 60 days after year-end, except for grant revenues. Grant revenues are recognized when eligibility requirements are met, and related amounts are available from the grantor. Expenditures are recorded when the related fund liability is incurred, except for certain compensated absences, which are recognized as expenditures to the extent they have matured. Charges for services, interest income, and other revenues are recognized as they are earned and become measurable and available to pay liabilities of the current period. Page 289 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 13 1. Summary of Significant Accounting Policies (continued) Governmental Funds (continued) With the implementation of Revision 7 to Article V on July 1, 2004, the Clerk’s activities are classified as court-related and non-court-related. The Clerk’s general fund activity, which is classified as non-court-related, is funded through service charges for recording instruments and documents into the official records, interest income and through transfers in from the Board of County Commissioners. Florida Statutes provide that the amount by which revenues and transfers exceed annual expenditures for the general fund be remitted to the Board immediately following the fiscal year for which the funding was provided or following the fiscal year during which other revenues were recognized. The amount of this distribution is recorded as a liability and as another financing use in the accompanying purpose financial statements. Capital outlays expended in governmental funds are capitalized in the basic financial statements of the County rather than in the governmental funds of the Clerk. Additionally, the Clerk reports the following fund type: Fiduciary Funds – Custodial Funds – Custodial funds are used to account for assets held by the Clerk in a fiduciary capacity or as an agent for individuals, private organizations, and other governments. Custodial funds are accounted for using the accrual basis of accounting and the economic resources measurement focus. Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of three months or less. The Clerk does not currently hold investments. Page 290 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 14 1. Summary of Significant Accounting Policies (continued) Compensated Absences All full-time employees of the Clerk are allowed to accumulate an unlimited number of hours of unused sick leave and up to 440 hours of unused vacation leave (with limited exceptions per the employee manual). Upon termination, employees receive 100% of allowable accumulated vacation hours and a percentage of unused sick leave, depending on years of service. Employees hired on or after January 1, 2011, are not paid out for unused sick leave upon separation of employment. Vacation leave and sick leave are included in governmental funds when the payments are made to employees. The Clerk is not legally required to accumulate financial resources for these un-matured obligations. Accordingly, the liability for compensated absences is not reported in the Clerk’s funds, but rather is reported in the basic financial statements of the County. Prepaid Items Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year but represent items which are applicable to future accounting periods. Reported amounts in governmental funds are classified as non-spendable fund balance in the fund financial statements, which indicates that these amounts do not constitute “available spendable resources” even though they are a component of current assets. Use of Estimates The preparation of these financial statements requires management of the Clerk to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the period. Actual results could differ slightly from those estimates. Fund Balance Reporting and Governmental Fund-Type Definitions Fund balances are classified either as non-spendable or as spendable. Spendable fund balances are further classified in a hierarchy based on the extent to which there are external and/or internal constraints in how fund balance amounts may be spent. Non-spendable fund balances include amounts that cannot be spent because they are not in spendable form or are legally or contractually required to be maintained intact. The Clerk’s non-spendable fund balances as of September 30, 2025 were related to postage deposits and registrations. Page 291 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 15 1. Summary of Significant Accounting Policies (continued) Fund Balance Reporting and Governmental Fund-Type Definitions (continued) Spendable fund balances are classified based on a hierarchy of the Clerk’s ability to control the spending of these fund balances and are reported in the following categories: restricted, committed, assigned and unassigned. The Clerk’s fund balances for the special revenue funds fall into the spendable restricted category. Fund balances maintained in the special revenue funds are restricted pursuant to certain Florida Statutes and have been presented as restricted fund balances in the fund financial statements in accordance with GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. The Clerk’s Other Special Revenue funds reported a restricted fund balance of $9,510,362 which includes $2,895,943 for public records modernization and $6,614,419 for court technology. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the Clerk considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balances are available, the Clerk considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the Clerk has provided otherwise in its commitment or assignment actions. Adoption of New Accounting Standards In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. This standard establishes a unified recognition and measurement model for compensated absences, which include vacation leave, sick leave, paid time off, holidays, parental leave, and other similar benefits. Under this guidance, a liability for compensated absences is recognized for (1) leave that has not been used and meets certain criteria attributable to services already rendered, accumulates, and is more likely than not to be used or otherwise paid or settled and (2) leave that has been used but not yet paid or settled. The Clerk adopted the requirements of the guidance effective October 1, 2024, and has applied the provisions of this standard to the beginning of the period of adoption. 2. Budgetary Process Florida Statutes govern the preparation, adoption, and administration of the Clerk’s annual budget. The Clerk prepares and approves the budget for the Clerk’s non-court functions, including special revenue fund and the budget related to the recording function based on anticipated fees. The budget of the Clerk for services to the Board is submitted to the Board. Page 292 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 16 2. Budgetary Process (Continued) Pursuant to Section 28.36, Florida Statutes, a balanced court-related budget must be prepared on or before June 1 (for the period starting the next October 1 through September 30) and submitted to the Florida Clerks of Court Operations Corporation (Corporation). If the Clerk estimates that projected revenues are insufficient to meet anticipated expenditures, the Clerk must report the revenue deficit to the Corporation. Once the Corporation verifies the revenue deficit, the Clerk can increase fees up to the maximum amounts specified by law to resolve the deficit. If a deficit is still projected, a request can be submitted to release funds from the Department of Revenue Clerks of the Court Trust Fund. For the year ended September 30, 2025, the Clerk had sufficient revenues to meet expenditures. The budget is prepared on a basis consistent with accounting principles generally accepted in the United States of America. The annual budget serves as the legal authorization for expenditures. Any subsequent amendments to the Board approved transfer must be approved by the Board; amendments to the Clerk’s fee budget are at the discretion of the Clerk, and any amendments that increase or decrease the court budget must be approved by the Corporation for the court services fund. Budgetary changes within the court services fund not affecting the overall budget are made at the discretion of the Clerk. Expenditures may not legally exceed appropriations at the fund level. The Clerk exceeded appropriations related to capital outlay since the Clerk does not budget for capital outlay related to new leases and Subscription-Based Information Technology Arrangements (SBITA). These items are offset by proceeds from right to use leases and SBITA that are also not budgeted. Appropriations lapse at year-end. Budgetary control is maintained at the departmental major object expenditure level. Budgetary changes within major object expenditure categories are made at the discretion of the Clerk. The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally authorized changes applicable to the fiscal year. Page 293 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 17 3.Cash and Cash Equivalents At September 30, 2025, the carrying value of the Clerk’s cash and cash equivalents was as follows: Carrying Type Maturity Value Credit Rating Cash on hand N/A 11,500$ N/A Demand deposits N/A 44,411,455 N/A Total cash and cash equivalents 44,422,955$ The Clerk maintains a cash pool for the deposits of all governmental and custodial funds. Each fund type’s portion of these balances is presented as cash and cash equivalents in the accompanying financial statements. Interest income is allocated to each fund based on its proportionate balance in the pool. Cash and cash equivalents as of September 30, 2025 are reported as $15,037,055 and $29,385,900 in the governmental funds and fiduciary funds, respectively. Custodial Credit Risk At September 30, 2025, the Clerk’s deposits were entirely covered by Federal Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under this Chapter, in the event of default by a participating financial institution (a qualified public depository), all participating institutions are obligated to reimburse the governmental entity for the loss. Credit Risk The Clerk’s policy is to follow the guidance in Section 219.075, Florida Statutes, regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415, Florida Statutes, authorize the Clerk to invest in Florida PRIME or any intergovernmental investment pool authorized pursuant to the Florida Inter-local Cooperation Act; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; direct obligations of the United States Treasury, federal agencies and instrumentalities, or interest-bearing time deposits or savings accounts in banks organized under the laws of the United States and doing business and situated in the State of Florida, savings and loan associations which are under state supervision, or in federal savings and loan associations located in the State of Florida and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law. Page 294 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 18 Credit Risk (Continued) Additionally, Florida Statutes allow local governments to place public funds with institutions that participate in a collateral pool under the Florida Security for Public Deposits Act. The pool is administered by the State Treasurer, who may make additional assessments to ensure that no public funds will be lost. Interest Rate Risk Investment of Clerk’s funds is based on maintaining 24-hour liquidity. All Clerks funds are held in local banks or short-term investment instruments. 4.Interest Income and Investment of County Funds Pursuant to Florida Statutes, Section 28.33, the Clerk invests all County funds in excess of those required to meet expenses. Interest income is allocated to each fund based on its proportionate balance in the pool. Interest income of $442,428 is reported in the general fund for the year ended September 30, 2025, as the portion of interest earned on Clerk funds. 5.Capital Assets Capital assets used by the governmental fund type operations are capitalized in the basic financial statements of the County rather than in the governmental funds of the Clerk. Upon acquisition, such assets are recorded as expenditures in the governmental funds of the Clerk and are capitalized at cost in the basic financial statements of the County. Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at acquisition value on the date received. The Clerk maintains custodial responsibility for capital assets used by the office. No depreciation expense has been provided on capital assets in these financial statements. However, depreciation expense on these assets is recorded in the basic financial statements of the County. The following is a summary of changes in capital assets, which are reported in the basic financial statements of the County: Page 295 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 19 5.Capital Assets (continued) October 1,Transfer- September 30, 2024 Additions Deductions out 2025 Capital assets depreciated and amortized Machinery and equipment 7,256,812 190,003 (1,193) - 7,445,622 Right-to-use leased equipment 74,710 - - - 74,710 Right-to-use subscription-based information technology arrangements 1,556,012 532,602 (457,359) - 1,631,255 Total assets depreciated and amortized 8,887,534 722,605 (458,552) - 9,151,587 Less accumulated depreciation and amortization Machinery and equipment (6,739,622) (220,699) 1,193 - (6,959,128) Right-to-use leased equipment (22,085) (14,890) - - (36,975) Right-to-use subscription-based information technology arrangements (522,745) (458,815) 457,359 - (524,201) Total accumulated depreciation (7,284,452) (694,404) 458,552 - (7,520,304) and amortization Total capital assets, net 1,603,082$ 28,201$ -$ -$ 1,631,283$ 6.Long-Term Liabilities The following is a summary of changes in long-term liabilities which are reported in the basic financial statements of the County: September 30, 2024 Se ptember 30 ,September 30, As previously 2024 re porte d As restated 1 Net Chang e 2 2025 Accrued compensated absences 2,502,295$ 4,033,778$ 268,289$ 4,302,067$ 1 Beginning balance is restated due to implementation of GASB 101 Compensated Absences 2 The change in compensated absence liability is presented as a net change Of these liabilities, $1,453,296 is expected to be paid during the fiscal year ending September 30, 2026. These long-term liabilities are not reported in the financial statements of the Clerk since they have not matured. Page 296 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 20 7. Pension Plans Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State- administered retirement system in paying the costs of health insurance. Essentially all regular employees of the Clerk are eligible to enroll as members of the State- administered FRS, except for certain re-employed retirees. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and other nonintegrated programs. An annual comprehensive financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). Page 297 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 21 7. Pension Plans (continued) Florida Retirement System Pension Plan Plan Description The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows: • Regular Class – Members of the FRS who do not qualify for membership in the other classes. • Elected County Officers Class – Members who hold specified elective offices in local government. • Senior Management Service Class (SMSC) – Members in senior management level positions. • Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class. Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62 or at any age after 30 years of service, except for members classified as special risk who are eligible for normal retirement benefits at age 55 if vested, or at any age after 25 years of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service, except for members classified as special risk who are eligible for normal retirement benefits at age 55, if vested, or at any age after 25 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits to eligible participants. Annual cost-of- living adjustments are limited to members initially employed before July 1, 2011. Page 298 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 22 7. Pension Plans (continued) Plan Description (continued) DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed 8 years after electing to participate, except that certain instructional personnel may participate for up to 10 years. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Benefits Provided Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the pre- July 2011 service credit by the total service credit at retirement multiplied by 3%. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Detailed information about the County’s proportionate share of FRS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. Page 299 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 23 7. Pension Plans (continued) Retiree Health Insurance Subsidy Program Plan Description The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Benefits Provided For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State- administered retirement system must provide proof of health insurance coverage, which may include Medicare. Detailed information about the County’s proportionate share of HIS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. FRS Investment Plan Plan Description The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. Clerk employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. Page 300 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 24 FRS Investment Plan (continued) Plan Description (continued) The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering the plan, including the FRS Financial Guidance Program are funded through an employer contribution of 0.06 percent of payroll and by forfeited benefits of plan members. Benefits Provided For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up to 5 years. If the employee returns to FRS-covered employment within the 5-year period, the employee will regain control over their account. If the employee does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the Clerk. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan or remain in the Investment Plan and rely upon that account balance for retirement income. Contributions Participating employer contributions are based upon statewide rates established by the State of Florida. The Clerk’s contributions made to the plans during the years ended September 30, 2025, 2024, and 2023 were $2,399,698, $2,352,909, and $2,034,343 respectively, equal to the actuarially determined contribution requirements for each year. Additional information about pension plans can be found in the County Annual Comprehensive Financial Report or County-wide financial statements. Page 301 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 25 8. Interfund Transfers During the year, the Clerk’s General Fund transferred $572,096 to the Court Services Fund to finance court operations. 9. Related Party Transactions The Board provided funding for the Clerk in the amount of $15,194,800. The Supervisor of Elections provided funding in the amount of a $55,000 fee for financial services performed by the Clerk. At September 30, 2025, the Clerk had a payable due to the Board of $1,874,991, comprised as follows: Distribution of excess fees 1,533,988$ Miscellaneous payables 67,099 Amounts due for various court fees 273,904 Total due to Board of County Commissioners 1,874,991$ 10. Risk Management The County is exposed to various risks of loss, including, but not limited to, general liability, health and life, property and casualty, auto and physical damage, and workers’ compensation. The County is substantially self-insured and accounts for and finances its risk of uninsured losses through an internal service fund. All liabilities associated with these self-insured risks are reported in the basic financial statements of the County. During the year ended September 30, 2025, the Clerk was charged $3,258,276 by the County for participation in the risk management program. The County retains the first $600,000 per claim for workers’ compensation and has purchased outside excess coverage for up to the statutory limits for each injury and illness. The County also provides coverage for $300,000 per occurrence for general liability and $300,000 per occurrence for auto liability coverage and has purchased outside excess coverage for up to $5 million per claim. Negligence claims in excess of the statutory limits set in Section 768.28, Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be recovered through an act of the State Legislature. Property claims are subject to a 5 % wind deductible and $100,000 deductible for all other perils. The County retains the first $300,000 each claim for public official errors and omissions, automobile liability, and crime coverage, and has purchased outside excess coverage for up to $5 million per claim. There have been no significant reductions in insurance coverage in the last year. Settled claims have not exceeded the insurance provided by third-party carriers in any of the last three years. Page 302 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 26 10. Risk Management (continued) The County is self-insured for health claims covering all of its employees and their eligible dependents. The County retains the first $750,000 per covered member and has purchased outside excess coverage for all claims exceeding this amount. An actuarial valuation is performed each year to estimate the amounts needed to pay prior and future claims and to establish reserves. 11. Other Postemployment Healthcare Benefits (OPEB) Plan In accordance with Section 112.0801, Florida Statutes, the Clerk participates with the County in offering retiring employees the opportunity to continue participation in the County’s health insurance plan. The participating retirees pay 100% of the premium cost applicable to an active employee. The liability and expense for other postemployment benefits, calculated in accordance with Governmental Accounting Standards Board Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the financial statements of the County. 12. Commitments and Contingencies Leases The Clerk leases assets for various terms under certain agreements that meet the definition of a lease under GASB Statement No. 87 – Leases. Detailed information about the Clerk’s leases can be found in the County Annual Comprehensive Financial Report or County-wide financial statements. Leases entered into by the Clerk are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Clerk did not enter into any new leases. During the year ended September 30, 2025, the Clerk’s payments on leases totaled $16,267. Page 303 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Notes to Financial Statements September 30, 2025 27 12. Commitments and Contingencies (continued) Subscription-Based Information Technology Arrangements The Collier County Clerk contracts for the right to use another party’s information technology software for various terms under certain agreements that meet the definition of a subscription- based information technology arrangement under GASB Statement No. 96 - Subscription-Based Information Technology Arrangements (SBITAs). Detailed information about the Clerk’s SBITAs can be found in the Collier County Annual Comprehensive Financial Report or County- wide financial statements. SBITAs entered into by the Clerk are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of inception. Payments made in accordance with the subscription terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Clerk entered into new SBITAs in the amount of $520,602 and payments on SBITAs totaled $423,800. 13. Litigation The Clerk is routinely involved as defendant, plaintiff and as a “party in interest” in carrying out its statutorily and constitutionally assigned tasks. During the year ended September 30, 2025, the Clerk was involved in approximately 139,313 collection cases. These are court actions designed to collect fees and costs imposed by the courts in criminal cases. The Clerk was involved in 315 bond forfeiture actions. Those cases involve collecting forfeitures of criminal appearance bonds. There are zero active actions for foreclosure of property in which the Clerk has been a named defendant. In the opinion of the Clerk and legal counsel, the range of potential recoveries or liabilities from matters involving litigation will not materially affect the financial position of the Clerk. The Clerk’s Office carries insurance to protect against loss. Page 304 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Combining Statement of Fiduciary Net Position Custodial Funds September 30, 2025 28 Jury and Clerk’s Court Ordinary Total Agency Registry Witness Custodial Funds Assets Cash and cash equivalents 5,719,992$ 23,654,706$ 11,202$ 29,385,900$ Total assets 5,719,992 23,654,706 11,202 29,385,900 Liabilities Due to other governments 4,316,057 - - 4,316,057 Total liabilities 4,316,057 - - 4,316,057 Fiduciary Net Position Restricted for: Individuals, organizations, and other governments 1,403,935 23,654,706 11,202 25,069,843 Total fiduciary net position 1,403,935 23,654,706 11,202 25,069,843 Total liabilities and fiduciary net position 5,719,992$ 23,654,706$ 11,202$ 29,385,900$ Page 305 of 3203 Collier County, Florida Clerk of the Circuit Court and Comptroller Combining Statement of Changes in Fiduciary Net Position Custodial Funds Year Ended September 30, 2025 29 Jury and Clerk’s Court Ordinary Total Agency Registry Witness Custodial Funds Additions Fees/Fines collected for other governments 147,098,329$ -$ -$ 147,098,329$ Registry and other deposits collected - 22,898,888 15,000 22,913,888 Total additions 147,098,329 22,898,888 15,000 170,012,217 Deductions Fees/Fines disbursed to other governments 147,245,375 - - 147,245,375 Registry and other deposits disbursed - 15,294,003 21,382 15,315,385 Total deductions 147,245,375 15,294,003 21,382 162,560,760 Change in fiduciary net position (147,046) 7,604,885 (6,382) 7,451,457 Fiduciary net position - beginning of year 1,550,981 16,049,821 17,584 17,618,386 Fiduciary net position - end of year 1,403,935$ 23,654,706$ 11,202$ 25,069,843$ Page 306 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 30 INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller Collier 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 each major fund and the aggregate remaining fund information of the Collier County, Florida, Clerk of the Circuit Court and Comptroller (Clerk), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Clerk’s basic financial statements, and have issued our report thereon dated January 18, 2026. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Clerk’s internal control over financial reporting (internal control) as a basis for designing 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 Clerk’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Clerk’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 entity’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 or significant deficiencies may exist that were not identified. Page 307 of 3203 Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller 31 Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Clerk’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 financial statements. 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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida January 18, 2026 Page 308 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 32 MANAGEMENT LETTER Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller Collier County, Florida Report on the Financial Statements We have audited the financial statements of the Collier County, Florida, Clerk of the Circuit Court and Comptroller (Clerk) as of and for the year ended September 30, 2025, and have issued our report thereon dated January 18, 2026. Auditors’ Responsibility 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, and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports which are dated January 18, 2026 should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial statements. Page 309 of 3203 Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller 33 Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Clerk and applicable management and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida January 18, 2026 Page 310 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 34 INDEPENDENT ACCOUNTANTS' REPORT Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller Collier County, Florida We have examined the Collier County, Florida, Clerk of the Circuit Court and Comptroller’s (Clerk) compliance with Section 218.415, Florida Statutes, regarding the investment of public funds; Section 61.181, Florida Statutes, regarding clerks of the courts alimony and child support payments; and Sections 28.35 and 28.36, Florida Statutes, regarding clerks of the courts performance standards and budgets during the year ended September 30, 2025. Management of the Clerk is responsible for the Clerk’s compliance with the specified requirements. Our responsibility is to express an opinion on the Clerk’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Clerk complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Clerk complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Clerk’s compliance with specified requirements. In our opinion, the Clerk complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds; Section 61.181, Florida Statutes, regarding clerks of the courts alimony and child support payments; and Sections 28.35 and 28.36, Florida Statutes, regarding clerks of the courts performance standards and budgets during the year ended September 30, 2025. Page 311 of 3203 Honorable Crystal K. Kinzel Clerk of the Circuit Court and Comptroller 35 This report is intended solely for the information and use of the Clerk and the Auditor General, State of Florida, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida January 18, 2026 Page 312 of 3203 Page 313 of 3203 Collier County, Florida Property Appraiser Financial Statements and Supplementary Reports Year Ended September 30, 2025 Page 314 of 3203 Collier County, Florida Property Appraiser Financial Statements and Other Reports Year Ended September 30, 2025 Contents Independent Auditors’ Report ..........................................................................................................1 Financial Statements Balance Sheet – General Fund ......................................................................................................4 Statement of Revenues, Expenditures, and Changes in Fund Balance – General Fund .............................................................................................................5 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (Non-GAAP) and Actual – General Fund ....................................................6 Notes to Financial Statements .......................................................................................................7 Other Reports Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ................................................................23 Management Letter ........................................................................................................................25 Independent Accountants’ Report ..................................................................................................27 Schedule of Findings and Responses .............................................................................................28 Page 315 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 1 INDEPENDENT AUDITORS’ REPORT Honorable Vickie A. Downs Property Appraiser Collier County, Florida Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of the general fund of the Collier County, Florida, Property Appraiser (the Property Appraiser), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Property Appraiser’s basic financial statements, as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the general fund of the Property Appraiser as of September 30, 2025, and the changes in financial position and the budgetary comparison for the general fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Property Appraiser and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphases of Matter As discussed in Note 1, the financial statements of the Property Appraiser referred to above were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the financial statements are intended to present the financial position and the changes in financial position of only that portion of the general fund of Collier County, Florida that is attributable to the transactions of the Property Appraiser. They do not purport to, and do not, present fairly the financial position of Collier County, Florida as of September 30, 2025 and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Page 316 of 3203 Honorable Vickie A. Downs Property Appraiser Collier County, Florida 2 As discussed in Note 1 to the financial statements, the Property Appraiser implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, effective for the fiscal year ended September 30, 2025. GASB 101 requires liabilities to be recognized for leave attributable to services already rendered, that accumulates, and is more likely than not to be used or otherwise paid or settled. Our opinion is not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Property Appraiser’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Page 317 of 3203 Honorable Vickie A. Downs Property Appraiser Collier County, Florida 3 We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Required Supplementary Information Management has omitted management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinion on the basic financial statements are not affected by this missing information. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 6, 2025 on our consideration of the Property Appraiser’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Property Appraiser’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Property Appraiser’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida December 6, 2025 Page 318 of 3203 Collier County, Florida Property Appraiser Balance Sheet – General Fund September 30, 2025 See accompanying Notes to Financial Statements. 4 Assets Cash and cash equivalents 2,864,204$ Total assets 2,864,204$ Liabilities and fund balance Liabilities: Accounts payable and accrued expenses 253,406$ Due to Collier County, Florida Board of County Commissioners 1,634,040 Due to other taxing districts 976,758 Total liabilities 2,864,204 Fund balance - Total liabilities and fund balance 2,864,204$ Page 319 of 3203 Collier County, Florida Property Appraiser Statement of Revenues, Expenditures, and Changes in Fund Balance General Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 5 Revenues: Commissions and fees 13,309,509$ Charges for services 259,254 Miscellaneous 2,362 Total revenues 13,571,125 Expenditures: General government: Personal services 7,827,219 Operating 2,829,690 Capital outlay 347,617 Debt service - principal 30,821 Debt service - interest 2,389 Total expenditures 11,037,736 Excess of revenues over expenditures 2,533,389 Other financing sources (uses): Leases 77,409 Distribution of excess fees and commissions to Collier County, Florida Board of County Commissioners (1,634,040) Distribution of excess fees and commissions to other governmental agencies (976,758) Total other financing sources (uses)(2,533,389) Net change in fund balance - Fund balance, beginning of year - Fund balance, end of year -$ Page 320 of 3203 Collier County, Florida Property Appraiser Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (Non-GAAP) and Actual General Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 6 Variance With Final Budget Positive Original Final Actual (Negative) Revenues: Commissions and fees 11,796,530$ 11,806,261$ 11,806,261$ -$ Miscellaneous - - 2,362 2,362 Total revenues 11,796,530 11,806,261 11,808,623 2,362 Expenditures: General government: Personal services 9,150,135 9,159,866 7,827,219 1,332,647 Operating 2,616,395 2,616,395 2,091,503 524,892 Capital outlay 30,000 30,000 96,109 (66,109) Debt service - principal - - 30,821 (30,821) Debt service - interest - - 2,389 (2,389) Total expenditures 11,796,530 11,806,261 10,048,041 1,758,220 Excess of revenues over expenditures - - 1,760,582 1,760,582 Other financing sources (uses): Leases - - 77,409 77,409 Distribution of excess fees to Collier County, Florida Board of County Commissioners - - (1,634,040) (1,634,040) Distribution of excess commissions and fees to other governmental agencies - - (203,951) (203,951) Total other financing sources (uses)- - (1,760,582) (1,760,582) Net change in fund balance - - - - Fund balance, beginning of year - - - - Fund balance, end of year -$ -$ -$ -$ Budget Page 321 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 7 1. Summary of Significant Accounting Policies The following is a summary of significant accounting principles and policies used in the preparation of the financial statements of the Collier County, Florida, Property Appraiser (Property Appraiser). Reporting Entity The Property Appraiser is an elected official of Collier County, Florida (the County), pursuant to the Constitution of the State of Florida, Article VIII, Section 1(d). The Property Appraiser is part of the primary government of the County. Although the Board and the Florida Department of Revenue approve the Property Appraiser’s total operating budget, the Property Appraiser is responsible for the administration and the operation of the Property Appraiser’s office. The Property Appraiser’s financial statements include only the funds of the Property Appraiser’s office. For financial reporting purposes, the Property Appraiser is deemed to be part of the primary government of the County, and, therefore, is included as such in the County’s Annual Comprehensive Financial Report (ACFR). There are no component units included in the Property Appraiser’s financial statements. Measurement Focus, Basis of Accounting, and Basis of Presentation These financial statements have been prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General – Local Governmental Entity Audits, which allows the Property Appraiser to only present fund financial statements. These financial statements present only the portion of the funds of Collier County, Florida that are attributable to the Property Appraiser. They are not intended to present fairly the financial position and results of operations of Collier County, Florida in conformity with accounting principles generally accepted in the United States of America. The financial activities of the Property Appraiser, as a constitutional officer, are included in the ACFR. These fund financial statements report detailed information about the Property Appraiser. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is reported in a separate column. Page 322 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 8 1. Summary of Significant Accounting Policies (continued) Governmental Funds Governmental funds are accounted for using the flow of current financial resources measurement focus. Only current assets and current liabilities, generally, are included on the balance sheet. Operating statements for these funds’ present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The Property Appraiser’s only governmental fund is the general fund. The general fund is used to account for the general operations of the Property Appraiser. The modified accrual basis of accounting is used by governmental funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available to finance liabilities of the current fiscal year). For this purpose, the Property Appraiser considers revenues to be available if they are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for certain compensated absences, which are recognized as expenditures to the extent they have matured. Charges for services and interest income are recognized as they are earned and become measurable and available to pay liabilities of the current period. Interest revenue and miscellaneous revenue are recognized as they are earned and become measurable and available to pay liabilities of the current period. Substantially all of the Property Appraiser’s revenue is received from taxing authorities. These monies are virtually unrestricted and are revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenue at the time of receipt, earlier if the “susceptible to accrual” criteria are met. Florida Statutes provide that the amount by which revenues exceed annual expenditures be remitted to each governmental agency or the Board immediately following the fiscal year for which the funding was provided or following the fiscal year during which other revenue was recognized. Capital outlays expended in the general fund operations are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental fund of the Property Appraiser. Page 323 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 9 1. Summary of Significant Accounting Policies (Continued) Refund of Excess Fees Florida Statutes further provide that the excess of revenues over expenditures held by the Property Appraiser be distributed to each governmental agency or the Board in the same proportion as the fees paid by each governmental agency bear to total fee revenues. The amount of this distribution is recorded as a liability and as another financing use-transfer out in the accompanying financial statements. Cash and Cash Equivalents Cash and cash equivalents are highly liquid investments with original maturities of three months or less. Compensated Absences Vacation and sick leave payments are included in operating costs of the general fund when the payments are made to the employees. The liability for compensated absences is reported in the government-wide statements of the County and is not reported in basic financial statements of the Property Appraiser. The liability for compensated absences consists of leave that has not been used that is attributable to services already rendered, accumulates and is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. The liability also includes amounts for leave that has been used for time off but has not yet been paid in cash or settled through noncash means and certain other types of leave. Prepaid Expenses The Property Appraiser has elected to follow GASB Codification 1600.127 Other Expenditure Recognition Alternatives and expends costs as they are incurred and does not allocate the cost between periods. Page 324 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 10 1. Summary of Significant Accounting Policies (continued) Adoption of New Accounting Standards: In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. This standard establishes a unified recognition and measurement model for compensated absences, which include vacation leave, sick leave, paid time off, holidays, parental leave, and other similar benefits. Under this guidance, a liability for compensated absences is recognized for (1) leave that has not been used and meets certain criteria—attributable to services already rendered, accumulates, and is more likely than not to be used or otherwise paid or settled—and (2) leave that has been used but not yet paid or settled. The Property Appraiser adopted the requirements of this guidance effective October 1, 2024, and has applied the provisions of this standard to the beginning of the period of adoption. 2. Budgetary Process Florida Statutes govern the preparation, adoption, and administration of the Property Appraiser’s annual budget. The Property Appraiser prepares a budget for the general fund and submits it to the Florida Department of Revenue for approval. A copy of the approved budget is provided to the Board. Any subsequent amendments to the Property Appraiser’s total budget must be approved by the Florida Department of Revenue. The annual budget serves as the legal authorization for expenditures. Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at year-end. Budget control is maintained at the departmental major object expenditure level. Budgetary changes within major object expenditure categories are made at the discretion of the Property Appraiser. Page 325 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 11 2. Budgetary Process (continued) The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally authorized changes applicable to the fiscal year, whenever legally authorized. The Property Appraiser’s budget is prepared under a budgetary basis of accounting that differs from generally accepted accounting principles (GAAP). Certain revenues received from TRIM notices, non-ad valorem commissions, expenditures of such revenue, and other financing uses related to non-ad valorem revenue are not recognized under the budgetary basis of accounting; however, these items have been recognized under GAAP. A reconciliation of revenues, expenditures, and other financing uses on a budgetary basis to a GAAP is as follows: Total revenues - budgetary basis 11,808,623$ Revenues not budgeted: Non-ad valorem commissions are not budgeted 1,503,248 TRIM reimbursements are not budgeted 259,254 Total revenues - GAAP basis 13,571,125$ Total expenditures - budgetary basis 10,048,041$ Expenditures not budgeted: Non-ad valorem related expenditures are not budgeted 730,441 TRIM expenditures are not budgeted 259,254 Total expenditures - GAAP basis 11,037,736$ Total other financing sources (uses) - budgetary basis (1,760,582)$ Other financing uses not budgeted: Distribution of non-ad valorem excess fees are not budgeted (772,807) Total other financing sources (uses) - GAAP basis (2,533,389)$ Page 326 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 12 3. Cash At September 30, 2025, the carrying value of the Property Appraiser’s cash was as follows: Carrying Value Cash on hand 125$ Demand deposits 2,864,079 Total cash 2,864,204$ Type Custodial Credit Risk At September 30, 2025, the Property Appraiser’s deposits were entirely covered by Federal Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under this Chapter, in the event of default by a participating financial institution (a qualified public depository), all participating institutions are obligated to reimburse the governmental entity for the loss. Credit Risk The Property Appraiser’s policy is to follow the guidance in Section 219.075, Florida Statutes, regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415, Florida Statutes, authorize the Property Appraiser to invest in Florida PRIME (formerly the Local Government Surplus Funds Trust Fund) or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; direct obligations of the United States Treasury; federal agencies and instrumentalities or interest-bearing time deposits or savings accounts in banks organized under the laws of the United States and doing business and situated in the State of Florida, savings and loan associations which are under state supervision; or in federal savings and loan associations located in the State of Florida and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law. Interest Rate Risk The Property Appraiser has no specific investment policy regarding interest rate risk. Page 327 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 13 4. Capital Assets Capital assets used by the Property Appraiser are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental funds of the Property Appraiser. Upon acquisition, such assets are recorded as expenditures in the general fund of the Property Appraiser and are capitalized at cost in the basic financial statements of Collier County, Florida. Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at acquisition value on the date received. The Property Appraiser maintains custodial responsibility for the capital assets used by the office. No depreciation expense has been provided on capital assets in these financial statements. However, depreciation expense on these assets is recorded in the basic financial statements of Collier County, Florida. The following is a summary of changes in capital assets for the year ended September 30, 2025: October 1,September 30, 2024 Additions Deductions 2025 Improvements other than buildings 15,332$ 37,000$ -$ 52,332$ Machinery and equipment 1,692,201 233,208 (83,707) 1,841,702 Right-to-use leased equipment 54,185 77,409 - 131,594 Total capital assets 1,761,718 347,617 (83,707) 2,025,628 Accumulated depreciation: Improvements other than buildings (11,937) (1,234) - (13,171) Machinery and equipment (1,527,473) (60,898) 83,707 (1,504,664) Accumulated amortization: - - - - Right-to-use leased equipment (18,708) (31,803) - (50,511) Total depreciable capital assets, net (1,558,118) (93,935) 83,707 (1,568,346) Total capital assets, net 203,600$ 253,682$ -$ 457,282$ Page 328 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 14 5. Long-Term Liabilities The following is a summary of changes in long-term liabilities, which are reported in the basic financial statements of the County: October 1,September 30, 2024 (1) Additions (2) Deductions 2025 Compensated absences liability 841,843$ 191,892$ -$ 1,033,735$ (1) The beginning balance was restated due to the implementation of GASB No. 101. (2) The change in compensated absence liability is presented as a net change. Of these liabilities, approximately $467,000 is expected to be paid or used during the fiscal year ending September 30, 2026. These long-term liabilities are not reported in the financial statements of the Property Appraiser since they have not matured. Page 329 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 15 6. Pension Plans Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State-administered retirement system in paying the costs of health insurance. Essentially all regular employees of the Property Appraiser are eligible to enroll as members of the State-administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and other nonintegrated programs. An annual comprehensive financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). Page 330 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 16 6. Pension Plans (continued) Florida Retirement System Pension Plan Plan Description The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows:  Regular Class – Members of the FRS who do not qualify for membership in the other classes.  Elected County Officers Class – Members who hold specified elective offices in local government.  Senior Management Service Class (SMSC) – Members in senior management level positions.  Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class.  Special Risk Administrative Support Class – Members who provide administrative support for a special risk employer. Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62, or at any age after 30 years of service, except for members classified as special risk who are eligible for normal retirement benefits at age 55, if vested, or at any age after 25 years of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service, except for members classified as special risk who are eligible for normal retirement benefits at age 55, if vested, or at any age after 25 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. Page 331 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 17 6. Pension Plans (continued) Florida Retirement System Pension Plan (continued) Plan Description (continued) DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed 8 years after electing to participate, except that certain instructional personnel may participate for up to 10 years. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Benefits Provided Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3% FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Detailed information about the County’s proportionate share of FRS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. Page 332 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 18 6. Pension Plans (continued) Retiree Health Insurance Subsidy Program Plan Description The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Benefits Provided For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. Detailed information about the County’s proportionate share of HIS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. FRS Investment Plan The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. Property Appraiser employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Page 333 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 19 6. Pension Plans (continued) FRS Investment Plan (continued) Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.06 percent of payroll and by forfeited benefits of plan members. For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up to 5 years. If the employee returns to FRS-covered employment within the 5-year period, the employee will regain control over their account. If the employee does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the Property Appraiser. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. Page 334 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 20 6. Pension Plans (continued) Contributions The contribution requirements of the Property Appraiser are established and may be amended by the State of Florida. The Property Appraiser’s employer contributions to the plan for the years ended September 30, 2025, 2024, and 2023, were $1,039,493, $981,768, and $803,360, respectively, equal to the required contributions for each year. Additional information about pension plans can be found in the County’s financial statements. 7. Other Postemployment Benefits In accordance with Section 112.0801, Florida Statutes, the Property Appraiser participates with the County in offering retiring employees the opportunity to continue participation in the County’s health insurance plan. The participating retirees pay 100% of the premium cost applicable to an active employee. The liability and expense for other postemployment benefits, calculated in accordance with Governmental Accounting Standards Board Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the financial statements of the County. 8. Related Party Transactions During the fiscal year ended September 30, 2025, the Board paid fees to the Property Appraiser that amounted to $10,496,191. At September 30, 2025, the Property Appraiser had a payable due to the Board of $1,634,040. Page 335 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 21 9. Risk Management The County is exposed to various risks of loss including but not limited to, general liability, health and life, property, and casualty, auto and physical damage, and workers’ compensation. The County is substantially self-insured and accounts for and finances its risk of uninsured losses through an internal service fund. All liabilities associated with these self-insured risks are reported in the basic financial statements of the County. The Property Appraiser participates in the County’s self-insurance program. During the year ended September 30, 2025, the Property Appraiser was charged $1,240,302 by the County for participation in the risk management program. The County retains the first $600,000 per claim for workers’ compensation and has purchased outside excess coverage for up to the statutory limits for each injury or illness. The County also provides coverage for up to $300,000 per occurrence for general liability and $300,000 per occurrence for auto liability coverage and has purchased outside excess coverage for up to $5 million per claim. Negligence claims in excess of the statutory limits set in Section 768.20, Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be recovered through an act of the State Legislature. Property claims are subject to a 5% wind deductible and a $100,000 deductible for all other perils. The County retains the first $300,000 per claim/$100,000 per occurrence for public official errors and omissions and crime coverage and has purchased outside excess coverage for up to $5 million per claim. There have been no significant reductions in insurance coverage in the last year. Settled claims have not exceeded the insurance provided by third-party carriers in any of the last three years. The County is self-insured for health claims covering all its employees and their eligible dependents. The County retains the first $750,000 per covered member and has purchased outside excess coverage for all claims exceeding this amount. An actuarial valuation is performed each year to estimate the amounts needed to pay prior and future claims and to establish reserves. Page 336 of 3203 Collier County, Florida Property Appraiser Notes to Financial Statements September 30, 2025 22 10. Commitments and Contingencies Litigation The Property Appraiser is involved as a defendant or plaintiff in certain litigation and claims arising from the ordinary course of operations. In the opinion of the Property Appraiser and legal counsel, the range of potential recoveries or liabilities will not materially affect the financial position of the Property Appraiser. Leases The Property Appraiser leases assets for various terms under certain agreements that meet the definition of a lease under GASB Statement No. 87 – Leases. Detailed information about the Property Appraiser’s leases can be found in the County’s financial statements. Leases entered by the Property Appraiser are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Property Appraiser entered into seven new long-term, noncancelable lease agreements in the amount of $77,409. During the year ended September 30, 2025 the Property Appraiser’s payments of principal on leases totaled $30,821. Page 337 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 23 INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Vickie A. Downs Property Appraiser Collier 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 general fund of the Collier County, Florida, Property Appraiser (the Property Appraiser), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Property Appraiser’s basic financial statements, and have issued our report thereon dated December 6, 2025. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Property Appraiser’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Property Appraiser’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Property Appraiser’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 entity’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 and therefore, material weaknesses or significant deficiencies may exist that were not identified. Page 338 of 3203 Honorable Vickie A. Downs Property Appraiser Collier County, Florida 24 We identified certain deficiencies in internal control, described in the accompanying schedule of findings and responses as item 2025-001 that we consider to be material weakness. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Property Appraiser’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 financial statements. 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. Property Appraiser’s Response to Findings Government Auditing Standards requires the auditor to perform limited procedures on the Property Appraiser’s response to the findings identified in our audit and described in the accompanying schedule of findings and responses. Property Appraiser’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response. 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 result of that testing, and not to provide an opinion on the effectiveness of the Property Appraiser’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 Property Appraiser’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida December 6, 2025 Page 339 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 25 MANAGEMENT LETTER Honorable Vickie A. Downs Property Appraiser Collier County, Florida Report on the Financial Statements We have audited the financial statements of the Collier County, Florida, Property Appraiser (the Property Appraiser) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 6, 2025. Auditors’ Responsibility We conducted our audit 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; and Chapter 10.550, Rules of the Florida Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards; Schedule of Findings and Responses; and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedules, which are dated December 6, 2025, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings and recommendations made in the preceding annual financial audit report. Page 340 of 3203 Honorable Vickie A. Downs Property Appraiser Collier County, Florida 26 Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial statements. Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste or abuse, that has occurred, or is likely to has occurred, that have an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any findings Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Property Appraiser, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida December 6, 2025 Page 341 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 27 INDEPENDENT ACCOUNTANTS’ REPORT Honorable Vickie A. Downs Property Appraiser Collier County, Florida We have examined the Collier County, Florida, Property Appraiser’s (the Property Appraiser) compliance with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended September 30, 2025. Management of the Property Appraiser is responsible for the Property Appraiser’s compliance with the specified requirements. Our responsibility is to express an opinion on the Property Appraiser’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Property Appraiser complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Property Appraiser complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Property Appraiser’s compliance with specified requirements. In our opinion, the Property Appraiser complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended September 30, 2025. This report is intended solely for the information and use of the Property Appraiser and the Auditor General, State of Florida and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida December 6, 2025 Page 342 of 3203 28 PROPERTY APPRAISER SCHEDULE OF FINDINGS AND RESPONSES YEAR ENDED SEPTEMBER 30, 2025 2025 – 001 Audit Adjustments Type of Finding: Material weakness in internal control over financial reporting. Criteria or Specific Requirement: The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Framework states that control activities are a component of internal control. Control activities are policies and procedures established to ensure that management directives are carried out, and consist of two elements: a policy that establishes what should be done and the procedure that implements the policy. COSO Framework requires that control activities be in place for adequate internal control over financial reporting. Internal control procedures affect management’s ability to ensure financial transactions are authorized and accurate. Management is responsible for establishing and maintaining internal controls for the proper recording of all transactions in the financial statements. Condition: Payroll-related accruals were not recorded in accordance with Generally Accepted Accounting Principles (GAAP), resulting in a misclassification between cash and accrued payroll at year-end. Management subsequently corrected the presentation through an audit adjustment. Cause: Internal controls did not detect or prevent the error. Effect: The year-end financial statements were misstated, requiring an audit adjustment to properly reflect cash and accrued liabilities. Recommendation: We recommend management review policies and procedures for year-end accruals to ensure that payroll and related liabilities for services rendered prior to year-end are properly recorded, regardless of the actual payment date. View of Responsible Officials and Planned Corrective Actions: See management’s response on the following page. Page 343 of 3203 29 December 6, 2025 Management Response - Audit Finding 2025-001 Management concurs with the finding. During fiscal year 2025, payroll for the pay period ending September 30 was processed through the payroll accounting system, and the journal entry was system-generated at the time of payroll issuance. Although the software posted payroll as a cash disbursement, the payment had not yet cleared the bank as of year-end. As a result, the outstanding payroll should have been reflected as an accrued liability rather than a reduction to cash. Upon notification during audit review, management corrected the classification to properly reflect cash and accrued payroll in accordance with Generally Accepted Accounting Principles (GAAP). Going forward, year-end payroll processing will include review of bank clearing dates to ensure wages earned but unpaid at fiscal close are recorded as liabilities until cleared. Page 344 of 3203 Page 345 of 3203 COLLIER COUNTY, FLORIDA SHERIFF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2025 Page 346 of 3203 COLLIER COUNTY, FLORIDA SHERIFF TABLE OF CONTENTS YEAR ENDED SEPTEMBER 30, 2025 INDEPENDENT AUDITORS’ REPORT 1 FINANCIAL STATEMENTS BALANCE SHEET – GOVERNMENTAL FUNDS 5 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS 6 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET (NON-GAAP) AND ACTUAL – GENERAL FUND 7 STATEMENT OF NET POSITION – INTERNAL SERVICE FUND 8 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION – INTERNAL SERVICE FUND 9 STATEMENT OF CASH FLOWS – INTERNAL SERVICE FUND 10 STATEMENT OF FIDUCIARY NET POSITION – FIDUCIARY FUNDS 11 STATEMENT OF CHANGES IN FIDUCIARY NET POSITION – FIDUCIARY FUNDS 12 NOTES TO FINANCIAL STATEMENTS 13 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS 37 SUPPLEMENTARY INFORMATION COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL FUNDS 38 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – NONMAJOR GOVERNMENTAL FUNDS 39 COMBINING STATEMENT OF FIDUCIARY NET POSITION – CUSTODIAL FUNDS 40 COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION – CUSTODIAL FUNDS 41 Page 347 of 3203 COLLIER COUNTY, FLORIDA SHERIFF TABLE OF CONTENTS YEAR ENDED SEPTEMBER 30, 2025 OTHER REPORTS INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND REPORT ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 42 MANAGEMENT LETTER 44 INDEPENDENT ACCOUNTANTS’ REPORT 48 INDEPENDENT ACCOUNTANTS’ REPORT ON APPLYING AGREED-UPON PROCEDURES 49 Page 348 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com (1) INDEPENDENT AUDITORS’ REPORT Honorable Kevin Rambosk Sheriff Collier County, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of each major fund and the aggregate remaining fund information of the Collier County, Florida, Sheriff (Sheriff), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Sheriff’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of each major fund and the aggregate remaining fund information of the Sheriff as of September 30, 2025, and the respective changes in financial position, and where applicable, cash flows thereof, and the budgetary comparison for the general fund for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Sheriff and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphases of Matter As discussed in Note 1, the financial statements of the Sheriff referred to above were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the financial statements are intended to present the financial position, the changes in financial position, and where applicable, cash flows of only that portion of each major fund and the aggregate remaining fund information of Collier County, Florida that is attributable to the transactions of the Sheriff. They do not purport to, and do not, present fairly the financial position of Collier County, Florida as of September 30, 2025, the changes in its financial position or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter. Page 349 of 3203 Honorable Kevin Rambosk Sheriff (2) As discussed in Note 1 to the financial statements, the Sheriff implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, effective for the fiscal year ended September 30, 2025. GASB 101 requires liabilities to be recognized for leave attributable to services already rendered that accumulates and is more likely than not to be used or otherwise paid or settled. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Sheriff’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Page 350 of 3203 Honorable Kevin Rambosk Sheriff (3) We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the schedule of changes in total OPEB liability and related ratios, be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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 GAAS, 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. Management has omitted the management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinions on the basic financial statements are not affected by this missing information. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Sheriff’s basic financial statements. The combining statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 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 GAAS. In our opinion, the combining statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Page 351 of 3203 Honorable Kevin Rambosk Sheriff (4) Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 10, 2026, on our consideration of the Sheriff’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Sheriff’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Sheriff’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida March 10, 2026 Page 352 of 3203 COLLIER COUNTY, FLORIDA SHERIFF BALANCE SHEET – GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (5) Grant Other Nonmajor Special Prisoner Special Revenue General Revenue Fund Welfare Funds Total ASSETS Cash and Cash Equivalents 15,150,753$ 2,514,566$ 5,251,465$ -$ 22,916,784$ Accounts Receivable 166,808 - - - 166,808 Other Receivable 61,665 - 2,298 - 63,963 Due from Other Funds 822,219 - 78,874 - 901,093 Due from Other Governments 1,354,825 689,271 - - 2,044,096 Due from Collier County, Florida Board of County Commissioners 343,105 799,336 - 546,975 1,689,416 Prepaid Items 306,228 12,685 - 78,721 397,634 Total Assets 18,205,603$ 4,015,858$ 5,332,637$ 625,696$ 28,179,794$ LIABILITIES, DEFERRED INFLOW OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts Payable 1,682,742$ 97,194$ 17,635$ 171,330$ 1,968,901$ Accrued Liabilities 15,361,923 13,822 17,257 33,122 15,426,124 Due to Other Funds - - 385,749 421,244 806,993 Due to Collier County, Florida Board of County Commissioners 1,100,182 - - - 1,100,182 Unearned Revenue 4,935 31,042 - - 35,977 Total Liabilities 18,149,782 142,058 420,641 625,696 19,338,177 FUND BALANCES Nonspendable - Prepaid Items 306,228 12,685 - 78,721 397,634 Restricted - 3,873,800 4,911,996 - 8,785,796 Unassigned (250,407) (12,685) - (78,721) (341,813) Total Fund Balance 55,821 3,873,800 4,911,996 - 8,841,617 Total Liabilities, Deferred Inflow of Resources, and Fund Balances 18,205,603$ 4,015,858$ 5,332,637$ 625,696$ 28,179,794$ Page 353 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (6) Grant Other Nonmajor Special Prisoner Special Revenue General Revenue Fund Welfare Funds Total REVENUES Grant Revenue 641,738$ 4,393,905$ -$ -$ 5,035,643$ Charges for Services 3,158,345 - 1,257,036 - 4,415,381 Total Revenues 3,800,083 4,393,905 1,257,036 - 9,451,024 EXPENDITURES General Government: Personal Services 6,285,366 - - - 6,285,366 Operating Expenditures 163,621 - - - 163,621 Public Safety: Personal Services 214,451,997 542,939 928,355 722,244 216,645,535 Operating Expenditures 40,674,042 1,831,297 167,547 1,708,766 44,381,652 Capital Outlay 9,711,977 1,469,384 - 248,712 11,430,073 Debt Service - Principal 2,323,240 19,680 - - 2,342,920 Debt Service - Interest 354,252 714 - - 354,966 Total Expenditures 273,964,495 3,864,014 1,095,902 2,679,722 281,604,133 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (270,164,412) 529,891 161,134 (2,679,722) (272,153,109) OTHER FINANCING SOURCES (USES) Leases 3,678,983 - - - 3,678,983 SBITA 1,558,075 - - - 1,558,075 Insurance and Auction Proceeds 1,354,746 12,433 - - 1,367,179 Transfers In: Collier County, Florida Board of County Commissioners Appropriations 266,352,100 - - - 266,352,100 Collier County, Florida Board of County Commissioners 783,500 - - 2,679,722 3,463,222 Transfers Out: Distribution of Excess Appropriations to Collier County, Florida Board of County Commissioners (3,520,083) - - - (3,520,083) Total Other Financing Sources (Uses)270,207,321 12,433 - 2,679,722 272,899,476 NET CHANGE IN FUND BALANCES 42,909 542,324 161,134 - 746,367 Fund Balances - Beginning of Year 12,912 3,331,476 4,750,862 - 8,095,250 FUND BALANCES - END OF YEAR 55,821$ 3,873,800$ 4,911,996$ -$ 8,841,617$ Page 354 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET (NON-GAAP) AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (7) Variance With Budget Budget Positive Original Final Actual (Negative) REVENUES Charges for Services -$ 2,249,600$ 3,158,345$ 908,745$ Total Revenues - 2,249,600 3,158,345 908,745 EXPENDITURES General Government: Personal Services 6,342,795 6,342,795 6,285,366 57,429 Operating Expenditures 182,600 182,600 163,621 18,979 Public Safety: Personal Services 207,053,005 210,597,705 214,451,997 (3,854,292) Operating Expenditures 46,834,500 45,439,400 40,273,764 5,165,636 Capital Outlay 6,039,200 6,039,200 9,328,755 (3,289,555) Debt Service - Principal - - 2,323,240 (2,323,240) Debt Service - Interest - - 354,252 (354,252) Total Expenditures 266,452,100 268,601,700 273,180,995 (4,579,295) EXCESS OF EXPENDITURES OVER REVENUES (266,452,100) (266,352,100) (270,022,650) (3,670,550) OTHER FINANCING SOURCES (USES) Leases - - 3,678,983 3,678,983 SBITA - - 1,558,075 1,558,075 Insurance and Auction Proceeds - - 1,354,746 1,354,746 Transfers In: Collier County, Florida Board of County Commissioners Appropriations 266,452,100 266,352,100 266,352,100 - Other Funds Transfers Out: Grant and Other Special Revenue Funds - - - - Distribution of Excess Appropriations to Collier County, Florida Board of County Commissioners - - (3,520,083) (3,520,083) Total Other Financing Sources 266,452,100 266,352,100 269,423,821 3,071,721 NET CHANGE IN FUND BALANCE - - (598,829) (598,829) Fund Balance - Beginning of Year - - 12,912 12,912 FUND BALANCE - END OF YEAR -$ -$ (585,917)$ (585,917)$ Reconciliation of Budgetary Basis to GAAP Basis Fund balance - budgetary basis (585,917)$ Revenues not Budgeted: Revenues for Cost Reimbursements that are not Budgeted 641,738 Expenditures not Budgeted: Expenditures for Multi-Period Projects that are not Budgeted (783,500) Transfers in from Collier County Florida Board of County Commissioners (Nonappropriations)783,500 Fund balance - GAAP basis 55,821$ Page 355 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF NET POSITION – INTERNAL SERVICE FUND SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (8) ASSETS Cash and Cash Equivalents 6,930,808$ Investments 13,393,140 Due from Other 91,294 Due from Stop Loss 198,829 Interest Receivable 49,254 Total Assets 20,663,325 LIABILITIES Accounts Payable 27,900 Due to Other Funds 1,123 Self Insurance Claims Payable 4,306,000 Unearned Revenue 123,503 Total Liabilities 4,458,526 NET POSITION Unrestricted 16,204,799 Total Net Position 16,204,799$ Page 356 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION – INTERNAL SERVICE FUND YEAR ENDED SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (9) OPERATING REVENUES Charges for Services 41,386,008$ Total Operating Revenues 41,386,008 OPERATING EXPENSES Claims and Claims Expenses 35,104,440 Reinsurance Premiums 3,840,613 Miscellaneous Services 138,435 Administrative and Other Expenses 674,932 Total Operating Expenses 39,758,420 OPERATING INCOME 1,627,588 NONOPERATING REVENUES Interest Income, Net of Management Fees 168,428 Net Increase in Fair Value of Investments 550,799 Total Nonoperating Revenues 719,227 CHANGE IN NET POSITION 2,346,815 Net Position - Beginning of Year 13,857,984 NET POSITION - END OF YEAR 16,204,799$ Page 357 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF CASH FLOWS – INTERNAL SERVICE FUND YEAR ENDED SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (10) CASH FLOWS FROM OPERATING ACTIVITIES Cash Payments for Claims and Claims Related Services (35,010,871)$ Cash Payments for Reinsurance Premiums (3,840,613) Cash Payments for Administrative Services and Supplies (674,932) Cash Payments for Miscellaneous Services (109,412) Cash Received from Other Funds for Services 39,799,179 Cash Received from Retirees for Services 1,591,481 Net Cash Provided by Operating Activities 1,754,832 CASH FLOWS FROM INVESTING ACTIVITIES Interest Earnings, Net of Management Fees 299,154 Purchase of Securities (4,468,778) Proceeds from Sales and Maturities of Securities 4,328,950 Net Cash Provided by Investing Activities 159,326 NET INCREASE IN CASH AND CASH EQUIVALENTS 1,914,158 Cash, Cash Equivalents, and Investments - Beginning of Year 5,016,650 CASH AND CASH EQUIVALENTS - END OF YEAR 6,930,808$ RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income 1,627,588$ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Decrease in Due from Stop Loss 98,569 Increase in Self-Insurance Claims Payable 22,900 Increase in Due to Other Funds 1,123 Increase in Unearned Revenue 4,652 Net Cash Provided by Operating Activities 1,754,832$ SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES Change in Fair Value of Investments 615,013$ Page 358 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF FIDUCIARY NET POSITION – FIDUCIARY FUNDS SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (11) Private Purpose Trust Fund Custodial Funds ASSETS Cash and Cash Equivalents 431,138$ 432,624$ Due from Individuals and Businesses - 13,709 Total Assets 431,138 446,333 LIABILITIES Due to Other Funds - 92,977 Due to Other - 9,298 Total Liabilities - 102,275 FIDUCIARY NET POSITION Restricted for: Individuals and Organizations 431,138$ 344,058$ Page 359 of 3203 COLLIER COUNTY, FLORIDA SHERIFF STATEMENT OF CHANGES IN FIDUCIARY NET POSITION – FIDUCIARY FUNDS YEAR ENDED SEPTEMBER 30, 2025 See accompanying Notes to Financial Statements. (12) Private Purpose Trust Fund Custodial Funds ADDITIONS Contributions: Individuals 563,380$ 3,625,101$ Fees Collected for Other Governments - 447,087 Miscellaneous - 7,521 Total Additions 563,380 4,079,709 DEDUCTIONS Beneficiary Payments to Individuals 537,025 3,608,657 Payment of Fees to Other Governments - 365,485 Payments to Other Entities - 90,683 Total Deductions 537,025 4,064,825 NET INCREASE IN FIDUCIARY NET POSITION 26,355 14,884 Fiduciary Net Position - Beginning of Year 404,783 329,174 FIDUCIARY NET POSITION - END OF YEAR 431,138$ 344,058$ Page 360 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (13) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity The Collier County, Florida Sheriff (Sheriff) is an elected constitutional officer as provided for by the Constitution of the State of Florida. Pursuant to Chapter 129, Florida Statutes, the Sheriff’s budget is submitted to the Collier County, Florida Board of County Commissioners (Board) for approval. The Sheriff is the chief law enforcement officer of Collier County, Florida (County) and is responsible for operating the County’s corrections facilities. The financial statements include the general fund, special revenue funds, proprietary fund (internal service fund), and fiduciary funds of the Sheriff’s office. The accompanying financial statements were prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General – Local Governmental Entity Audits, which allows the Sheriff to only present fund financial statements. These financial statements present only the portion of the funds of Collier County, Florida that are attributable to the Sheriff. They are not intended to present fairly the financial positions, results of operations, or where applicable, the cash flows of Collier County, Florida in conformity with accounting principles generally accepted in the United States of America. There are no separate legal entities (component units) for which the Sheriff is financially accountable. Chapter 10.550, Rules of the Auditor General – Local Governmental Entity Audits, requires the Sheriff to only present fund financial statements. Accordingly, due to the omission of government-wide financial statements and related disclosures, including management’s discussion and analysis, these financial statements do not constitute a complete presentation of the financial position of the Sheriff as of September 30, 2025 and the changes in its financial position and its cash flows, where applicable, for the year then ended, in conformity with Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, but otherwise constitute financial statements prepared in conformity with accounting principles generally accepted in the United States of America. As a result of the budgetary oversight by the Board and the financial dependency on the Board, the financial activities of the Sheriff are included in the Collier County, Florida Annual Comprehensive Financial Report. Measurement Focus, Basis of Accounting, and Basis of Presentation Transfers are provided by appropriations from the Board pursuant to law. Estimated receipts and budgeted fund balances must equal appropriations. The Sheriff is required to refund to the Board all excess appropriations annually; therefore, no unappropriated general fund balance is carried forward. However, the Sheriff currently has $306,228 in nonspendable fund balance to account for prepaid items that cover multiple fiscal years. This nonspendable fund balance will be reduced each fiscal year proportionate to the expenditure incurred for each fiscal year until the balance is $-0-. Page 361 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (14) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting, and Basis of Presentation (Continued) The fund financial statements report detailed information about the Sheriff. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is reported in a separate column. Governmental Funds Governmental funds are accounted for using the flow of current financial resources measurement focus. Only current assets and current liabilities, generally, are included on the balance sheet. Operating statements for these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The modified accrual basis of accounting is used by governmental funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available to finance liabilities of the current fiscal year). For this purpose, the Sheriff considers revenues to be available if they are collected within 60 days after year-end with the exception of grants, which have a period of availability of one year. Grants are recognized as revenue as soon as all eligibility requirements have been met. Expenditures are recorded when the related fund liability is incurred, except for compensated absences, debt service principal and interest on leases, and SBITAs which are recognized as expenditures to the extent they have matured. Substantially all of the Sheriff’s funding is appropriated by the Board. In applying the susceptible to accrual concept to intergovernmental revenue, there are essentially two types of revenue. In one, money must be expended on the specific purpose or project before any amounts will be paid to the Sheriff; therefore, revenue is recognized based upon the expenditures incurred. In the other, money is virtually unrestricted and is revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenue at the time of receipt, or earlier, if the “susceptible to accrual” criteria are met. Other revenue is recognized as earned and becomes measurable and available to pay liabilities of the current period. Florida Statutes provide that the amount by which revenues and transfers exceed annual expenditures be remitted to the Board immediately following the fiscal year for which the funding was provided or following the fiscal year during which other revenue was recognized. The amount of this distribution is recorded as a liability and as another financing use in the accompanying financial statements. Capital outlays expended in governmental fund operations are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental funds of the Sheriff. Page 362 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (15) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting, and Basis of Presentation (Continued) Governmental Funds (Continued) The Sheriff has three major governmental funds: General Fund – The general fund is used to account for the general operations of the Sheriff and includes all transactions which are not accounted for in another fund. Grant Special Revenue Fund – This fund is used to account for the proceeds of federal and state grant revenues that are legally restricted to specified purposes. It also includes funds donated to the Collier County Sheriff’s Office. Donated funds are used in accordance with how each donor designates the use of funds. The majority of donated funds are usually designated for youth programs; however, funds have also been donated for officer safety, use by specific districts/substations for community activities, or other programs/activities in the community. Prisoner Welfare Fund – This fund is used to account for the proceeds of inmate- related services and is legally restricted to specified purposes, which benefit the inmate population. The Sheriff also has the following nonmajor funds reported as Other Nonmajor Special Revenue Funds: Confiscated Trust Fund – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 932.705. Funds are used for local match for grants, drug abuse education and prevention programs, and for other law enforcement purposes as the Board deems appropriate. Civil Citation – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 775.083. Funds are used for local match for grants and to defray the costs for crime prevention programs in the county. Education Trust Fund – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 943.25. Funds are used to defray training costs. E911 – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 365.172. Funds are used to pay certain costs associated with the Emergency 911 System. Criminal Justice Education and Training – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 943.25. Funds are used to defray training costs. Page 363 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (16) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting, and Basis of Presentation (Continued) Governmental Funds (Continued) Domestic Violence Training Fund – This fund is used to account for the proceeds of funds collected pursuant to Florida Statute 938.08. Funds are used to defray of incarcerating persons sentenced under Florida Statute 741.283 and to provide additional training to law enforcement personnel in combating domestic violence. Fund balances reported in these funds are to be used for the specified purpose of the respective fund. Fiduciary Funds Custodial Funds – These funds are used to account for assets held by the Sheriff as an agent for individuals, private organizations, and other governments. Custodial funds are custodial in nature. Custodial funds are accounted for using the accrual basis of accounting. Private Purpose Trust Fund – These funds are used to account for flexible spending contributions from agency members. The private purpose trust fund is accounted for using the accrual basis of accounting. Proprietary Fund Internal Service Fund – This fund is used to account for the health and dental insurance services provided to departments and retirees of the Sheriff on a cost-reimbursement basis. Proprietary funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods. The operating revenues of the internal service fund consist of charges for services. Operating expenses include claims, stop loss premiums, and other administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Cash Equivalents and Investments Cash equivalents are defined as highly liquid investments with original maturities of three months or less. Page 364 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (17) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Cash Equivalents and Investments (Continued) The Sheriff invests funds throughout the year with Florida PRIME, an investment pool administered by the State Board of Administration (SBA), under the regulatory oversight of the state of Florida. Investments in Florida PRIME are made pursuant to Chapter 125.31, Florida Statutes. Florida PRIME is considered a qualifying external investment pool that meets all the necessary criteria to elect to measure all of the investments at amortized cost. Therefore, the fair value of the Sheriff’s position in the pool is the same as the value of the pool shares. The investments are not categorized because they are not evidenced by securities that exist in physical or book entry form. Throughout the year, and as of September 30, 2025, Florida PRIME contained certain floating and adjustable rate securities. These investments represented 18% of Florida PRIME’s portfolio at September 30, 2025. In accordance with GASB Statement No. 79, as a participant in a qualifying external investment pool, the Sheriff should disclose the presence of any limitations or restrictions on withdrawals such as redemption notice periods, maximum transaction amounts, and the qualifying external investment pool’s authority to impose liquidity fees or redemption gates in the notes to the financial statements. With regards to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, and the Investment Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days. With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made. At September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value. Page 365 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (18) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Receivables Receivables are recorded when measurable and available. These include amounts due from grants and other governmental entities. Receivables are reported net of allowances for uncollectible amounts, which are estimated based on historical collection data and current economic conditions. Prepaid Items Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year but represent items which are applicable to future accounting periods. Reported amounts in governmental funds are classified as nonspendable fund balance, in the fund financial statements, which indicates that these amounts do not constitute “available spendable resources” even though they are a component of current assets. Deferred Inflows of Resources Under the modified accrual basis of accounting, deferred inflows of resources also include revenues not collected within the availability period after the fiscal year-end. The Sheriff has reported deferred inflows of resources related to unavailable grants, These amounts are deferred and will be recognized as an inflow of resources in the period that amounts become available. Compensated Absences All full-time employees of the Sheriff are allowed to accumulate an unlimited number of hours of unused sick time and up to 600 hours of unused vacation leave. Upon termination, employees receive 100% of allowable accumulated vacation hours. If the member leaves in good standing they will also receive a percentage of unused sick leave, depending on years of service, not to exceed 2,000 hours. Vacation time and sick leave are included in operating costs when the payments are made to the employees. The Sheriff does not, nor is the Sheriff legally required to, accumulate expendable financial resources for these immature obligations. Compensated absences consist of leave that has not been used that is attributable to services already rendered, accumulates and is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. The liability also includes amounts for leave that has not been used for time off but has not yet been paid in cash or settled through noncash means and certain other types of leave. Accordingly, the liability for compensated absences is not reported in the governmental funds but rather is reported in the basic financial statements for the County. Use of Estimates The preparation of the financial statements requires management of the Sheriff to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the period. Significant items subject to such estimates and assumptions include the self- insurance claims payable. Actual results could differ from those estimates. Page 366 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (19) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fund Balance Reporting and Governmental Fund-Type Definitions Fund balances are classified either as nonspendable or as spendable. Spendable fund balances are further classified in a hierarchy based on the extent to which there are external and/or internal constraints in how fund balance amounts may be spent. Nonspendable fund balances include amounts that cannot be spent because they are not in spendable form or are legally or contractually required to be maintained intact. The Sheriff has $397,634 as a nonspendable fund balance as of September 30, 2025. Spendable fund balances are classified based on a hierarchy of the Sheriff’s ability to control the spending of these fund balances and are reported in the following categories: restricted, committed, assigned, and unassigned. Fund balances maintained in the Grant Special Revenue Fund and Prisoner Welfare Fund are constrained for specific purposes that are externally imposed by donors, grantors, laws, or regulations, or imposed by law through constitutional provisions or enabling legislation, and are reported as restricted fund balances. The Sheriff’s fund balances for the Grant Special Revenue Fund restricted fund balance of $3,873,800 and Prisoner Welfare Fund restricted fund balance $4,991,996 fall into this category. Unassigned fund balance consists of the residual amount for the general fund that is not contained in the other classifications. The general fund is the only fund that reports a positive unassigned fund balance. Any deficit fund balance within the other governmental fund types is reported as unassigned. The Sheriff unassigned fund balance was $341,813. The Sheriff has implemented fund balance and spending policies to clearly define the process for tracking the various classifications of fund balance. The policy states when an expenditure is incurred in which restricted, committed, assigned or unassigned amounts are available to be used, the Sheriff will first use restricted amounts, then committed, then assigned amounts, and finally unassigned amounts. Adoption of New Accounting Standards In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. This standard establishes a unified recognition and measurement model for compensated absences, which include vacation leave, sick leave, paid time off, holidays, parental leave, and other similar benefits. Under this guidance, a liability for compensated absences is recognized for (1) leave that has not been used and meets certain criteria attributable to services already rendered, accumulates, and is more likely than not to be used or otherwise paid or settled, and (2) leave that has been used but not yet paid or settled. The Sheriff adopted the requirements of this guidance effective October 1, 2024, and has applied the provisions of this standard to the beginning of the period of adoption. Page 367 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (20) NOTE 2 BUDGETARY PROCESS Florida Statutes govern the preparation, adoption, and administration of the Sheriff’s annual budget. The Sheriff prepares a budget for the general fund and submits it to the Board for approval. The budget is prepared on a basis consistent with accounting principles generally accepted in the United States of America, except that certain expenditures for long-term projects which are reimbursed by the Board, and mutual aid reimbursements for previous year expenditures are not budgeted. Any subsequent amendments to the budget must be approved by the Board. The annual budget serves as the legal authorization for expenditures. Expenditures may not legally exceed appropriations at the fund level. Budgetary control is maintained at the departmental major object expenditure level. Budgetary changes within the major object expenditure categories are made at the discretion of the Sheriff. The Sheriff does not budget for the grant special revenue fund as it is funded by federal and state grants and is governed by those documents. Additionally, the prisoner welfare fund does not have a legally adopted budget. The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally authorized changes applicable to the fiscal year, whenever legally authorized. Page 368 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (21) NOTE 3 CASH, CASH EQUIVALENTS, AND INVESTMENTS At September 30, 2025, the carrying value of the Sheriff’s cash, cash equivalents, and investments was as follows: Type Maturity Carrying Value Credit Rating * Cash on Hand N/A 19,278$ N/A Demand Deposits N/A 29,756,733 N/A Local Government Surplus Funds Trust Fund: Florida Prime (SBA)N/A 935,343 AAAm Total Cash and Cash Equivalents 30,711,354 Money Market N/A 76,036 Not rated Federal Home Loan Bank 1/29/2026 247,563 AA+ Federal Home Loan Bank 1/29/2026 247,238 AA+ Federal Home Loan Bank 2/18/2026 495,260 AA+ Federal Home Loan Bank 2/26/2026 493,325 AA+ Federal Home Loan Bank 3/23/2026 495,510 AA+ Federal Home Loan Bank 2/26/2027 134,446 AA+ Federal Home Loan Bank 9/30/2026 243,275 AA+ Federal Farm Credit Bank 8/3/2026 97,678 AA+ Federal Farm Credit Bank 2/4/2026 247,058 AA+ Federal Farm Credit Bank 9/1/2026 487,555 AA+ Federal Farm Credit Bank 9/16/2026 499,370 AA+ Federal Farm Credit Bank 6/25/2030 564,944 AA+ Federal Home Loan Mortgage Corp.7/30/2026 122,140 Aaa Federal Home Loan Mortgage Corp.10/20/2025 249,525 Aaa Federal Home Loan Mortgage Corp.6/23/2026 489,890 Aaa Federal Home Loan Mortgage Corp.1/7/2026 351,648 Aaa Federal Home Loan Mortgage Assn.11/25/2025 497,360 AA+ Federal Home Loan Mortgage Assn.2/10/2028 509,632 AA+ Treasury Note 8/31/2028 931,210 AA+ Treasury Note 9/30/2028 564,302 AA+ Treasury Note 11/30/2026 461,733 AA+ Treasury Note 2/28/2027 243,838 AA+ Treasury Note 8/31/2029 489,765 AA+ Treasury Note 11/15/2025 500,215 AA+ Treasury Note 12/31/2029 503,205 AA+ Treasury Note 1/31/2030 277,626 AA+ Treasury Note 2/29/2028 812,108 AA+ Treasury Note 6/30/2030 500,215 AA+ Treasury Note 11/15/2026 631,081 AA+ Treasury Note 9/30/2029 928,389 AA+ Total Investments 13,393,140 Total Cash, Cash Equivalents, and Investments 44,104,494$ *Credit ratings are Standard & Poor ratings except for FHLMC which are Moody ratings. Page 369 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (22) NOTE 3 CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED) The total cash, cash equivalent and investments balances at September 30, 2025, were as follows: General Fund 15,150,753$ Grant Special Revenue Fund 2,514,566 Prisoner Welfare Fund 5,251,465 Internal Service Fund 20,323,948 Fiduciary Funds 863,762 Total 44,104,494$ Custodial Credit Risk At September 30, 2025, the Sheriff’s demand deposits were entirely covered by Federal Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under this Chapter, in the event of default by a participating financial institution (a qualified public depository), all participating institutions are obligated to reimburse the government entity for the loss. The investments in the Internal Service Fund are part of the Florida Sheriffs Employer Benefits Trust (FSEBT) and are administered by FSEBT. FSEBT’s policy requires execution of a third- party custodial safekeeping agreement for purchased securities and collateral, and requires that securities be held in the Sheriff’s name. Credit Risk The Sheriff’s policy is to follow the guidance in Sections 218.415 and 219.075, Florida Statutes, regarding the deposit of funds received and the investment of surplus funds. The Sheriff’s Investment Policy authorizes investments in Florida PRIME (formerly the Local Government Surplus Funds Trust Fund), or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided in s. 163.01, F.S.; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; interest-bearing time deposits or savings accounts in qualified public depositories, as defined in s. 280.02, F.S.; and direct obligations of the U.S. Treasury. Additionally, Florida Statutes allow local governments to place public funds with institutions that participate in a collateral pool under the Florida Security for Public Deposits Act. The pool is administered by the State Treasurer, who may make additional assessments to ensure that no public funds will be lost. Florida PRIME is administered by the State Board of Administration. Florida PRIME consisted of money market appropriate assets. At September 30, 2025, the Sheriff had $935,343 invested in Florida PRIME. Florida PRIME is rated “AAAm” by Standard and Poor’s. Interest Rate Risk The Sheriff has no specific investment policy regarding interest rate risk. Page 370 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (23) NOTE 3 CASH, CASH EQUIVALENTS, AND INVESTMENTS (CONTINUED) Concentration of Credit Risk The Sheriff’s investments are included in the internal service fund which is used to account for the Sheriff’s self-insured health plan. FSEBT administers the investments for the Sheriff’s self-insured health plan and has an investment policy that allows for the investment of funds that exceed one month’s required funding by more than $100,000. Investments can be made in government securities. The Sheriff’s portfolio managed by FSEBT includes investments in U.S. government instrumentalities, money market accounts, and demand deposits. There are also demand deposits that are not managed by FSEBT and are available dollars managed by the Sheriff to cover daily operations. The portion of the Sheriff’s portfolio invested in FSEBT is detailed as follows, at September 30, 2025: % of Portfolio Money Market 1% Treasury Notes 51% Federal Home Loan Mortgage Corp.9% Federal Home Loan Mortgage Assn.8% Federal Home Loan Bank 18% Federal Farm Credit Bank 14% Total 100% Fair Value Measurements The Sheriff categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The Sheriff has the following recurring fair value measurements as of September 30, 2025: • U.S. Treasury Notes classified as level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. • U.S. Agency obligations classified as level 2 of the fair value hierarchy are valued using quoted prices for similar assets in active markets. Page 371 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (24) NOTE 4 CAPITAL ASSETS Capital assets used by the Sheriff are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental funds of the Sheriff. Upon acquisition, such assets are recorded as expenditures in the governmental funds of the Sheriff and are capitalized at cost in the basic financial statements of the County. Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are recorded at acquisition value on the date received. The Sheriff maintains custodial responsibility for the capital assets used by his office. No depreciation expense has been provided on capital assets in these financial statements. However, depreciation expense on these assets is recorded in the County’s basic financial statements. The following is a summary of changes in capital assets which are reported in the basic financial statements of Collier County, Florida: October 1,Deductions/ September 30, 2024 Additions Reclassifications 2025 Governmental Activities: Capital Assets not Depreciated: Construction in Progress 3,173,200$ 300,732$ (824,311)$ 2,649,621$ Construction in Progress - Right-of-Use Leased Equipment 454,508 407,569 (832,431) 29,646 Total Capital Assets not Depreciated 3,627,708 708,301 (1,656,742) 2,679,267 Capital Assets Depreciated and Amortized: Machinery and Equipment 132,047,244 5,045,333 (6,642,150) 130,450,427 Right-of-Use Leased Equipment 725,777 3,637,293 590,994 4,954,064 Subscription Based Information Technology Arrangements 10,421,644 1,984,251 (1,563,479) 10,842,416 Total Capital Assets Depreciated and Amortized 143,194,665 10,666,877 (7,614,635) 146,246,907 Less: Accumulated Depreciation and Amortization: Machinery and Equipment (95,439,493) (12,707,865) 7,070,789 (101,076,569) Right-of-Use Leased Equipment (382,287) (668,986) 237,647 (813,626) Subscription Based Information Technology Arrangements (2,554,276) (2,150,674) 1,469,061 (3,235,889) Total Accumulated Depreciation and Amortization (98,376,056) (15,527,525) 8,777,497 (105,126,084) Total Depreciable and Amortizable Capital Assets, Net 44,818,609 (4,860,648) 1,162,862 41,120,823 Total Governmental Activities Capital Assets, Net 48,446,317$ (4,152,347)$ (493,880)$ 43,800,090$ Page 372 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (25) NOTE 5 LONG-TERM LIABILITIES The following is a summary of changes in long-term liabilities, which are reported in the basic financial statements of Collier County, Florida: October 1,Net September 30, 2024 *Change 1 2025 Compensated Absences 42,368,312$ 1,790,178$ 44,158,490$ * Beginning balance restatement due to implementation of GASB 101 Compensated Absences 1 The change in compensated absence liability is presented as a net change Of these liabilities, approximately $1,375,000 is expected to be paid during the fiscal year ending September 30, 2026. These long-term liabilities are not reported in the financial statements of the Sheriff since they have not matured. Leases The Sheriff leases assets for various terms under certain agreements that meet the definition of a lease under GASB Statement No. 87 – Leases. Detailed information about the Sheriff’s leases can be found in the Collier County Annual Comprehensive Financial Report or County-wide financial statements. Leases entered into by the Sheriff are included as other financing sources and capital outlay expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance as they are incurred. During the year ended September 30, 2025, the Sheriff entered into leases in the amount of $3,637,293. During the year ended September 30, 2025, the Sheriff’s principal and interest payments on leases totaled $693,633. Subscription-Based Information Technology Arrangements (SBITAs) The Sheriff utilizes licensing agreement of various terms for the right to use another party’s computer software that meets the definition of a subscription-based information technology agreement (SBITA) under GASB Statement No. 96 - Subscription-Based Information Technology Arrangements. Detailed information about the Sheriff’s SBITAs can be found in the Collier County Annual Comprehensive Financial Report or County-wide financial statements. SBITAs entered into by the Sheriff are included as other financing sources and capital outlay expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance as they are incurred. During the year ended September 30, 2025, the Sheriff entered into SBITAs in the amount of $1,558,075. During the year ended September 30, 2025, the Sheriff’s principal and interest payments on leases totaled $2,004,253. Page 373 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (26) NOTE 6 INTERFUND BALANCES AND TRANSFERS Due from and due to other funds at September 30, 2025, were as follows: Due From Due To General Fund 822,219$ -$ Prisoner Welfare Fund 78,874 385,749 Internal Service Fund - 1,123 Other Nonmajor Special Revenue Funds - 421,244 Fiduciary Funds - 92,977 Total 901,093$ 901,093$ Interfund receivables and payables generally represent recurring activities between funds. NOTE 7 RELATED PARTY TRANSACTIONS The Board provided funding for the Sheriff for the year of $266,352,100. At September 30, 2025, the Sheriff had a payable due to the Board of $1,100,182 related to the distribution of excess appropriations. Additionally, the Sheriff had a receivable from the Board related to services provided to the County of $1,689,416 at September 30, 2025. NOTE 8 PENSION PLANS Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any state-administered retirement system in paying the costs of health insurance. Page 374 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (27) NOTE 8 PENSION PLANS (CONTINUED) Background (Continued) Essentially all regular employees of the Sheriff are eligible to enroll as members of the state- administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and other nonintegrated programs. An annual comprehensive financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). Florida Retirement System Pension Plan Plan Description The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple- employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows: • Regular Class – Members of the FRS who do not qualify for membership in the other classes. • Elected County Officers Class – Members who hold specified elective offices in local government. • Senior Management Service Class (SMSC) – Members in senior management level positions. • Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class. • Renewed Membership Class – Members who retired from July 1, 1991 through June 30, 2010, and are reemployed in a regularly established position with a covered employer, upon vesting again, are eligible for an additional retirement benefit based on service as a renewed member. Retirees of the FRS Investment Plan who are employed on or after July 1, 2017 are eligible for renewed membership in the Investment Plan. All members enrolled in the FRS Plan on or before July 1, 2011, once vested, are eligible for Tier 1 retirement benefits at age 62 with 6 years of service or any time after 30 years of creditable service, except for members classified as special risk who are eligible for Tier 1 retirement benefits at age 55 with 6 years of service, if vested, or at an age after 25 years of service. Page 375 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (28) NOTE 8 PENSION PLANS (CONTINUED) Florida Retirement System Pension Plan (Continued) Plan Description (Continued) All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for Tier 2 retirement benefits at age 65 with 8 years of service or any time after 33 years of creditable service, except for members classified as special risk who are eligible for Tier 2 retirement benefits at age 60 with 8 years of service, if vested, or at an age after 30 years of service. Employees enrolled in the FRS Plan may include up to four years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed eight years after electing to participate, except that certain instructional personnel may participate for up to 10 years. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Benefits Provided Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the five highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the eight highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of- living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost- of-living adjustment. The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3%. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Detailed information about the County’s proportionate share of FRS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. Page 376 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (29) NOTE 8 PENSION PLANS (CONTINUED) Retiree Health Insurance Subsidy Program Plan Description The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple- employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of state-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Benefits Provided For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a state-administered retirement system must provide proof of health insurance coverage, which may include Medicare. Detailed information about the County’s proportionate share of HIS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. FRS Investment Plan Plan Description The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. Sheriff employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.06% of payroll and by forfeited benefits of plan members. Page 377 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (30) NOTE 8 PENSION PLANS (CONTINUED) FRS Investment Plan (Continued) Benefits Provided For all membership classes, employees are immediately vested in their own contributions and are vested after one year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Nonvested employer contributions are placed in a suspense account for up to five years. If the employee returns to FRS-covered employment within the five-year period, the employee will regain control over their account. If the employee does not return within the five-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the Sheriff. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. Contributions Participating employer contributions are based upon statewide rates established by the State of Florida. The Sheriff’s contributions made to the plans during the years ended September 30, 2025, 2024, and 2023 were $35,937,057, $33,264,308, and $28,542,478, respectively, equal to the actuarially determined contribution requirements for each year. Additional information about pension plans can be found in the County’s annual comprehensive financial report. NOTE 9 RETIREMENT PLANS The Sheriff offers two additional plans for its members to save for retirement, a voluntary Section 457(b) deferred compensation plan and a Section 401(a) deferred compensation plan. 457(b) Deferred Compensation Plan The 457(b) deferred compensation plan is voluntary and open to all full-time members of the Sheriff. The 457(b) plan has a pre-tax and Roth contribution options. The plan is funded through employee contributions only, there is no employer match, and therefore the employee is always fully vested in their own contributions. Contribution levels allowed under the plan follow all IRS guidelines. Page 378 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (31) NOTE 9 RETIREMENT PLANS (CONTINUED) 457(b) Deferred Compensation Plan (Continued) The plan allows for the catch-up contribution option for participants ages 50 and older. Contributions to the plan are not considered income until paid or made available to them. The record-keeper for the 457(b) plan is Nationwide, Equitable, Corebridge and Voya. The majority of the asset of the 457(b) plans are administered by Nationwide. The asset to the plan are held in a trust. The Sheriff has an Investment Advisor who is a plan fiduciary for the plan. The Sheriff has an Investment Committee comprised of a cross section of agency members that monitors the plan’s investments and record-keepers. 401(a) Deferred Compensation Plan In 2024, the Sheriff established a new 401(a) deferred compensation plan to address retention of executive level members that have specialized skill set and institutional knowledge. The 401(a) plan is open to members at the Captain and Director level and above. The 401(a) plan is funded through employer contributions solely, there are no employee contributions allowed. Contribution levels allowed under the plan follow all IRS guidelines. The level of pre-tax contribution to the 401(a) plan is set at a fixed percentage of each members pay but can be changed by the plan sponsor (the Sheriff) each plan year based on budgetary considerations. Members in the 401(a) plan are vested after two years of service with the Sheriff. Contribution to the plan are not considered income until distributed after retirement. The record-keeper for 401(a) plan is Nationwide. The assets of the plan are held in a trust. The Sheriff has an Investment Advisor who is a plan fiduciary for the plan. The Sheriff has an Investment Committee comprised of a cross section of agency members that monitors the plan’s investments and record-keepers. NOTE 10 OTHER POSTEMPLOYMENT BENEFITS The Sheriff follows the provisions of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, for its other postemployment benefits (OPEB). The liability, expense, deferred outflows of resources, and deferred inflows of resources for OPEB, calculated in accordance with GASB Statement No. 75, are reported in the financial statements of the County. Plan Description The Sheriff administers a single-employer defined benefit plan (OPEB Plan) and can amend the benefit provisions. Prior to 2010, the Sheriff offered an OPEB Plan that subsidized the cost of health care for retirees who have six years of creditable service with the Sheriff and who receive a monthly retirement benefit from the Florida Retirement System. The Sheriff subsidizes approximately 26% for both single coverage and family coverage for qualifying individuals. In 2010, the subsidy was no longer made available to eligible retirees who chose to continue their health insurance coverage. Approximately 9% of retirees receive the subsidy. Page 379 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (32) NOTE 10 OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) Plan Description (Continued) Additionally, in accordance with Florida Statute 112.0801, Sheriff’s employees who retire and immediately begin receiving benefits from the FRS have the option of paying premiums to continue in the Sheriff’s health insurance plan at the same group rate as for active employees. Participant Data At September 30, 2025, the Sheriff’s plan participation consisted of: Active Employees 1,146 Inactive Employees or Beneficiaries Currently Receiving Benefit Payments 161 Funding Policy The Sheriff has the authority to establish and amend the funding policy. The OPEB Plan is currently being funded on a pay-as-you go basis. No trust fund has been established for the plan. Total OPEB Liability The Sheriff’s OPEB liability of $53,228,758 was measured as of September 30, 2025, and was determined by an actuarial valuation as of October 1, 2025. The following table shows the changes in the Sheriff’s total OPEB liability for the year ended September 30, 2025. Total OPEB Liability Balance, as of October 1, 2024 47,121,910$ Changes: Service Cost 850,836 Interest 1,756,260 Differences Between Expected and Actual Experience 7,689,512 Changes in Assumptions or Other Inputs (436,393) Benefit Payments (3,753,367) Net Changes 6,106,848 Balance, as of September 30, 2025 53,228,758$ The following presents the total OPEB liability of the Sheriff, as well as what the Sheriff’s total OPEB liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: 1% Decrease Discount Rate 1% Increase (3.90%) (4.90%) (5.90%) Total OPEB Liability 56,603,072$ 53,228,758$ 50,012,924$ Page 380 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (33) NOTE 10 OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) Total OPEB Liability (Continued) The following presents the total OPEB liability of the Sheriff, as well as what the Sheriff’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 2% point lower (6% decreasing to 4%) or 2% point higher (8% decreasing to 6%) than the current healthcare cost trend rates: Healthcare Cost 1% Decrease Trend Rates 1% Increase (6.00%/4.00%) (7.00%/5.00%) (8.00%/6.00%) Total OPEB Liability 48,965,899$ 53,228,758$ 58,148,115$ Healthcare Rate Sensitivity Deferred Outflows and Inflows of Resources Related to OPEB For the year ended September 30, 2025, the Sheriff’s OPEB expense was $8,451,303. In addition, the Sheriff had deferred outflow of resources and deferred inflow of resources from the following sources: Deferred Deferred Outflows of Inflows of Description Resources Resources Differences Between Expected and Actual Experience 23,522,797$ -$ Changes in Assumptions 2,996,384 4,025,823 Total 26,519,181$ 4,025,823$ Amounts reported as net deferred outflows of resources and deferred inflows of resources as an increase/decrease to OPEB expense will be recognized as follows: Net Deferred Outflows of Year Ended September 30,Resources 2026 5,715,231$ 2027 5,399,116 2028 4,547,952 2029 4,086,343 2030 2,280,789 Thereafter 463,927 Actuarial Methods and Assumptions 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. Page 381 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (34) NOTE 10 OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) Actuarial Methods and Assumptions (Continued) Calculations for financial reporting purposes are based on benefits provided under terms of the plan as understood by the employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and assumptions used include techniques designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets. The actuarial methods are: Actuarial Cost Method: Entry Age Actuarial The actuarial assumptions are: Discount Rate: 4.90% (The Bond Buyer 20-Bond GO index) Inflation Rate 2.5% per year Healthcare Cost Trend Rate: Varies depending on year from 4.5% - 8.5% Salary Increase: Varies depending on time in service Mortality rates were based on the PubG-2010 for Non-Special Risk and PubS-2010 for Special Risk Mortality Tables, separated for males and females and for employees and retirees, projected using Generational Projection Scale MP-2021 for retirees and dependents separately. The following changes have been made since the prior year valuation: • The discount rate was changed from 3.81% to 4.90% • The mortality, retirement, withdrawal, and salary scale rates were updated to reflect the most recent assumptions from the Florida Retirement System Pension Plan. The medical trend rates were updated to reflect current trend rates on internal and external sources. NOTE 11 SELF-INSURANCE PROGRAM The Sheriff’s Office participates in the Statewide Florida Sheriff’s Self-Insurance Fund (the Fund) for its professional liability insurance. The Fund is managed by representatives of the participating Sheriff offices and provides professional liability insurance to participating agencies. Page 382 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (35) NOTE 11 SELF-INSURANCE PROGRAM (CONTINUED) The Fund provides liability insurance coverage subject to the following limitations: $5,000,000 for any one incident, and $10,000,000 for an annual aggregate. The Sheriff also participates in the Fund for workers’ compensation coverage. The Florida Sheriffs Workers’ Compensation Self Insurance Program is a self-insurance program providing coverage for the first $1,000,000 of every claim. Reinsurance is purchased by the Program to cover claims exceeding $1,000,000 (or $500,000 or $350,000 where applicable, based upon occurrence year of claim) up to $18,000,000. Reinsurance coverage up to $20,000,000 for any one person on a catastrophic basis is available when applicable. Settled claims have not exceeded the insurance provided by third-party carriers in any of the past three years. Premiums charged to participating Sheriffs are based upon amounts believed by the Fund management to meet the estimated annual payout during the fiscal year and to pay for the estimated operating costs of the program. All liabilities associated with these self-insured risks are reported in the basic financial statements of the Fund. The Sheriff has also established a self-funded employee health plan for active employees and retirees. An internal service fund is used to account for the activities of the plan. Excess coverage has been purchased which provides specific claim excess coverage for any one incident exceeding $250,000. In FY25 there was one covered individual who had a higher deductible amount because of a history of high claims. This individual had a deductible of $700,000. Specific claim excess coverage for this individual is for claims exceeding $700,000. The maximum annual individual stop loss payment amount is unlimited. Payments to the internal service fund are based on actuarial estimates of amounts needed to pay prior year and current year claims including claims incurred but not yet reported. The Sheriff’s Office uses a Third-Party Administrator (TPA) to administer and pay claims for the health plan. Meritain Health, Inc. has been the TPA since July 1, 2013. Changes in the balance of estimated insurance claims payable for the fiscal years ended September 30, 2025 and 2024 are as follows: New Claims Balance and Changes Claim Balance Fiscal Year Ending:October 1 in Estimates Payments September 30 2024 3,804,000$ 29,991,077$ (29,484,077)$ 4,311,000$ 2025 4,311,000 35,005,871 (35,010,871) 4,306,000 NOTE 12 COMMITMENTS AND CONTINGENCIES Litigation The Sheriff is involved in various claims and legal actions arising in the ordinary course of operations. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Sheriff. Page 383 of 3203 COLLIER COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (36) NOTE 12 COMMITMENTS AND CONTINGENCIES (CONTINUED) Federal and State Grants Grant funds received by the Sheriff are subject to audit by grantor agencies. Audits of these grants may result in disallowed costs, which may constitute a liability of the Sheriff. In the opinion of management, disallowed costs, if any, would be immaterial to the financial position of the Sheriff. NOTE 13 SUBSEQUENT EVENTS Subsequent to September 30, 2025, the Sheriff entered into a contract with Motorola Solutions, Inc. for the purchase and implementation of body-worn cameras and in-car video equipment to enhance law enforcement operations. The total contract amount is $4,600,000, with payments of $1,200,000 due in fiscal year 2026 and $850,000 annually for fiscal years 2027 through 2030. Page 384 of 3203 COLLIER COUNTY, FLORIDA SHERIFF REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS SEPTEMBER 30, 2025 (37) 202520242023202220212020201920182017Total OPEB LiabilityService Cost850,836$ 838,265$ 778,361$ 734,513$ 777,037$ 555,065$ 485,365$ 520,082$ 491,420$ Interest1,756,260 1,525,269 1,080,092 422,604 448,520 435,838 631,825 503,525 502,621 Differences Between Expected and Actual Experience7,689,512 6,781,811 5,877,459 10,708,734 451 5,292,054 - 2,048,462 (83,607) Changes in Assumptions or Other Inputs(436,393) 2,695,381 (883,713) (5,446,075) 353,427 949,878 2,250,569 (898,977) - Benefit Payments(3,753,367) (2,346,391) (2,352,648) (1,461,666) (1,329,954) (1,098,451) (1,074,207) (941,061) (871,353) Net Change in Total OPEB Liability6,106,848 9,494,335 4,499,551 4,958,110 249,481 6,134,384 2,293,552 1,232,031 39,081 Total OPEB Liability, Beginning47,121,910 37,627,575 33,128,024 28,169,914 27,920,433 21,786,049 19,492,497 18,260,466 18,221,385 Total OPEB Liability, Ending53,228,758$ 47,121,910$ 37,627,575$ 33,128,024$ 28,169,914$ 27,920,433$ 21,786,049$ 19,492,497$ 18,260,466$ Covered-Employee Payroll115,273,129$ 107,517,934$ 100,636,180$ 95,742,481$ 87,324,387$ 85,054,216$ 82,604,011$ 80,473,682$ 79,806,491$ Total OPEB Liability as a Percentage of Covered-Employee Payroll46.18%43.83%37.39% 34.60% 32.26% 32.83% 26.37% 24.22% 22.88% Notes to Schedule Changes in Assumptions: Change in the discount rate of 3.81% as of September 30, 2024 to 4.90% as of September 30, 2025. The mortality assumption used was the PubG-2010 for Non-Special Risk and Spouses and PubS-2010 for Special Risk Mortality Table, separated for males and females and for employees and retirees, projected using Generational Projection Scale MP-2021 for retirees and dependents separately. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is completed, the County will present information for only those years for which information is available. Page 385 of 3203 COLLIER COUNTY, FLORIDA SHERIFF COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 (38) DomesticConfiscated Civil Violence E911 Trust Citation Training Fund TotalAssetsDue from Collier County, Florida Board ofCounty Commissioners 534,903$ –$ 10,691$ 1,381$ 546,975$ Prepaid Items78,721– – – 78,721 Total assets613,624$ –$ 10,691$ 1,381$ 625,696$ Liabilities and fund balancesLiabilities:Accounts payable171,330-$ -$ -$ 171,330$ Accrued expenses26,881 – 6,241 – 33,122 Due to other funds415,413 – 4,450 1,381 421,244 Total liabilities613,624 - 10,691 1,381 625,696 Fund balances:Nonspendable - Prepaid Items78,721 – – – 78,721 Unassigned(78,721) (78,721) Total Fund Balance- - - - - Total liabilities and fund balances613,624$ –$ 10,691$ 1,381$ 625,696$ Page 386 of 3203 COLLIER COUNTY, FLORIDA SHERIFF COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 (39) Domestic SecondConfiscated Civil Violence Dollar E911Trust Citation Training Fund TrustTotalRevenues:Grant revenue–$ –$ –$ –$ –$ –$ Total revenues– – – – – – Expenditures:General government:Public safety:Personal services624,993 – 97,251 – – 722,244 Operating expenditures1,473,431 22,500 11,898 1,381 199,556 1,708,766 Capital outlay248,712 – – – – 248,712 Total expenditures2,347,136 22,500 109,149 1,381 199,556 2,679,722 Excess (deficiency) of revenues over (under) expenditures(2,347,136) (22,500) (109,149) (1,381) (199,556) (2,679,722) Other financing sources (uses):Collier County, Florida Board of County Commissioners 2,347,136 22,500 109,149 1,381$ 199,556 2,679,722 Total other financing sources2,347,136 22,500 109,149 1,381 199,556 2,679,722 Net change in fund balances– – – – – – Fund balances – beginning of year– – – – – – Fund balances – end of year–$ –$ –$ –$ –$ –$ Page 387 of 3203 COLLIER COUNTY, FLORIDA SHERIFF COMBINING STATEMENT OF FIDUCIARY NET POSITION – CUSTODIAL FUNDS SEPTEMBER 30, 2025 (40) TotalCivil Evidence Inmate Custodial Custodial Fund Custodial FundCustodial Fund ExplorersFundsASSETSCash and Cash Equivalents31,186$ 234,580$ 123,132$ 43,726$ 432,624$ Due from Individuals and Businesses- - 13,709 - 13,709 Total Assets31,186 234,580 136,841 43,726 446,333 LIABILITIESDue to Other Funds- - 92,977 - 92,977 Due to Others - - 9,298 - 9,298 Total Liabilities- - 102,275 - 102,275 FIDUCIARY NET POSITIONRestricted for Individuals and Organizations31,186$ 234,580$ 34,566$ 43,726$ 344,058$ Page 388 of 3203 COLLIER COUNTY, FLORIDA SHERIFF COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION – CUSTODIAL FUNDS YEAR ENDED SEPTEMBER 30, 2025 (41) TotalCivil Evidence Inmate Custodial Custodial Fund Custodial Fund Custodial Fund ExplorersFundsADDITIONSContributions:Individuals-$ -$ 3,617,979$ 7,122$ 3,625,101$ Fees Collected for Other Governments447,087 - - - 447,087 Miscellaneous- 7,521 - - 7,521 Total Additions447,087 7,521 3,617,979 7,122 4,079,709 DEDUCTIONSBeneficiary Payments to Individuals- 2,277 3,606,380 - 3,608,657 Payment of Fees to Other Governments365,485 - - - 365,485 Payments to Other Entities83,991 - - 6,692 90,683 Total Deductions449,476 2,277 3,606,380 6,692 4,064,825 NET INCREASE (DECREASE) IN FIDUCIARY NET POSITION(2,389) 5,244 11,599 430 14,884 Fiduciary Net Position - Beginning of Year33,575 229,336 22,967 43,296 329,174 FIDUCIARY NET POSITION - END OF YEAR31,186$ 234,580$ 34,566$ 43,726$ 344,058$ Page 389 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com (42) INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND REPORT ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Kevin Rambosk Sheriff Collier 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 each major fund and the aggregate remaining fund information of the Collier County, Florida, Sheriff (Sheriff), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Sheriff’s basic financial statements, and have issued our report thereon dated March 10, 2026. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Sheriff’s internal control over financial reporting (internal control) as a basis for designing 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 Sheriff’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Sheriff’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 entity’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 or significant deficiencies may exist that were not identified. Page 390 of 3203 Honorable Keving Rambosk Sheriff (43) Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Sheriff’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 financial statements. 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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida March 10, 2026 Page 391 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com (44) MANAGEMENT LETTER Honorable Kevin Rambosk Sheriff Collier County, Florida Report on the Financial Statements We have audited the financial statements of the Collier County, Florida, Sheriff (Sheriff), as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 10, 2026. Auditors’ Responsibility We conducted our audit 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; and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and Report on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards; and our Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 10, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no recommendations made in the preceding annual financing report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial statements. Page 392 of 3203 Honorable Keving Rambosk Sheriff (45) Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did note a matter involving improving financial management. This matter is communicated in the accompanying appendix. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that have occurred, or is likely to have occurred, that has an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal, and other granting agencies, and the Sheriff and applicable management, and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida March 10, 2026 Page 393 of 3203 APPENDIX A MANAGEMENT LETTER COMMENTS SEPTEMBER 30, 2025 (46) Financial Matter – Purchasing Policy Documentation Condition The Sheriff’s purchasing policy establishes procurement thresholds and circumstances under which purchases may be made without competitive solicitation (e.g., sole source, emergency purchases, piggyback contracts, or other authorized exceptions). During our review of selected purchasing transactions, we noted instances where purchases were made under an allowable exception; however, the justification for the exception and evidence of required approval were not documented. Criteria The Sheriff’s adopted purchasing policy requires that exceptions to competitive procurement requirements be appropriately justified, approved, and documented to demonstrate compliance with internal policy and applicable Florida procurement laws and regulations. Adequate documentation supports transparency, accountability, and compliance with internal control requirements under Florida law and Auditor General Rules. The Committee of Sponsoring Organizations of the Treadway Commissions (COSO) Internal Control Framework states that control activities are a component of internal control. Control activities are policies and procedures established to ensure that management directives are carried out and consist of two elements: a policy that establishes what should be done and the procedure that implements the policy. COSO Framework requires that control activities be in place for adequate internal control over financial reporting. Internal control procedures affect management’s ability to ensure financial transactions are authorized and accurate. Management is responsible for establishing and maintaining internal controls for proper recording and authorizing all transactions in the financial statements. Recommendation We recommend that management strengthen internal controls over procurement by formalizing and documenting procurement policies and procedures and ensuring they are consistently followed. In addition, management should ensure that adequate supporting documentation is maintained for all procurement decisions and transactions to evidence compliance with established procurement requirements, including documentation of approvals, procurement method used, purchasing decision reasoning, and adherence to policy thresholds. These actions will help ensure consistent application of procurement requirements, support effective oversight, and reduce the risk of errors or noncompliance. Page 394 of 3203 APPENDIX A MANAGEMENT LETTER COMMENTS SEPTEMBER 30, 2025 (47) Management Response Management agrees that our policies and procedures around procurement should be strengthened to improve internal controls. Management believes our procurements are compliant with what the Sheriff is required to do under Florida statutes (Ch. 30), which gives the Sheriff broad latitude. Further, Management believes most things are being done that are required under our own polices when making procurements. However, Management sees the need to improve particularly in how we document activities and decisions when making procurements. We will be reviewing and updating our policies and procedures to further strengthen our internal controls. Law enforcement procurements are often unique or require customization and therefore often require sole source vendors (such as specialized vehicles). Law enforcement procurements can have tight timeframes such as in emergency circumstances (storms, fires). Law enforcement procurements are sometimes made with operational urgency such as part of a response to rapidly developing threat environment. Law enforcement is often working in conjunction with vendors to develop solutions to those threats which may be tactically sensitive. This is especially true of technology such as software LPRs and drones. All these things that are unique to law enforcement often require a faster, non- standard approach to procurement. Since we have different statutory procurement requirements than a county government and since our operations are significantly different from a county government, our procurement processes cannot and should not simply mirror what a governmental entity does. Governmental entities have a traditional approach with emphasis on competitive and transparent procurements. Which is appropriate for a governmental entity but would be ineffective and inefficient for law enforcement which has to have a model that operates faster to meet everchanging emergent needs. Page 395 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com (48) INDEPENDENT ACCOUNTANTS’ REPORT Honorable Kevin Rambosk Sheriff Collier County, Florida We have examined the Collier County, Florida, Sheriff’s (Sheriff) compliance with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended September 30, 2025. Management of the Sheriff is responsible for the Sheriff’s compliance with the specified requirements. Our responsibility is to express an opinion on Sheriff’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Sheriff complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Sheriff complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Sheriff’s compliance with specified requirements. In our opinion, the Sheriff complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended September 30, 2025. This report is intended solely for the information and use of the Sheriff and the Auditor General, State of Florida and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida March 10, 2026 Page 396 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT ACCOUNTANTS' REPORT Honorable Kevin Rambosk Sheriff Collier County, Florida We have performed the procedures enumerated below related to the Collier County, Florida, Sheriff’s (Sheriff) compliance with its policies and procedures as defined by the Sheriff over its investigative funds during the year ended September 30, 2025. The Sheriff’s management is responsible for its compliance with those requirements. The Sheriff has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of applying procedures and reporting associated findings related to the Sheriff's compliance with specified requirements. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The procedures and the associated findings are as follows: We randomly selected 25 investigative fund disbursements during the fiscal year ended September 30, 2025 (the population sampled included transactions from October 1, 2024 through September 30, 2025), and performed the following procedures with respect to the Sheriff’s policies and procedures over investigative funds: 1.We obtained the “Disbursement for Investigation” form and observed the form was properly completed and authorized by appropriate personnel. No exceptions were noted. 2.We obtained the “Purchase of Evidence/Information Voucher” and observed the form was properly completed to reflect the expenses incurred within the investigation procedures, the investigative expenditures were properly supported, and the use of funds was for authorized purposes. No exceptions were noted. 3. We agreed unused funds returned, if applicable, to the corresponding deposit and bank statement detail and observed the amount deposited agreed to the amount returned per the “Receipt for Funds Received” form detail. No exceptions were noted. We were engaged by the Sheriff to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Sheriff’s compliance with specified requirements. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. (49) Page 397 of 3203 Honorable Kevin Rambosk Sheriff Collier County, Florida Page 2 We are required to be independent of the Sheriff and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Sheriff and the management of the Sheriff and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida December 9, 2025 (50) Page 398 of 3203 Page 399 of 3203 Collier County, Florida Supervisor of Elections Financial Statements and Supplemental Reports Year Ended September 30, 2025 Page 400 of 3203 Collier County, Florida Supervisor of Elections Financial Statements and Other Reports Year Ended September 30, 2025 Contents Independent Auditors’ Report ..........................................................................................................1 Financial Statements Balance Sheet – Governmental Funds .............................................................................................4 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds .....................................................................................................................5 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund ..................................................................................................................6 Notes to Financial Statements ..........................................................................................................7 Other Reports Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards..............................................23 Management Letter ........................................................................................................................25 Independent Accountants’ Report ..................................................................................................27 Page 401 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 1 INDEPENDENT AUDITORS’ REPORT Honorable Melissa Blazier Supervisor of Elections Collier County, Florida Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of the general fund of the Collier County, Florida, Supervisor of Elections (Supervisor), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Supervisor’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the general fund of the Supervisor as of September 30, 2025, and the changes in financial position and budgetary comparison for the general fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Supervisor and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphases of Matter As discussed in Note 1, the financial statements of the Supervisor referred to above were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the financial statements are intended to present the financial position and changes in financial position of only that portion of the general fund of Collier County, Florida that is attributable to the transactions of the Supervisor. They do not purport to, and do not, present fairly the financial position of Collier County, Florida as of September 30, 2025, and the changes in its financial position for the fiscal year then ended in conformity with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. As discussed in Note 1 to the financial statements, the Supervisor of Elections implemented Governmental Accounting Standards Board (GASB) Statement No. 101., Compensated Absences, effective for the fiscal year end September 30, 2025. GASB 101 requires liabilities to be recognized for leave attributable to services already rendered, that accumulates and is more likely than not to be used or otherwise paid or settled. Our opinion is not modified with respect to this matter. Page 402 of 3203 Honorable Melissa Blazier Supervisor of Elections 2 Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Governmental Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Governmental Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit 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 Supervisor’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Required Supplementary Information Management has omitted management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinion on the basic financial statements is not affected by this missing information. Page 403 of 3203 Honorable Melissa Blazier Supervisor of Elections 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated January 5, 2026 on our consideration of the Supervisor’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Supervisor’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Supervisor’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida January 5, 2026 Page 404 of 3203 See accompanying Notes to Financial Statements. 4 Collier County, Florida Supervisor of Elections Balance Sheet – Governmental Funds September 30, 2025 General Assets Cash and cash equivalents 312,215$ Prepaid items 3,752 Total assets 315,967$ Liabilities and fund balance Liabilities: Accounts payable 35,067$ Accrued liabilities 104,320 Due to Collier County, Florida Board of County Commissioners 176,580 Total liabilities 315,967 Fund balances: Nonspendable 3,752 Unassigned (3,752) Total fund balances - Total liabilities and fund balances 315,967$ Page 405 of 3203 See accompanying Notes to Financial Statements. 5 Collier County, Florida Supervisor of Elections Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds Year Ended September 30, 2025 General Revenues: Intergovernmental 11,160$ Total revenues 11,160 Expenditures: General government: Personal services 3,246,449$ Operating 1,912,271 Capital outlay 31,153 Debt service principal 15,153 Debt service interest 403 Total expenditures 5,205,429 Excess (deficiency) of expenditures over revenues (5,194,269) Other financing sources (uses): Leases 10,931 Transfers in: Collier County, Florida Board of County Commissioners appropriations 5,331,500 Transfers out: Distribution of excess appropriations: Collier County, Florida Board of County Commissioners (148,162) Total other financing sources (uses)5,194,269 Net change in fund balances - Fund balances – beginning of the year - Fund balances – end of the year -$ Page 406 of 3203 See accompanying Notes to Financial Statements. 6 Collier County, Florida Supervisor of Elections Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual General Fund Year Ended September 30, 2025 Variance With Final Budget Positive Original Final Actual (Negative) Revenues -$ -$ 11,160 11,160$ Expenditures: General government: Personal services 3,298,900$ 3,263,038$ 3,246,449$ 16,589$ Operating 2,002,600 1,982,040 1,912,271 69,769 Capital outlay 30,000 70,422 31,153 39,269 Debt service principal - 15,500 15,153 347 Debt service interest - 500 403 97 Total expenditures 5,331,500 5,331,500 5,205,429 126,071 Excess (deficiency) of expenditures over revenues (5,331,500) (5,331,500) (5,194,269) 137,231 Other financing sources (uses): Leases - - 10,931 10,931 Transfers in: Collier County, Florida Board of County Commissioners appropriations 5,331,500 5,331,500 5,331,500 - Transfers out: Distribution of excess appropriations: Collier County, Florida Board of County Commissioners - - (148,162) (148,162) Total other financing sources 5,331,500 5,331,500 5,194,269 (137,231) Net change in fund balance - - - - Fund balance – beginning of the year - - - - Fund balance – end of the year -$ -$ -$ -$ Budget Page 407 of 3203 7 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 1. Summary of Significant Accounting Policies Reporting Entity The Collier County, Florida Supervisor of Elections (Supervisor) is an elected constitutional officer as provided for by the Constitution of the State of Florida. Pursuant to Chapter 129, Florida Statutes, the Supervisor of Elections’ budget is submitted to the Collier County, Florida Board of County Commissioners (Board) for approval. The financial statements presented include the general fund and grant special revenue fund of the Supervisor’s office. The accompanying financial statements have been prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General – Local Governmental Entity Audits, which allows the Supervisor to only present fund financial statements. These financial statements present only the portion of the funds of Collier County, Florida (County) that are attributable to the Supervisor. They are not intended to present fairly the financial position and results of operations of Collier County, Florida in conformity with accounting principles generally accepted in the United States of America. The financial activities of the Supervisor, as a constitutional officer, are included in the Collier County, Florida Annual Comprehensive Financial Report. There are no separate legal entities (component units) for which the SOE is considered to be financially accountable. The general operations of the Supervisor are funded by appropriations from the Board and grant revenue is funded from the State of Florida. Pursuant to Chapter 218, Florida Statutes, funds remaining in the general fund at fiscal year-end, in excess of amounts expended, are returned to the Board. Excess revenues returned to the Board are reflected as transfers out in the general fund. As a result of the budgetary oversight by the Board and financial dependency on the Board, the financial activities of the Supervisor are included in the Collier County, Florida Annual Comprehensive Financial Report. Measurement Focus, Basis of Accounting, and Basis of Presentation These fund financial statements report detailed information about the Supervisor. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is reported in a separate column. Page 408 of 3203 8 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 1. Summary of Significant Accounting Policies (continued) Governmental Funds Governmental funds are accounted for using the flow of current financial resources measurement focus. Only current assets and current liabilities, generally, are included on the balance sheet. Operating statements for these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The Supervisor has the following major governmental fund: General Fund – The general fund is used to account for the general operations of the Supervisor, and includes all revenues and expenditures which are not accounted for in another fund. Grant Special Revenue Fund – The grants fund is used to account for the activities of voter education and poll worker training grants from the State of Florida. There was no financial activity in the Special Revenue Fund during the fiscal year. The modified accrual basis of accounting is used by governmental funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available to finance liabilities of the current fiscal year). For this purpose, the Supervisor considers revenues to be available if they are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for compensated absences, which are recognized as expenditures to the extent they have matured. The appropriations from the Board are the primary source of funds considered to be susceptible to accrual. Intergovernmental revenues are recognized when eligibility requirements are met and related amounts are available from the grantor. Interest income and other revenues are recognized as they are earned and become measurable and available to pay liabilities of the current period. Page 409 of 3203 9 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 1. Summary of Significant Accounting Policies (continued) Governmental Funds (continued) Florida Statutes provide that the amount by which revenues and transfers exceed annual expenditures be remitted to the Board immediately following the fiscal year for which the funding was provided or following the fiscal year during which other revenue was recognized. The amount of this distribution is recorded as a liability and as an other financing use in the accompanying financial statements. Capital outlays expended in general fund operations are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental funds of the Supervisor. Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of three months or less. Compensated Absences All full-time employees of the Supervisor are allowed to accumulate an unlimited number of hours of unused sick time and up to 440 hours of unused vacation leave. Only the Supervisor or the Chief Deputy through the Supervisor, may authorize compensatory time beyond the 440-hour limit. Upon termination, employees receive 100% of allowable accumulated vacation hours and a percentage of unused sick leave, depending on years of service. Vacation time and sick leave are included in operating costs of the general fund when the payments are made to employees. The Supervisor does not, nor is legally required to accumulate financial resources for these unmatured obligations. Accordingly, the liability for compensated absences is not reported in the general fund of the Supervisor, but rather is reported in the basic financial statements of Collier County, Florida. Use of Estimates The preparation of the financial statements requires management of the Supervisor to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the period. Actual results could differ from those estimates. Page 410 of 3203 10 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 1. Summary of Significant Accounting Policies (continued) Fund Balance Reporting and Governmental Fund-Type Definitions Fund balances are classified either as non-spendable or as spendable. Spendable fund balances are further classified in a hierarchy based on the extent to which there are external and/or internal constraints in how fund balance amounts may be spent. Non-spendable fund balances include amounts that cannot be spent because they are not in spendable form or are legally or contractually required to be maintained intact. The Supervisor did not have any non-spendable fund balances as of September 30, 2025. Spendable fund balances are classified based on a hierarchy of the Supervisor’s ability to control the spending of these fund balances and are reported in the following categories: restricted, committed, assigned and unassigned. Prepaid Items Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year, but represent items which are applicable to future accounting periods. Reported amounts in governmental funds are classified as nonspendable fund balance, in the fund financial statements, which indicates that these amounts do not constitute “available spendable resources” even though they are a component of current assets. Adoption of New Accounting Standards In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. This standard establishes a unified recognition and measurement model for compensated absences, which include vacation leave, sick leave, paid time off, holidays, parental leave and other similar benefits. Under this guidance, a liability for compensated absences is recognized for (1) leave that has not been used and meets certain criteria attributable to services already rendered, accumulates, and is more likely than not to be used or otherwise paid or settled and (2) leave that has been used but not yet paid or settled. The Supervisor of Elections adopted the requirements of the guidance effective October 1, 2024, and has applied the provisions of this standard to the beginning of the period of adoption. Page 411 of 3203 11 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 2. Budgetary Process Florida Statutes govern the preparation, adoption and administration of the Supervisor’s annual budget. The Supervisor submits a budget for the general fund to the Board for approval. The budget is prepared on a basis consistent with accounting principles generally accepted in the United States of America. The annual budget serves as the legal authorization for expenditures. Any subsequent amendments to the Supervisor’s total budget must be approved by the Board. Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at year- end. Budgetary control is maintained at the departmental major object expenditure level. Budgetary changes within major object expenditure categories are made at the discretion of the Supervisor. The Supervisor does not budget for the grant special revenue fund as it is funded by state grants and is governed by those documents. The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally authorized changes applicable to the fiscal year, whenever legally authorized. 3. Cash and Cash Equivalents At September 30, 2025, the carrying value of the Supervisor’s cash and cash equivalents was as follows: Carrying Credit Type Value Rating Cash on hand 200$ N/A Demand on deposits 312,015 N/A Total cash and cash equivalents 312,215$ Page 412 of 3203 12 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 3. Cash and Cash Equivalents (continued) Custodial Credit Risk At September 30, 2025, the Supervisor’s deposits were entirely covered by Federal Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under this Chapter, in the event of default by a participating financial institution (a qualified public depository), all participating institutions are obligated to reimburse the governmental entity for the loss. Credit Risk The Supervisor’s policy is to follow the guidance in Section 219.075, Florida Statutes, regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415, Florida Statutes, authorize the Supervisor to invest in Florida PRIME (formerly the Local Government Surplus Funds Trust Fund) or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; direct obligations of the United States Treasury; federal agencies and instrumentalities or interest-bearing time deposits or savings accounts in banks organized under the laws of the United States and doing business and situated in the State of Florida, savings and loan associations which are under state supervision, or in federal savings and loan associations located in the State of Florida and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law. The pool is administered by the State Treasurer, who may make additional assessments to ensure that no public funds will be lost. Interest Rate Risk The Supervisor has no specific investment policy regarding interest rate risk. Page 413 of 3203 13 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 4. Capital Assets Capital assets used by the Supervisor are capitalized in the basic financial statements of Collier County, Florida rather than in the governmental funds of the Supervisor. Upon acquisition, such assets are recorded as expenditures in the general fund of the Supervisor and are capitalized at cost in the basic financial statements of Collier County, Florida. Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at their acquisition value on the date received. The Supervisor maintains custodial responsibility for the capital assets used by the office. No depreciation expense has been provided on capital assets in these financial statements. However, depreciation expense is recorded in the basic financial statements of Collier County, Florida. The following is a summary of changes in capital assets, which are reported in the basic financial statements of Collier County, Florida: October 1,September 30, 2024 Additions Deductions 2025 Machinery and equipment 1,099,560$ 20,222$ (49,950)$ 1,069,832$ Right-to-use leased equipment 36,733 10,931 (9,396) 38,268 Right-to-use SBITA 19,609 - - 19,609 Total capital assets 1,155,902 31,153 (59,346) 1,127,709 Less accumulated depreciation and amortization: Machinery and equipment (957,912) (56,363) 30,386 (983,889) Right-to-use leased equipment (25,959) (7,218) 7,665 (25,512) Right-to-use SBITA (9,818) (9,791) - (19,609) Total accumulated depreciation and amortization: (993,689) (73,372) 38,051 (1,029,010) Total capital assets, net 162,213$ (42,219)$ (21,295)$ 98,699$ Page 414 of 3203 14 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 4. Capital Assets (continued) Leases The Supervisor of Elections leases assets for various terms under certain agreements that meet the definition of a lease under GASB Statement No. 87 – Leases. Detailed information about the Supervisor of Elections’ leases can be found in the County Annual Financial Report or County-wide financial statements. Leases entered into by the Supervisor of Elections are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditure, and changes in fund balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Supervisor of Elections entered into new a lease totaling $10,931. During the year ended September 30, 2025, the Supervisor of Elections’ principal and interest payments on leases total of $7,153 and $403 respectively for a total of $7,556. Subscription-Based Information Technology Arrangements (SBITAs) The Supervisor contracts for the right to use another party’s information technology software for various terms under certain agreements that meet the definition of a subscription-based information technology Arrangements under GASB Statement No. 96 - Subscription-Based Information Technology Arrangements (SBITAs). Detailed information concerning the Supervisor’s SBITAs can be found in the County Annual Comprehensive Financial Report. SBITAs entered into by the Supervisor of Elections are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditure, and changes in fund balance in the year of inception. Payments made in accordance with the subscription terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Supervisor did not enter into any new SBITAs. During the year ended September 30, 2025, the Supervisor’s principal payments on SBITAs totaled $8,000. Page 415 of 3203 15 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 5. Long-Term Liabilities The following is a summary of changes in long-term liabilities, which are reported in the basic financial statements of Collier County, Florida: September 30, 2024 As previously reported September 30, 2024 As restated*Net Change1 September 30, 2025 Accrued Compensated Absences 249,107$ 393,927$ (24,151)$ 369,776$ 1 the change in the compensated absences liability is presented as a net change * restated for the implementation of GASB 101 Compensated Absences Of these liabilities, approximately $180,540 is expected to be paid during the fiscal year ending September 30, 2026, which will be included in the operating costs of the general fund when expended. These long-term liabilities are not reported in the financial statements of the Supervisor since they have not matured. 6. Pension Plans Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State-administered retirement system in paying the costs of health insurance. Page 416 of 3203 16 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 6. Pension Plans (continued) Background (continued) Essentially all regular employees of the Supervisor are eligible to enroll as members of the State- administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and other nonintegrated programs. A comprehensive annual financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). Florida Retirement System Pension Plan Plan Description The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows: Regular Class – Members of the FRS who do not qualify for membership in the other classes. Elected County Officers Class – Members who hold specified elective offices in local government. Senior Management Service Class (SMSC) – Members in senior management level positions. Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class. Page 417 of 3203 17 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 6. Pension Plans (continued) Florida Retirement System Pension Plan (continued) Plan Description (continued) Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62 or at any age after 30 years of service, except for members classified as special risk who are eligible for normal retirement benefits at age 55, if vested, or at any age after 25 years of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service, except for members classified as special risk who are eligible for normal retirement benefits at age 60 or at any age after 30 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed 8 years after electing to participate, except that certain instructional personnel may participate for up to 10 years. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Page 418 of 3203 18 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 6. Pension Plans (continued) Florida Retirement System Pension Plan (continued) Benefits Provided Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3 percent per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3 percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Detailed information about the County’s proportionate share of FRS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. Retiree Health Insurance Subsidy Program Plan Description The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Page 419 of 3203 19 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 6. Pension Plans (continued) Retiree Health Insurance Subsidy Program (continued) Benefits Provided For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State- administered retirement system must provide proof of health insurance coverage, which may include Medicare. Detailed information about the County’s proportionate share of HIS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. FRS Investment Plan The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Comprehensive Annual Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. SOE employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.06 percent of payroll and by forfeited benefits of plan members. Page 420 of 3203 20 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 6. Pension Plans (continued) FRS Investment Plan (continued) For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up to 5 years. If the employee returns to FRS-covered employment within the 5-year period, the employee will regain control over their account. If the employee does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the Supervisor. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. Contributions Participating employer contributions are based upon statewide rates established by the State of Florida. The Supervisor’s contributions made to the plans during the years ended September 30, 2025, 2024 and 2023, were $384,429, $369,772, and $290,917 respectively, equal to the actuarially determined contribution requirements for each year. Additional information about pension plans can be found in the County’s annual comprehensive financial report. Page 421 of 3203 21 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 7. Related-Party Transactions For the year ended September 30, 2025, the Board provided funding for the Supervisor that amounted to $5,331,500. At September 30, 2025, the Supervisor had a payable due to the Board of $148,162 comprised as follows: Distribution of excess appropriations 148,162$ Distribution of interest earnings 28,112 Amounts due for various services 306 Total due to Board of County Commissioners 176,580$ 8. Risk Management The County is exposed to various risks of loss including, but not limited to, general liability, health and life, property and casualty, auto and physical damage and workers’ compensation. The County is substantially self-insured and accounts for and finances its risk of uninsured losses through an internal service fund. All liabilities associated with these self-insured risks are reported in the basic financial statements of the County. The Supervisor participates in the County’s self-insurance program. During the year ended September 30, 2025, the Supervisor was charged $395,015 by the County for participation in the risk management program. The County retains the first $600,000 per claim for workers’ compensation and has purchased excess coverage for up to statutory limit for each injury or illness. The County also provides coverage for up to $500,001 per occurrence for general liability and $300,000 per occurrence for auto liability coverage and has purchased outside excess coverage for up to $5 million per claim. Negligence claims in excess of the statutory limits set in Section 768.28, Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be recovered through an act of the State Legislature. Property claims are subject to a 5 percent wind deductible and a $100,000 deductible for all other perils. The County retains the first $300,000 per claim for general liability, public official errors and omissions, automobile liability, and crime coverage and has purchased excess coverage for up to $5 million per claim. There have been no significant reductions in insurance coverage in the last year. Settled claims have not exceeded the insurance provided by third-party carriers in any of the last three years. The County is self-insured for health claims covering all of its employees and their eligible dependents. The County retains the first $750,000 per covered member and has purchased outside excess coverage for all claims exceeding this amount. An actuarial valuation is performed each year to estimate the amounts needed to pay prior and future claims and to establish reserves. Page 422 of 3203 22 Collier County, Florida Supervisor of Elections Notes to Financial Statements September 30, 2025 9. Other Postemployment Benefits In accordance with Section 112.0801, Florida Statutes, the Supervisor participates with Collier County in offering retiring employees the opportunity to continue participation in the County’s health insurance plan. The participating retirees pay 100% of the premium cost applicable to an active employee. The liability and expense for other postemployment benefits, calculated in accordance with GASB Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the financial statements of the County. 10. Contingencies Grant funds received by the Supervisor are subject to audit by grantor agencies. Audits of these grants may result in disallowed costs, which may constitute a liability of the office of the Supervisor. In the opinion of management, disallowed costs, if any, would not have a significant impact on the financial position of the Supervisor. 11. Litigation The Supervisor is involved in various claims and legal actions arising in the ordinary course of operations. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Supervisor. Page 423 of 3203 23 INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Melissa Blazier Supervisor of Elections Collier 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 general fund of the Collier County, Florida, Supervisor of Elections (Supervisor) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Supervisor’s basic financial statements, and have issued our report thereon dated January 5, 2026. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Supervisor’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Supervisor’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Supervisor’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 entity’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 or significant deficiencies may exist that were not identified. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com Page 424 of 3203 Honorable Melissa Blazier Supervisor of Elections 24 Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Supervisor’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 financial statements. 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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida January 5, 2026 Page 425 of 3203 25 MANAGEMENT LETTER Honorable Melissa Blazier Supervisor of Elections Collier County, Florida Report on the Financial Statements We have audited the financial statements of the Collier County, Florida, Supervisor of Elections (Supervisor) as of and for the fiscal year ended September 30, 2025 and have issued our report thereon dated January 5, 2026. Auditors’ Responsibility We conducted our audit 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; and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated January 5, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings and recommendations reported in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial statements. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com Page 426 of 3203 Honorable Melissa Blazier Supervisor of Elections 26 Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred, or is likely to have occurred, that has an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Supervisor, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida January 5, 2026 Page 427 of 3203 27 INDEPENDENT ACCOUNTANTS’ REPORT Honorable Melissa Blazier Supervisor of Elections Collier County, Florida We have examined the Collier County, Florida, Supervisor of Elections (Supervisor) compliance with Section 218.415, Florida Statutes, regarding the investment of public funds, during the year ended September 30, 2025. Management of the Supervisor is responsible for the Supervisor’s compliance with the specified requirements. Our responsibility is to express an opinion on the Supervisor’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Supervisor complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Supervisor complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Supervisor’s compliance with specified requirements. In our opinion, the Supervisor complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds, during the year ended September 30, 2025. This report is intended solely for the information and use of the Supervisor and the Auditor General, State of Florida, and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida January 5, 2026 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com Page 428 of 3203 Page 429 of 3203 Collier County, Florida Tax Collector Financial Statements and Supplemental Reports Year Ended September 30, 2025 Page 430 of 3203 Collier County, Florida Tax Collector Financial Statements and Other Reports Year Ended September 30, 2025 Contents Independent Auditors’ Report ..........................................................................................................1 Financial Statements Balance Sheet – General Fund ......................................................................................................4 Statement of Revenues, Expenditures, and Changes in Fund Balance – General Fund .............................................................................................................5 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget to Actual – General Fund .............................................................................6 Statement of Fiduciary Net Position – Custodial Fund .................................................................7 Statement of Changes in Fiduciary Net Position - Custodial Fund ..............................................8 Notes to Financial Statements .......................................................................................................9 Other Reports Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ..............................................27 Management Letter ........................................................................................................................29 Independent Accountants’ Report ..................................................................................................31 Page 431 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 1 INDEPENDENT AUDITORS’ REPORT Honorable Rob Stoneburner Tax Collector Collier County, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the general fund and the aggregate remaining fund information of the Collier County, Florida, Tax Collector (Tax Collector), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Tax Collector’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the general fund and the aggregate remaining fund information of the Tax Collector as of September 30, 2025, and the respective changes in financial position and the budgetary comparison for the general fund for the year ended September 30, 2025, in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Tax Collector and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphases of Matter As discussed in Note 1, the financial statements of the Tax Collector referred to above were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the financial statements are intended to present the financial position and changes in financial position of only that portion of the general fund and the aggregate remaining fund information of Collier County, Florida that is attributable to the transactions of the Tax Collector. They do not purport to, and do not, present fairly the financial position of Collier County, Florida as of September 30, 2025, and the changes in its financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter. Page 432 of 3203 Honorable Rob Stoneburner Tax Collector 2 As discussed in Note 1 to the financial statements, the Tax Collector implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, effective for the fiscal year end September 30, 2025. GASB 101 requires liabilities to be recognized for leave attributable to services already rendered, that accumulates and is more likely than not to be used or otherwise paid or settled. Our opinions are not modified with respect to this matter. Responsibilities of Management 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; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 Tax Collector’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Page 433 of 3203 Honorable Rob Stoneburner Tax Collector 3 Required Supplementary Information Management has omitted management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinions on the basic financial statements is not affected by this missing information. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 16, 2025, on our consideration of the Collier County, Florida, Tax Collector’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Tax Collector’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Tax Collector’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Naples, Florida December 16, 2025 Page 434 of 3203 Collier County, Florida Tax Collector Balance Sheet – General Fund September 30, 2025 See accompanying Notes to Financial Statements. 4 Assets Cash and cash equivalents 20,255,911$ Accounts receivable 5 Prepaid rent 18,136 Prepaid expenditures 226,462 Security deposit 14,399 Total assets 20,514,913$ Liabilities and fund balance Liabilities: Accounts payable 157,750$ Due to Collier County, Florida Board of County Commissioners 17,170,348 Due to other governmental agencies 2,725,403 Other current liabilities 461,412 Total liabilities 20,514,913 Fund balance: Nonspendable 258,997 Unassigned (258,997) Total fund balance - Total liabilities and fund balance 20,514,913$ Page 435 of 3203 Collier County, Florida Tax Collector Statement of Revenues, Expenditures, and Changes in Fund Balance General Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 5 Revenues: Commissions and fees 35,711,692$ Miscellaneous 985,610 Total revenues 36,697,302 Expenditures: General government: Personal services 16,187,131 Operating 1,881,180 Capital outlay 774,404 Debt service - principal 655,021 Debt service - interest 109,934 Total expenditures 19,607,670 Excess of revenues over expenditures 17,089,632 Other financing sources (uses): Leases 51,970 Subscription-based information technology arrangements 94,775 Distribution of excess commissions and fees to Collier County, Florida Board of County Commissioners (14,624,259) Distribution of excess commissions and fees to other governmental agencies (2,612,118) Total other financing sources (uses) (17,089,632) Net change in fund balance - Fund balance, beginning of year - Fund balance, end of year -$ Page 436 of 3203 Collier County, Florida Tax Collector Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget to Actual General Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 6 Variance With Final Budget Positive Original Final Actual (Negative) Revenues: Commissions and fees 35,146,802$ 35,146,802$ 35,711,692$ 564,890$ Miscellaneous 649,660 649,660 985,610 335,950 Total revenues 35,796,462 35,796,462 36,697,302 900,840 Expenditures: General government: Personal services 17,404,146 17,415,165 16,187,131 1,228,034 Operating 3,339,398 3,339,398 1,881,180 1,458,218 Capital outlay 2,430,621 2,430,621 774,404 1,656,217 Debt service - principal - - 655,021 (655,021) Debt service - interest - - 109,934 (109,934) Total expenditures 23,174,165 23,185,184 19,607,670 3,577,514 Excess of revenues over expenditures 12,622,297 12,611,278 17,089,632 4,478,354 Other financing sources (uses): Leases - - 51,970 51,970 Subscription-based information technology arrangements - - 94,775 94,775 Distribution of excess commissions and fees to Collier County, Florida Board of County Commissioners (10,709,428) (10,700,079) (14,624,259) (3,924,180) Distribution of excess commissions and fees to other governmental agencies (1,912,869) (1,911,199) (2,612,118) (700,919) Total other financing sources (uses) (12,622,297) (12,611,278) (17,089,632) (4,478,354) Net change in fund balance - - - - Fund balance, beginning of year - - - - Fund balance, end of year -$ -$ -$ -$ Budget Page 437 of 3203 Collier County, Florida Tax Collector Statement of Fiduciary Net Position Custodial Fund September 30, 2025 See accompanying Notes to Financial Statements 7 Assets Cash and cash equivalents 5,829,980$ Accounts receivable 3,793 Due from other governmental agencies 7,916 Total assets 5,841,689 Liabilities Due to other governmental agencies 5,513,385 Due to individuals and businesses 328,304 Total liabilities 5,841,689 Fiduciary Net Position –$ Page 438 of 3203 Collier County, Florida Tax Collector Statement of Changes in Fiduciary Net Position Custodial Fund Year Ended September 30, 2025 See accompanying Notes to Financial Statements. 8 Additions Tax Collections for Other Governments 1,012,442,060$ License and Fee Collections for Other Governments 52,868,801 Miscellaneous 1,038,265 Total Additions 1,066,349,126 Deductions Payments of Tax to Other Governments 1,012,442,060 Payments of Licenses and Fees to Other Governments 53,907,066 Total Deductions 1,066,349,126 Change in Fiduciary Net Position – Fiduciary Net Position - Beginning of Year – Fiduciary Net Position - End of Year –$ Page 439 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 9 1. Summary of Significant Accounting Policies Reporting Entity The Tax Collector is an elected official of the County, pursuant to the Constitution of the State of Florida, Article VIII, Section 1(d). The Tax Collector is part of the primary government of the County. Although the Florida Department of Revenue approves the Tax Collector’s operating budget, the Tax Collector is responsible for the administration and the operation of the Tax Collector’s office. Upon approval, the operating budget is provided to the Collier County Board of County Commissioners (Board). The Tax Collector’s financial statements include only the funds of the Tax Collector’s office. There are no separate legal entities (component units) for which the Tax Collector is considered to be financially accountable. Measurement Focus, Basis of Accounting, and Basis of Presentation These financial statements have been prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General – Local Governmental Entity Audits, which allows the Tax Collector to only present fund financial statements. These financial statements present only the portion of the funds of Collier County, Florida (the County) that are attributable to the Tax Collector. They are not intended to present fairly the financial position and results of operations of the County in conformity with accounting principles generally accepted in the United States of America. The financial activities of the Tax Collector, as a constitutional officer, are included in the County’s Annual Comprehensive Financial Report. These fund financial statements report detailed information about the Tax Collector. Page 440 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 10 1. Summary of Significant Accounting Policies (continued) Governmental Funds Governmental funds are accounted for using the flow of current financial resources measurement focus. Only current assets and current liabilities, generally, are included on the balance sheets. Operating statements for these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The Tax Collector’s only governmental fund is the general fund. The general fund is used to account for the general operations of the Tax Collector and includes all transactions not accounted for in another fund. The modified accrual basis of accounting is used by governmental funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available to finance liabilities of the current fiscal year). For this purpose, the Tax Collector considers revenues to be available if they are collected within 60 days after year- end. Expenditures are recorded when the related fund liability is incurred, except for certain compensated absences, which are recognized as expenditures to the extent they have matured. Interest income and other revenue are recognized as they are earned and become measurable and available to pay liabilities of the current period. Substantially all of the Tax Collector’s revenue is received from taxing authorities. These monies are virtually unrestricted and are revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenue at the time of receipt, earlier if the “susceptible to accrual” criteria are met. Florida Statutes provide that the amount by which revenues exceed annual expenditures be remitted to each governmental agency or the Board immediately following the fiscal year for which the funding was provided or following the fiscal year during which other revenue was recognized. Capital outlays expended in the general fund operations are capitalized in the basic financial statements of the County rather than in the governmental funds of the Tax Collector. Page 441 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 11 1. Summary of Significant Accounting Policies (continued) Fiduciary Funds Custodial funds – Fiduciary funds are used to account for assets held by the Tax Collector in a trustee capacity or as an agent for individuals, private organizations, and other governments. Custodial funds use the economic resources measurement focus and report all assets and liabilities related to the funds held in custody. Custodial funds are accounted for using the accrual basis of accounting. Refund of “Excess Fees” Florida Statutes further provide that the excess of revenues over expenditures held by the Tax Collector be distributed to each governmental agency or the Board in the same proportion as the fees paid by each governmental agency bear to total fee revenues. The amount of this distribution is recorded as a liability and as an other financing use-transfer out in the accompanying financial statements. Compensated Absences All full-time employees of the Tax Collector are allowed to accumulate a limited number of Paid Time Off (PTO) hours (between 136 and 256 annually), depending on tenure. Upon separation of service, all employees receive 100% of accumulated PTO hours at their current rate of pay. PTO and legacy sick leave payments are included in the operating costs of the general fund when the payments are made to the employees. Any amounts for leave that has been used for time off but has not yet been paid in cash or settled through noncash means is reported as other current liabilities in the general fund. The liability for compensated absences consists of leave that has not been used that is attributable to services already rendered, accumulates and is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. The liability also includes certain other types of leave. The Tax Collector does not, nor is legally required to, accumulate financial resources for these unmatured obligations. Accordingly, the liability for compensated absences is not reported in the general fund of the Tax Collector, but rather is reported in the basic financial statements of the County. Page 442 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 12 1. Summary of Significant Accounting Policies (continued) Property Taxes Property taxes in Collier County are levied by the Board and other taxing authorities. The millage levies are determined on the basis of estimates of revenue needs and the total taxable valuations within the jurisdiction of the Board and other taxing authorities. No aggregate ad valorem tax millage in excess of 10 mills on the dollar can be levied by the Board against property in the County as specified in Florida Statutes, Section 200.071. Each year the total taxable property valuation is established by the Collier County, Florida Property Appraiser, and the list of property assessments is submitted to the State Department of Revenue for approval. Taxes, assessed as of January 1 of each year, are due and payable on November 1 of each year or as soon thereafter as the assessment roll is opened for collection. Pursuant to Florida law, all owners of property have the responsibility of ascertaining the amount due and paying it before April 1 of the year following the year in which the tax was assessed. Chapter 197, Florida Statutes, governs property tax collections as follows: Current Taxes All property taxes become due and payable on November 1 and are delinquent on April 1 of the following year. Discounts are allowed for early payment of 4% in November; 3% in December; 2% in January; and 1% for payment in February. Unpaid Taxes – Sale of Tax Certificates The Tax Collector advertises, as required by Florida Statutes, and sells tax certificates on all real property for unpaid taxes. The taxes assessed on the property are struck off the tax roll to the purchaser of the tax certificate. Certificates not sold are struck off to the County. The Tax Collector must receive payment before the certificates are delivered. Any person owning land upon which a tax certificate has been sold may redeem the tax certificate by paying the Tax Collector the face amount of the tax certificate plus interest and other costs. Tax Deeds Two years after the purchase of a tax certificate the owner may file an application for tax deed sale. The County, as a certificate owner, exercises similar procedures. Tax deeds are issued to the highest bidder for the property which is sold at public auction. The Clerk of the Circuit Court administers these sales. Page 443 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 13 1. Summary of Significant Accounting Policies (continued) Use of Estimates The preparation of these financial statements requires management of the Tax Collector to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the period. Actual results could differ from those estimates. Fund Balance Reporting and Governmental Fund-Type Definitions In accordance with Governmental Accounting Standards Board Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions, fund balances are classified as nonspendable or spendable. Spendable fund balances are further classified in a hierarchy based on the extent to which there are external and internal constraints on the spending of these fund balances. These classifications are described as follows: The nonspendable fund balance classification includes amounts that cannot be spent because they are either (a) not in a spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash. As of September 30, 2025, the Tax Collector’s General Fund reported a nonspendable fund balance of $258,997 for prepaid items and security deposits. Spendable fund balances are classified as follows: Restricted fund balances are constrained for a specific purpose by creditors, grantors, contributors, laws or regulations, or through constitutional provisions or enabling legislation. Committed fund balances are constrained for a specific purpose imposed by a formal action of the Tax Collector’s highest level of decision authority. Assigned fund balances are intended to be used for specific purposes, but which are neither restricted nor committed. Unassigned fund balances represent the residual fund balances that do not meet the other fund balance classification requirements. As of September 30, 2025, the Tax Collector’s General Fund reported a negative unassigned fund balance of $258,997 since all excess fees are returned to the County and the General Fund reports a nonspendable fund balance for its prepaid items and security deposits. Page 444 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 14 1. Summary of Significant Accounting Policies (continued) Adoption of New Accounting Standards In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. This standard establishes a unified recognition and measurement model for compensated absences, which include vacation leave, sick leave, paid time off, holidays, parental leave, and other similar benefits. Under this guidance, a liability for compensated absences is recognized for (1) leave that has not been used and meets certain criteria (attributable to services already rendered, accumulates, and is more likely than not to be used or otherwise paid or settled) and (2) leave that has been used but not yet paid or settled. The Tax Collector adopted the requirements of this guidance effective October 1, 2024, and has applied the provisions of this standard to the beginning of the period of adoption. 2. Budgetary Process Florida Statutes govern the preparation, adoption, and administration of the Tax Collector’s annual budget. The Tax Collector submits a budget for the general fund to the Florida Department of Revenue for approval. A copy of the approved budget is provided to the Board. Any subsequent amendments to the Tax Collector’s total budget must be approved by the Florida Department of Revenue. The budget for the general fund is prepared on a basis consistent with generally accepted accounting principles in the United States of America. The annual budget serves as the legal authorization for expenditures. Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at year- end. Budget control is maintained at the departmental major object expenditure level. Budgetary changes within major object expenditure categories are made at the discretion of the Tax Collector. The original budget is the first complete appropriated budget. The final budget is the original budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally authorized changes applicable to the fiscal year, whenever legally authorized. Page 445 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 15 3. Cash At September 30, 2025, the carrying value of the Tax Collector’s cash was as follows: 2025 Carrying Value Cash on hand 37,764$ Demand deposits 26,048,127 Total cash and cash equivalents 26,085,891$ Type Such amounts are reported as $20,255,911 and $5,829,980 for 2025 in the general and fiduciary funds, respectively. Custodial Credit Risk At September 30, 2025, the Tax Collector’s deposits were entirely covered by Federal Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under this Chapter, in the event of default by a participating financial institution (a qualified public depository), all participating institutions are obligated to reimburse the governmental entity for the loss. Credit Risk The Tax Collector’s policy is to follow the guidance in Section 219.075, Florida Statutes, regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415, Florida Statutes, authorize the Tax Collector to invest in Florida PRIME or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; direct obligations of the United States Treasury; federal agencies and instrumentalities or interest-bearing time deposits or savings accounts in banks organized under the laws of the United States and doing business and situated in the State of Florida, savings and loan associations which are under state supervision, or in federal savings and loan associations located in the State of Florida and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law. Interest Rate Risk The Tax Collector has no specific investment policy regarding interest rate risk. Page 446 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 16 4. Capital Assets Capital assets used by the Tax Collector are capitalized in the basic financial statements of the County rather than in the governmental funds of the Tax Collector. Upon acquisition, such assets are recorded as expenditures in the general fund of the Tax Collector and are capitalized at cost in the basic financial statements of the County. Capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at acquisition value on the date received. The Tax Collector maintains custodial responsibility for the capital assets used by the office. No depreciation expense has been provided on capital assets in these financial statements. However, depreciation expense on these assets is recorded in the basic financial statements of the County. Page 447 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 17 4. Capital Assets (continued) The following is a summary of changes in capital assets for the year ended September 30, 2025: October 1, 2024 Additions Deletions/ Reclassifications September 30, 2025 Capital assets not depreciated: Construction in progress -$ 168,713$ -$ 168,713$ Total assets not depreciated - 168,713 - 168,713 Capital assets - depreciable: Infrastructure 6,117 - - 6,117 Improvements other than buildings 26,760 24,507 - 51,267 Machinery and equipment 1,454,754 434,439 (95,080) 1,794,113 Right-to-use leased building 1,902,542 - - 1,902,542 Right-to-use leased equipment 35,205 51,970 (35,205) 51,970 Right-to-use SBITA equipment 3,340,828 94,775 - 3,435,603 Total depreciable capital assets 6,766,206 605,691 (130,285) 7,241,612 Accumulated depreciation: Infrastructure (6,117) - - (6,117) Improvements other than buildings (26,760) (750) - (27,510) Machinery and equipment (1,038,594) (97,641) 95,080 (1,041,155) Total accumulated depreciation (1,071,471) (98,391) 95,080 (1,074,782) Accumulated amortization: Right-to-use leased building (467,840) (93,495) - (561,335) Right-to-use leased equipment (28,842) (12,453) 35,205 (6,090) Right-to-use SBITA equipment (1,109,695) (592,405) - (1,702,100) Total accumulated amortization (1,606,377) (698,353) 35,205 (2,269,525) Total depreciable capital assets, net 4,088,358 (191,053) - 3,897,305 Total capital assets, net 4,088,358$ (22,340)$ -$ 4,066,018$ During the fiscal year ended September 30, 2025, improvements and equipment of $95,080 were transferred to the County. Page 448 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 18 5. Long-Term Liabilities The following is a summary of changes in long-term liabilities which are reported in the basic financial statements of the County: October 1, 2024 Net Increase September 30, 2025 Accrued compensated absences 380,032$ 1,772$ 381,804$ The change in the compensated absence liability is presented as a net change. Of these liabilities, approximately $377,290 is expected to be paid during the fiscal year ending September 30, 2026. These long-term liabilities are not reported in the financial statements of the Tax Collector since they have not matured. 6. Pension Plans Background The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any State-administered retirement system in paying the costs of health insurance. Page 449 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 19 6. Pension Plans (continued) Background (continued) Essentially all regular employees of the Tax Collector are required to enroll as members of the State-administered FRS, except for some re-employed retirees. Provisions relating to the FRS are established by Chapters 121 and 123, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and other nonintegrated programs. The annual comprehensive financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com). Florida Retirement System Pension Plan Plan Description The Florida Retirement System Pension Plan (FRS Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows: • Regular Class – Members of the FRS who do not qualify for membership in the other classes. • Elected County Officers Class – Members who hold specified elective offices in local government. • Senior Management Service Class (SMSC) – Members in senior management level positions. • Special Risk Class – Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for this class. • Special Risk Administrative Support Class – Members who provide administrative support for a special risk employer. Page 450 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 20 6. Pension Plans (continued) Florida Retirement System Pension Plan (continued) Plan Description (continued) Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62, or at any age after 30 years of service, except for members classified as special risk who are eligible for normal retirement benefits at age 55, if vested, or at any age after 25 years of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service, except for members classified as special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of service. Special risk employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The FRS Plan provides retirement, disability, and death benefits to eligible participants. Annual cost-of-living adjustments are limited to members initially employed before July 1, 2011. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee may participate in DROP for a period not to exceed 8 years after electing to participate, except that certain instructional personnel may participate for up to 10 years. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Page 451 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 21 6. Pension Plans (continued) Florida Retirement System Pension Plan (continued) Benefits Provided Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years’ earnings. The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’ benefits. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of- living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3%. FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Detailed information about the County’s proportionate share of FRS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. Retiree Health Insurance Subsidy Program Plan Description The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Page 452 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 22 6. Pension Plans (continued) Retiree Health Insurance Subsidy Program (continued) Benefits Provided For the fiscal year ended June 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment of $225 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. Detailed information about the County’s proportionate share of HIS’s net pension liability, deferred outflows/inflows of resources, and pension expense are reported in the government-wide statements of the County. FRS Investment Plan The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA’s annual financial statements and in the State of Florida Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. Tax Collector employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.06% of payroll and by forfeited benefits of plan members. Page 453 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 23 6. Pension Plans (continued) FRS Investment Plan (continued) For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up to 5 years. If the employee returns to FRS-covered employment within the 5-year period, the employee will regain control over their account. If the employee does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2025, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the Tax Collector. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump- sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan or remain in the Investment Plan and rely upon that account balance for retirement income. Contributions Participating employer contributions are based upon statewide rates established by the State of Florida. The Tax Collector’s contributions made to the plans during the years ended September 30, 2025, 2024, and 2023 were $1,745,183, $1,675,154, and $1,422,304, respectively, equal to the actuarially determined contribution requirements for each year. Additional information about pension plans can be found in the County’s financial statements. Page 454 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 24 7. Other Postemployment Benefits (OPEB) In accordance with Section 112.0801, Florida Statutes, the Tax Collector participates with the County in offering retiring employees the opportunity to continue participation in the County’s health insurance plan. The participating retirees pay 100% of the premium cost applicable to an active employee. The liability and expense for other postemployment benefits, calculated in accordance with Governmental Accounting Standards Board Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the financial statements of the County. 8. Related Party Transactions During the fiscal year ended September 30, 2025, the Board paid commissions and fees to the Tax Collector that amounted to $26,722,696. At September 30, 2025, the Tax Collector had a payable due to the Board of $17,170,348 comprised as follows: 2025 Distribution of unused commissions and fees 14,624,259$ Tax and fee collections due to the Board 2,546,099 Payable 1,285 Negative Distribution Receivable (1,295) Total 17,170,348$ 9. Risk Management The County is exposed to various risks of loss including but not limited to, general liability, health and life, property and casualty, auto and physical damage, and workers’ compensation. The County is substantially self-insured and accounts for and finances its risk of uninsured losses through an internal service fund. All liabilities associated with these self-insured risks are reported in the basic financial statements of the County. The Tax Collector participates in the County’s self-insurance program. During the year ended September 30, 2025, the Tax Collector was charged $3,481,561 by the County for participation in the risk management program. Page 455 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 25 9. Risk Management (continued) The County retains the first $600,000 per claim for workers’ compensation and has purchased excess coverage for up to statutory limit for each injury or illness. The County also provides coverage for up to $300,000 per occurrence for general liability and $300,000 per occurrence for auto liability coverage and has purchased outside excess coverage for up to $5 million per claim. Negligence claims in excess of the statutory limits set in Section 768.28, Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be recovered through an act of the State Legislature. Property claims are subject to a 5 percent wind deductible and $100,000 deductible for all other perils. The County retains the first $300,000 per claim for general liability, public official errors and omissions, automobile liability and crime coverage and has purchased excess coverage for up to $5 million per claim. There have been no significant reductions in insurance coverage in the last year. Settled claims have not exceeded the insurance provided by third-party carriers in any of the last three years. The County is self-insured for health claims covering all of its employees and their eligible dependents. The County retains the first $750,000 per covered member and has purchased outside excess coverage for all claims exceeding this amount. An actuarial valuation is performed each year to estimate the amounts needed to pay prior and future claims and to establish reserves. 10. Commitments and Contingencies Leases The Tax Collector leases assets for various terms under certain agreements that meet the definition of a lease under GASB Statement No. 87 - Leases. Detailed information about the Tax Collector’s leases can be found in the County’s financial statements. Leases entered into by the Tax Collector are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of inception. Payments made in accordance with the lease terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. Page 456 of 3203 Collier County, Florida Tax Collector Notes to Financial Statements September 30, 2025 26 10. Commitments and Contingencies (continued) Leases (continued) During the year ended September 30, 2025, the Tax Collector’s new leases totaled $51,970 and total payments on leases totaled $120,274. Subscription-Based Information Technology Arrangements The Tax Collector utilizes licensing agreements of various terms for the right to use another party’s computer software that meet the definition of a subscription-based information technology arrangement (SBITA) under GASB Statement No. 96, Subscription-Based Information Technology Arrangements. Detailed information about the Tax Collector’s SBITAs can be found in the County’s financial statements. SBITAs entered into by the Tax Collector are included as other financing sources and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of inception. Payments made in accordance with the subscription terms are reported as debt service expenditures in the statement of revenues, expenditures, and changes in fund balance as they are incurred. During the year ended September 30, 2025, the Tax Collector’s new SBITAs totaled $94,775 and total payments on SBITAs totaled $644,681. Litigation The Tax Collector is involved as a defendant or plaintiff in certain litigation and claims arising from the ordinary course of operations. In the opinion of the Tax Collector and legal counsel, the range of potential recoveries or liabilities will not materially affect the financial position of the Tax Collector. Page 457 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 27 INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Rob Stoneburner Tax Collector Collier 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 general fund and the aggregate remaining fund information of the Collier County, Florida, Tax Collector (Tax Collector) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Tax Collector’s basic financial statements, and have issued our report thereon dated December 16, 2025. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Tax Collector’s internal control over financial reporting (internal control) as a basis for designing 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 Tax Collector’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Tax Collector’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 entity’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 or significant deficiencies may exist that were not identified. Page 458 of 3203 Honorable Rob Stoneburner Tax Collector 28 Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Tax Collector’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 financial statements. 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 entity’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 Tax Collector’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Naples, Florida December 16, 2025 Page 459 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 29 MANAGEMENT LETTER Honorable Rob Stoneburner Tax Collector Collier County, Florida Report on the Financial Statements We have audited the financial statements of the Collier County, Florida, Tax Collector (Tax Collector) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 16, 2025. Auditors’ Responsibility We conducted our audit 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; and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports which are dated December 16, 2025 should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no such findings reported in the prior audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial statements. Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Page 460 of 3203 Honorable Rob Stoneburner Tax Collector 30 Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Tax Collector, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida December 16, 2025 Page 461 of 3203 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. CliftonLarsonAllen LLP CLAconnect.com 31 INDEPENDENT ACCOUNTANTS’ REPORT Honorable Rob Stoneburner Tax Collector Collier County, Florida We have examined the Collier County, Florida, Tax Collector (Tax Collector)’s compliance with Section 218.415, Florida Statutes, regarding the investment of public funds, during the year ended September 30, 2025. Management of the Tax Collector is responsible for the Tax Collector’s compliance with the specified requirements. Our responsibility is to express an opinion on the Tax Collector’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Tax Collector complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Tax Collector complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Tax Collector’s compliance with specified requirements. In our opinion, the Tax Collector’s complied, in all material respects, with Section 218.415, Florida Statutes, regarding the investment of public funds; during the year ended September 30, 2025. This report is intended solely for the information and use of the Tax Collector and the Auditor General, State of Florida, and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Naples, Florida December 16, 2025 Page 462 of 3203 Page 463 of 3203 Page 464 of 3203 Prepared under the supervision of: Crystal K. Kinzel Clerk of the Circuit Court and County Comptroller Prepared and edited by: Derek M. Johnssen, CPA Director of Finance CollierClerk.com Page 465 of 3203 BLAISE INGOGLIA CHIEF FINANCIAL OFFICER STATE OF FLORIDA Florida Department of Financial Services ANNUAL FINANCIAL REPORT FISCAL YEAR 2024-2025 SUBMITTING ENTITY: Collier SUBMITTING ENTITY TYPE: County ENTITY DEPENDENCY: Independent AFR RECEIVED DATE: unresolved: @afr.receiveddate AUDIT RECEIVED DATE: 3/31/2026 Location Information 3315 Tamiami Trail East #102 Naples,FL 34112-5324 Phone Number: (239) 252-7864 Contact Information Kelly Jones Phone Number:(239) 252-7864 AUDIT INFORMATION CliftonLarsonAllen LLP Firm Location Information 4099 Tamiami Trail N, Suite 300 Naples,FL 34103-3548 Phone number:(239) 262-8686 LONG-TERM DEBT $596,536,860) Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 1 of 20Page 466 of 3203 CERTIFICATION Chief Financial Officer Title: Chairman, Collier County Board of County Commissioners Name: Dan Kowal Chairman/Elected Official Title: Collier County Clerk of the Circuit Court and Comptroller Name: Crystal K. Kinzel Have you experienced a Financial Emergency in this year? ☐ Yes ☒ No If yes, have you complied with Section 218.503(2), F.S.? ☐ Yes ☐ No Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 2 of 20Page 467 of 3203 Governmental Funds Governmental Funds Balance Sheet Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent Assets 102.000 - Cash On Hand $5,620 $2,725 $8,345 103.000 - Cash With Fiscal Agent $32,421,504 $32,421,504 104.000 - Equity In Pooled Cash $200,930,447 $481,797,831 $5,022,756 $816,359,636 $6,323,302 $1,510,433,972 115.100 - Accounts Receivable $1,503,101 $13,437,973 $27,127 $14,968,201 117.000 - Allowance For Uncollectible Accounts Receivable (Credit)$-717,424 $-141,158 $-858,582 121.000 - Assessments Receivable $1,405 $1,405 128.000 - Notes Receivable - Current Portion $1,476,839 $94,714 $9,860,566 $11,432,119 128.900 - Notes Receivable - Non-Current Portion $2,908,408 $2,908,408 131.000 - Due From Other Funds $6,756,075 $4,932,584 $3,023,101 $14,711,760 132.900 - Advances To Other Funds $9,124,900 $16,957,264 $36,148,965 $62,231,129 133.000 - Due From Other Governmental Units $9,712,858 $25,486,323 $369,357 $6,501,467 $42,070,005 135.000 - Interest And Dividends Receivable $955,063 $2,483,816 $23,750 $4,516,948 $33,292 $8,012,869 141.000 - Inventories - Materials And Supplies $1,580,151 $1,952,997 $3,533,148 142.000 - Inventories - For Resale $3,686,430 $3,686,430 155.000 - Prepaid Items $575,932 $192,621 $768,553 156.000 - Other Assets - Current $21,749 $250,625 $3,736 $276,110 Total $231,925,311 $554,043,153 $5,415,863 $908,864,455 $6,356,594 $1,706,605,376 Liabilities 202.000 - Accounts Payable $12,738,606 $12,977,048 $36,963,514 $62,679,168 207.000 - Due To Other Funds $4,410,926 $9,965,077 $550,356 $14,926,359 208.000 - Due To Other Governmental Units $6,693,272 $6,702,225 $326,995 $247 $13,722,739 216.000 - Accrued Salaries And Wages Payable $11,118,545 $4,942,938 $16,061,483 220.000 - Deposits $1,159,489 $4,233,279 $103,860 $5,496,628 223.000 - Deferred Revenue $4,935 $9,752,885 $9,757,820 236.900 - Advances From Other Funds $49,696,647 $16,209,264 $65,905,911 Total $36,125,773 $98,270,099 $0 $54,153,989 $247 $188,550,108 Deferred Inflows 290.000 - Deferred Inflow of Resources $240,707 $13,566,026 $9,860,566 $23,667,299 Total $240,707 $13,566,026 $0 $9,860,566 $0 $23,667,299 Fund Balances 280.000 - Fund Balance - Nonspendable $12,757,822 $2,145,618 $5,522,800 $20,426,240 281.000 - Fund Balance - Restricted $722,292 $388,968,325 $4,255,315 $630,067,535 $833,547 $1,024,847,014 282.000 - Fund Balance - Committed $72,729,415 $72,729,415 283.000 - Fund Balance - Assigned $32,776,533 $1,160,548 $216,178,810 $250,115,891 284.000 - Fund Balance - Unassigned $149,302,184 $-21,636,330 $-1,396,445 $126,269,409 Total $195,558,831 $442,207,028 $5,415,863 $844,849,900 $6,356,347 $1,494,387,969 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 3 of 20Page 468 of 3203 Governmental Funds Revenues Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 311.000 - Ad Valorem Taxes $433,281,148 $118,789,863 $17,407 $552,088,418 312.130 - Tourist Development Taxes $49,827,537 $49,827,537 312.300 - County Ninth-Cent Voted Fuel Tax $1,923,032 $1,923,032 312.410 - (1 To 6 Cents Local Option Fuel Tax)$9,529,053 $9,529,053 312.420 - (1 To 5 Cents Local Option Fuel Tax)$7,136,111 $7,136,111 315.100 - State Communications Services Tax $4,175,484 $4,175,484 316.000 - Local Business Tax (Formerly Local Occupational License Tax - 321.000)$703,229 $703,229 319.900 - Other General Taxes $189,400 $189,400 322.000 - Building Permits (Building Permit Fees)$27,469,006 $27,469,006 322.900 - Permits -Other $274,990 $1,949,602 $608,034 $2,832,626 324.110 - Impact Fees - Residential - Public Safety Residential Buildings Flat Fees $1,495,253 $1,495,253 Residential Buildings Tiered Scale Based on Square Footage $1,895,298 $1,895,298 324.120 - Impact Fees - Commercial - Public Safety Office Buildings Tiered Scale Based on Square Footage $8,416 $8,416 Retail Buildings Tiered Scale Based on Square Footage $484,455 $484,455 Hospitality Buildings Tiered Scale Based on Square Footage $86,475 $86,475 Institutional Civic Buildings Tiered Scale Based on Square Footage $49,606 $49,606 Industrial Buildings Tiered Scale Based on Square Footage $47,572 $47,572 Multi-Purpose Tiered Scale Based on Square Footage $223,542 $223,542 324.310 - Impact Fees - Residential - Transportation Residential Buildings Flat Fees $12,137,555 $12,137,555 Residential Buildings Tiered Scale Based on Square Footage $11,643,446 $11,643,446 324.320 - Impact Fees - Commercial - Transportation Office Buildings Tiered Scale Based on Square Footage $47,456 $47,456 Retail Buildings Tiered Scale Based on Square Footage $3,405,894 $3,405,894 Hospitality Buildings Tiered Scale Based on Square Footage $596,750 $596,750 Institutional Civic Buildings Tiered Scale Based on Square Footage $1,483,169 $1,483,169 Industrial Buildings Tiered Scale Based on Square Footage $286,092 $286,092 Multi-Purpose Tiered Scale Based on Square Footage $1,802,138 $1,802,138 324.610 - Impact Fees - Residential - Culture/Recreation Residential Buildings Flat Fees $4,886,852 $4,886,852 Residential Buildings $5,529,910 $5,529,910 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 4 of 20Page 469 of 3203 Governmental Funds Revenues Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent Tiered Scale Based on Square Footage 324.910 - Impact Fees - Residential - Other Residential Buildings Flat Fees $1,111,892 $1,111,892 Residential Buildings Tiered Scale Based on Square Footage $1,459,926 $1,459,926 324.920 - Impact Fees - Commercial - Other Office Buildings Tiered Scale Based on Square Footage $9,912 $9,912 Retail Buildings Tiered Scale Based on Square Footage $388,630 $388,630 Hospitality Buildings Tiered Scale Based on Square Footage $67,892 $67,892 Institutional Civic Buildings Tiered Scale Based on Square Footage $38,917 $38,917 Industrial Buildings Tiered Scale Based on Square Footage $15,288 $15,288 Multi-Purpose Tiered Scale Based on Square Footage $201,819 $201,819 325.100 - Special Assessments - Capital Improvement $17,842,400 $2,167,213 $20,009,613 329.500 - Other Permits, Fees And Special Assessments $756,178 $756,178 331.100 - Federal Grant - General Government $11,160 $9,261 $20,421 331.200 - Federal Grant - Public Safety $649,660 $20,108,771 $20,758,431 331.490 - Federal Grant - Other Transportation $8,718,500 $8,718,500 331.500 - Federal Grant - Economic Environment $4,701,581 $4,701,581 331.650 - Federal Grant - Child Support Reimbursement $157,263 $157,263 331.690 - Federal Grant - Other Human Services $1,794,418 $1,794,418 331.900 - Other Federal Grants $140,577 $140,577 333.000 - Federal Payments In Lieu Of Taxes $1,770,185 $1,770,185 334.100 - State Grant - General Government $206,935 $206,935 334.200 - State Grant - Public Safety $1,967,779 $4,843,514 $6,811,293 334.390 - State Grant - Other Physical Environment $632,157 $632,157 334.490 - State Grant - Other Transportation $2,525,697 $2,525,697 334.500 - State Grant - Economic Environment $3,000,452 $3,000,452 334.690 - State Grant - Other Human Services $2,034,631 $2,034,631 334.700 - State Grant - Culture/Recreation $129,213 $129,213 335.121 - County Revenue Sharing Program - Proceeds $18,584,199 $18,584,199 335.130 - State Revenue Sharing - Insurance License Tax (AKA Insurance Agents County Licenses)$117,642 $117,642 335.140 - State Revenue Sharing - Mobile Home Licenses $111,424 $111,424 335.150 - State Revenue Sharing - Alcoholic Beverage Licenses $232,405 $232,405 335.180 - State Revenue Sharing - Local Government Half-Cent Sales Tax Program $63,054,689 $63,054,689 335.220 - State Revenue Sharing - Enhanced 911 Fee (Previously: Wireless 911 Board Distributions)$2,400,810 $2,400,810 335.430 - State Revenue Sharing - Constitutional Fuel Tax (2Cent Fuel Tax)$59,535 $263,278 $322,813 335.440 - State Revenue Sharing - County Fuel Tax (1Cent Fuel Tax)$2,201,371 $2,201,371 335.480 - State Revenue Sharing - Other Transportation $5,063,122 $5,063,122 335.900 - State Revenue Sharing - Other $611,970 $535,146 $1,147,116 337.100 - Local Government Unit Grant - General Government $25,700 $25,700 337.400 - Local Government Unit Grant - Transportation $3,000 $3,000 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 5 of 20Page 470 of 3203 Governmental Funds Revenues Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 341.900 - Other General Government Charges And Fees $20,586,480 $15,043,231 $130,663 $35,760,374 342.900 - Service Charge - Other Public Safety Charges And Fees $99,522 $99,522 343.900 - Service Charge - Other Physical Environment Charges $2,852,514 $41,660 $2,894,174 345.900 - Service Charge - Other Economic Environment Charges $16,261 $16,261 346.400 - Service Charge - Animal Control And Shelter Fees $85,465 $14,630 $100,095 347.200 - Service Charge - Parks And Recreation $5,405,820 $6,674,807 $12,080,627 351.100 - Judgments And Fines - As Decided By County Court Criminal $1,222,162 $1,222,162 351.300 - Judgments And Fines - As Decided By County Court Civil $312,995 $89,935 $402,930 351.900 - Judgments And Fines - Other Court Ordered $2,875,712 $2,875,712 352.000 - Fines - Library $93,613 $93,613 354.000 - Fines - Local Ordinance Violation $134,561 $546,680 $681,241 359.000 - Other Judgments, Fines And Forfeits $657,745 $657,745 361.100 - Interest $11,071,027 $18,997,327 $148,956 $33,530,816 $238,511 $63,986,637 361.300 - Net Increase (Decrease) In Fair Value Of Investments $1,558,500 $3,284,235 $26,645 $5,817,501 $42,881 $10,729,762 362.000 - Rents And Royalties $82,303 $532,576 $85,562 $43,260 $743,701 365.000 - Sale Of Surplus Materials And Scrap $7,865 $33,661 $41,526 366.000 - Contributions And Donations From Private Sources $1,016,306 $614,719 $1,631,025 369.300 - Settlements $838,245 $3,158,496 $103,108 $4,099,849 369.900 - Other Miscellaneous Revenues $1,446,371 $3,182,474 $510,160 $5,139,005 381.000 - Inter-Fund Group Transfers In $3,014,097 $51,442,120 $38,406,380 $87,733,899 $180,596,496 383.100 - Lease Proceeds $4,587,054 $1,194,207 $5,781,261 383.200 - Installment Purchase Proceeds $2,122,983 $222,361 $2,345,344 386.100 - Transfer From - Clerk To The BOCC $1,533,988 $1,533,988 386.400 - Transfer From - Sheriff To The BOCC $3,520,083 $3,520,083 386.600 - Transfer From - Property Appraiser To The BOCC $1,498,364 $135,679 $1,634,043 386.700 - Transfer From - Tax Collector To The BOCC $13,247,881 $1,351,186 $25,192 $14,624,259 386.800 - Transfer From - Supervisor Of Elections To The BOCC $148,162 $148,162 388.100 - Sale Of General Capital Asset $832,636 $1,813,982 $2,671,606 $5,318,224 Total $592,900,693 $390,345,998 $40,783,352 $207,113,013 $324,652 $1,231,467,708 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 6 of 20Page 471 of 3203 Governmental Funds Expenditures Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 511.00 - Legislative 10 - Personnel Services $1,503,176 $1,503,176 30 - Operating Expenditures/Expenses $105,564 $105,564 512.00 - Executive 10 - Personnel Services $1,617,195 $1,617,195 30 - Operating Expenditures/Expenses $289,230 $210,747 $499,977 513.00 - Financial And Administrative 10 - Personnel Services $8,891,508 $6,323,567 $15,215,075 30 - Operating Expenditures/Expenses $2,868,940 $1,376,113 $95,054 $4,340,107 60 - Capital Outlay $6,981 $129,415 $436,005 $572,401 70 - Debt Service $93,671 $67,095 $160,766 514.00 - Legal Counsel 10 - Personnel Services $2,895,140 $2,895,140 30 - Operating Expenditures/Expenses $141,835 $141,835 60 - Capital Outlay $23,638 $23,638 70 - Debt Service $11,932 $11,932 515.00 - Comprehensive Planning 10 - Personnel Services $1,020,139 $7,284,605 $8,304,744 30 - Operating Expenditures/Expenses $176,972 $3,485,430 $3,662,402 60 - Capital Outlay $108,386 $108,386 517.00 - Debt Service Payments 70 - Debt Service $41,306,419 $41,306,419 519.00 - Other General Governmental Services 10 - Personnel Services $59,488,390 $8,363,136 $67,851,526 30 - Operating Expenditures/Expenses $30,051,859 $6,738,981 $9,909,029 $46,699,869 60 - Capital Outlay $2,011,201 $6,200,442 $20,625,852 $28,837,495 70 - Debt Service $1,239,598 $136,280 $1,375,878 521.00 - Law Enforcement 10 - Personnel Services $214,451,997 $2,096,287 $216,548,284 30 - Operating Expenditures/Expenses $45,835,790 $3,804,861 $238,800 $49,879,451 60 - Capital Outlay $10,289,913 $1,718,096 $21,176,289 $33,184,298 70 - Debt Service $2,882,011 $20,394 $2,902,405 522.00 - Fire Control 30 - Operating Expenditures/Expenses $38,410 $4,457,382 $4,495,792 60 - Capital Outlay $847,989 $847,989 523.00 - Detention And/Or Correction 10 - Personnel Services $1,812,706 $1,812,706 30 - Operating Expenditures/Expenses $59,035 $1,070,272 $1,129,307 60 - Capital Outlay $1,186,356 $1,186,356 524.00 - Protective Inspections 10 - Personnel Services $1,191,666 $18,520,845 $19,712,511 30 - Operating Expenditures/Expenses $218,679 $7,149,324 $7,368,003 525.00 - Emergency And Disaster Relief Services 10 - Personnel Services $1,440,920 $278,030 $1,718,950 30 - Operating Expenditures/Expenses $1,166,944 $2,057,645 $302,429 $3,527,018 60 - Capital Outlay $1,025,618 $5,236,169 $6,261,787 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 7 of 20Page 472 of 3203 Governmental Funds Expenditures Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 70 - Debt Service $419,506 $419,506 526.00 - Ambulance And Rescue Services 30 - Operating Expenditures/Expenses $4,080 $4,080 527.00 - Medical Examiners 30 - Operating Expenditures/Expenses $2,246,513 $2,246,513 529.00 - Other Public Safety 30 - Operating Expenditures/Expenses $193,000 $193,000 60 - Capital Outlay $29,377 $29,377 533.00 - Water Utility Services 30 - Operating Expenditures/Expenses $127,572 $127,572 534.00 - Garbage/Solid Waste Control Services 30 - Operating Expenditures/Expenses $884,682 $884,682 535.00 - Sewer/Wastewater Services 30 - Operating Expenditures/Expenses $3,166,167 $3,166,167 60 - Capital Outlay $455,048 $455,048 537.00 - Conservation And Resource Management 10 - Personnel Services $1,069,818 $5,040,747 $6,110,565 30 - Operating Expenditures/Expenses $1,049,189 $3,214,772 $208,324 $112,795 $4,585,080 60 - Capital Outlay $18,218,241 $321,722 $18,539,963 538.00 - Flood Control/Stormwater Management 10 - Personnel Services $4,118,914 $511,781 $4,630,695 30 - Operating Expenditures/Expenses $5,136,923 $835,135 $7,245,684 $13,217,742 70 - Debt Service $29,716 $29,716 60 - Capital Outlay $9,316,381 $9,316,381 539.00 - Other Physical Environment 30 - Operating Expenditures/Expenses $32,409 $7,003,744 $770,521 $7,806,674 10 - Personnel Services $1,297,599 $1,297,599 60 - Capital Outlay $11,562,735 $4,369,278 $15,932,013 541.00 - Road And Street Facilities 10 - Personnel Services $474,371 $25,226,044 $25,700,415 30 - Operating Expenditures/Expenses $17,913 $18,166,874 $22,248,838 $40,433,625 60 - Capital Outlay $14,015,766 $61,273,209 $75,288,975 70 - Debt Service $115,700 $213,661 $329,361 542.00 - Airports 30 - Operating Expenditures/Expenses $50,653 $50,653 553.00 - Veteran's Services 10 - Personnel Services $319,721 $319,721 30 - Operating Expenditures/Expenses $22,518 $22,518 554.00 - Housing And Urban Development 30 - Operating Expenditures/Expenses $24,410,227 $24,410,227 10 - Personnel Services $1,848,193 $1,848,193 60 - Capital Outlay $1,159,348 $9,700,000 $10,859,348 70 - Debt Service $100,800 $100,800 90 - Other Uses $31,571 $31,571 559.00 - Other Economic Environment 10 - Personnel Services $704,602 $908,193 $1,612,795 30 - Operating Expenditures/Expenses $351,445 $3,858,601 $4,210,046 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 8 of 20Page 473 of 3203 Governmental Funds Expenditures Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 70 - Debt Service $21,500 $8,703 $30,203 60 - Capital Outlay $2,888,139 $2,888,139 562.00 - Health Services 30 - Operating Expenditures/Expenses $4,385,845 $170,697 $482,371 $5,038,913 10 - Personnel Services $2,476,000 $2,476,000 60 - Capital Outlay $10,549 $7,211,555 $7,222,104 563.00 - Mental Health Services 30 - Operating Expenditures/Expenses $2,372,869 $2,372,869 564.00 - Public Assistance Services 10 - Personnel Services $1,427,182 $2,012,700 $3,439,882 30 - Operating Expenditures/Expenses $5,015,755 $16,010,714 $21,026,469 70 - Debt Service $9,800 $9,800 60 - Capital Outlay $801 $801 569.00 - Other Human Services 30 - Operating Expenditures/Expenses $25,033 $1,812,187 $1,837,220 10 - Personnel Services $755,072 $93,958 $849,030 571.00 - Libraries 10 - Personnel Services $4,542,130 $7,886 $4,550,016 30 - Operating Expenditures/Expenses $951,820 $165,218 $338,164 $1,455,202 60 - Capital Outlay $22,017 $729,765 $751,782 572.00 - Parks And Recreation 10 - Personnel Services $9,656,406 $12,143,878 $21,800,284 30 - Operating Expenditures/Expenses $8,948,313 $24,800,908 $2,918,740 $36,667,961 60 - Capital Outlay $81,702 $1,817,842 $11,660,664 $13,560,208 70 - Debt Service $93,891 $23,800 $117,691 573.00 - Cultural Services 10 - Personnel Services $1,464,219 $1,464,219 30 - Operating Expenditures/Expenses $2,082,007 $137,091 $2,219,098 60 - Capital Outlay $201,523 $201,523 575.00 - Special Recreation Facilities 10 - Personnel Services $573,597 $573,597 30 - Operating Expenditures/Expenses $5,845,633 $5,845,633 60 - Capital Outlay $125,970 $125,970 581.00 - Interfund Group Transfers Out 90 - Other Uses $144,578,686 $52,304,290 $36,070,976 $232,953,952 590.00 - Proprietary - Other Non-Operating Disbursements 70 - Debt Service $2,574 $2,574 602.00 - State Attorney Administration 30 - Operating Expenditures/Expenses $707,103 $358,992 $1,066,095 603.00 - Public Defender Administration 30 - Operating Expenditures/Expenses $480,571 $206,520 $687,091 605.00 - Judicial Support 30 - Operating Expenditures/Expenses $40,816 $6,321 $47,137 616.00 - Clinical Evaluations - Circuit Criminal 10 - Personnel Services $106,425 $106,425 30 - Operating Expenditures/Expenses $11,836 $11,836 712.00 - Courthouse Facilities Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 9 of 20Page 474 of 3203 Governmental Funds Expenditures Total Fund Groups TotalGovernmental General Special Revenue Debt Service Capital Projects Permanent 10 - Personnel Services $1,144,456 $1,144,456 30 - Operating Expenditures/Expenses $421,149 $421,149 739.00 - Other County Court - Criminal Costs 10 - Personnel Services $75,897 $75,897 30 - Operating Expenditures/Expenses $5,446 $5,446 761.00 - Court Administration - Traffic 30 - Operating Expenditures/Expenses $123,000 $123,000 Total $591,985,007 $354,220,080 $41,306,419 $235,564,374 $112,795 $1,223,188,675 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 10 of 20Page 475 of 3203 Proprietary Funds Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 11 of 20Page 476 of 3203 Proprietary Funds Balance Sheet Total Fund Groups TotalProprietary Enterprise Internal Service Assets 102.000 - Cash On Hand $13,900 $13,900 103.000 - Cash With Fiscal Agent $74,113,392 $74,113,392 104.000 - Equity In Pooled Cash $520,778,231 $118,894,595 $639,672,826 115.100 - Accounts Receivable $61,615,642 $4,310,887 $65,926,529 117.000 - Allowance For Uncollectible Accounts Receivable (Credit)$-31,701,675 $-14,520 $-31,716,195 121.000 - Assessments Receivable $37,566 $37,566 125.000 - Interest And Penalties Receivable $126,839 $126,839 131.000 - Due From Other Funds $219,062 $68,397 $287,459 132.900 - Advances To Other Funds $3,674,782 $3,674,782 133.000 - Due From Other Governmental Units $8,031,561 $256,088 $8,287,649 135.000 - Interest And Dividends Receivable $2,682,512 $599,556 $3,282,068 141.000 - Inventories - Materials And Supplies $14,364,002 $741,720 $15,105,722 155.000 - Prepaid Items $261,252 $5,806,245 $6,067,497 156.000 - Other Assets - Current $711,272 $711,272 159.000 - Subscription-Based Information Technology Arrangements (SBITA)$795,838 $5,277,004 $6,072,842 161.900 - Land $33,800,449 $33,800,449 162.900 - Buildings $185,434,121 $14,011,691 $199,445,812 163.900 - Accumulated Depreciation Buildings (Credit)$-1,030,861,221 $-47,414,332 $-1,078,275,553 164.900 - Infrastructure $1,634,901,419 $11,773,237 $1,646,674,656 166.900 - Equipment And Furniture $121,657,861 $44,643,140 $166,301,001 168.900 - Property Under Capital Leases $1,143,920 $15,092 $1,159,012 168.950 - Accumulated Depreciation- Property Under Capital Leases (Credit)$-459,458 $-2,760 $-462,218 169.900 - Construction Work In Progress $282,250,540 $85,563 $282,336,103 Total $1,883,591,807 $159,051,603 $2,042,643,410 Deferred Outflows 190.000 - Deferred Outflow of Resources $17,262,287 $1,609,290 $18,871,577 Total $17,262,287 $1,609,290 $18,871,577 Liabilities 202.000 - Accounts Payable $44,829,440 $3,731,467 $48,560,907 203.000 - Notes And Loans Payable - Current Portion $12,613,217 $12,613,217 203.900 - Notes And Loans Payable - Long-Term Portion $296,125,942 $296,125,942 207.000 - Due To Other Funds $25,873 $46,987 $72,860 208.000 - Due To Other Governmental Units $268,738 $73,402 $342,140 210.000 - Compensated Absences - Current Portion $4,853,308 $728,214 $5,581,522 210.900 - Compensated Absences - Long-Term Portion $4,853,307 $728,214 $5,581,521 215.000 - Accrued Interest Payable $2,629,570 $2,629,570 216.000 - Accrued Salaries And Wages Payable $5,152,513 $655,577 $5,808,090 220.000 - Deposits $362,814 $362,814 223.000 - Deferred Revenue $196,423 $161,513 $357,936 225.000 - Capital Leases - Current Portion $105,263 $2,881 $108,144 225.900 - Capital Leases - Long-Term Portion $624,868 $9,672 $634,540 229.000 - Other Current Liabilities $3,608,948 $11,400,678 $15,009,626 237.000 - Other Postemployment Benefits (OPEB Liability)$3,542,712 $436,586 $3,979,298 239.900 - Other Long-Term Liabilities $64,268,335 $8,553,215 $72,821,550 240.000 - Subscription-Based Information Technology Arrangements (SBITA)$641,456 $4,543,621 $5,185,077 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 12 of 20Page 477 of 3203 Proprietary Funds Balance Sheet Total Fund Groups TotalProprietary Enterprise Internal Service Total $444,702,727 $31,072,027 $475,774,754 Deferred Inflows 290.000 - Deferred Inflow of Resources $22,653,595 $1,512,158 $24,165,753 Total $22,653,595 $1,512,158 $24,165,753 Fund Balances 274.000 - Net Assets, Invested In Capital, Net Of Debt $957,339,000 $22,960,654 $980,299,654 275.000 - Net Assets, Restricted $51,311,115 $51,311,115 276.000 - Net Assets, Unrestricted $424,847,657 $105,116,054 $529,963,711 Total $1,433,497,772 $128,076,708 $1,561,574,480 Proprietary Funds Revenues Total Fund Groups TotalProprietary Enterprise Internal Service 324.210 - Impact Fees - Residential - Physical Environment Residential Buildings Flat Fees $16,367,815 $16,367,815 324.220 - Impact Fees - Commercial - Physical Environment Multi-Purpose Tiered Scale Based on Square Footage $967,579 $967,579 341.200 - Internal Service Fund Fees And Charges $142,899,748 $142,899,748 342.600 - Service Charge - Ambulance Fees $17,788,601 $17,788,601 343.300 - Service Charge - Water Utility $108,303,492 $108,303,492 343.400 - Service Charge - Garbage/Solid Waste $73,481,310 $73,481,310 343.500 - Service Charge - Sewer/Wastewater Utility $130,560,788 $130,560,788 343.600 - Service Charge - Water/Sewer Combination Utility $2,561,423 $2,561,423 344.100 - Service Charge - Airports $10,539,631 $10,539,631 344.300 - Service Charge - Mass Transit $1,085,028 $1,085,028 361.100 - Interest $22,276,207 $4,573,139 $26,849,346 361.300 - Net Increase (Decrease) In Fair Value Of Investments $3,449,510 $692,036 $4,141,546 362.000 - Rents And Royalties $45,991 $45,991 364.000 - Disposition Of Fixed Assets $509,058 $304,829 $813,887 365.000 - Sale Of Surplus Materials And Scrap $164,984 $1,744 $166,728 369.300 - Settlements $300,072 $136,189 $436,261 369.900 - Other Miscellaneous Revenues $350,339 $4,395,493 $4,745,832 381.000 - Inter-Fund Group Transfers In $36,588,754 $9,266,000 $45,854,754 389.200 - Proprietary - Federal Grants And Donations $11,340,216 $11,340,216 389.300 - Proprietary - State Grants And Donations $5,536,486 $5,536,486 389.800 - Proprietary - Capital Contributions From Private Source $28,792,479 $28,792,479 389.900 - Proprietary - Other Non-Operating Sources $66,444 $66,444 Total $471,076,207 $162,269,178 $633,345,385 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 13 of 20Page 478 of 3203 Proprietary Funds Expenditures Total Fund Groups TotalProprietary Enterprise Internal Service 517.00 - Debt Service Payments 70 - Debt Service $9,593,103 $9,593,103 519.00 - Other General Governmental Services 10 - Personnel Services $5,942,789 $5,942,789 30 - Operating Expenditures/Expenses $45,538,622 $45,538,622 60 - Capital Outlay $3,983,061 $3,983,061 70 - Debt Service $32,594 $32,594 526.00 - Ambulance And Rescue Services 30 - Operating Expenditures/Expenses $7,979,221 $7,979,221 10 - Personnel Services $33,491,539 $33,491,539 60 - Capital Outlay $2,624,500 $2,624,500 70 - Debt Service $8,766 $8,766 529.00 - Other Public Safety 60 - Capital Outlay $314,914 $314,914 533.00 - Water Utility Services 30 - Operating Expenditures/Expenses $37,448,214 $37,448,214 10 - Personnel Services $18,366,828 $18,366,828 60 - Capital Outlay $12,010,749 $12,010,749 70 - Debt Service $15,641 $15,641 534.00 - Garbage/Solid Waste Control Services 30 - Operating Expenditures/Expenses $55,441,964 $55,441,964 10 - Personnel Services $4,989,000 $4,989,000 60 - Capital Outlay $2,038,588 $2,038,588 535.00 - Sewer/Wastewater Services 30 - Operating Expenditures/Expenses $44,970,842 $44,970,842 60 - Capital Outlay $15,407,783 $15,407,783 10 - Personnel Services $18,494,024 $18,494,024 70 - Debt Service $11,642 $11,642 536.00 - Water/Sewer Combination Services 10 - Personnel Services $12,574,639 $12,574,639 30 - Operating Expenditures/Expenses $10,510,061 $10,510,061 60 - Capital Outlay $26,019,221 $26,019,221 70 - Debt Service $7,736 $7,736 539.00 - Other Physical Environment 30 - Operating Expenditures/Expenses $42,215 $42,215 10 - Personnel Services $340,109 $340,109 60 - Capital Outlay $162,141 $297,526 $459,667 542.00 - Airports 30 - Operating Expenditures/Expenses $6,495,121 $6,495,121 10 - Personnel Services $1,907,787 $1,907,787 60 - Capital Outlay $2,702,913 $2,702,913 544.00 - Mass Transit Systems 10 - Personnel Services $423,033 $423,033 30 - Operating Expenditures/Expenses $15,082,511 $15,082,511 60 - Capital Outlay $2,395,142 $2,395,142 549.00 - Other Transportation Systems/Services 60 - Capital Outlay $1,199,783 $1,199,783 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 14 of 20Page 479 of 3203 Proprietary Funds Expenditures Total Fund Groups TotalProprietary Enterprise Internal Service 569.00 - Other Human Services 60 - Capital Outlay $136,285 $136,285 579.00 - Other Culture/Recreation 60 - Capital Outlay $239,845 $239,845 581.00 - Interfund Group Transfers Out 90 - Other Uses $14,926,262 $14,926,262 590.00 - Proprietary - Other Non-Operating Disbursements 70 - Debt Service $35,641 $35,641 10 - Personnel Services $5,604,740 $5,604,740 30 - Operating Expenditures/Expenses $78,644,499 $78,644,499 60 - Capital Outlay $899,160 $899,160 Total $356,481,295 $142,869,459 $499,350,754 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 15 of 20Page 480 of 3203 Fiduciary Funds Fiduciary Funds Balance Sheet Total Fund Groups TotalFiduciary Custodial Pension Trust Investment Trust Private Purpose Trust Assets 104.000 - Equity In Pooled Cash $35,648,503 $431,138 $36,079,641 115.100 - Accounts Receivable $17,502 $17,502 133.000 - Due From Other Governmental Units $7,916 $7,916 Total $35,673,921 $431,138 $36,105,059 Liabilities 202.000 - Accounts Payable $337,602 $337,602 208.000 - Due To Other Governmental Units $9,922,419 $9,922,419 Total $10,260,021 $0 $10,260,021 Fund Balances 275.000 - Net Assets, Restricted $25,413,900 $431,138 $25,845,038 Total $25,413,900 $431,138 $25,845,038 Fiduciary Funds Revenues Total Fund Groups TotalFiduciary Custodial Pension Trust Investment Trust Private Purpose Trust 349.000 - Other Charges For Services $1,239,401,374 $563,380 $1,239,964,754 369.900 - Other Miscellaneous Revenues $1,045,786 $1,045,786 Total $1,240,447,160 $563,380 $1,241,010,540 Fiduciary Funds Expenditures Total Fund Groups TotalFiduciary Custodial Pension Trust Investment Trust Private Purpose Trust 519.00 - Other General Governmental Services 30 - Operating Expenditures/Expenses $1,228,915,995 $537,025 $1,229,453,020 521.00 - Law Enforcement 30 - Operating Expenditures/Expenses $4,064,825 $4,064,825 Total $1,232,980,820 $537,025 $1,233,517,845 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 16 of 20Page 481 of 3203 Component Units Funds Discrete Component Units Funds Balance Sheet Total Fund GroupsComponent Units Assets 104.000 - Equity In Pooled Cash $513,861 Total $513,861 Fund Balances 276.000 - Net Assets, Unrestricted $513,861 Total $513,861 Discrete Component Units Funds Revenues Total Fund GroupsComponent Units 345.900 - Service Charge - Other Economic Environment Charges $46,795 361.100 - Interest $7,351 Total $54,146 Discrete Component Units Funds Expenditures Total Fund GroupsComponent Units 552.00 - Industry Development 30 - Operating Expenditures/Expenses $85,324 554.00 - Housing And Urban Development 30 - Operating Expenditures/Expenses $13,105 562.00 - Health Services 30 - Operating Expenditures/Expenses $6,175 569.00 - Other Human Services 30 - Operating Expenditures/Expenses $6,175 Total $110,779 Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 17 of 20Page 482 of 3203 AFFILIATE INFORMATION Collier County Airport Authority : Blended in Primary Report Total Assets: $62,664,291)Total Fund Balances: $58,306,920) Total Deferred Outflow: $250,000)Total Revenue: $13,157,412) Total Liabilities: $1,826,162)Total Expenditures: $11,412,721) Total Deferred Inflow: $2,781,209)Total Long-Term Debt: $0) Compensation Employee - Biweekly Pay Period Contractor Number of individuals 20 10 Compensation Earned Or Awarded $1,907,787 $149,130 Zero Construction Projects To Report Collier County Health Facilities Authority : Discretely Reported Total Assets: $35,067)Total Fund Balances: $35,067) Total Deferred Outflow: $0)Total Revenue: $0) Total Liabilities: $0)Total Expenditures: $6,175) Total Deferred Inflow: $0)Total Long-Term Debt: $175,147,064) Compensation Employee Contractor Number of individuals 0 1 Compensation Earned Or Awarded $0 $6,000 Zero Construction Projects To Report Collier County Housing Finance Authority : Discretely Reported Total Assets: $241,090)Total Fund Balances: $241,090) Total Deferred Outflow: $0)Total Revenue: $22,996) Total Liabilities: $0)Total Expenditures: $13,105) Total Deferred Inflow: $0)Total Long-Term Debt: $74,943,548) Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 18 of 20Page 483 of 3203 Compensation Employee Contractor Number of individuals 0 1 Compensation Earned Or Awarded $0 $12,500 Zero Construction Projects To Report Collier County Industrial Development Authority : Discretely Reported Total Assets: $184,402)Total Fund Balances: $184,402) Total Deferred Outflow: $0)Total Revenue: $31,150) Total Liabilities: $0)Total Expenditures: $85,324) Total Deferred Inflow: $0)Total Long-Term Debt: $362,246,947) Compensation Employee Contractor Number of individuals 0 1 Compensation Earned Or Awarded $0 $10,000 Zero Construction Projects To Report Collier County Water-Sewer District : Blended in Primary Report Total Assets: $1,591,605,671)Total Fund Balances: $1,194,064,306) Total Deferred Outflow: $7,986,610)Total Revenue: $308,053,875) Total Liabilities: $392,752,507)Total Expenditures: $218,865,383) Total Deferred Inflow: $12,775,468)Total Long-Term Debt: $297,318,692) Compensation Employee - Biweekly Pay Period Contractor Number of individuals 463 77 Compensation Earned Or Awarded $49,435,491 $1,535,624 Construction Projects Expenditure Approved Budget MPS 302 Force Main Replacement $1,707,534 $1,947,357 NCWRF Electrical Service Upgrade $2,659,250 $4,127,000 Raw Water Booster Booster Pump Station Generator Replacement $662,750 $729,000 Collier County Educational Facilities Authority : Discretely Reported Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 19 of 20Page 484 of 3203 Total Assets: $53,302)Total Fund Balances: $53,302) Total Deferred Outflow: $0)Total Revenue: $0) Total Liabilities: $0)Total Expenditures: $6,175) Total Deferred Inflow: $0)Total Long-Term Debt: $9,226,841) Compensation Employee Contractor Number of individuals 0 1 Compensation Earned Or Awarded $0 $6,000 Zero Construction Projects To Report Collier County Community Redevelopment Agency : Blended in Primary Report Total Assets: $25,103,800)Total Fund Balances: $24,294,657) Total Deferred Outflow: $0)Total Revenue: $7,536,824) Total Liabilities: $809,143)Total Expenditures: $4,542,436) Total Deferred Inflow: $0)Total Long-Term Debt: $186,868) Compensation Employee - Biweekly Pay Period Contractor Number of individuals 6 2 Compensation Earned Or Awarded $908,193 $14,063 Construction Projects Expenditure Approved Budget Pedestrian Boardwalk $1,080,977 $2,861,909 Collier County Metropolitan Planning Organization : Blended in Primary Report Total Assets: $373,120)Total Fund Balances: $127,959) Total Deferred Outflow: $0)Total Revenue: $1,419,557) Total Liabilities: $245,161)Total Expenditures: $1,431,108) Total Deferred Inflow: $0)Total Long-Term Debt: $0) Other Entities are not required to report supplemental information. Annual Financial Report for Collier, 2025 3/31/2026 9:41:18 AM Page 20 of 20Page 485 of 3203 ©2026 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer . Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. Presentation of the 2025 Audit Results to the Board of County Commissioners April 14, 2026 Collier County, Florida 1Page 486 of 3203 ©2026 CliftonLarsonAllen LLP©2026 CliftonLarsonAllen LLP 2 Services Performed Financial Statements Audit of the County’s Annual Comprehensive Financial Report (ACFR) for the year ended September 30, 2025, in accordance with Government Auditing Standards State Compliance State Single Audit in accordance with Section 215.97, Florida Statutes and Chapter 10.550, Rules of the Auditor General Examination of compliance with applicable Florida Statutes for investments and E911 operations Federal Compliance Single Audit in accordance with Uniform Guidance Includes audit of the Schedule of Expenditures of Federal Awards and certification of the Data Collection Form Page 487 of 3203 ©2026 CliftonLarsonAllen LLP©2026 CliftonLarsonAllen LLP 3 Reports Delivered Independent Auditors’ Report 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 Independent Auditors’ Report on Compliance for Each Major Federal Program and State Project and Report on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 10.550, Rules of the Auditor General of the State of Florida (Single Audit Report) Independent Accountants’ Report on Compliance with specific Florida Statutes as required by Chapter 10.550 Rules of the Auditor General Management Letter as required by Chapter 10.550 Rules of the Auditor General Page 488 of 3203 ©2026 CliftonLarsonAllen LLP©2026 CliftonLarsonAllen LLP 4 Financial statement No material weaknesses noted . No significant deficiencies noted. Federal and State awards No material weaknesses noted . No significant deficiencies noted. Financial statement Financial statement audit opinion is unmodified. Single Audit – Federal Programs and State Projects Federal and State awards audit opinion is unmodified. AUDIT OPINIONS AUDIT RESULTS 4 Page 489 of 3203 ©2026 CliftonLarsonAllen LLP Governance Communications Emphasis of Matter –GASB 101 Compensated Absences •County implemented GASB 101 Compensated Absences, which requires the County to record a liability attributable to leave for services already rendered, that accumulate and are more likely than not to be used, paid or settled. Our opinion is not modified with respect to this matter. Other •Management was very cooperative, helpful, and professional during the audit process – THANK YOU Overall •Scope and timing of audit proceeded as planned •Significant accounting policies are in accordance with generally accepted accounting principles and consistent with industry practice and standards Difficulties •No difficulties were encountered in performing the audit Page 490 of 3203 ©2026 CliftonLarsonAllen LLP©2026 CliftonLarsonAllen LLP 6 Financial Highlights County’s Federal and State Grants Governmental Activities Business-Type Activities •Testing of 12 grants totaling over $45M, including: o Coronavirus State and Local Fiscal Recovery Funds of $16M o Transit related federal grants of $10M •Governmental Activities – Increase in Net Position of $197.3M •General Fund – Increase in Fund Balance of $915.7K •Business-Type Activities – Increase in Net Position of $114.7M Page 491 of 3203 ©2026 CliftonLarsonAllen LLP©2026 CliftonLarsonAllen LLP 7 Governmental Activities 2024 Ending Liability Balance - $43.864m 2024 Restated Liability Balance - $68.735m 2025 Ending Liability Balance - $71.713m Business-Type Activities 2024 Ending Liability Balance - $4.569m 2024 Restated Liability Balance - $9.709m 2025 Ending Liability Balance - $9.707m GASB 101 – Compensated Absences Accounting Changes Page 492 of 3203 ©2026 CliftonLarsonAllen LLP Questions and Feedback We appreciate the opportunity to serve you and welcome any feedback relative to our performance and to the engagement. Page 493 of 3203 CLAconnect.com CPAs | CONSULTANTS | WEALTH ADVISORS ©2026 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer . Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. Thank you again to everyone involved in the audit! Christopher Kessler, CPA Managing Principal of Industry Chris.Kessler@CLAconnect.com Alexandra Mitchell, CPA Manager Alex.Mitchell@CLAconnect.com Page 494 of 3203