Sarasota, Florida operates under a Commissioner-Manager form of government. Its financial statements for the year ended September 30, 2016 refer to an entity called the Golden Gate Point Special District (GGPSD). Based on the following information, state (1) whether GGPSD should be reported as a component unit of Sarasota and (2) if so, whether it should be blended or discretely reported. Give reasons for your answers. 

GGPSD was created by the City Commissioners pursuant to Florida statutes. It’s purpose is to construct and maintain enhancements and improvements within the public right of way on Golden Gate Point. The City Commissioners serve as the governing board of the GGPSD. They approve the adoption of the annual budget (using tax revenues), the issuance of all debt, the execution of all contracts, and the payment of all expenditures.

Answer rating: 100% (QA)

GGPSD was created by the City Commissioners pursuant to Florida statutes Its purpose is to constru... View the full answer