Fort Walton Beach — Annual Comprehensive Financial Report, September 30, 2023 — reading text

2.09% 65 2.09% Termination rate: Service Years Termination Rate 0 13.0% 1 12.0% 2 11.0% 3 10.0% 4 9.0% 5 8.0% 6 7.0% 7 6.5% 8 6.0% 9 5.5% 10 5.0% 11 4.5% 12+ 4.0% Retirement age: Member Age Retirement Probability 45 - 54 3.0% 55+ 100.0% In addition to the above table, 100% are assumed to retire upon completion of 25 years of service. The assumed rates in this table were approved in conjunction with an actuarial experience study dated June 2017. 100  CITY OF FORT WALTON BEACH, FLORIDA NON-MAJOR GOVERNMENTAL FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 2023 Special Revenue Funds Beal Law Memorial Total Law Enforcement Florida Community Cemetery Nonmajor Enforcement Trust Building Development Perpetual Governmental Trust Training Code Block Grant Care Debt Service Funds ASSETS Cash and cash equivalents $ 210,762 $ 30,009 $ 1,415,249 $ - $ 160,685 $ - $ 1,816,705 Investments - - - - 3,657,073 - 3,657,073 Receivables - - - - 30 - 30 Due from other governments 18,825 - - 76,132 - - 94,957 Restricted assets Cash and cash equivalents - - - - - 21,156 21,156 TOTAL ASSETS $ 229,587 $ 30,009 $ 1,415,249 $ 76,132 $ 3,817,788 $ 21,156 $ 5,589,921 LIABILITIES Accounts payable $ - $ - $ 5,755 $ 28,463 $ 3,272 $ - $ 37,490 Accrued liabilities 85,569 - 16,989 - - - 102,558 Due to other funds - - - 67,451 - - 67,451 Total liabilities 85,569 - 22,744 95,914 3,272 - 207,499 FUND BALANCE Restricted 144,018 30,009 1,392,505 - - 21,156 1,587,688 Committed - - - - 3,814,516 - 3,814,516 Unassigned - - - (19,782) - - (19,782) Total fund balance 144,018 30,009 1,392,505 (19,782) 3,814,516 21,156 5,382,422 TOTAL LIABILITIES AND FUND BALANCE $ 229,587 $ 30,009 $ 1,415,249 $ 76,132 $ 3,817,788 $ 21,156 $ 5,589,921 101  CITY OF FORT WALTON BEACH, FLORIDA NON-MAJOR GOVERNMENTAL FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 2023 Special Revenue Funds Beal Law Memorial Total Law Enforcement Florida Community Cemetery Nonmajor Enforcement Trust Building Development Perpetual Debt Governmental Trust Training Code Block Grant Care Service Funds REVENUES Permits and fees $ - $ - $ 804,189 $ - $ - $ - $ 804,189 Intergovernmental 22,910 - - 251,792 - - 274,702 Fines 38,530 7,823 - - - - 46,353 Investment income - - - - 352,299 - 352,299 Miscellaneous 2,353 291 14,827 - 3,184 - 20,655 Total revenues 63,793 8,114 819,016 251,792 355,483 - 1,498,198 EXPENDITURES Current Public safety 26,629 - 601,859 - - - 628,488 Physical environment - - - - 11,098 - 11,098 Economic environment - - - 251,792 - - 251,792 Capital outlay - - 39,739 - - - 39,739 Debt service Principal - - - - - 1,749,218 1,749,218 Interest - - - - - 657,643 657,643 Total expenditures 26,629 - 641,598 251,792 11,098 2,406,861 3,337,978 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 37,164 8,114 177,418 - 344,385 (2,406,861) (1,839,780) OTHER FINANCING SOURCES Transfers in - - - - 34,618 2,406,861 2,441,479 Total other financing sources - - - - 34,618 2,406,861 2,441,479 NET CHANGE IN FUND BALANCE 37,164 8,114 177,418 - 379,003 - 601,699 FUND BALANCE (DEFICIT) AT BEGINNING OF YEAR 106,854 21,895 1,215,087 (19,782) 3,435,513 21,156 4,780,723 FUND BALANCE (DEFICIT) AT END OF YEAR $ 144,018 $ 30,009 $ 1,392,505 $ (19,782) $ 3,814,516 $ 21,156 $ 5,382,422 102  CITY OF FORT WALTON BEACH, FLORIDA LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Intergovernmental $ - $ 49,077 $ 22,910 $ (26,167) Fines - - 38,530 38,530 Miscellaneous 2,309 2,309 2,353 44 Total revenues 2,309 51,386 63,793 12,407 EXPENDITURES Current Public safety 12,173 61,250 26,629 34,621 Capital outlay - - - - Total expenditures 12,173 61,250 26,629 34,621 NET CHANGE IN FUND BALANCE (9,864) (9,864) 37,164 47,028 FUND BALANCE AT BEGINNING OF YEAR 9,864 9,864 106,854 96,990 FUND BALANCE AT END OF YEAR $ - $ - $ 144,018 $ 144,018 103  CITY OF FORT WALTON BEACH, FLORIDA LAW ENFORCEMENT TRUST TRAINING SPECIAL REVENUE FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Fines $ 400 $ 400 $ 7,823 $ 7,423 Miscellaneous 100 100 291 191 Total revenues 500 500 8,114 7,614 EXPENDITURES Current Public safety 500 500 - 500