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

Interest and other costs 377,574 354,544 336,835 316,629 297,245 547,165 734,680 708,959 725,016 682,916 Total expenditures 23,369,449 28,092,858 22,007,124 22,641,748 25,517,372 32,510,108 28,518,811 28,460,154 31,612,755 36,046,629 Excess of revenue over (under) expenditures (2,728,414) (5,967,172) 340,828 17,995 (1,649,095) (6,499,524) 2,681,743 3,339,417 (1,284,983) 281,524 Other Financing Sources (Uses) Proceeds from financing contracts - 67,774 - - - 350,000 74,135 - - 304,825 Proceeds from issuance of leases - - - - - - - - 31,944 - Proceeds from issuance of subscription liabilities - - - - - - - - - 971,904 Transfers in 1,636,165 1,721,632 1,798,184 1,794,419 1,868,634 2,353,906 3,620,644 3,723,288 4,217,403 4,239,244 Transfers out (1,241,454) (1,064,074) (1,042,338) (1,032,680) (1,021,261) (1,262,327) (1,872,958) (1,963,506) (2,420,320) (2,441,479) Sale of general capital assets - - 850,000 - - - - 748,986 - 4,668,757 Debt issuance - - - - - 12,520,000 - 2,499,320 - - Total other financing sources (uses) 394,711 725,332 1,605,846 761,739 847,373 13,961,579 1,821,821 5,008,088 1,829,027 7,743,251 Net change in fund balance $ (2,333,703) $ (5,241,840) $ 1,946,674 $ 779,734 $ (801,722) $ 7,462,055 $ 4,503,564 $ 8,347,505 $ 544,044 $ 8,024,775 Debt service as a percentage of noncapital expenditures 5.31% 5.08% 5.08% 4.75% 4.63% 5.66% 7.59% 7.46% 9.35% 10.56% Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government- wide information include information beginning in that year. Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. Note: Beginning in FY22, the City implemented GASB Statement No. 87, Leases Note: Beginning in FY22, the City began separately reporting investment income (looses) from other miscellaneous revenues Note: Beginning in FY23, the City implemented GASB Statement No. 96, Subscription-Based Information Technology Arrangements 113  City of Fort Walton Beach, Florida SCHEDULE 5 REVENUES AND OTHER SOURCES (1) Last Ten Fiscal Years Unaudited Investment Income Other Fiscal Licenses, Fees, Intergovernmental Charges for Fines and (Losses) and Financing Year Taxes and Permits Revenues Services Forfeitures Other Revenues Sources TOTAL 2023 $ 15,344,155 $ 4,722,748 $ 10,169,568 $ 3,743,367 $ 237,061 $ 2,111,254 $ 7,743,251 $ 44,071,404 2022 14,378,360 4,471,993 8,760,009 3,628,960 117,291 (1,028,841) 1,829,027 32,156,799 2021 13,705,445 4,102,640 9,094,488 3,461,193 77,476 1,358,329 5,008,088 36,807,659 2020 13,441,866 3,475,389 9,870,743 2,757,191 93,827 1,561,538 1,821,821 33,022,375 2019 13,101,370 2,659,200 5,516,224 2,868,887 94,578 1,770,325 15,223,906 41,234,490 2018 12,741,642 2,586,035 4,880,937 2,739,021 101,378 819,264 1,868,634 25,736,911 2017 12,220,392 2,514,178 4,266,425 2,488,384 127,406 1,042,958 1,794,419 24,454,162 2016 11,941,311 2,623,810 4,322,696 2,402,801 121,513 935,821 2,648,184 24,996,136 2015 11,837,177 2,564,079 3,951,367 2,499,107 131,020 1,142,936 1,789,406 23,915,092 2014 11,537,812 2,392,487 3,376,079 2,373,486 133,645 827,526 1,636,165 22,277,200 (1) Includes General Fund, LETFs, CDBG Fund, FBC Fund, CRA Fund, Debt Service Fund, and Beal Memorial Cemetery Fund Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. 114  City of Fort Walton Beach, Florida SCHEDULE 6 ASSESSED VALUE OF TAXABLE PROPERTY (1) Last Ten Fiscal Years Unaudited Total Assessed Total Tax Real Personal Assessed Value for Direct Tax Year Property Property Value Exemptions Operations Rate 2023 $ 2,491,514,381 $ 165,274,982 $ 2,656,789,363 $ 572,446,316 $ 2,084,343,047 4.6116 2022 2,284,074,540 134,039,029 2,418,113,569 531,246,048 1,886,867,521 4.9999 2021 2,029,638,016 127,094,869 2,156,732,885 519,837,310 1,636,895,575 5.3293 2020 1,932,732,538 121,764,835 2,054,497,373 509,515,431 1,544,981,942 5.3293 2019 1,824,002,582 118,539,677 1,942,542,259 493,474,028 1,449,068,231 5.6395 2018 1,717,941,745 113,382,574 1,831,324,319 477,406,649 1,353,917,670 5.7697 2017 1,622,927,933 117,555,021 1,740,482,954 462,721,193 1,277,761,761 5.7697 2016 1,569,650,612 113,113,590 1,682,764,202 458,344,109 1,224,420,093 5.7697 2015 1,521,529,660 112,451,954 1,633,981,614 448,170,536 1,185,811,078 5.7697 2014 1,475,665,054 108,533,120 1,584,198,174 434,639,300 1,149,558,874 5.7697 (1) Florida State Law requires all property to be assessed at current fair market. The January 2021 assessment is the basis for Fiscal Year 2021-22 tax revenues. Source: Okaloosa County Property Appraiser 115  City of Fort Walton Beach, Florida SCHEDULE 7 PROPERTY TAX RATES PER $1,000 OF TAXABLE VALUE - ALL DIRECT AND OVERLAPPING GOVERNMENTS (1) Last Ten Fiscal Years Unaudited City of Fort Walton Beach Direct Rate Overlapping Rates* Okaloosa Northwest Florida Total Total Direct Okaloosa County School Water Overlapping Year (1) Basic Rate Rate County Board Management Rates 2023 4.6116 4.6116 3.8308 5.4770 0.0234 9.3312 2022 4.9999 4.9999 3.8308 5.5790 0.0261 9.4359 2021 5.3293 5.3293 3.8308 5.9430 0.0294 9.8032 2020 5.3293 5.3293 3.8308 6.0350 0.0311 9.8969 2019 5.6395 5.6395 3.8308 6.2060 0.0327 10.0695 2018 5.7697 5.7697 3.8308 6.3610 0.0338 10.2256 2017 5.7697 5.7697 3.8308 6.5880 0.0353 10.4541 2016 5.7697 5.7697 3.4308 6.9070 0.0366 10.3744 2015 5.7697 5.7697 3.4308 7.2790 0.0378 10.7476 2014 5.7697 5.7697 3.4308 7.4410 0.0390 10.9108 (1) As of levy date, November 1 of each year listed. The 2023 millage rate is the basis for fiscal year 2023-24 tax revenues. * Overlapping rates are those of local and county governments that apply to property owners within the City of Fort Walton Beach Source: Okaloosa County Tax Collector 116  City of Fort