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

2016 - 0.00% - 2015 - 0.00% - 2014 - 0.00% - 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. (1) See Schedule 6 for property value data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 120  City of Fort Walton Beach, Florida SCHEDULE 12 PLEDGED REVENUE COVERAGE SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Unaudited Average Non-Ad Valorem Revenues Fiscal Non-Ad Valorem Avail. for Debt Service Requirements (2) Year Revenues (1) Debt Service Principal Interest Total Coverage 2023 $ 44,258,368 $ 41,571,494 $ 3,780,566 $ 1,045,404 $ 4,825,970 8.61 2022 38,884,619 39,790,234 3,107,726 1,102,464 4,210,190 9.45 2021 40,695,849 39,997,947 2,380,155 1,133,336 3,513,491 11.38 2020 39,300,045 43,467,423 2,235,704 1,185,842 3,421,546 12.70 2019 47,634,800 39,571,847 1,823,173 1,029,403 2,852,576 13.87 2018 31,508,894 29,893,013 1,846,847 803,314 2,650,161 11.28 2017 28,277,131 28,292,306 1,726,719 831,220 2,557,939 11.06 2016 28,307,481 28,537,163 1,301,785 860,023 2,161,808 13.20 2015 28,766,844 27,680,114 962,155 940,698 1,902,853 14.55 2014 26,593,384 26,466,080 890,954 797,317 1,688,271 15.68 (1) Non-Ad Valorem Revenues of General Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Capital Improvement Revenue Bonds, Series 2018, Utility System Revenue Note 2015, SRF Loan, 2011 Revenue Note, Financing Contracts, Leases, and Subscription Liabilities. See Financial Statement Notes for detail. 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. 121  City of Fort Walton Beach, Florida SCHEDULE 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Unaudited Percentage Amount Net Debt Applicable to Applicable to Governmental Unit Outstanding Fort Walton Beach Fort Walton Beach Overlapping Debt Okaloosa County Revenue Bonds $ 71,779,943 9.69% (2) $ 6,957,860 Revenue Notes 19,303,000 9.69% (2) 1,871,102 Financing Contracts 79,341 9.69% (2) 7,691 Okaloosa County School District Certificates of Participation 2,463,000 25.45% (1) 626,945 Financing Contracts 97,390,000 25.45% (1) 24,790,182 Lease and Subscription Liabilities 8,450,728 25.45% (1) 2,151,094 Subtotal: Overlapping Debt 199,466,012 36,404,874 Direct Debt City of Fort Walton Beach Revenue Bonds & Notes 18,873,566 100.00% 18,873,566 City of Fort Walton Beach Financing Contracts 536,581 100.00% 536,581 City of Fort Walton Beach Lease Liabilities 193,047 100.00% 193,047 City of Fort Walton Beach Subscription Liabilities 1,714,631 100.00% 1,714,631 Subtotal: Direct Debt 21,317,825 21,317,825 Total Direct and Overlapping Debt $ 220,783,837 $ 57,722,699 Source: Okaloosa County, Okaloosa County School Board (1) Calculation based on total schools in Okaloosa County School District versus schools in Fort Walton Beach. (2) Calculation based on total population in Okaloosa County versus population in Fort Walton Beach. 122  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2023 2014 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking USAF - Eglin AFB (1) Air Force Development Test Center 17,040 17.69% 1 19,754 19.46% 1 (2) USAF - Hurlburt AFB Air Force Special Ops Command 13,249 13.75% 2 10,495 10.34% 2 Okaloosa County School District Education Services 3,495 3.63% 3 3,324 3.27% 3 Walmart Consumer Products 1,710 1.77% 4 Fort Walton Beach Medical Center Medical Services 1,221 1.27% 5 1,000 0.99% 5 Publix (Okaloosa Combined) Consumer Products 1,050 1.09% 6 Okaloosa County BCC (3) Local Government Services 903 0.94% 7 1,444 1.42% 4 Northwest Florida State College Education Services 765 0.79% 8 738 0.73% 10 North Okaloosa Medical Center Medical Services 737 0.76% 9 Reliance Test & Technology Government Contractor 730 0.76% 10 Jacobs Technology - TEAS Group Military Technical Support 1,000 0.99% 5 Lockheed Martin Defense Contractor 800 0.79% 7 L-3 Crestview Aerospace Military Technical Support 800 0.79% 7 InDyne Inc. Military Technical Support 800 0.79% 7 40,900 42.45% 40,155 39.56% (1) Includes military, civilian, and contractor personnel; a portion of contractor personnel may be duplicated with private sector employees also listed here. (2) Includes military and civilian personnel. (3) Includes County Commission, Clerk of Court, Property Appraiser, Sheriff (estimated), Supervisor of Elections, and Tax Collector. Source: Personnel Department of each employer 123  City of Fort Walton Beach, Florida SCHEDULE 15 MISCELLANEOUS DEMOGRAPHICAL STATISTICS Last Ten Fiscal Years Unaudited Fiscal Fort Walton Beach Okaloosa County FWB as a % Personal Income Per Capita Unemployment Year Population Population of the County (thousands of dollars) Personal Income Rate 2023 21,120 217,882 9.69% $ 12,981,628 $ 59,581 2.7% 2022 21,011 215,751 9.74% 12,663,927 58,697 2.2% 2021 20,948 213,204 9.83% 11,626,309 54,531 3.2% 2020 21,064 203,951 10.33% 10,680,336 52,367 5.2% 2019 20,940 201,514 10.39% 10,194,990 50,592 2.6% 2018 20,830 198,152 10.51% 9,678,184 48,842 2.8% 2017 20,886 195,488 10.68% 9,151,339 46,813 3.0% 2016 20,879 192,925 10.82% 8,925,717 46,265 4.2% 2015 20,869 191,898 10.88%