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

1,217,467 47,806 251,792 1,100,140 182,271 - 182,271 Culture and recreation 6,545,449 3,076,149 149,019 - (3,320,281) - (3,320,281) Debt service interest 728,062 - - - (728,062) - (728,062) Total governmental activities 34,807,297 6,397,859 1,866,820 1,251,331 (25,291,287) - (25,291,287) Business-type activities Utilities 10,003,984 11,790,008 - 26,942 - 1,812,966 1,812,966 Sanitation 4,774,632 5,018,548 - - - 243,916 243,916 Stormwater 967,922 1,036,590 - 95,728 - 164,396 164,396 Total business-type activities 15,746,538 17,845,146 - 122,670 - 2,221,278 2,221,278 Total primary government $ 50,553,835 $ 24,243,005 $ 1,866,820 $ 1,374,001 (25,291,287) 2,221,278 (23,070,009) General revenues Taxes Property taxes 7,618,352 - 7,618,352 Sales taxes 6,142,151 - 6,142,151 Utility service taxes 4,515,669 - 4,515,669 Tax increments for redevelopment districts 2,668,386 - 2,668,386 Franchise fees 2,415,585 - 2,415,585 Intergovernmental, unrestricted 1,407,882 - 1,407,882 Gain on sale of assets 4,740,578 50,435 4,791,013 Miscellaneous 72,967 1,580 74,547 Interest and investment earnings 1,638,716 370,227 2,008,943 Transfers 1,797,765 (1,797,765) - Total general revenues and transfers 33,018,051 (1,375,523) 31,642,528 CHANGE IN NET POSITION 7,726,764 845,755 8,572,519 NET POSITION AT BEGINNING OF YEAR 49,107,459 29,742,514 78,849,973 NET POSITION AT END OF YEAR $ 56,834,223 $ 30,588,269 $ 87,422,492 See notes to the financial statements. 16  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS BALANCE SHEET SEPTEMBER 30, 2023 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds ASSETS Cash and cash equivalents $ 16,150,893 $ 2,511,131 $ 1,816,705 $ 20,478,729 Investments 18,017,987 2,701,901 3,657,073 24,376,961 Receivables 4,738,873 - 30 4,738,903 Due from other funds 67,451 - - 67,451 Due from other governments 833,767 1,245,367 94,957 2,174,091 Inventory, at cost 311,357 - - 311,357 Restricted assets Cash and cash equivalents 141,157 - 21,156 162,313 TOTAL ASSETS $ 40,261,485 $ 6,458,399 $ 5,589,921 $ 52,309,805 LIABILITIES Accounts payable $ 507,384 $ 213,294 $ 37,490 $ 758,168 Accrued liabilities 818,661 19,224 102,558 940,443 Due to other funds - - 67,451 67,451 Due to other governments 609,636 - - 609,636 Advance from other funds 54,574 - - 54,574 Unearned revenues 31,931 - - 31,931 Total liabilities 2,022,186 232,518 207,499 2,462,203 DEFERRED INFLOW OF RESOURCES Unavailable revenue 4,553,510 - - 4,553,510 FUND BALANCE Nonspendable 311,357 - - 311,357 Restricted 7,243,110 6,225,881 1,587,688 15,056,679 Committed 11,556,463 - 3,814,516 15,370,979 Assigned 9,590,863 - - 9,590,863 Unassigned 4,983,996 - (19,782) 4,964,214 Total fund balance 33,685,789 6,225,881 5,382,422 45,294,092 TOTAL LIABILITIES, DEFERRED INFLOW OF RESOURCES, AND FUND BALANCE $ 40,261,485 $ 6,458,399 $ 5,589,921 $ 52,309,805 See notes to the financial statements. 17  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2023 Fund balance, total governmental funds (page 17) $ 45,294,092 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Governmental non-depreciable/amortizable assets 14,260,500 Governmental depreciable/amortizable assets 95,210,994 Less accumulated depreciation/amortization (56,654,890) 52,816,604 Unavailable revenues in governmental funds is susceptible to full accrual on the entity-wide statements. Special assessments 32,217 Receivable related to sale of capital asset 478,517 510,734 Deferred inflows of resources and deferred outflows of resources are not available/receivable or due/payable, respectively, in the current period and therefore are not reported in the governmental funds. Deferred outflows of resources related to pension plans 12,481,185 Deferred outflows of resources related to OPEB plan 1,087,905 Deferred inflows of resources related to pension plans (249,989) Deferred inflows of resources related to OPEB plan (2,542,998) 10,776,103 Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Notes payable (18,873,566) Accrued interest (203,506) Lease obligations payable (193,047) Subscription liabilities (1,714,631) Financing contracts payable (536,581) Compensated absences (1,025,726) Total OPEB liability (3,709,141) Net pension liability (26,307,112) (52,563,310) Net position of governmental activities (page 15) $ 56,834,223 See notes to the financial statements. 18  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 2023 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds REVENUES Taxes $ 13,833,548 $ 1,510,607 $ - $ 15,344,155 Permits and fees 3,707,886 210,673 804,189 4,722,748 Intergovernmental 7,636,947 2,257,919 274,702 10,169,568 Charges for services 3,743,367 - - 3,743,367 Fines 190,708 - 46,353 237,061 Investment income 699,261 51,201 352,299 1,102,761 Miscellaneous 875,077 112,761 20,655 1,008,493 Total revenues 30,686,794 4,143,161 1,498,198 36,328,153 EXPENDITURES