Fort Walton Beach — Fiscal Year 2021-22 Adopted Budget — reading text

29,183 29,329 29,476 29,623 29,771 29,920 Medical Insurance 214,298 225,013 236,264 248,077 260,481 273,505 Workers Compensation 59,896 60,495 61,100 61,711 62,328 62,951 Personal Services 1,335,632 1,370,023 1,405,475 1,442,027 1,479,720 1,518,596 Utilities 4,700 4,841 4,986 5,136 5,290 5,449 Repair and Maintenance 277,480 283,030 288,690 294,464 300,353 306,360 Recycnling Transport - comm - - - - - - Recycnling Transport - resid - - - - - - Landfill Fees - comm 633,155 636,321 639,502 642,700 645,913 649,143 Landfill Fees - resid 480,988 483,393 485,810 488,239 490,680 493,134 Landfill Fees - yard waste 291,313 292,770 294,233 295,705 297,183 298,669 Fuel 107,000 110,210 113,516 116,922 120,429 124,042 Other Operating 271,369 274,083 276,824 279,592 282,388 285,212 Operating Expenses 2,066,005 2,084,647 2,103,562 2,122,757 2,142,237 2,162,008 Vehicles & Trucks 240,000 240,000 240,000 240,000 240,000 240,000 Computer HW/SW - - - - - - Other Capital Outlay - - - - - - Capital Expenses 240,000 240,000 240,000 240,000 240,000 240,000 Transfer Out-Cost Allocation 524,504 529,749 535,047 540,397 545,801 551,259 Transfer Out-Franchise Fee 262,566 263,879 265,198 266,524 267,857 269,196 Debt Service 2018 Refunding 85,000 85,425 85,852 86,281 86,713 87,146 Other Expenses 872,070 879,053 886,097 893,203 900,371 907,601 TOTAL EXPENSES 4,513,707 4,573,723 4,635,134 4,697,986 4,762,328 4,828,206 Net Cash Incr/(Decr) (31,484) (29,287) (27,602) (26,463) (33,502) (41,347) Pro-Forma for Stormwater Fund - 405 Adopted PROJECTED 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Service Fees - Resid 581,481 624,511 670,724 708,956 744,403 781,624 Service Fees - Comm 445,932 478,931 514,372 543,691 570,876 599,419 Operating Revenues 1,027,413 1,103,442 1,185,096 1,252,647 1,315,279 1,381,043 Interest & Other Revenues 200,500 202,505 204,530 206,575 208,641 210,728 Non-Operating Revenues 200,500 202,505 204,530 206,575 208,641 210,728 TOTAL REVENUES 1,227,914 1,305,947 1,389,626 1,459,222 1,523,920 1,591,771 Salaries 247,990 253,694 259,529 265,498 271,604 277,851 Social Security & Medicare 17,965 18,378 18,801 19,233 19,676 20,128 Pension Contributions 20,803 21,011 21,221 21,433 21,648 21,864 DC Plan Contributions 8,377 8,419 8,461 8,503 8,546 8,589 Medical Insurance 60,969 64,017 67,218 70,579 74,108 77,814 Workers Compensation 21,617 21,833 22,052 22,272 22,495 22,720 Personal Services 377,721 387,353 397,282 407,519 418,076 428,965 Utilities 7,538 7,764 7,997 8,237 8,484 8,739 Repair and Maintenance 48,810 49,786 50,782 51,798 52,834 53,890 Fuel 12,875 13,261 13,659 14,069 14,491 14,926 Other Operating 228,879 231,168 233,479 235,814 238,172 240,554 Operating Expenses 298,102 301,979 305,918 309,918 313,981 318,109 Vehicles & Trucks - - - - - - Computer HW/SW - - - - - - Other Capital Outlay 900 - - - - - Capital Improvements 600,000 200,000 200,000 225,000 250,000 300,000 Capital Expenses 600,900 200,000 200,000 225,000 250,000 300,000 Debt Service - 2018 Refunding 136,000 136,000 136,000 152,000 152,000 152,000 Transfer Out-Cost Allocation 229,875 232,174 234,495 236,840 239,209 241,601 Transfer Out-Franchise Fee 83,650 84,068 84,489 84,911 85,336 85,762 Other Expenses 449,525 452,242 454,984 473,751 476,544 479,363 TOTAL EXPENSES 1,726,248 1,341,574 1,358,183 1,416,188 1,458,602 1,526,437 Net Cash Incr/(Decr) (498,335) (35,627) 31,443 43,034 65,318 65,333 City of Fort Walton Beach, FL 217  GLOSSARY OF TERMS ACCRUAL BASIS OF ACCOUNTING A basis of accounting under which the financial effects of transactions, events, and interfund activities are recognized when they occur, regardless of the timing of related cash flows. All proprietary funds use the accrual basis of accounting. AD VALOREM A Latin term meaning “according to value” commonly used when referring to property taxes. ADOPTED BUDGET An annual budget approved by City Council each September detailing the revenues and expenditures of the City for the upcoming fiscal year. ANNUAL BUDGET A budget applicable to a single fiscal year. AMENDED BUDGET A revised version of the adopted budget prepared after the close of each fiscal year to reflect actual revenues and expenditures. AMENDMENT ONE A Florida constitutional amendment approved by voters in 2008 that provides 1) an additional $25,000 homestead exemption, 2) a 10% annual cap for assessed value increases to non-homesteaded properties, 3) a $25,000 exemption for tangible personal property, and 4) portability of accrued “Save Our Homes” benefits. APPROPRIATED BUDGET An expenditure authority created by Ordinance, which is signed into law, and the related estimated revenues. The appropriated budget includes all reserves, transfers, allocations, supplemental appropriations, and other legally authorized legislative and executive changes. APPROPRIATION A legal authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes. APPROPRIATION FROM FUND BALANCE A non-revenue funding source used to bridge the gap between anticipated revenues and expenditures in the adopted budget of governmental, special revenue, and similar funds. APPROPRIATION FROM NET ASSETS A non-revenue funding source used to bridge the gap between anticipated revenues and expenditures in the adopted budget of enterprise funds. ASSESSED VALUE A dollar value of property (land and/or structures) assigned by a public tax assessor for the purposes of taxation. BALANCED BUDGET The total of all available financial resources (either on hand at the beginning of the fiscal year or generated during the fiscal year) equals or exceeds the total of all financial requirements (either planned spending during the year or funds required to be on hand at the end of the fiscal year). The requirement for a balanced budget is established at the fund level and must be met for each individual fund budgeted. This differs from a “structurally balanced budget”, which requires recurring revenues to equal or exceed recurring 218  expenditures. BEAL MEMORIAL CEMETERY PERPETUAL CARE FUND Accounts for funds accumulated to meet the requirements of maintaining the City owned cemetery. BETTERMENT An addition to, or change in, a fixed asset other than maintenance, to prolong its life or increase its efficiency. The cost of the addition or change is added to the book value of the asset. BOND A method of issuing debt for the purpose of raising capital, with a term of more than one year and usually with a fixed interest rate. BUDGET A plan of financial operation embodying an estimate of proposed expenditures for a given period of time and the proposed means of financing them. BUDGET AMENDMENT An increase or decrease in the total adopted budget amount. This must be accomplished by an Ordinance approved by the City Council. BUDGET BASIS All funds are budgeted on a cash basis. However, financial statements reflect modified accrual for governmental funds full accrual for proprietary funds. During the year, the City’s accounting system is maintained on the same basis as the adopted budget, which enables department budgets to be easily monitored through the accounting system. The major difference between the budget and GAAP for governmental funds is that certain expenditures (e.g. compensated absences and depreciation) are not recognized for budgetary purposes, but are recorded in the accounting system at year-end. For enterprise funds, the difference between this budget and GAAP is that debt principal payments and capital outlay (i.e. fixed assets) are budgeted as expenditures for budgetary purposes, but depreciation and compensated absences are shown on the financial statements. Staff believes this provides a better day-to-day financial plan. However, all activity is recorded in the accounting system at year-end in accordance with GAAP. BUDGET RESIDUALS Excess budget funds transferred out of an account by the Finance Department once the budgeted expense has been incurred (e.g. capital purchase, maintenance contract). Reallocation of these funds requires