Fort Walton Beach — Fiscal Year 2020-21 Adopted_Budget — reading text

5499 - Landing Improvements 1,405,301 100.00% $ - $ 155,397 $ 615,720 $ - Total Capital Improvements Program $ 1,405,301 100.00% Other Financing Activity: 174,335 178,171 552-9901 Cost Allocation Reimbursement to General Fund 182,090 2.20% - - - 960,398 581-9999 Reserved - Undesignated Net Assets 960,398 0.00% $ - $ - $ 174,335 $ 1,138,569 Total Other Financing Activity $ 1,142,488 0.34% $ 607,643 $ 1,555,254 $ 2,198,718 $ 2,216,134 TOTAL EXPENSES $ 3,585,259 61.78% 8.00 8.00 5.00 5.00 Number of Funded Employees (FTE's) 6.00 20.00% 456,033 399,340 - - Police - 0.00% 607,643 1,555,254 2,198,718 2,216,134 CRA 3,585,259 61.78% $ 1,063,676 $ 1,954,594 $ 2,198,718 $ 2,216,134 TOTAL FUND EXPENSES $ 3,585,259 61.78% $ 565,241 $ (325,677) $ - $ - NET REVENUE / (EXPENSE) $ (0) 0.00% 109-2000-CRA 9/28/2020 9:28 AM 126 COMMUNITY REDEVELOPMENT AREA (CRA) Share of City Budget $3,047,025, DESCRIPTION 5.8% The Community Redevelopment Area was established in 1980 and expanded in 1999 to address deteriorating conditions and facilitate economic growth and development within the designated area. Funding for infrastructure improvements and redevelopment activities comes from incremental increases in the taxable assessed value of the area. MISSION Rejuvenate the designated area to make it a place where citizens want to live, work, and play. Actual YTD thru 06/30 Budget CURRENT GOALS, OBJECTIVES, & METRICS (FY21) 2016-17 2017-18 2018-19 2019-20 2019-20 2020-21 Attract & Retain Businesses in the Target Area New Businesses in the CRA 20 24 16 19 30 25 Square Footage of Business Expansions in the CRA 14,399 237,285 19 19,867 15,000 15,000 Businesses Approved for Economic Incentive Grants 8 0 5031 0 15 8 Value of Economic Incentive Grants Provided to New or Expanding Businesses $112,361 $0 $0 $0 $0 $61,400 Private Investment Leveraged as a Result of Incentive Grants $7,298,383 $0 $0 $0 $0 $2,000,000 Grant Applications Approved within Two Weeks 8% 0% 0% 0% 0% 90% Attract & Retain Residents in the Target Area New Housing Units in the CRA 0 3 2 1 10 10 FUTURE GOALS (FY22 & FY23)  Develop ways to increase the quantity of and access to public parking in the CRA.  Encourage private reinvestment through public improvements in the CRA.  Continue moving forward with additional plans, studies, and projects to implement Downtown Master Plan.  Update wayfinding signage throughout CRA.  Begin Phase I of Landing Master Plan for improvements to Fort Walton Landing Park. PRIOR YEAR ACCOMPLISHMENTS (FY20)  Completed demolition projects at and nearby Landing Park in preparation for Landing Park improvement project.  Began design process for new CRA wayfinding signage system.  Continued CRA Grounds Maintenance Contract to ensure that the district is clean and continually maintained. 127  Debt Service Fund The Debt Service Fund encompasses 2.17% of the City’s activities and services and accounts for the accumulation of resources for and the payment of general long-term debt principal and interest. Funds are transferred from the General Fund. Revenue Highlights $1,120,000 Budget. $1,100,000 $ Change % Change 2020-21. …… $1,080,000 Interfund Transfers In 1,076,579 -27,964 -2.5% $1,060,000 $1,076,579 -27,964 -2.5% $1,040,000 $1,020,000 $1,000,000 $980,000 $960,000 $940,000 $920,000 Actual Actual Actual Budget Budget 2016-17 2017-18 2018-19 2019-20 2020-21 Interfund Transfers  Transfers from the General Fund cover annual debt payments as required per Generally Accepted Accounting Principles (GAAP) for governmental funds. Expenditure Highlights $1,400,000 Budget. $1,200,000 ……2020-21 $ Change % Change $1,000,000 Debt Service 1,076,579 -27,694 -2.5% $800,000 $1,076,579 -27,964 -2.5% $600,000 $400,000 $200,000 $0 Actual Actual Actual Budget Budget 2016-17 2017-18 2018-19 2019-20 2020-21 Debt Service  Debt Issues: 2011A Revenue Note – Fire Ladder Truck (year 10 of 10) 2013 Revenue Note – Municipal Facilities (year 8 of 18) 2013A Bank Loan – Recreation Complex, Fairway Sweeper/Vacuum, Bucket Truck (year 8 of 15) 2015 Interfund Loan – Fire Pumper Truck (year 8 of 10) 2018 Revenue Note – Field Office Complex (year 2 of 19) 128  201 DEBT SERVICE FUND Actual Budget 2019-20 2020-21 % 2016-17 2017-18 2018-19 Adopted Adopted Change 124,619 124,619 122,530 240,565 1600-381-0100 Transfer from General Fund 212,632 -11.61% 2011 Cap Imp Rev Note -Ladder Truck- yr 10 of 10 2015 Interfund Loan -Fire Pumper- yr 8 of 10 2018 Rev Note - Field Offc Complex-yr 2 of 19 308,637 305,087 306,022 306,467 1600-381-1301 306,422 -0.01% 2013 Revenue Note -Municipal Facilities - yr 8 of 18 557,447 557,525 557,524 557,511 1600-381-1302 Transfer from General Fund - 2013A Sinking Fund 557,525 0.00% 2013A Bank Loan -Recreation Complex- yr 8 of 15 2013A Bank Loan -Fairway Sweep/Vac- yr 8 of 10 2013A Bank Loan -Bucket Truck- yr 8 of 10 $ 990,703 $ 987,231 $ 986,077 $ 1,104,543 Total Interfund Transfers $ 1,076,579 -2.53% $ 990,703 $ 987,231 $ 986,077 $ 1,104,543 TOTAL TRANSFERS IN $ 1,076,579 -2.53% $ 990,703 $ 987,231 $ 986,077 $ 1,104,543 TOTAL FUND REVENUES $ 1,076,579 -2.53% Debt Service: 682,230 718,320 718,109 810,235 2100-517-7100 Principal Payments 799,647 -1.31% 2011 Cap Imp Rev Note -Ladder Truck- yr 10 of 10 2013 Revenue Note -Municipal Facilities Police- yr 8 of 18 2013 Revenue Note -Municipal Facilities Fire- yr 8 of 18