Fort Walton Beach — Fiscal Year 2023-24 Adopted Budget — reading text

Sources Fund Balance/Net Assets/Transfers Actual Actual Budget Budget Budget % 2019-20 2020-21 2021-22 2022-23 2023-24 $ Variance Variance Ad Valorem Taxes 7,926,727 7,959,853 8,288,608 8,949,362 9,112,360 162,998 1.82% Other Taxes 5,515,139 5,745,592 7,502,599 8,008,291 8,762,556 754,265 9.42% Licenses & Permits 3,546,067 4,206,757 3,735,921 3,906,330 3,290,739 (615,591) -15.76% Intergov't Revenue 8,042,737 9,094,488 4,863,132 6,828,957 6,346,782 (482,175) -7.06% Charges for Services 19,062,904 20,350,158 20,258,847 20,659,855 21,890,426 1,230,571 5.96% Fines & Forfeitures 93,827 77,476 68,427 64,863 99,000 34,137 52.63% Interest & Other 2,225,659 2,057,147 782,335 2,335,474 635,766 (1,699,708) -72.78% Other Financing Sources 274,135 3,248,306 387,528 2,361,931 - (2,361,931) 0.00% Fund Balance/Net Assets/Transfe 3,620,644 3,723,288 6,973,953 6,014,318 6,162,966 148,648 2.47% Revenues 50,307,840 56,463,066 52,861,351 59,129,382 56,300,597 (2,828,785) -4.78% 36  CITY OF FORT WALTON BEACH, FL Expenditure Trends - All Funds Expenditures by Fund $60 $55 $50 $45 $40 $35 Millions $30 $25 $20 $15 $10 $5 $0 Actual Actual Budget Budget Budget 2019-20 2020-21 2021-22 2022-23 2023-24 General Fund* FL Bldg Code Fund CRA Fund Debt Service Fund Utilities Fund Sanitation Fund Stormwater Fund Actual Actual Budget Budget Budget $ % 2019-20 2020-21 2021-22 2022-23 2023-24 Variance Variance General Fund* 26,730,208 26,374,435 27,697,297 30,880,869 32,745,862 1,864,993 6.04% Law Enf. Trust Fund** 48,449 11,218 12,173 12,173 300 (11,873) -97.54% Law Enf. Training Fund** - - 500 500 4,000 3,500 700.00% FL Bldg Code Fund 342,187 471,611 651,101 624,652 757,195 132,543 21.22% CDBG Fund* 169,875 296,871 168,866 142,827 137,603 (5,224) -3.66% CRA Fund 1,169,103 1,345,773 2,437,243 4,267,997 2,847,344 (1,420,653) -33.29% Debt Service Fund 1,814,099 1,908,339 1,685,496 2,281,182 - (2,281,182) -100.00% Utilities Fund 11,264,818 12,871,276 13,583,413 14,991,176 13,564,849 (1,426,327) -9.51% Sanitation Fund 4,316,172 4,740,123 4,513,696 4,746,952 5,104,060 357,108 7.52% Stormwater Fund 1,013,608 1,127,855 1,726,249 1,096,057 1,104,068 8,011 0.73% Beal Memorial Fund** 9,842 15,413 385,317 84,997 35,317 (49,680) -58.45% Expenditures 46,878,361 49,162,914 52,861,351 59,129,382 56,300,597 (2,828,786) -4.78% ** not included on chart Expenditures by Category $60 $55 $50 $45 $40 $35 Millions $30 $25 $20 $15 $10 $5 $0 Actual Actual Budget Budget Budget 2019-20 2020-21 2021-22 2022-23 2023-24 General Government Public Safety Physical Environment Transportation Economic Environment Culture & Recreation Actual Actual Budget Budget Budget % 2019-20 2020-21 2021-22 2022-23 2023-24 $ Variance Variance General Government 3,620,756 3,632,924 3,877,353 6,131,789 6,659,803 528,015 8.61% Public Safety 11,255,650 12,988,274 13,621,672 14,911,424 16,168,485 1,257,061 8.43% Physical Environment 14,400,919 15,674,698 14,262,119 14,010,088 15,057,154 1,047,066 7.47% Transportation 723,669 741,097 862,200 605,524 685,661 80,137 13.23% Economic Environment 1,182,887 945,657 1,258,453 2,844,768 1,362,984 (1,481,784) -52.09% Culture & Recreation 4,929,243 4,924,696 4,893,518 5,518,092 5,627,155 109,063 1.98% Capital (net of Reclass) 6,534,944 3,454,412 5,933,055 6,654,704 3,882,817 (2,771,887) -41.65% Debt Service 3,426,794 3,274,096 5,734,660 4,645,125 3,949,384 (695,741) -14.98% Other Financing Uses 3,418,999 3,527,060 2,418,322 3,807,868 2,907,157 (900,711) -23.65% Expenditures 49,493,861 49,162,914 52,861,351 59,129,382 56,300,597 (2,828,785) -4.78% 37 Revenues FY 2023-24 Budgeted Revenues $56,300,597 Ad Valorem Taxes , Other Taxes , $9,112,360 , 16.2% $8,762,556 , 15.6% Reserves , $4,986,099 , Licenses & Permits , 8.9% $3,290,739 , 5.8% Interfund Transfers , $1,176,867 , 2.1% State Revenue Sharing Interest & Other & Other Intergov't , Revenues , $635,766 , $6,346,782 , 11.3% 1.1% Fines and Forfeitures , $99,000 , 0.2% Recreation, Golf, Stormwater Fees , Cemetery, Other Fees , $1,034,654 , 1.8% Garbage Fees , $3,764,817 , 6.7% $5,069,660 , 9.0% Water & Sewer Fees , $12,021,297 , 21.4% Charges for Services (User Fees) – The City levies user fees to fund the cost of regulating an activity or providing a service or facility. Charges for services are anticipated to generate approximately $21.8M and are the largest source of revenue for the City at 38.9%. Unlike taxes, these charges are directly related to the service received. User fees include leisure services such as recreation programs, senior activities, library, museums, and golf; fire assessments; water and sewer service; garbage collection; and stormwater management. Fees are set by City Council based on the cost of providing these services, reviewed and adjusted annually as part of the budget process, and published in the Comprehensive Fee Schedule. Revenues are budgeted based on historical usage and/or number of customers, adjusted for current rates. $25 Water and sewer rates will generate approximately $12.0M in revenues. A new five- $20 year rate study was adopted by City Council on August 11, 2020 and was implemented on $15 Millions October 1, 2020 with the FY 2020-21 budget. The study determines the required rates to generate $10 sufficient revenue to sustain renewal and $5 replacement reserves and account for debt service requirements and is updated on an annual basis to $0 account for real-time revenues, expenses, and Recreation Water & Sewer Garbage Stormwater/Other changes within the utility system. 2019-20 2020-21 2021-22 Budget 2022-23 Budget 2023-24 Solid waste and recycling fees account for $5.0M in revenues. Recreation and other fees – recreation programs, park rentals, senior activities, the library, museums, golf, and cemetery sales – generate $3.7M in revenues. Stormwater user fees comprise $1.0M in revenues at a residential-equivalent unit of $5 per month. City of Fort Walton Beach, FL