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

the Utilities Fund is at 2.06. The Sanitation and Stormwater funds are participating in the facilities consolidation, which is the first debt incurred in these funds. Debt Ratio – Indicates the percentage of assets financed via debt, and therefore the financial flexibility of the fund. Debt Ratio Analysis Actual Budget FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 General Fund 101.5% 92.4% 71.7% 56.8% 29.0% 43.7% Utilities Fund 47.2% 44.4% 42.5% 40.2% 57.5% 53.9% Sanitation Fund 0.0% 0.0% 0.0% 0.0% 22.3% 21.5% Stormwater Fund 0.0% 0.0% 0.0% 0.0% 36.9% 35.5% Debt Rating – The City maintains an AA rating with both Standard and Poor’s and Fitch. Principal Interest Total FY 2023-24 Budget Debt Impact 2,973,307 961,793 3,935,099 City of Fort Walton Beach, FL 26  Debt Principal and Interest Payments by Fund General Fund Enterprise Funds Total Fiscal Yr Principal Interest Principal Interest Principal Interest 2023-24 1,329,490.56 241,798.45 1,643,815.99 719,994.37 2,973,306.55 961,792.82 2024-25 1,073,527.89 214,371.51 1,776,051.51 676,217.25 2,849,579.40 890,588.76 2025-26 1,092,055.07 189,263.54 1,824,535.79 627,782.57 2,916,590.86 817,046.11 2026-27 804,505.59 165,906.27 1,874,017.52 577,912.43 2,678,523.11 743,818.70 2027-28 3,349,488.36 144,599.14 1,925,529.48 526,574.08 5,275,017.84 671,173.22 2028-29 358,306.30 54,830.28 1,979,105.54 473,704.42 2,337,411.84 528,534.70 2029-30 377,618.05 45,519.13 2,121,780.84 419,239.13 2,499,398.89 464,758.26 2030-31 385,832.70 35,554.54 2,182,000.43 359,762.32 2,567,833.13 395,316.86 2031-32 90,148.01 25,351.99 2,242,523.76 298,456.19 2,332,671.77 323,808.18 2032-33 93,600.68 21,899.32 2,306,394.79 235,305.96 2,399,995.47 257,205.28 2033-34 97,185.58 18,314.42 1,707,659.07 170,207.70 1,804,844.65 188,522.12 2034-35 100,907.79 14,592.21 1,283,680.47 122,503.05 1,384,588.26 137,095.26 2035-36 104,772.56 10,727.44 847,705.26 86,794.74 952,477.82 97,522.18 2036-37 108,785.35 6,714.65 880,172.37 54,327.63 988,957.72 61,042.28 2037-38 66,531.90 2,548.17 538,303.58 20,617.03 604,835.48 23,165.20 9,432,756.39 1,191,991.07 25,133,276.40 5,369,398.86 34,566,032.79 6,561,389.93 DEBT SCHEDULES Facility & Infrastructure Debt Service by Fiscal Year Fund 001, 401, 403 & Fund 401 Fund 401 Fund 001 Fund 001 Fund 001 405 2015 2013 2013 2013A 2023 GRAND TOTAL SRF Loan Revenue Note Revenue Note Revenue Note Revenue Note Revenue Note Preston Hood Pump Station & Force Utility System Recreation Complex Fiscal Yr Main Improvements Municipal Facilities Municipal Facilities & Equipment Athletic Complex Expansion 2023-24 943,366.76 663,943.60 850,000.00 307,637.08 557,525.26 3,322,472.70 2024-25 943,366.76 663,402.00 950,000.00 305,137.44 557,524.76 3,419,430.96 2025-26 943,366.76 663,451.60 950,000.00 307,136.60 557,524.98 3,421,479.94 2026-27 943,366.76 663,063.20 949,999.99 308,387.28 557,524.58 3,422,341.81 2027-28 943,366.76 663,236.80 950,000.00 308,887.50 3,080,700.00 5,946,191.06 2028-29 943,366.76 663,943.20 950,000.00 308,636.58 2,865,946.54 2029-30 943,366.76 663,153.20 1,050,000.01 307,637.18 2,964,157.15 2030-31 943,366.76 663,896.00 1,049,999.99 305,887.24 2,963,149.99 2031-32 943,366.76 663,113.20 1,049,999.99 2,656,479.95 2032-33 943,366.76 663,834.00 1,049,999.99 2,657,200.75 2033-34 943,366.76 1,050,000.01 1,993,366.77 2034-35 471,683.52 1,050,000.00 1,521,683.52 2035-36 1,050,000.00 1,050,000.00 2036-37 1,050,000.00 1,050,000.00 2037-38 628,000.68 628,000.68 Total $ 10,848,717.88 $ 6,635,036.80 $ 14,628,000.66 $ 2,459,346.90 $ 5,310,799.58 $ - $ 39,881,901.82 City of Fort Walton Beach, FL 27  Equipment Debt Service by Fiscal Year Fund 001 Fund 001 Fund 001 Fund 001 2022 2014 2015 2022 Fiscal Year Revenue Note Interfund Loan Capital Lease Revenue Note GRAND TOTAL Golf Irrigation Fire Ladder Truck Fire Pumper Fitness Equipment Equipment 2023-24 227,643.09 55,665.90 17,160.96 312,156.72 612,626.67 2024-25 - - 8,580.48 312,156.72 320,737.20 2025-26 - - - 312,157.03 312,157.03 Total $ 227,643.09 $ 55,665.90 $ 25,741.44 $ 936,470.47 $ 1,245,520.90 City of Fort Walton Beach, FL 28  CITY OF FORT WALTON BEACH, FL Summary of Estimated Financial Sources & Uses - All Funds Major Funds 1 GENERAL FUND UTILITIES FUND SANITATION FUND 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 Budget Budget Budget Budget Budget Budget Budget Budget Budget Financial Sources Ad Valorem Taxes 6,870,632 7,438,755 7,557,019 - - - - - - Other Taxes 7,502,598 8,008,290 8,762,555