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

issuer’s taxing power and require no electoral approval. Pledged revenues are often generated by the operation or project being financed (e.g. sales tax, water user fees, golf user fees). City of Fort Walton Beach, FL 191  CITY OF FORT WALTON BEACH, FL Five Year Capital Improvements Program FIVE YEAR CIP Project Name FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 TOTAL TBD Prefab Restrooms Jet/Holmes Pickleball 115,000 - - - - 115,000 TBD Pickleball Courts Ferry Park 185,000 - - - - 185,000 Recreation 300,000 - - - - 300,000 TBD Intersection & Pedestrian Improvements 100,000 300,000 - - - 400,000 TBD Sidewalk Improvements 50,000 150,000 150,000 150,000 150,000 650,000 TBD Street Resurfacing 400,000 400,000 400,000 400,000 400,000 2,000,000 Streets 550,000 850,000 550,000 550,000 550,000 3,050,000 GENERAL FUND TOTAL 850,000 850,000 550,000 550,000 550,000 3,350,000 TBD Liza Jackson Park Renovation 75,000 2,000,000 - - - 2,075,000 CRA FUND TOTAL 75,000 2,000,000 - - - 2,075,000 TBD Potable Well No.3 Rehab 500,000 - - - - 500,000 TBD Lift Station No.2 Rehab 750,000 600,000 300,000 300,000 300,000 2,250,000 TBD Water Line Replacement 75,000 85,000 70,000 75,000 67,000 372,000 Water Distribution 1,325,000 685,000 370,000 375,000 367,000 3,122,000 TBD Sewer System Grouting & Lining 100,000 100,000 100,000 100,000 100,000 500,000 TBD Stormwater Improvements Martissa Road 600,000 600,000 400,000 400,000 550,000 2,550,000 Sewer Collection & Treatment 700,000 700,000 500,000 500,000 650,000 3,050,000 UTILITIES FUND TOTAL 2,025,000 1,385,000 500,000 875,000 1,017,000 6,172,000 GRAND TOTAL - ALL FUNDS 2,950,000 4,235,000 1,050,000 1,425,000 1,567,000 11,597,000 Where it comes from... ...And where it goes General Fund Balance Half Cent Sales Tax Revenue Parks & Recreation Public Safety TDC Tax Revenue Debt Issuance Utilities Fund Balance Grant Funding Revenue Streets Water & Sewer CRA Fund Balance Downtown General Fund Balance - Parks & Recrea 300,000 Half Cent Sales Tax Revenue 850,000 Public Safety - TDC Tax Revenue - Streets 550,000 Debt Issuance - Water & Sewer 2,025,000 Utilities Fund Balance 2,025,000 Downtown 75,000 Grant Funding Revenue - CRA Fund Balance 75,000 2,950,000 2,950,000 192  FUNDING METHODOLOGY FY 2023-24 TIMELINE Operating & 1/2 Cent Sales Tax TDC Tax Bond / Debt Other(1) / Fund Bal / FIVE YEAR Estimated Project (2) Revenues Revenues Grant Issue In-Kind Net Assets TOTAL Start Duration 115,000 - - - - - 115,000 Oct 2023 12 months 185,000 - - - - - 185,000 Oct 2023 12 months 300,000 - - - - - 300,000 400,000 - - - - 400,000 Oct 2023 12 months 650,000 - - - - - 650,000 Oct 2023 12 months 2,000,000 - - - - - 2,000,000 Oct 2023 12 months 3,050,000 - - - - - 3,050,000 3,350,000 - - - - - 3,350,000 - 1,040,000 - - - 1,035,000 2,075,000 Oct 2023 36 months - 1,040,000 - - - 1,035,000 2,075,000 - - - - - 500,000 500,000 Oct 2023 12 months - - - - - 2,250,000 2,250,000 Oct 2023 12 months - - - - - 372,000 372,000 Oct 2023 24 months - - - - - 3,122,000 3,122,000 - - - - - 500,000 500,000 Oct 2023 12 months - - - - - 2,550,000 2,550,000 Oct 2023 24 months - - - - - 3,050,000 3,050,000 - - - - - 6,172,000 6,172,000 3,350,000 1,040,000 - - - 8,247,000 11,597,000 Italics denotes a project beyond the current five-year CIP horizon. (1) Other includes special assessments and land sales. (2) In-kind matching grant contributions are budgeted as operational expenses (usually personal services). Note: Some projects also have carry-over funds, which are not included in these totals but noted as part of the budget resolution at the end of the budget document. 193 Statistical Information HISTORY & PROFILE The City of Fort Walton Beach, Florida prides itself on being a small, family-oriented seaside community boasting a downtown area that was home to a significant prehistoric Native American community on the Gulf Coast of Northwest Florida. Situated at the junction of two major highways - US 98 (Miracle Strip Parkway) and SR 85 (Eglin Parkway) - Fort Walton Beach enjoys the benefits of its crossroads location along the coastal portion of the Northwest Florida regional transportation network. The City offers a full-service government providing police and fire protection; cultural and recreational activities including parks, a library, a museum, and two championship golf courses; planning and zoning; public works such as street, sidewalk, right-of-way, and cemetery maintenance; utilities service including water, sewer, and storm water; and garbage and recycling collection to a coastal community of 21,064 full-time residents. The City has an exciting and romantic history. As early as 600 B.C., Indian tribes were attracted to Fort Walton Beach from the Mississippi and Tennessee River Valleys and the Southeast Georgia coast. The beginning for the City occurred following the War Between the States when Alabama war veteran John Brooks selected a site of 111 acres where he built a three-room cabin in 1867. Other settlers soon followed. By 1884, the population of the area required establishment of a small schoolhouse. In 1902, the first hotel, Brooks House, was built along the sound and shortly thereafter the first post office was built in 1906. The Montgomery, Alabama, Maxwell Field military base developed an airfield in Fort Walton in 1933 on 137 acres of land and used it as a bombing and gunnery range. The most significant factor in the City's growth was the creation and later expansion, of that airfield, which is now Eglin Air Force Base (the largest military installation in the world) in 1937, the year the City Charter was adopted. Originally chartered as a municipality under the laws of the State of Florida, actual formation of the City was in 1941 when the Florida legislature First Schoolhouse officially named it the Town of Fort Walton. In 1953, the Florida Legislature granted the City a new charter at which time the name was changed to Fort Walton Beach. The name Walton originates from Colonel George Walton, who was Secretary of the East-West Florida Territory in 1822-26 and son of George Walton, signer of the Declaration of Independence and Governor of Georgia. The presence of the military base provided the key economic stimulus for the City's early growth, supplemented by the attractiveness of the location. The City enjoyed a substantial population and economic boom from the 1950's through the end of the 1970's. Subsequently, things started to slow down. The military base became less important to the City's economy than the growing tourism industry. In the late 1960’s and early 1970’s Fort Walton Beach began to experience a decline in economic prosperity, some of which can be attributed to the utility and transportation infrastructure getting older and commercial and residential structures becoming deteriorated. New development began to take place in the surrounding communities. The City, having nearly run out of developable land,