Fort Walton Beach Council agenda — 03-22-11 regular — reading text

104 9 Property Tax Levies and Collections 105 10 Ratios of Outstanding Debt by Type 106 11 Ratio of Net General Bonded Debt Outstanding Pledged Revenue Coverage — Sewer Public Improvement Refunding Revenue 107 12 -A Bonds — Series 1998 Pledged Revenue Coverage — Golf Public Improvement Refunding Revenue 108 12 -B Bonds —Series 1998 109 12 -C Pledged Revenue Coverage — Schedule of Revenue Bond Coverage 110 13 Direct and Overlapping Governmental Activities Debt —General Obligations 111 14 Major Employers 112 15 Miscellaneous Demographical Statistics 113 16 Full -Time Equivalent Employees by Function/Program 114 17 Permits, Licenses and Recreation Facilities 115 18 Elections - Okaloosa County Voter Registration 116 19 Special Assessment Billings and Collections 117 20 Major Revenue Sources 118 21 Water and Wastewater Service Rates 119 22 Sanitation and Recycling Service Rates 0000 120 23 Operating Indicators by Function/Program 121 24 Capital Asset Statistics by Function/Program 122 25 Insurance Coverage IV.IV. COMPLIANCE COMPLIANCE SECTIONSECTION 126126 ScheduleSchedule ofof ExpendituresExpenditures ofof FederalFederal FinancialFinancial AssistanceAssistance ReportReport onon InternalInternal ControlControl overover FinancialFinancial ReportingReporting andand onon ComplianceCompliance andand OtherOther MattersMatters BasedBased onon anan AuditAudit ofof FinancialFinancial StatementsStatements PerformedPerformed inin 127127 AccordanceAccordance withwith GovernmentGovernment AuditingAuditing StandardsStandards ReportReport onon ComplianceCompliance withwith RequirementsRequirements thatthat CouldCould HaveHave aa DirectDirect andand MaterialMaterial EffectEffect onon EachEach MajorMajor ProgramProgram andand onon InternalInternal ControlControl overover 129129 ComplianceCompliance inin AccordanceAccordance withwith OMBOMB CircularCircular AA- - 133133 131131 ScheduleSchedule ofof FindingsFindings andand QuestionedQuestioned CostsCosts 133133 ManagementManagement LetterLetter 111111 PacketPacket Pg.Pg. 2020' '  E LL a U 0 rn 0 N U- 4- O O m THIS PAGE INTENTIONALLY LEFT BLANK.) N L a 0o U- m LL O r O N C d sV t6  11.1 1 City of Fort Walton Beach L, K America' s Most Beautiful Beaches 107 Miracle Strip Parkway, SW * Fort Walton Beach, F132548 1,,, - 850) 833 -9500 * Fax ( 850) 833 -9640 Y www.fwb.org March 1, 2011 Honorable Mayor, City Council Members, and Citizens of the City of Fort Walton Beach City of Fort Walton Beach 107 Miracle Strip Parkway SW Fort Walton Beach, FL 32548 Ladies and Gentlemen: The Comprehensive Annual Financial Report of the City of Fort Walton Beach, Florida for the fiscal year ended September 30, 2010 is hereby submitted herewith pursuant to Florida Statutes Chapter 218. 32( 1)( d) requiring each local government entity to complete an audit report within twelve months after the end of the fiscal year. This report consists of management' s representations concerning the finances of the City of Fort Walton Beach, Florida. Consequently, management assumes full responsibility a for the completeness and reliability of all the information presented in this report. To 00 r provide a reasonable basis for making these representations, management of the City of Fort Walton Beach has established a comprehensive internal control framework that is designed both to protect the government' s assets from loss, theft, or misuse and to LL compile sufficient reliable information for the preparation of the City' s financial M statements in conformance with GAAP ( Generally Accepted Accounting Principles). LL Because the cost of internal controls should not outweigh their benefits, the City' s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material c misstatement. As management, we assert that, to the best of our knowledge and belief, E this financial report is complete and reliable in all material respects. The financial statements of the City of Fort Walton Beach have been audited by O' Sullivan Creel LLP, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the fiscal year ending September 30, 2010 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the City of Fort Walton Beach' s financial statements for the fiscal year ending September 30, 2010 are fairly presented in conformity with GAAP. The independent auditor' s report is presented in Section 11 - Financial Section as the first component of this section of the report. iv  The independent audit of the financial statements of the City of Fort Walton Beach was part of a broader, state mandated " Single Audit" designed to meet the special needs of state grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government' s internal