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

mills. A 3% increase in water and sewer rates is included in the budget; no other significant changes to the City' s various rate and fees are included in the fiscal year 2011 budget. vil  Personnel expenses account for approximately 48. 6% of the City' s budget. The City' s fiscal year 2011 budget includes a net decrease of 17 positions and reduced hours for another 11 positions, bringing the budgeted full time equivalent staff count to 297.74. AWARDS AND ACKNOWLEDGE NMENTS Awards The Government Finance Officers Association of the United States and Canada ( GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Fort Walton Beach for its Comprehensive Annual Financial Report for the fiscal year ended September 30, 2009. This was the twenty- fourth consecutive year that the City received this prestigious award. In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized Comprehensive Annual Financial Report satisfying bothGAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to meet the Certificate of Achievement Prograrn requirements and we are submittingg it to the GFOA to determine its eligibility for another certificate. Z:! In addition, the government also received the GFOA' s Distinguished Budget Presentation Award for its annual budget dated October 1, 2010. This was the fifteenth consecutive year that the City received this prestigious award. In order to quality for the Distinguished Budget Presentation Award, the City' s budget I budget document was judged in several categories, including as a policy document, a financial plan, all operations guide, and a coin mu nicat ions device. Acknowledgments Tile preparation of this report would not have been possible without the efficient and dedicated services of the entire staff of the Finance Department. We would like to express our appreciation to all inernbers of the Department who assisted and contributed to the preparation of this report. We Would also like to thank the Mayor and City Council for their unfailing support for maintaining the highest standards of professional isni in the management of the City of Fort Walton Beach' s finances and for their attention in conducting the financial operations of the City in a responsible and progressive manner. Appreciation is also expressed to the accounting firin of O' Sullivan Creel LLP for their Continued assistance and professionalism. Respectfully submitted, obert T. Mearns Brandy Wunker Finance Director City Manager N1111  F LL Q U 0 o> 0 0N LL w O c O r Y R THIS PAGE INTENTIONALLY LEFT BLANK.) a o c U- 00 LL O CD V- N w c 61 E Vm Q  Certificate of Achievement for Excellence in Financial U- Reporting a U o_ Presented to m 0 0N City of Fort Walton Beach LL w O Florida O R For its Comprehensive Annual Financial Report dN41 a` for the Fiscal Year Ended co September 30, 2009 A Certificate of Achievement for Excellence in Financial ca Reporting is presented by the Government Finance Officers U- Association of the United States and Canada to M government units and public employee retirement U. systems whose comprehensive annual financial 0 reports ( CAFRs) achieve the highest 0 N standards in government accounting r and financial reporting. m E MU VVY r.+ rR Q PAGE OFFjt, 1++"' xat uluttll srmres M54 y C tYdilA President s ro. aurM4 AA Executive Director ix  LL a U 0 0 0N LL w O C O a+ R THIS PAGE INTENTIONALLY LEFT BLANK.) y a T C* r T R LL W LL Q r N C d E tV R Q City of Fort Walton Beach Organizational Chart rx a U 0 00 N LL w O r- 0 a+ rcaC d Nd a T 00 rr W U- r N r C d Z VR 2  LL a U 0 T o> QN LL w O C O w R THIS PAGE INTENTIONALLY LEFT BLANK.) N L d a r co rT LL SWC LL CD r CD N w d C E t VR Q II. FINANCIAL SECTION INDEPENDENT AUDITOR' S REPORT MANAGEMENT' S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS GOVERNMENT -WIDE FINANCIAL STATEMENTS FUND FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS REQUIRED SUPPLEMENTARY INFORMATION COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES AlhOSULLIVANCREEL, LLP low Certified Public Accountants & Consultants 45 Eglin Pkwy. NE, Ste. 301, Fort Walton Beach, FL 32548 ( 850) 244 -5121 Honorable Mayor and City Council Members City of Fort Walton Beach, Florida INDEPENDENT AUDITOR' S REPORT We have audited the accompanying financial statements of the governmental activities, the business -type activities, the aggregate discretely presented component unit, each major fund, and the aggregate