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

staff. The military has a significant presence in our community. These installations are essential to the continued long -term economic vitality of this area. Combined, the military and defense -related industries have a $ 6. 6 billion annual impact on Okaloosa County' s economy, with approximately 70% of our local economy supported by the military. These indicators, as well as others, were taken into account when adopting the City' s budget for fiscal year 2011. The City' s total budget for fiscal year 2011 totals $ 35. 7 million, which is $ 358, 601 less than the fiscal year 2010 approved budget. Projected declines in interest earnings and prior year budgeted use of reserves account for much of the revenue decline. The 2010 budget allocates $ 17. 6 million, a 5. 2% decline as compared to the fiscal year 2009 budget, to the General fund, $ 13. 9 million to the Enterprise funds, and $4.2 million to other funds. For the fiscal year 2011 budget, the ad valorem rate increased to 4. 5383 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. 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. 13  6.2. a REQUESTS FOR INFORMATION This financial report is designed to provide citizens, taxpayers, customers, and creditors with a general overview of the City of Fort Walton Beach' s finances and to demonstrate the City' s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, 107 Miracle Strip Parkway S. W., City of Fort Walton Beach, Florida, 32548. This document and other financial information are available on the City' s website at www.fwb.org. Inquiries may also be sent via email to the Finance Department at finance @fwb.org. oo T 14  EXHIBIT I City of Fort Walton Beach, Florida STATEMENT OF NET ASSETS September 30, 2010 Primary Government Component Unit Community Governmental Business -Type Redevelopment Activities Activities Total Agency ASSETS Cash and cash equivalents 11, 855, 582 7, 128, 543 $ 18, 984, 125 3, 579, 531 Receivables, net 216, 588 713, 336 929, 924 73, 841 Internal balances 271, 527 271, 527) Due from other governments 823, 827 68, 418 892, 245 Inventory, at cost 207, 023 31, 823 238, 846 Prepaids 6, 719 8, 106 14, 825 86 LL Restricted assets a Cash and cash equivalents 92, 880 6, 721, 352 6, 814, 232 U Capital assets 0 r- Non -depreciable 9, 630, 386 2, 367, 024 11, 997, 410 578, 078 C6 Depreciable, net 15, 731, 455 24, 518, 896 40, 250, 351 4, 330, 607 00 Other assets N Bond issue costs, net 144, 578 312, 092 456, 670 LL Net pension asset 239, 173 239, 173 0 TOTAL ASSETS c 39, 219, 738 41, 598, 063 80, 817, 801 8, 562, 143 O ca LIABILITIES Accounts payable 165, 873 330, 249 496, 122 42, 862 cd N Accrued liabilities 1, 097, 393 395, 349 1, 492, 742 6, 145 m Due to other governments 2, 794 15, 406 18, 200 IL Due to depositors 5, 000 5, 000 Unearned revenue 36, 477 36, 477 0 T Payable from restricted assets Accrued interest 57, 880 151, 149 209, 029 Customer deposits 158, 790 158, 790 R c Non -current liabilities U. Due within one year M Compensated absences 158, 790 52, 705 211, 495 904 ur Leases payable 47, 374 75, 619 122, 993 0 Revenues bonds payable 140, 000 769, 963 909, 963 Due in more than one year 0 N Compensated absences 476,476, 370370 158,158, 119119 634,634, 489489 2,2, 710710 c Leases payable 66,66, 118118 66,66, 118118 - - d Revenue bonds payable 4,4, 568,568, 784784 13,13, 066,066, 762762 17,17, 635,635, 546546 - - E