Fort Walton Beach — Comprehensive Financial Report September 30, 2021 — reading text

(296,029) Change in long-term compensated absences (85,948) 28,104 Change in net position of governmental activities (page 16) $ 6,665,919 See notes to the financial statements. 20  CITY OF FORT WALTON BEACH, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2021 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 11,788,623 $ 11,788,623 $ 12,354,453 $ 565,830 Permits and fees 3,202,781 3,202,781 3,442,354 239,573 Intergovernmental 4,852,257 5,828,716 7,815,811 1,987,095 Charges for services 2,943,812 2,946,955 3,461,193 514,238 Fines 81,148 81,148 64,130 (17,018) Miscellaneous 938,279 984,752 621,199 (363,553) Total revenues 23,806,900 24,832,975 27,759,140 2,926,165 EXPENDITURES Current General governmental services 4,150,883 5,106,796 3,632,924 1,473,872 Public safety 12,552,155 12,559,754 11,980,036 579,718 Physical environment 414,776 414,776 476,113 (61,337) Transportation 839,551 896,256 741,097 155,159 Culture and recreation 5,368,397 5,471,295 4,924,696 546,599 Capital outlay 5,862,576 8,473,994 2,651,824 5,822,170 Debt service - - 4,239 (4,239) Total expenditures 29,188,338 32,922,871 24,410,929 8,511,942 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (5,381,438) (8,089,896) 3,348,211 11,438,107 OTHER FINANCING SOURCES (USES) Sale of general capital assets 926,100 926,100 748,986 (177,114) Issuance of long-term debt - 2,499,320 2,499,320 - Transfers in 1,063,282 1,063,282 1,759,782 696,500 Transfers out (1,111,395) (1,111,395) (1,963,506) (852,111) Total other financing sources (uses) 877,987 3,377,307 3,044,582 (332,725) NET CHANGE IN FUND BALANCE (4,503,451) (4,712,589) 6,392,793 11,105,382 FUND BALANCE AT BEGINNING OF YEAR 4,503,451 4,712,589 20,982,816 16,270,227 FUND BALANCE AT END OF YEAR $ - $ - $ 27,375,609 $ 27,375,609 See notes to the financial statements. 21  CITY OF FORT WALTON BEACH, FLORIDA COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2021 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 1,350,992 $ 1,350,992 $ 1,350,992 $ - Permits and fees - - 24,584 24,584 Intergovernmental 971,117 971,117 974,980 3,863 Miscellaneous - - 68,615 68,615 Total revenues 2,322,109 2,322,109 2,419,171 97,062 EXPENDITURES Current Public safety 538,234 538,234 534,993 3,241 Economic environment 661,804 662,685 648,786 13,899 Capital outlay 1,804,418 1,803,537 161,994 1,641,543 Total expenditures 3,004,456 3,004,456 1,345,773 1,658,683 NET CHANGE IN FUND BALANCE (682,347) (682,347) 1,073,398 1,755,745 FUND BALANCE AT BEGINNING OF YEAR 682,347 682,347 3,060,014 2,377,667 FUND BALANCE AT END OF YEAR $ - $ - $ 4,133,412 $ 4,133,412 See notes to the financial statements. 22  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION SEPTEMBER 30, 2021 Sanitation Stormwater Utilities Fund Fund Fund Total ASSETS Current assets Cash and cash equivalents $ 637,556 $ - $ 342,646 $ 980,202 Restricted assets – cash and cash equivalents 942,991 880 - 943,871 Investments 12,812,371 2,615,825 828,731 16,256,927 Receivables, net 759,800 235,457 57,722 1,052,979 Advance to other funds - 52,452 - 52,452 Inventory – at cost 25,692 - - 25,692 Prepaid assets - - 4,534 4,534 Total current assets 15,178,410 2,904,614 1,233,633 19,316,657 Other assets Advance to other funds - 108,076 - 108,076 Other receivables, net 4,065 - - 4,065 Total other assets 4,065 108,076 - 112,141 Capital assets, net Non-depreciable/amortizable 801,242 - 59,220 860,462 Depreciable/amortizable, net 25,958,977 1,450,762 3,511,321 30,921,060 Total capital assets 26,760,219 1,450,762 3,570,541 31,781,522 Total non-current assets 26,764,284 1,558,838 3,570,541 31,893,663 TOTAL ASSETS 41,942,694 4,463,452 4,804,174 51,210,320 DEFERRED OUTFLOWS OF RESOURCES 598,822 317,453 113,127 1,029,402 See notes to the financial statements. 23  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION – CONTINUED SEPTEMBER 30, 2021 Sanitation Stormwater Utilities Fund Fund Fund Total LIABILITIES Current liabilities Accounts payable $ 858,572 $ 136,994 $ 4,266 $ 999,832 Accrued liabilities Compensated absences 29,803 15,851 4,540 50,194 Wages 78,409 36,262 12,102 126,773 Interest 75,018 - - 75,018 Other 148 - 26 174 Due to other funds - 243,150 - 243,150 Due to other governments - 9,443 - 9,443 Revenue note payable 470,000 - - 470,000 State revolving loan payable 734,290 - - 734,290 Payable from restricted assets Customer deposits 309,609 880 - 310,489 Unearned revenues 62,222 - - 62,222 Total current liabilities 2,618,071 442,580 20,934 3,081,585 Non-current liabilities Accrued liabilities Compensated absences 89,407 47,555 13,619 150,581 Revenue note payable 6,167,000 - - 6,167,000 State revolving loan payable 10,452,433 - - 10,452,433 Other post-employment benefits 765,959 510,145 200,999 1,477,103 Net pension liability 54,760 29,490 9,381 93,631 Total non-current liabilities 17,529,559 587,190 223,999 18,340,748 TOTAL LIABILITIES 20,147,630 1,029,770 244,933 21,422,333 DEFERRED INFLOWS OF RESOURCES 330,411 197,601 70,705 598,717 NET POSITION Net investment in capital assets 9,002,449 1,450,762 3,570,541 14,023,752 Restricted Debt service 157,228 - - 157,228 System improvements 476,154 - - 476,154 Unrestricted 12,427,644 2,102,772 1,031,122 15,561,538 TOTAL NET