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

POSITION $ 22,063,475 $ 3,553,534 $ 4,601,663 $ 30,218,672 See notes to the financial statements. 24  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2021 Sanitation Stormwater Utilities Fund Fund Fund Total OPERATING REVENUES Charges for services $ 11,835,336 $ 4,381,765 $ 1,035,527 $ 17,252,628 OPERATING EXPENSES Personal services 1,954,536 1,146,286 303,795 3,404,617 Operating 6,422,767 2,578,662 326,811 9,328,240 Depreciation/amortization expense 1,768,020 271,805 410,092 2,449,917 Total operating expenses 10,145,323 3,996,753 1,040,698 15,182,774 OPERATING INCOME 1,690,013 385,012 (5,171) 2,069,854 NON-OPERATING REVENUES (EXPENSES) Rental income 21,349 - - 21,349 Interest expense (423,575) - - (423,575) Amortization (5,613) - - (5,613) Gain on sale of capital assets 32,581 222,728 5,270 260,579 Gain (loss) on investments (132,879) (34,169) (7,593) (174,641) Interest 153,990 43,340 9,295 206,625 Grants in aid (398) - - (398) Miscellaneous 59 105,461 - 105,520 Total non-operating revenues (expenses) (354,486) 337,360 6,972 (10,154) INCOME BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS 1,335,527 722,372 1,801 2,059,700 CAPITAL CONTRIBUTIONS AND TRANSFERS Impact fees 89,963 - - 89,963 Transfers out (1,238,095) (325,459) (196,228) (1,759,782) Total capital contributions and transfers (1,148,132) (325,459) (196,228) (1,669,819) CHANGE IN NET POSITION 187,395 396,913 (194,427) 389,881 NET POSITION AT BEGINNING OF YEAR 21,876,080 3,156,621 4,796,090 29,828,791 NET POSITION AT END OF YEAR $ 22,063,475 $ 3,553,534 $ 4,601,663 $ 30,218,672 See notes to the financial statements. 25  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2021 Sanitation Stormwater Utilities Fund Fund Fund Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 12,017,781 $ 4,366,326 $ 1,046,599 $ 17,430,706 Payments to suppliers (6,065,353) (2,607,501) (335,667) (9,008,521) Payments to employees (2,270,988) (1,276,335) (331,824) (3,879,147) Miscellaneous income 21,408 105,461 - 126,869 Net cash provided by operating activities 3,702,848 587,951 379,108 4,669,907 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Repayments on interfund loan - 51,424 - 51,424 Advanced from other funds - 219,711 - 219,711 Grants in aid (398) - - (398) Transfers out (1,238,095) (325,459) (196,228) (1,759,782) Net cash used in non-capital financing activities (1,238,493) (54,324) (196,228) (1,489,045) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Impact fees and capital received 89,963 - - 89,963 Acquisitions of capital assets (248,486) (417,911) (87,157) (753,554) Proceeds from sale of capital assets 32,581 239,875 5,909 278,365 Proceeds from capital grants and contributions - - 194,549 194,549 Principal paid on revenue note (456,000) - - (456,000) Principal paid on state revolving loan (720,536) - - (720,536) Interest paid on loans and notes payable (428,616) - - (428,616) Net cash provided by (used in) capital and related financing activities (1,731,094) (178,036) 113,301 (1,795,829) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (4,952,694) (1,273,463) (283,203) (6,509,360) Proceeds from sales and maturities of investments 4,833,468 908,701 323,751 6,065,920 Investment income, net 21,111 9,171 1,702 31,984 Net cash provided by (used in) investing activities (98,115) (355,591) 42,250 (411,456) NET CHANGE IN CASH AND CASH EQUIVALENTS 635,146 - 338,431 973,577 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 945,401 880 4,215 950,496 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,580,547 $ 880 $ 342,646 $ 1,924,073 See notes to the financial statements. 26  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF CASH FLOWS – CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2021 Sanitation Stormwater Utilities Fund Fund Fund Total CASH AND CASH EQUIVALENTS AT END OF YEAR CONSIST OF Current assets $ 637,556 $ - $ 342,646 $ 980,202 Restricted assets 942,991 880 - 943,871 Total cash and cash equivalents $ 1,580,547 $ 880 $ 342,646 $ 1,924,073 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating income (loss) $ 1,690,013 $ 385,012 $ (5,171) $ 2,069,854 Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation 1,768,020 271,805 410,092 2,449,917 Miscellaneous revenue 21,408 105,461 - 126,869 Decrease (increase) in assets: Accounts receivable 126,611 (15,439) 5,621 116,793 Due from other governments - - 5,451 5,451 Inventory (6,671) - - (6,671) Increase in deferred outflows of resources (128,772) (124,394) (55,479) (308,645) Increase (decrease) in liabilities: Accounts payable 366,973 (26,547) (8,408) 332,018 Compensated absences payable (12,682) (2,170) (2,439) (17,291) Wages (936) (8,107) 1,111 (7,932) Other liabilities (2,888) (2,292) (448) (5,628) Customer deposits 22,289 - - 22,289 Other post-employment benefits 78,094 52,015 20,521 150,630 Unearned revenue 33,545 - - 33,545 Net pension liability (326,736) (124,305) (26,917) (477,958) Increase in deferred inflows of resources 74,580 76,912 35,174 186,666 Net cash provided by operating activities $ 3,702,848 $ 587,951 $ 379,108 $ 4,669,907 SUPPLEMENTAL DISCLOSURES OF NONCASH TRANSACTIONS Amortization of deferred loss on refunding $ 5,613 $ - $ - $ 5,613 See notes to the financial statements. 27  CITY OF FORT WALTON BEACH, FLORIDA FIDUCIARY FUNDS STATEMENT OF FIDUCIARY NET POSITION SEPTEMBER 30, 2021 Employee Retirement Funds ASSETS Cash and cash equivalents $ 5,501,372 Investments, at fair value U.S. Government and Agency obligations 13,742,064 Corporate obligations 5,065,510 Corporate equity 16,215,155 Mutual funds and exchange-traded funds 60,523,993 Commingled real estate