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

Business Activities General General State Total Percentage Fiscal Obligation Lease Revenue Revenue Obligation Lease Revenue Revolving Revenue Primary of Personal Per (1) Year Bonds Payable Notes Bonds Bonds Payable Notes Loans Bonds Government Income Capita (2) 2021 $ - $ 944,447 $ 9,828,934 $ 11,764,842 $ - $ - $ 6,637,000 $ 11,186,723 $ - $ 40,361,946 0.35% 1,726.42 2020 - 67,035 9,025,971 12,149,516 - - 7,093,000 11,907,259 - 40,242,781 0.42% 1,742.64 2019 - 6,681 9,726,372 12,520,000 - - 7,537,000 12,614,297 - 42,404,350 0.44% 1,920.14 2018 - 42,217 10,408,945 - - - 7,968,000 13,308,089 - 31,727,251 0.36% 1,484.80 2017 - 76,099 11,073,656 - - - 8,387,000 13,988,885 - 33,525,640 0.39% 1,578.57 2016 - 106,653 11,725,331 - - - 8,794,000 14,656,929 - 35,282,913 0.43% 1,617.22 2015 - 134,249 12,371,587 - - - 8,794,000 15,312,458 - 36,612,294 0.45% 1,754.39 2014 - 89,654 13,008,515 - - - - 14,004,706 9,640,146 36,743,021 0.48% 1,773.40 2013 - 101,696 13,535,936 - - - 73,533 7,068,522 9,925,055 30,704,742 0.42% 1,515.83 2012 - - 661,796 4,470,000 - 13,458 61,221 - 10,199,963 15,406,438 0.21% 762.92 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. (1) See Schedule 15 for personal income data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 117  City of Fort Walton Beach, Florida SCHEDULE 11 RATIO OF NET GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Unaudited Governmental Activities Percentage of General Actual Taxable Fiscal Year Obligation Bonds Value of Property (1) Per Capita (2) 2021 $ - 0.00% $ - 2020 - 0.00% - 2019 - 0.00% - 2018 - 0.00% - 2017 - 0.00% - 2016 - 0.00% - 2015 - 0.00% - 2014 - 0.00% - 2013 - 0.00% - 2012 - 0.00% - Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. (1) See Schedule 6 for property value data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 118  City of Fort Walton Beach, Florida SCHEDULE 12 PLEDGED REVENUE COVERAGE SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Unaudited Average Non-Ad Valorem Revenues Fiscal Non-Ad Valorem Avail. for Debt Service Requirements (2) Year Revenues (1) Debt Service Principal Interest Total Coverage 2021 $ 40,695,849 $ 39,997,947 $ 2,380,155 $1,133,336 $ 3,513,491 11.38 2020 39,300,045 43,467,423 2,235,704 1,185,842 3,421,546 12.70 2019 47,634,800 39,571,847 1,823,173 1,029,403 2,852,576 13.87 2018 31,508,894 29,893,013 1,846,847 803,314 2,650,161 11.28 2017 28,277,131 28,292,306 1,726,719 831,220 2,557,939 11.06 2016 28,307,481 28,537,163 1,301,785 860,023 2,161,808 13.20 2015 28,766,844 27,680,114 962,155 940,698 1,902,853 14.55 2014 26,593,384 26,466,080 890,954 797,317 1,688,271 15.68 2013 26,338,776 25,803,342 364,156 460,197 824,353 31.30 2012 25,267,908 25,556,504 497,049 697,060 1,194,109 21.40 (1) Non-Ad Valorem Revenues of General Fund, Capital Projects Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Capital Improvement Revenue Bonds, Series 2018, Utility System Revenue Note 2015, SRF Loan, 2011 Revenue Note, and Capital Leases. See Financial Statement Notes for detail. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. 119  City of Fort Walton Beach, Florida SCHEDULE 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Unaudited Percentage Amount Net Debt Applicable to Applicable to Governmental Unit Outstanding Fort Walton Beach Fort Walton Beach Overlapping Debt Okaloosa County Revenue Bonds $ 71,890,000 10.71% (2) $ 7,697,491 Okaloosa County School District Certificates of Participation 3,424,000 25.45% (1) 871,564 Subtotal: Overlapping Debt $ 75,314,000 $ 8,569,054 Direct Debt City of Fort Walton Beach Revenue Notes $ 21,593,776 100.00% $ 21,593,776 City of Fort Walton Beach Lease Payable 343,701 100.00% 343,701 Subtotal: Direct Debt $ 21,937,477 $ 21,937,477 Total Direct and Overlapping Debt $ 97,251,477 $ 30,506,531 Source: Okaloosa County, Okaloosa County School Board (1) Calculation based on total schools in Okaloosa County School District versus schools in Fort Walton Beach. (2) Calculation based on total population in Okaloosa County versus population in Fort Walton Beach. 120  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2021 2012 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking USAF - Eglin(1) Air Force Development Test Center 17,040 18.24% 1 19,310 20.51% 1 (2) USAF - Hurlburt Air Force Special Ops Command 13,594 14.55% 2 10,564 11.22% 2 Okaloosa County School District Education Services 3,294 3.53% 3 3,129 3.32% 3 Fort Walton Beach Medical Center (4) Medical Services 1,341