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

1,928,308 943,871 2,872,179 Other assets Other receivables, net 494,636 4,065 498,701 Capital assets Non-depreciable/amortizable 12,019,829 860,462 12,880,291 Depreciable/amortizable, net 36,624,429 30,921,060 67,545,489 TOTAL ASSETS 89,627,449 50,967,170 140,594,619 DEFERRED OUTFLOWS OF RESOURCES 7,306,099 1,029,402 8,335,501 LIABILITIES Accounts payable 767,136 999,832 1,766,968 Accrued liabilities 707,458 201,965 909,423 Due to other governments 3,258 9,443 12,701 Unearned revenues 1,966,124 62,222 2,028,346 Payable from restricted assets Accrued interest 166,446 - 166,446 Customer deposits - 310,489 310,489 Non-current liabilities Due within one year Compensated absences 233,322 50,194 283,516 Leases payable 343,701 - 343,701 Revenue bonds and notes payable 1,315,562 470,000 1,785,562 State revolving loans payable - 734,290 734,290 Due in more than one year Compensated absences 699,965 150,581 850,546 Leases payable 600,746 - 600,746 Revenue bonds and notes payable 20,278,214 6,167,000 26,445,214 State revolving loans payable - 10,452,433 10,452,433 Other post-employment benefits 5,509,850 1,477,103 6,986,953 Net pension liability 16,539,184 93,631 16,632,815 TOTAL LIABILITIES 49,130,966 21,179,183 70,310,149 DEFERRED INFLOWS OF RESOURCES 2,489,699 598,717 3,088,416 NET POSITION Net investment in capital assets 28,034,343 14,023,752 42,058,095 Restricted Debt service 21,156 157,228 178,384 System improvements - 476,154 476,154 Improvement districts 4,133,412 - 4,133,412 Public safety 1,060,646 - 1,060,646 Other purposes 3,784,023 - 3,784,023 Unrestricted 8,279,303 15,561,538 23,840,841 TOTAL NET POSITION $ 45,312,883 $ 30,218,672 $ 75,531,555 See notes to the financial statements. 15  CITY OF FORT WALTON BEACH, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2021 Net (Expense) Revenue and Changes in Net Position Program Revenues Primary Government Charges for Operating Grants Capital Grants and Governmental Business-Type Function/program activities Expenses Services and Contributions Contributions Activities Activities Total Governmental activities General government $ 4,222,810 $ 550,688 $ 252,317 $ - $ (3,419,805) $ - $ (3,419,805) Public safety 13,746,451 1,883,415 1,663,192 181,115 (10,018,729) - (10,018,729) Physical environment 547,701 724,582 - - 176,881 - 176,881 Transportation 1,253,402 270,779 - - (982,623) - (982,623) Economic environment 1,131,722 51,039 294,572 5,759 (780,352) - (780,352) Culture and recreation 5,990,714 2,572,448 138,310 - (3,279,956) - (3,279,956) Debt service interest 700,924 - - - (700,924) - (700,924) Total governmental activities 27,593,724 6,052,951 2,348,391 186,874 (19,005,508) - (19,005,508) Business-type activities Utilities 10,574,909 11,856,685 - 89,963 - 1,371,739 1,371,739 Sanitation 3,996,753 4,381,765 - - - 385,012 385,012 Stormwater 1,040,698 1,035,527 - - - (5,171) (5,171) Total business-type activities 15,612,360 17,273,977 - 89,963 - 1,751,580 1,751,580 Total primary government $ 43,206,084 $ 23,326,928 $ 2,348,391 $ 276,837 (19,005,508) 1,751,580 (17,253,928) General revenues Taxes Property taxes 6,608,861 - 6,608,861 Sales taxes 6,021,460 - 6,021,460 Utility service taxes 4,136,505 - 4,136,505 Tax increments for redevelopment districts 2,320,213 - 2,320,213 Franchise fees 2,146,088 - 2,146,088 Intergovernmental, unrestricted 1,101,020 - 1,101,020 Gain on sale of assets 740,344 260,579 1,000,923 Miscellaneous 93,227 105,520 198,747 Investment earnings 743,927 31,984 775,911 Transfers 1,759,782 (1,759,782) - Total general revenues and transfers 25,671,427 (1,361,699) 24,309,728 CHANGE IN NET POSITION 6,665,919 389,881 7,055,800 NET POSITION AT BEGINNING OF YEAR 38,646,964 29,828,791 68,475,755 NET POSITION AT END OF YEAR $ 45,312,883 $ 30,218,672 $ 75,531,555 See notes to the financial statements. 16  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS BALANCE SHEET SEPTEMBER 30, 2021 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds ASSETS Cash and cash equivalents $ 9,385,099 $ 1,307,091 $ 1,292,600 $ 11,984,790 Investments 18,208,593 2,723,755 4,046,608 24,978,956 Receivables 789,990 242,622 - 1,032,612 Due from other funds 304,936 - - 304,936 Due from other governments 535,641 133,387 46,915 715,943 Inventory, at cost 259,960 - - 259,960 Restricted assets Cash and cash equivalents 1,928,308 - - 1,928,308 TOTAL ASSETS $ 31,412,527 $ 4,406,855 $ 5,386,123 $ 41,205,505 LIABILITIES Accounts payable $ 738,259 $ 19,420 $ 9,457 $ 767,136 Accrued liabilities 590,433 18,397 98,628 707,458 Due to other funds - - 61,786 61,786 Due to other governments 3,258 - - 3,258 Advance from other funds 160,528 - - 160,528 Unearned revenues 1,966,124 - - 1,966,124 Total liabilities 3,458,602 37,817 169,871 3,666,290 DEFERRED INFLOW OF RESOURCES Unavailable revenue 578,316 235,626 - 813,942 FUND BALANCE Nonspendable