Fort Walton Beach — Fiscal Year 2024-25 Adopted Budget — reading text

Walton Beach | Budget Book 2025 Page 351  Capital Cost FY2025 Budget Total Budget (all years) Project Total $85,000 $425K $425K Capital Cost by Year Capital Cost for Budgeted Years 2025 $85,000.00 2026 $85,000.00 2027 $85,000.00 2028 $85,000.00 2029 $85,000.00 $0 $25K $50K $75K Construction/Maintenance (100%) $425,000.00 Construction/Maintenance TOTAL $425,000.00 Capital Cost Breakdown Capital Cost FY2025 FY2026 FY2027 FY2028 FY2029 Total Construction/Maintenance $85,000 $85,000 $85,000 $85,000 $85,000 $425,000 Total $85,000 $85,000 $85,000 $85,000 $85,000 $425,000 City of Fort Walton Beach | Budget Book 2025 Page 352  Funding Sources FY2025 Budget Total Budget (all years) Project Total $85,000 $425K $425K Funding Sources by Year Funding Sources for Budgeted Years 2025 $85,000.00 2026 $85,000.00 2027 $85,000.00 2028 $85,000.00 2029 $85,000.00 $0 $25K $50K $75K Funding Source 1 (100%) $425,000.00 Funding Source 1 TOTAL $425,000.00 Funding Sources Breakdown Funding Sources FY2025 FY2026 FY2027 FY2028 FY2029 Total Funding Source 1 $85,000 $85,000 $85,000 $85,000 $85,000 $425,000 Total $85,000 $85,000 $85,000 $85,000 $85,000 $425,000 City of Fort Walton Beach | Budget Book 2025 Page 353  SEWER COLLECTION SYSTEM REQUESTS City of Fort Walton Beach | Budget Book 2025 Page 354  Sewer System Lining and Grouting Overview Request Owner Daniel Payne, Public Works & Utility Services Director Est. Start Date 10/01/2024 Est. Completion Date 09/30/2025 Department Sewer Collection System Type Capital Improvement Project Number 5032 Description The city has 110 miles of sewer lines, with a majority of the lines consisting of clay pipe. Clay and unlined cast iron pipes are susceptible to root intrusion, offset joints and cracking due to the brittleness of the material. These problems allow a significant amount of inflow and infiltration and debris into the wastewater system, which can eventually result in stop-ups and possible sanitary sewer overflows. Prior to performing the rehabilitation, mains and manholes are inspected via closed-circuit television and monitored for leaks and other problems. The rehabilitation techniques include cured-in-place pipe lining, epoxy-or urethane-based manhole lining, and chemical root treatment. Images Details Type of Project Improvement City of Fort Walton Beach | Budget Book 2025 Page 355  Capital Cost FY2025 Budget Total Budget (all years) Project Total $100,000 $500K $500K Capital Cost by Year Capital Cost for Budgeted Years 2025 $100,000.00 2026 $100,000.00 2027 $100,000.00 2028 $100,000.00 2029 $100,000.00 $0 $25K $50K $75K $100K Construction/Maintenance (100%) $500,000.00 Construction/Maintenance TOTAL $500,000.00 Capital Cost Breakdown Capital Cost FY2025 FY2026 FY2027 FY2028 FY2029 Total Construction/Maintenance $100,000 $100,000 $100,000 $100,000 $100,000 $500,000 Total $100,000 $100,000 $100,000 $100,000 $100,000 $500,000 City of Fort Walton Beach | Budget Book 2025 Page 356  Funding Sources FY2025 Budget Total Budget (all years) Project Total $100,000 $500K $500K Funding Sources by Year Funding Sources for Budgeted Years 2025 $100,000.00 2026 $100,000.00 2027 $100,000.00 2028 $100,000.00 2029 $100,000.00 $0 $25K $50K $75K $100K Funding Source 1 (100%) $500,000.00 Funding Source 1 TOTAL $500,000.00 Funding Sources Breakdown Funding Sources FY2025 FY2026 FY2027 FY2028 FY2029 Total Funding Source 1 $100,000 $100,000 $100,000 $100,000 $100,000 $500,000 Total $100,000 $100,000 $100,000 $100,000 $100,000 $500,000 City of Fort Walton Beach | Budget Book 2025 Page 357  Glossary Abatement: A reduction or elimination of a real or personal property tax, motor vehicle excise, a fee, charge, or special assessment imposed by a governmental unit. Granted only on application of the person seeking the abatement and only by the committing governmental unit. Accounting System: The total structure of records and procedures that identify record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, account groups, and organizational components. Accrued Interest: The amount of interest that has accumulated on the debt since the date of the last interest payment, and on the sale of a bond, the amount accrued up to but not including the date of delivery (settlement date). (See Interest) Amortization: The gradual repayment of an obligation over time and in accordance with a predetermined payment schedule. Appropriation: A legal authorization from the community's legislative body to expend money and incur obligations for specific public purposes. An appropriation is usually limited in amount and as to the time period within which it may be expended. Arbitrage: As applied to municipal debt, the investment of tax-exempt bonds or note proceeds in higher yielding, taxable securities. Section 103 of the Internal Revenue Service (IRS) Code restricts this practice and requires (beyond certain limits) that earnings be rebated (paid) to the IRS. Assessed Valuation: A value assigned to real estate or other property by a government as the basis for levying taxes. Audit: An examination of a community's financial systems, procedures, and data by a certified public accountant (independent auditor), and a report on the fairness of financial statements and on local compliance with statutes and regulations. The audit serves as a valuable management tool in evaluating the fiscal performance of a community. Audit Report: Prepared by an independent auditor, an audit report includes: (a) a statement of the scope of the audit; (b) explanatory comments as to application of auditing procedures; (c) findings and opinions. It is almost always accompanied by a management letter which contains supplementary comments and recommendations. Available Funds: Balances in the various fund types that represent non-recurring revenue sources. As a matter of sound practice, they are frequently appropriated to meet unforeseen expenses, for capital expenditures or other one-time costs. Balance Sheet: A statement that discloses the assets, liabilities, reserves and equities of a fund or governmental unit at a specified date. Betterments (Special Assessments): Whenever a specific area of a community receives benefit from a public improvement (e.g., water, sewer, sidewalk, etc.), special property taxes may be assessed to reimburse the governmental entity for all or part of the costs it incurred. Each parcel receiving benefit from the improvement is assessed for its proportionate share of the cost of such improvements. The proportionate share may be paid in full or the property owner may request that the assessors apportion the betterment over 20 years. Over the life of the betterment, one year’s apportionment along with one year’s committed interest computed from October 1 to October 1 is added to the tax bill until the betterment has been paid. Bond: A means to raise money through the issuance of debt. A bond issuer/borrower promises in writing to repay a specified sum of money, alternately referred to as face value, par value or bond principal, to the buyer of the bond on a specified future date (maturity date), together with periodic interest at a specified rate. The term of a bond is always greater than one year. (See Note) Bond and Interest Record: (Bond Register) – The permanent and complete record maintained by a treasurer for each bond issue. It shows the amount of interest and principal coming due each date and all other pertinent information concerning the bond issue. Bonds Authorized and Unissued: Balance of a bond authorization not yet sold. Upon completion or abandonment of a project, any remaining