Okaloosa County BOCC — May 20, 2014 — CAFR_13 — reading text

STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued Balance Due Balance Due October September Due Within 1. 2012 Increases Decreases 30, 2013 One Year Business-type Activities - Continued: Loans and Notes State of Florida Revolving Loan Fund, December 30, 1994 through June 30, 2014 180,950 - (89,252) 91,698 91,698 State of Florida Revolving Loan Fund, October 10, 1995 through April 10, 2015 127,534 - (41,422) 86,112 42,502 State of Florida Revolving Loan Fund, April 1, 2001 through October 1, 2016 484,625 - (102,102) 382,523 105,217 State of Florida Revolving Loan Fund, September 15, 1999 through March 15, 2017 473,195 - (100,237) 372,958 102,983 State of Florida Revolving Loan Fund, February 15, 2001 through August 15, 2019 138,004 - (17,899) 120,105 18,472 State of Florida Revolving Loan Fund, beginning June 15, 2007 through December 15, 2023 6,266,466 - (356,469) 5,909,997 366,423 Commercial Paper Loan 2,000,000 - - 2,000,000 - State Infrastructure Bank Loan 819,000 - (107,791) 711,209 111,164 State Infrastructure Bank Loan 2,766,407 36,844 (311,139) 2,492,112 271,026 Water and Sewer Revenue Note, Series 2012 15,365,000 - - 15,365,000 50,000 Less deferred amounts For issuance discounts (162,247) - 17,871 (144,376) - Total Loans and Notes 28,458,934 36,844 (1,108,440) 27,387,338 1,159,485 Accrued compensated absences 1,721,251 50,537 (59,539) 1,712,249 972,808 Estimated closure costs payable 3,579,314 - (178,106) 3,401,208 249,692 Other post employment benefits 264,318 107,935 (87,267) 284,986 - Total Business-type Activities $ 126,440,862 $ 101,136 $ (6,763,232) $ 119,778,766 $ 6,707,794 Internal service funds predominantly serve the governmental funds. Accordingly, long-term liabilities for them are included as part of the above totals for governmental activities. At year-end, $1,822,087 of internal service funds compensated absences, $5,153,812 of estimated claims, and $3,847,009 of other post-employment benefits are included in the above amounts. Compensated absences and other post-employment benefits are liquidated in the general and other governmental funds. Claims liabilities are liquidated in the internal service fund. 69  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued Debt service requirements to maturity on long-term debt at September 30, 2013 are as follows. Governmental Activities Revenue Bonds Loans and Notes Principal Interest Principal Interest Year Ending September 30, 2014 738,000 1,554,662 591,000 84,211 2015 758,000 1,530,913 597,000 73,578 2016 784,000 1,506,671 608,000 62,793 2017 809,000 1,472,805 618,000 51,821 2018 835,000 1,436,509 629,000 40,660 2019-2023 4,581,000 6,560,860 1,957,000 52,957 2024-2028 5,412,000 5,312,530 - - 2029-2033 5,975,000 3,668,793 - - 2034-2038 6,370,000 1,777,419 - - 2039-2040 2,930,000 95,306 - - $ 29,192,000 $ 24,916,468 $ 5,000,000 $ 366,020 Business-type Activities Revenue Bonds Loans and Notes Landfill ClosureCosts Principal Interest Principal Interest Principal Interest Year Ending September 30, 2014 4,325,809 4,207,220 1,159,486 782,477 249,692 - 2015 4,322,703 4,052,841 1,337,221 749,593 249,692 - 2016 2,490,000 3,888,895 1,377,760 710,400 249,692 - 2017 2,590,000 3,781,994 2,218,535 669,463 249,692 2018 2,705,000 3,663,370 4,170,224 600,137 249,692 2019-2023 15,690,000 16,109,969 10,624,350 1,980,322 1,248,460 - 2024-2028 20,180,000 11,512,406 6,644,138 412,098 773,368 - 2029-2033 22,345,000 6,057,081 - - 130,920 - 2034-2038 12,865,000 1,307,500 - - - - $ 87,513,512 $ 54,581,276 $ 27,531,714 $ 5,904,490 $ 3,401,208 $ - NOTE 11 - CONDUIT DEBT Since 1984, the Okaloosa County has authorized eight industrial development revenue bond issues that are still outstanding. The original issues totaled $55,814,025 and as of September 30, 2013, $33,594,025 was the principal liability. These bonds do not constitute an indebtedness of the County and are not a charge against its general credit or taxing powers. The bonds are payable solely from revenues of the respective industries to which these bond proceeds were remitted. 70  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 12 - FUND BALANCES/RESTRICTED BALANCE A schedule of the governmental fund balances for September 30, 2013 is provided below. Major Funds General County Tourist Capital Fund Transportation Development Outlay Other Total Fund Balnces: Nonspendable: Prepaids $ 346,136 $ 21,380 $ 8,798 $ - $ 59,316 $ 435,630 Restricted for: Tourist Development BP Projects - - 596,590 - - 596,590 Tourist Development 1st Cent - - 8,514,141 - - 8,514,141 Tourist Development 2nd Cent - - 2,223,259 - - 2,223,259 Tourist Development 5th Cent - - 2,995,347 - - 2,995,347 Florida Boating Improvements - - - 589,960 - 589,960 Emergency and Disaster Relief - - - - 518,694 518,694 Housing and Urban Development - - - - 306,925 306,925 E-911 Operations - - - - 1,439,283 1,439,283 Radio Communications - - - - 81,219 81,219 Law Enforcement Trust Fund - - - - 21,866 21,866 Police Academy - - - - 48,233 48,233 Park Projects - - - - 4,770,768 4,770,768 Prisoner Benefit Fund - - - - 511,170 511,170 Judicial Innovations - - - - 515,452 515,452 Law Library - - - - 15,658 15,658 Teen Court - - - - 85,980 85,980 Drug Abuse Trust Fund - - - - 40,466 40,466 Domestic Violence Trust Fund - - - - 245,818 245,818 Family Mediation - - -