Fort Walton Beach — Fiscal Year 2022-23 Adopted Budget — reading text

48,449 11,218 12,173 12,173 - 0.00% Law Enf. Training Fund** - - - 500 500 - 0.00% FL Bldg Code Fund 331,681 342,187 471,611 651,101 624,652 (26,449) -4.06% CDBG Fund* 138,342 169,875 296,871 168,866 142,827 (26,039) -15.42% CRA Fund 2,228,606 1,169,103 1,345,773 2,437,243 4,267,997 1,830,754 75.12% Debt Service Fund 1,260,466 1,814,099 1,908,339 1,685,496 2,281,182 595,686 35.34% Utilities Fund 10,806,425 11,264,818 12,871,276 13,583,413 14,991,176 1,407,763 10.36% Sanitation Fund 3,861,209 4,316,172 4,740,123 4,513,696 4,746,952 233,256 5.17% Stormwater Fund 829,134 1,013,608 1,127,855 1,726,249 1,096,057 (630,192) -36.51% Beal Memorial Fund** 15,168 9,842 15,413 385,317 84,997 (300,320) -77.94% Expenditures 48,028,031 46,878,361 49,162,914 52,861,351 56,767,451 3,906,099 7.39% ** not included on chart Expenditures by Category $60 $55 $50 $45 $40 $35 Millions $30 $25 $20 $15 $10 $5 $0 Actual Actual Actual Budget Budget 2018-19 2019-20 2020-21 2021-22 2022-23 General Government Public Safety Physical Environment Transportation Economic Environment Culture & Recreation Actual Actual Actual Budget Budget % 2018-19 2019-20 2020-21 2021-22 2022-23 $ Variance Variance General Government 3,377,241 3,620,756 3,632,924 3,877,353 4,950,823 1,073,470 27.69% Public Safety 10,157,745 11,255,650 12,988,274 13,621,672 14,911,424 1,289,752 9.47% Physical Environment 14,398,859 14,400,919 15,674,698 14,262,119 14,010,088 (252,031) -1.77% Transportation 824,349 723,669 741,097 862,200 605,524 (256,676) -29.77% Economic Environment 1,282,063 1,182,887 945,657 1,258,453 2,844,768 1,586,315 126.05% Culture & Recreation 4,685,690 4,929,243 4,924,696 4,893,518 5,518,092 624,574 12.76% Capital (net of Reclass) 11,556,291 6,534,944 3,454,412 5,933,055 6,654,704 721,649 12.16% Debt Service 1,724,638 3,426,794 3,274,096 5,734,660 4,645,125 (1,089,535) -19.00% Other Financing Uses (272,901) 3,418,999 3,527,060 2,418,322 2,626,902 208,580 8.62% Expenditures 47,733,975 49,493,861 49,162,914 52,861,351 56,767,451 3,906,100 7.39% 35 Revenues FY 2022-23 Budgeted Revenues $56,767,451 Other Taxes , Ad Valorem Taxes , $8,008,291 , 14.1% $8,949,362 , 15.8% Reserves , $2,557,542 , 4.5% Licenses & Permits , $3,906,330 , 6.9% Interfund Transfers , $3,456,776 , 6.1% State Revenue Sharing & Other Intergov't , Interest & Other $6,828,957 , 12.0% Revenues , $2,335,474 , 4.1% Fines and Forfeitures , $64,863 , 0.1% Recreation, Golf, Cemetery, Other Fees , $3,338,327 , 5.9% Stormwater Fees , $1,034,769 , 1.8% Garbage Fees , Water & Sewer Fees , $4,577,644 , 8.1% $11,709,116 , 20.6% Charges for Services (User Fees) – The City levies user fees to fund the cost of regulating an activity or providing a service or facility. Charges for services are anticipated to generate approximately $20.6M and are the largest source of revenue for the City at 36.4%. Unlike taxes, these charges are directly related to the service received. User fees include leisure services such as recreation programs, senior activities, library, museums, and golf; fire assessments; water and sewer service; garbage collection; and stormwater management. Fees are set by City Council based on the cost of providing these services, reviewed and adjusted annually as part of the budget process, and published in the Comprehensive Fee Schedule. Revenues are budgeted based on historical usage and/or number of customers, adjusted for current rates. Water and sewer rates will generate $30 approximately $11.7M in revenues. A new five- $25 year rate study was adopted by City Council on $20 August 11, 2020 and was implemented on Millions October 1, 2020 with the FY 2020-21 budget. The $15 study determines the required rates to generate $10 sufficient revenue to sustain renewal and replacement reserves and account for debt service $5 requirements and is updated on an annual basis to $0 account for real-time revenues, expenses, and Recreation Water & Sewer Garbage Stormwater/Other changes within the utility system. 2018-19 2019-20 2020-21 Budget 2021-22 Budget 2022-23 Solid waste and recycling fees account for $4.5M in revenues. Recreation and other fees – recreation programs, park rentals, senior activities, the library, museums, golf, and cemetery sales – generate $3.3M in revenues. Stormwater user fees comprise $1.0M in revenues at a residential-equivalent unit of $5 per month. City of Fort Walton Beach, FL 36 Revenues Ad Valorem (Property) Taxes – Citywide, the 2022 gross taxable property value for operating purposes is $1.884 billion, an increase of $247 million, or 15.1%, from the 2021 final gross taxable property value of $1.636 billion. Ad valorem taxes levied by the City comprise $8.94M, or 2.57%, of total revenues. Property taxes primarily fund General Fund operations. However, property taxes paid by certain residents and businesses located in areas targeted for specific improvements to eliminate blight and improve infrastructure are allocated to the Community Redevelopment Agency (CRA) Fund. Property tax revenues are allocated to the CRA Fund based on the growth in assessed value from the base year (i.e. year of CRA designation). Funding from County property taxes comprises $1.510M, or 6.53% higher than the previous year. 2,000 10 1,800 9 1,600 8 Ad Valorem Taxes (millions) Taxable Value (millions) 1,400 7 1,200 6 1,000 5 800 4 600 3 400 2 200 1 - - 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 General Fund CRA Fund Tax Revenue Millage Staffing and operational cuts were made in FY 2011-12 and FY 2012-13. In FY