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

Financing Activity $ 1,121,266 1.16% $ 2,198,718 $ 1,535,349 $ 1,345,768 $ 2,437,243 TOTAL EXPENSES $ 4,267,997 75.12% 133 109-2000-CRA 9/7/2022 8:43 AM COMMUNITY REDEVELOPMENT AREA (CRA) Share of City Budget $4,267,997, DESCRIPTION 7.5% The Community Redevelopment Area was established in 1980 and expanded in 1999 to address deteriorating conditions and facilitate economic growth and development within the designated area. Funding for infrastructure improvements and redevelopment activities comes from incremental increases in the taxable assessed value of the area. MISSION Rejuvenate the designated area to make it a place where citizens want to live, work, and play. Actual YTD thru 03/31 Budget CURRENT GOALS, OBJECTIVES, & METRICS (FY23) 2018-19 2019-20 2020-21 2021-22 2021-22 2022-23 Attract & Retain Businesses in the Target Area New Businesses in the CRA 16 24 28 18 25 25 Square Footage of Business Expansions in the CRA 19 19,867 19,213 4,200 15,000 15,000 Businesses Approved for Economic Incentive Grants 5031 0 2 3 10 10 Value of Economic Incentive Grants Provided to New or Expanding Businesses $0 $0 $9,446 $29,555 $100,000 $100,000 Private Investment Leveraged as a Result of Incentive Grants $0 $0 $1,475,000 $1,033,862 $2,000,000 $2,000,000 Grant Applications Approved within Two Weeks 0% 0% 0% 50% 90% 90% Attract & Retain Residents in the Target Area New Housing Units in the CRA 2 1 0 0 10 10 FUTURE GOALS (FY24 & FY25)  Implement Cultural Arts League Arts & Culture Strategic Plan.  Encourage private reinvestment through public improvements in the CRA.  Continue moving forward with additional plans, studies, and projects to implement Downtown Master Plan.  Update wayfinding signage throughout CRA.  Begin construction of improvements to Fort Walton Landing Park. PRIOR YEAR ACCOMPLISHMENTS (FY22)  Formed Cultural Arts League and developed Arts & Culture Strategic Plan.  Continued CRA Grounds Maintenance Contract to ensure that the district is clean and continually maintained.  Installed new signage at the Gulfview Hotel.  Relaunched CRA Economic Incentive Grants and began awarding funding to eligible projects. 134  Debt Service Fund The Debt Service Fund encompasses 4.02% of the City’s activities and services and accounts for the accumulation of resources for and the payment of general long-term debt principal and interest. Funds are transferred from the General Fund. Revenue Highlights $2,500,000 Budget. 2022-23. …… $ Change % Change $2,000,000 Interfund Transfers In 2,281,182 595,686 26.1% $2,281,182 595,686 26.1% $1,500,000 $1,000,000 $500,000 $0 Actual Actual Budget Budget Budget 2018-19 2019-20 2020-21 2021-22 2022-23 Interfund Transfers  Transfers from the General Fund cover annual debt payments as required per Generally Accepted Accounting Principles (GAAP) for governmental funds. Expenditure Highlights $2,500,000 Budget. $2,000,000 ……2022-23 $ Change % Change Debt Service 2,281,182 595,686 26.1% $1,500,000 $2,281,182 596,686 26.1% $1,000,000 $500,000 $0 Actual Actual Budget Budget Budget 2018-19 2019-20 2020-21 2021-22 2022-23 Debt Service  Debt Issues: 2013 Revenue Note – Municipal Facilities (Year 10 of 18) 2013A Bank Loan – Recreation Complex, Fairway Sweeper/Vacuum, Bucket Truck (Year 10 of 15) 2015 Interfund Loan – Fire Pumper Truck (Year 9 of 10) 2018 Revenue Note – Field Office Complex (Year 4 of 19) Fire Ladder Truck (Year 3 of 3) Navitas Fitness Pro (Year 4 of 6) Irrigation System – Pines Course (Year 2 of 5) Preston Hood Athletic Complex Expansion (Year 1 of 10) 135  201 DEBT SERVICE FUND Actual Budget 2021-22 2022-23 % 2018-19 2019-20 2020-21 Adopted Adopted Change 122,530 197,098 287,951 822,084 1600-381-0100 Transfer from General Fund 1,414,021 72.00% 2015 Interfund Loan -Fire Pumper- yr 9 of 10 2018 Rev Note - Field Offc Complex-yr 4 of 19 Fire Ladder Truck - yr 3 of 3 Navitas Fitness Pro - yr 4 of 6 Irrigation System Pines Course - yr 2 of 5 Preston Hood Athletic Complex Expansion 306,022 306,467 306,422 305,887 1600-381-1301 309,637 1.23% 2013 Revenue Note-Municipal Facilities Police-yr 10 of 18 557,524 557,355 557,466 557,525 1600-381-1302 Transfer from General Fund - 2013A Sinking Fund 557,525 0.00% 2013A Bank Loan -Recreation Complex- yr 10 of 15 2013A Bank Loan -Fairway Sweep/Vac- yr 10 of 10 2013A Bank Loan -Bucket Truck- yr 10 of 10 $ 986,077 $ 1,060,920 $ 1,151,840 $ 1,685,496 Total Interfund Transfers $ 2,281,182 35.34% $ 986,077 $ 1,060,920 $ 1,151,840 $ 1,685,496 TOTAL TRANSFERS IN $ 2,281,182 35.34% $ 986,077 $ 1,060,920 $ 1,151,840 $ 1,685,496 TOTAL FUND REVENUES $ 2,281,182 35.34% Debt Service: 718,109 1,084,961 1,203,619 1,390,095 2100-517-7100 Principal Payments 1,993,612 43.42% 2013 Revenue Note-Municipal Facilities Police-yr 10 of 18 2013 Revenue Note-Municipal Facilities Fire-yr 10 of 18 2013 Revenue Note-Municipal Facilities Library-yr 10 of 18 2013 Revenue Note-Municipal Facilities General-yr 10 of 18 2013A Bank Loan -Recreation Complex- yr 10 of 15 2013A Bank Loan -Fairway Sweep/Vac- yr 10 of 10 2013A Bank Loan -Bucket Truck- yr 10 of 10 2015 Interfund Loan -Fire Pumper- yr 9 of 10 2018 Rev Note - Field Offc Complex-yr 4 of 19 Fire Ladder Truck - yr 3 of 3 Navitas Fitness Pro - yr 4 of 6 Irrigation System Pines Course - yr 2 of 5 Preston Hood Athletic Complex Expansion 542,357 729,139 704,721 295,401 2100-517-7200 Interest Expense 287,571