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

Miami WEATHER Summer Temp. 89°F Winter Temp. 61°F Annual Rainfall 66” LOCAL AREA ECONOMY Top 10 Employers *Includes military, civilian, and contractor personnel **Includes military and civilian personnel ***Includes County Commission, Clerk of Court, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector Non-Agricultural Employment by Industry Leisure & Hospitality, 9.5% Other Services, 8.0% Education & Health Government, 0.4% Services, 11.3% Mining, Logging, & Construction, 3.4% Professional & Business Services, 16.8% Construction, 14.5% Financial Activities, 4.7% Manufacturing, 11.2% Information, 7.7% Trade, Transportation, & Utilities, 12.5% City of Fort Walton Beach, FL 209  Statistical Information DEMOGRAPHICS FWB Population by Race FWB Age Distribution 100% 7000 Two or More Races 90% Some Other Race 6000 80% American Indian or Alaka Native 5000 70% Asian 60% 4000 Black or African American People 50% White 3000 40% 2000 30% 20% 1000 10% 0 Under 5 5-19 20-24 25-35 35-54 55-64 65+ 0% FWB Population Housing Units 26000 24000 Renter Occupied, 22000 3,582, 31% 20000 18000 16000 Owner Occupied, People 14000 5,664, 50% 12000 10000 8000 6000 4000 2000 0 Vacant, 2,219, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 19% Median Income by Florida County (in thousands) $75 $60 $45 $30 $15 $0 St.Lucie Miami-Dade Osceola Suwannee Dixie St.Johns Franklin DeSoto Highlands Levy Putnam Hamilton Glades Jackson Bradford Holmes Gadsden Madison Calhoun Hendry Union Citrus Jefferson Washington Gilchrist Lafayette Okeechobee Columbia Taylor Gulf Hardee Hernado Marion Polk Liberty Lee Charlotte Santa Rosa Lake Sumter Martin Flagler Volusia Alachua Baker Nassau Pinellas Broward Brevard Hillsborough Clay Leon Bay Duval Sarasota Collier Monroe Indian River Seminole Okaloosa Manatee Orange Palm Beach Walton Escambia Wakulla Pasco City of Fort Walton Beach, FL 210 Statistical Information PROPERTY TAXES Taxable Assessed Value Comparison (in millions) $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Cinco Bayou Crestview Destin Fort Walton Laurel Hill Mary Esther Niceville Shalimar Valparaiso Beach 2017 2018 2019 2020 2021 Property Tax Burden Comparison for Okaloosa County’s Residents Total Ad Valorem Municipality Millage Taxable Value Population per Capita Laurel Hill 13.3032 $21.6M 457 $345 Valparaiso 14.8272 $295.5M 4,793 $617 Crestview 16.7498 $1418.2M 27,366 $518 Mary Esther 14.8293 $331.2M 4,027 $882 Niceville 13.5032 $1335.5M 16,040 $833 Fort Walton Beach 15.1325 $1636.9M 20,948 $781 Shalimar 14.3532 $111.8M 763 $1,416 Cinco Bayou 15.5532 $60.2M 457 $1,316 Destin 12.4182 $6082.7M 14,217 $4,278 Okaloosa County* 10.1022 $17453.6M 213,204 $1,405 Fort Walton Beach is the only full-service city, providing police, fire, water & sewer, garbage, and stormwater services along with recreational programs, senior center, library, museums, and two 18-hole golf courses. Top 10 Fort Walton Beach Taxpayers – 2021 City of Fort Walton Beach, FL 211 Statistical Information City of Fort Walton Beach, FL 212 Statistical Information City of Fort Walton Beach, FL 213 Statistical Information FIVE-YEAR FINANCIAL FORECASTS City of Fort Walton Beach, FL 214 Statistical Information City of Fort Walton Beach, FL 215  GLOSSARY OF TERMS ACCRUAL BASIS OF ACCOUNTING A basis of accounting under which the financial effects of transactions, events, and interfund activities are recognized when they occur, regardless of the timing of related cash flows. All proprietary funds use the accrual basis of accounting. AD VALOREM A Latin term meaning “according to value” commonly used when referring to property taxes. ADOPTED BUDGET An annual budget approved by City Council each September detailing the revenues and expenditures of the City for the upcoming fiscal year. ANNUAL BUDGET A budget applicable to a single fiscal year. AMENDED BUDGET A revised version of the adopted budget prepared after the close of each fiscal year to reflect actual revenues and expenditures. AMENDMENT ONE A Florida