Fort Walton Beach Council agenda — 03-19-12--special--audit — reading text

TheThe CityCity hashas nono generalgeneral obligationobligation oror specialspecial assessmentassessment debtdebt . . TheThe StateState ofof FloridaFlorida doesdoes notnot placeplace aa legallegal limitlimit ofof debtdebt onon municipalities.municipalities. ForFor general general obligationobligation debtsdebts greatergreater thanthan oneone year,year, thethe CityCity 1s1s requiredrequired toto conductconduct aa votervoter referendum.referendum. TableTable 44 city of Fon lealmn BeneNs outstanding Debt Revenue amid, and Capital Leas¢ Total Activities Governmental Activities Easiness -TV e ActivllnM 2011 2011 2012 2011 2012 14, 628, 107 15.15. 035,035, 839839 10, 199. 963 $ 10, 464, 8" 2 L 54, 54. 590. 965 Revenue Bonds 805065 61221 76. 586 723,723, 017017 938, 480 Pcvcnue Note, 1345813458 6411864118 13458 66. 118 Capital Leases IS } 64. 582 51590] 020 10, 294, fi42 $ 1afiU ? S7fi 5$ 5299. 445 Tuml AdditionalAdditional informationinformation onon thethe CityCity ofof FortFort WaltonWalton Beach'Beach' s longlo- ng - termterm debtdebt cancan bebe foundfound inin NoteNote 1313 andand 1414 ofof thisthis reportreport onon pagespages 6464- - 68.68. 1212  3. t. a ECONOMIC FACTORS AND NEXT YEAR' S BUDGETS AND RATES Economic indicators and factors that are useful for evaluating the framework within which the City operates are discussed below. The Consumer Price Index ( CPI) is L7% higher than a year ago. This indicator translates into a higher cost of providing services to residents. The Consumer Confidence Index is 6. 0% higher than a year ago. This indicator measures economic conditions by gauging the future spending of consumers. The Leading Economic Index is 17. 1% lower than a year ago and is designed to signal turning point patterns in economic data. The military has a significant presence in our community. These installations are essential to the continued long -term economic vitality of this area. Combined, the military and defense -related industries have a S6. 0 billion annual impact on Okaloosa County' s economy, with approximately 73% of our local economy supported by the military. These indicators, as well as others, were taken into account when adopting the City' s budget for fiscal year 2013. The City' s total budget for fiscal year 2013 totals $ 33. 5 million, which is $ 4. 4 million less than the fiscal year 2012 approved budget, due in part to one -time capital improvement projects budgeted previously in the Utilities fund. Projected declines in interest earnings and property tax revenue account for much of the revenue decline. The 2013 budget allocates $ 16. 8 million, a 3. 4 °% decline as compared to the fiscal year 2012 budget, to the General fund, $ 14. 4 million to the Enterprise funds, and 52. 3 million to other funds. For the fiscal year 2013 budget, the ad valorem rate was maintained at 4.5383 mills. A 3% increase in water and sewer rates is included in the budget; no other significant changes to the City' s various rate and fees are included in the fiscal year 2013 budget. Personnel expenses account for approximately 51. 9% of the City' s budget. The City' s fiscal year 2013 budget remains relatively stable in this category, at 289.95 full time equivalent positrons. REQUESTS FOR INFORMATION This financial report is designed to provide citizens, taxpayers, customers, and creditors with a general overview of the City ofFort Walton Beach' s finances and to demonstrate the City' s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, 107 Miracle Strip Parkway S. W., City of Fort Walton Beach, Florida, 32548. This document and other financial information are available on the City' s website at www.fwb.org. Inquiries may also be sent via email to the Finance Department at finance@fwb. org. 13 8c1 6t Pg. 37 .0  F31. THIS PAGE INTENTIONALLY LEFT BLANK.)  3. t. a EXHIBIT 1 City of Fort Walton Beach, Florida STATEMENT OF NET ASSETS September 30, 2012 Primary ( mvcmment Govomvrcntal Business - 1 } pc Activities Total Activities ASSETS 22473. 597 13. 491J01 9, 042, 496 $ Cash and cash equivalents 1556. 010 7459872 810. 136 Receivables. net 2. 690. 746 7690, 746) Interval M1 s 3059124 464. 289 159. 165 Due from other governments other 43891 241. 169 1979278 Invenhtry, at cost Restricted assets 113. 507 3. 407 -7311 3, 521. 237 Cash and cash cyulvalents Capital assets 13. 859. 933 10, 4 49. 379 3, 410554 Non- depreemblemu odisumle 20. 019 611 21. 490. 112 41. 509. 723 Depreciable /amodizable. net Other assets 352. 876 161 367 191. 509 Bond issue costs net 505. 404 404 505 A- persom asset I6, 505 16 0. Other reeeicables'. vet