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

150, 000 S 4, 320, 000 S 4, 470, 000 41. 856) OL856) Less unamortised bond discount 150, 000 4, 278, 144 4, 428, 144 Taml revenue bonds Revenue Notes 739, 805 City of Fort Walton Beach, Florida, Capital Improvement Revenue Note, Series 2011, due in quanerb installments of $21, 156 through 2021; interest at 2. 55 %, Available non -ad valorem revenues are pledged for payment of the bonds. Proceeds used for 68, 400 593, 396 661, 796 purchase of a fire truck. Accrued Compensated Absences Total long -term portion of accumulated, vested annual 707, 441 176. 860 530, 581 and sick leave for governmental fund types. S 395, 260 $ 5. 402, 121 $ 5. 797, 381 TOTAL GOVERNMENTAL ACTIVITIES 66  3. 1. a City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 14 - LONG -TERM DEBT ( CONTINUED) Description o( Lone -Term Debt Outstandine ( Continued) Current Lone -Terns Total BUSINESS -TYPE ACTIVITIES Revenue Bonds 10, 910, 000 Utility System Revenue Bonds, Series 2005, due in annual installments of $ 160, 000 to 690, 000 beginning 2010 through 2035, with interest - only payments from 2005 through 2009, interest at 3. 1% to 4. 6 %. Net revenues derived by the City from the utility operations are pledged for the payment of the bonds. Proceeds used for water system and wastewater system improvements. 280. 000 $ 10, 035, 000 $ 10, 315, 000 Less unamortized bond discount 115, 037) 1115, 037) Tood revenue bonds 280, 000 9. 919, 963 10. 199. 963 Revenue: Notes 79. 195 City of Fort Walton Beach, Florida, Capital Improvement Revenue Note, Series 2011, due in quarterly installments of $4, 293 through 2016; interest at 2. 55 %. Available non -ad valorem revenues are pledged for payment ofthe bonds. Proceeds used for purchase of 25, 759 45, 462 61; 221 certain equipment for City' s municipal golf course. Lenses 248,589 capital lease payable, 2008, due in monthly installments of 54, 512 through December 2012, collateralized by lawn maintenance equipment. 13, 458 - 13, 458 Accrued Compensated Absences Accumulated, vested annual compensation for Enterprise Funds. 55 281 165, 841 221, 122 409, 960 S 10. 147, 025 $ 10. 495. 764 TOTAL BUSINESS -TYPE ACTIVITIES GRAND TOTAL LONG -TERM DEBT 16, 293345 For the governmental activities, compensated absences are generally liquidated by the General Fund. 67 dQRet Pg. 93  3. 1. a City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 14 - LONG -TERM DEBT ( CONTINUED) Annual Requirements to Amortize Debt Outstanding The annual requirements to amortize all debt outstanding except accrued and annual leave and advances from other funds as of September 30, 2012, are as follows: Governmental Activities Revenue Bonds Revenue Note Principal Interest Principal Inmres4 Year Ending September 30 2013 110000 219405 68. 400 $ 16, 226 014 155. 000 212. 805 90161 14.464 2015 165 -000 105. 830 91969 12658 1016 170 000 198140 73 920 10. 805 2019 180. 000 190250 95] 21 8905 2018 -2022 1025. 000 812950 301, 727 15616 2023 -2029 1 315000 531 000 2028 - ^_ 031 1310000 167500 44901100 78. 674 I ocal 537980 L. 661.] 96 $ BusinessBusiness - - TypeType ActivitiesActivities MunicipalMunicipal Luan,Luan, RcVcnue RcVcnue BendsBends Revenue Note Isascs YearYear FndineFndine Semember Semember 3030 PrincipalPrincipal InterestInterest Principal Intere5l Principal It1 ere. 1 280000280000 44^- 2359 15760 % 1, 411 $ 13, 458 $ 79 290. 0( 10 432759432759 16. 165 1 006 - - 10 81-20_18536-24_01374602^_ 300000300000 44 2224622246 16. 581 589 - - 310000 4111996 12 715 163 - - 32111100 399371 1 81, 000 1 791 460 1230000 1376 523 2020328-0328- 202372 0352 2775L00 1 985000 833. 140 181. 125 79 11/ 315000 6$29 . 2188 612 21 3. 169 13458 $ II oraloral NOTE 15 - COMMENTS REQUIRED BY THE BOND AND NOTE ORDINANCES Capital Improvement Revenue Bonds, Series 1001 1. The Balance Sheet and Statement of Revenues, Expenses, and Changes in Fund Balance of the Debt Service Fund are shown in the financial section of the report. 68  3. 1. a City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 15 - COMMENTS REQUIRED BY THE BOND AND NOTE ORDINANCES CONTINUED) Capital Improvement Revenue Bonds, Series 2001 ( Continued) 2. The City is required to establish Sinking Fund amounts sufficient to pay 1/ 6 of all interest becoming due on the bonds on the next semi -annual interest payment date and 1/ 12 of all principal maturing on the bonds in the current bond year. Sinking fund