Okaloosa County BOCC — May 20, 2014 — reading text

229,691 395,814 396,588 620,407 626,279 Current and Other Liabilities 15,200 15,669 15,929 18,413 31,129 34,082 Long-term Liabilities 41,589 38,541 113,071 119,793 154,660 158,334 Total Liabilities 56,789 54,210 129,000 138,206 185,789 192,416 Net Position: Investment in Capital Assets, Net of Related Debt 134,735 135,627 214,514 214,734 349,249 350,361 Restricted for Debt Service 463 994 9,496 10,262 9,959 11,256 Grants 630 587 - - 630 587 Capital Projects 590 569 - - 590 569 Public Safety 2,207 2,315 - - 2,207 2,315 Transportation 11,039 11,202 9,214 9,007 20,253 20,209 Eco Environment 10,182 13,804 7,674 2,766 17,856 16,570 Culture Recreation 4,771 4,675 - - 4,771 4,675 Court-Related 3,452 3,174 - - 3,452 3,174 Unrestricted (265) 2,534 25,916 21,613 25,651 24,147 Total Net Position $ 167,804 $ 175,481 $ 266,814 $ 258,382 $ 434,618 $ 433,863 7 Packet Pg. 50 Okaloosa County, Florida Management’s Discussion and Analysis The following schedule compares the revenues and expenses for the primary government for the current and previous fiscal years: Okaloosa County, Florida Summary of Revenues and Expenses As September 30, 2013 and 2012 Governmental Business-type Activities Activities Total 2013 2012 2013 2012 2013 2012 Revenues: Program Revenues: Charges for Services $ 25,468 $ 25,696 $ 55,954 $ 54,211 $ 81,422 $ 79,907 Operating Grants and Contributions 5,845 8,354 528 338 6,373 8,692 Capital Grants and Contributions 1,249 6,240 4,720 10,292 5,969 16,532 General Revenues: - - Taxes 58,010 58,759 6,709 6,780 64,719 65,539 State Shared Revenue 17,801 17,041 - - 17,801 17,041 Grant and Contributions not Restricted Specific Programs 124 360 - - 124 360 Other 4,390 5,584 682 1,970 5,072 7,554 Total Revenues 112,887 122,034 68,593 73,591 181,480 195,625 Expenses: Program Activities: General Government 28,715 30,552 - - 28,715 30,552 Public Safety 45,296 46,360 - - 45,296 46,360 Physical Environment 1,502 933 - - 1,502 933 Transportation 14,632 16,245 - - 14,632 16,245 Economic Environment 4,983 5,563 - - 4,983 5,563 Human Services 4,500 4,352 - - 4,500 4,352 Culture and Recreation 11,997 5,902 - - 11,997 5,902 Court-Related 7,589 6,634 - - 7,589 6,634 Interest and Fiscal Charges 1,745 1,692 - - 1,745 1,692 Business-type Activities: Water and Sewer - - 27,657 26,149 27,657 26,149 Airport - - 12,450 12,928 12,450 12,928 Solid Waste - - 7,684 7,438 7,684 7,438 Inspections - - 1,588 1,600 1,588 1,600 Emergency Medical - - 7,234 6,933 7,234 6,933 Convention Center - - 3,153 4,301 3,153 4,301 Total Expenses 120,959 118,233 59,766 59,349 180,725 177,582 Inc in Net Position Before Trf (8,072) 3,801 8,827 14,242 755 18,043 Special Item - (2,007) - (2,458) - (4,465) Transfers 395 663 (395) (663) - - Inc/(Dec) in Net Position (7,677) 2,457 8,432 11,121 755 13,578 Net Position October 1 175,481 173,024 258,382 247,261 433,863 420,285 Net Position September 30 $ 167,804 $ 175,481 $ 266,814 $ 258,382 $ 434,618 $ 433,863 Revenues decreased by ($9,147) or (7.5) percent in Governmental activities, due primarily to 8 Packet Pg. 51 Okaloosa County, Florida Management’s Discussion and Analysis the reduction of Operating and Capital grant activities related to housing assistance in General Government and mass transit in Transportation. Revenues in business-type activity decreased by ($4,998) or (6.8) percent from the prior year, mainly due to reduced capital grants and contributions from the prior year associated with the Airport. Expenses increased by $2,726 or 2.3 percent in Governmental activities, due primarily to increased Culture/Recreation activity for Tourist Development activity related to contributions to the City of Destin for beach renourishment. Expenses in business-type expenses increased slightly $417 or 0.7 percent due mainly to increased costs related to expanded activities for Emergency Medical Services operations. Revenues in 2013 decreased from 2012 and expenses increased for the year which caused the net position to increase slightly by 0.2 percent, from $433,863 in 2012 to $434,618 in 2013. Governmental activities The focus of Okaloosa County governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the County’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at fiscal year end. As of September 30, 2013, the County governmental funds reported combined fund balances of $48,333, a decrease of ($1,611) over the prior year balances, due mainly to the use of one- time balances in the General Fund for much needed capital, operating needs and certain unfunded mandates utilized in order to fund those needs in the annual budget along with the continued use of certain transportation funds for much needed capital projects. The General Fund is the chief operating fund of the County. At September 30, 2013, total fund balance in the general fund was $6,968 of which $6,595 was unassigned. The general fund expenditures for the fiscal year exceeded revenues by $3,478, due to the continued decline in ad valorem tax revenue and the one-time sale of property in the prior year. The Net change in Fund Balance for the General Fund for fiscal year 2013 amounted to a decrease of ($1,455), while the prior year showed an increase of $4,487. The decrease in fiscal year 2013 was mainly due to the slight reduction in recurring revenue and the slight uptick in most all of the expenditure functional categories spending pattern from the prior year. The County Transportation Trust Fund is a special revenue fund that is used to account for revenues and expenditures related to transportation expenditures in the County. The County Transportation Trust Fund balance decreased ($899) from the prior year. The decrease in fund balance occurred primarily because of the decline in local and state shared revenue support along with an increase in transportation expenditures for reactionary capital items. The Tourist Development Trust Fund is a special revenue fund that is used to account for the revenues and expenditures of a portion of the Tourist Development Tax that is collected on short-term rentals in Okaloosa County. The Tourist Development Trust Fund balance increased over the prior year by $1,132. The increase in fund balance is primarily due to borrowing funds for beach restoration along with a slight uptick in tax revenue and marketing and advertising activity somewhat returning to normal trends and patterns. The Capital Outlay Construction Fund is a capital fund that contains all general government related capital projects related to government facilities, public safety facilities and culture and recreation facilities. Capital Outlay’s fund balance decreased by ($273). The fund had a slight 9 Packet Pg. 52  Okaloosa County, Florida Management’s Discussion and Analysis decrease due to the recurring revenue for the fund diminishing to very little although the project activity for the year decreased after many years of increased activity. The following is a chart of all Governmental Fund Balances for the fiscal years 2012 and 2013. Governmental Fund Balance Comparison $30,000 $23,417 $23,533 $25,000 $20,000 $14,329$13,197 $15,000 $6,968 $8,423 $10,000 $3,426 $3,699 $5,000 $193 $1,092 $0 General CTTF Tourist Dev Capital Outlay Other 2013 2012 $58,010 $58,759 Governmental Revenues By Source