Okaloosa County BOCC — May 20, 2014 — reading text

Loans and Notes Private bank note - 5,000,000 - 5,000,000 591,000 Less deferred amounts For issuance discounts/premiums - (39,038) 12,431 (26,607) - - 4,960,962 12,431 4,973,393 591,000 Accrued compensated absences 5,584,262 509,336 (450,506) 5,643,092 3,312,560 Estimated claims payable 6,631,500 490,362 (1,968,050) 5,153,812 2,540,030 Other post employment benefits 4,198,954 605,188 (313,680) 4,490,462 - Total Governmental Activities $ 45,567,914 $ 6,565,848 $ (3,362,800) $ 48,770,962 $ 7,181,590 Business-type Activities: Revenue Bonds Airport Revenue Bonds, Series 2003 $ 9,130,000 $ - $ (285,000) $ 8,845,000 $ 300,000 Airport Taxable Revenue Bonds, Series 2007 9,280,000 - (265,000) 9,015,000 275,000 Fourth Cent Tourist Development Tax Revenue Bonds, Series 2000 1,685,000 - (1,530,000) 155,000 155,000 Subordinated Revenue Bonds, Series 1985 148,667 - (55,155) 93,512 60,809 Water and Sewer Revenue, Series 2004 11,925,000 - (3,395,000) 8,530,000 3,535,000 Water and Sewer Revenue, Series 2006 60,875,000 - - 60,875,000 - Less deferred amounts For issuance discounts/premiums (626,622) (94,180) 200,275 (520,527) - Total Revenue Bonds 92,417,045 (94,180) (5,329,880) 86,992,985 4,325,809 68 Packet Pg. 126  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued Balance Due Balance Due October September Due Within 1. 2012 Increases Decreases 30, 2013 One Year Business-type Activities - Continued: Loans and Notes State of Florida Revolving Loan Fund, December 30, 1994 through June 30, 2014 180,950 - (89,252) 91,698 91,698 State of Florida Revolving Loan Fund, October 10, 1995 through April 10, 2015 127,534 - (41,422) 86,112 42,502 State of Florida Revolving Loan Fund, April 1, 2001 through October 1, 2016 484,625 - (102,102) 382,523 105,217 State of Florida Revolving Loan Fund, September 15, 1999 through March 15, 2017 473,195 - (100,237) 372,958 102,983 State of Florida Revolving Loan Fund, February 15, 2001 through August 15, 2019 138,004 - (17,899) 120,105 18,472 State of Florida Revolving Loan Fund, beginning June 15, 2007 through December 15, 2023 6,266,466 - (356,469) 5,909,997 366,423 Commercial Paper Loan 2,000,000 - - 2,000,000 - State Infrastructure Bank Loan 819,000 - (107,791) 711,209 111,164 State Infrastructure Bank Loan 2,766,407 36,844 (311,139) 2,492,112 271,026 Water and Sewer Revenue Note, Series 2012 15,365,000 - - 15,365,000 50,000 Less deferred amounts For issuance discounts (162,247) - 17,871 (144,376) - Total Loans and Notes 28,458,934 36,844 (1,108,440) 27,387,338 1,159,485 Accrued compensated absences 1,721,251 50,537 (59,539) 1,712,249 972,808 Estimated closure costs payable 3,579,314 - (178,106) 3,401,208 249,692 Other post employment benefits 264,318 107,935 (87,267) 284,986 - Total Business-type Activities $ 126,440,862 $ 101,136 $ (6,763,232) $ 119,778,766 $ 6,707,794 Internal service funds predominantly serve the governmental funds. Accordingly, long-term liabilities for them are included as part of the above totals for governmental activities. At year-end, $1,822,087 of internal service funds compensated absences, $5,153,812 of estimated claims, and $3,847,009 of other post-employment benefits are included in the above amounts. Compensated absences and other post-employment benefits are liquidated in the general and other governmental funds. Claims liabilities are liquidated in the internal service fund. 69 Packet Pg. 127  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued Debt service requirements to maturity on long-term debt at September 30, 2013 are as follows. Governmental Activities Revenue Bonds Loans and Notes Principal Interest Principal Interest Year Ending September 30, 2014 738,000 1,554,662 591,000 84,211 2015 758,000 1,530,913 597,000 73,578 2016 784,000 1,506,671 608,000 62,793 2017 809,000 1,472,805 618,000 51,821 2018 835,000 1,436,509 629,000 40,660 2019-2023 4,581,000 6,560,860 1,957,000 52,957 2024-2028 5,412,000 5,312,530 - - 2029-2033 5,975,000 3,668,793 - - 2034-2038 6,370,000 1,777,419 - - 2039-2040 2,930,000 95,306 - - $ 29,192,000 $ 24,916,468 $ 5,000,000 $ 366,020 Business-type Activities Revenue Bonds Loans and Notes Landfill ClosureCosts Principal Interest Principal Interest Principal Interest Year Ending September 30, 2014 4,325,809 4,207,220 1,159,486 782,477 249,692 - 2015 4,322,703 4,052,841 1,337,221 749,593 249,692 - 2016 2,490,000 3,888,895 1,377,760 710,400 249,692 - 2017 2,590,000 3,781,994 2,218,535 669,463 249,692 2018 2,705,000 3,663,370 4,170,224 600,137 249,692 2019-2023 15,690,000 16,109,969 10,624,350 1,980,322 1,248,460 - 2024-2028 20,180,000 11,512,406 6,644,138 412,098 773,368 - 2029-2033 22,345,000 6,057,081 - - 130,920 - 2034-2038 12,865,000 1,307,500 - - - - $ 87,513,512 $ 54,581,276 $ 27,531,714 $ 5,904,490 $ 3,401,208 $ - NOTE 11 - CONDUIT DEBT Since 1984, the Okaloosa County has authorized eight industrial development revenue bond issues that are still outstanding. The original issues totaled $55,814,025 and as of September 30, 2013, $33,594,025 was the principal liability. These bonds do not constitute an indebtedness of the County and are not a charge against its general credit or taxing powers. The bonds are payable solely from revenues of the respective industries to which these bond proceeds were remitted. 70 Packet Pg. 128  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 12 - FUND BALANCES/RESTRICTED BALANCE A schedule of the governmental fund balances for September 30, 2013 is provided below. Major Funds General County Tourist Capital Fund Transportation Development Outlay Other