Fort Walton Beach — Annual Comprehensive Financial Report, September 30, 2025 — reading text

- - - 183,187 System improvements 404,761 452,472 440,212 454,564 465,123 476,154 463,361 434,824 432,439 473,011 Unrestricted 11,118,844 11,731,659 12,252,058 14,010,607 14,639,462 15,561,538 15,699,234 14,439,484 13,254,299 11,842,713 Total business-type activities net position $ 24,574,688 $ 26,159,699 $ 26,679,073 $ 28,300,559 $ 29,828,791 $ 30,218,672 $ 29,742,514 $ 30,588,269 $ 34,399,434 $ 36,039,962 Primary Government Net investment in capital assets $ 40,684,909 $ 41,165,438 $ 43,204,955 $ 41,958,502 $ 42,833,249 $ 42,058,095 $ 42,083,697 $ 44,579,104 $ 56,263,894 $ 64,105,311 Restricted 2,722,851 2,703,688 2,945,029 4,347,586 6,831,402 9,632,619 12,996,391 15,648,731 15,535,499 15,618,204 Unrestricted 13,277,657 10,284,221 9,584,338 13,632,814 18,811,104 23,840,841 23,769,885 24,718,249 23,370,092 19,236,047 Total primary government net position $ 56,685,417 $ 54,153,347 $ 55,734,322 $ 59,938,902 $ 68,475,755 $ 75,531,555 $ 78,849,973 $ 84,946,084 $ 95,169,485 $ 98,959,562 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. The City implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year. Note: The amounts reported for the 2023 governmental activities net investment in capital assets has been reduced to reflect a restatement to correct an error. 102  City of Fort Walton Beach, Florida SCHEDULE 2 CHANGES IN NET POSITION Last Ten Fiscal Years (full accrual basis of accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Expenses Governmental activities General government $ 3,285,039 $ 3,581,072 $ 3,799,439 $ 3,559,619 $ 4,182,204 $ 4,222,810 $ 4,318,011 $ 5,321,980 $ 5,612,265 $ 6,893,053 Public safety 10,172,215 11,507,059 11,420,904 11,159,777 12,040,368 13,746,451 14,020,586 19,077,377 15,594,706 16,698,910 Physical environment 430,490 543,287 505,458 519,126 497,072 547,701 531,268 531,784 425,314 401,575 Transportation 1,494,178 1,536,979 1,401,819 1,406,227 1,268,589 1,253,402 1,401,797 1,385,178 1,318,838 1,004,089 Economic environment 1,540,230 1,591,643 1,174,794 1,412,332 1,317,571 1,131,722 1,194,625 1,217,467 1,463,389 1,275,342 Culture and recreation 5,375,183 5,403,198 5,538,881 5,781,339 5,999,273 5,990,714 6,103,857 6,545,449 6,912,043 6,726,220 Debt service interest 323,639 304,331 291,590 664,131 727,034 700,924 716,930 728,062 705,158 668,906 Total government activities 22,620,974 24,467,569 24,132,885 24,502,551 26,032,111 27,593,724 28,287,074 34,807,297 32,031,713 33,668,095 Business-type activities Utilities 10,066,769 9,420,248 9,810,437 9,961,949 9,315,619 10,574,909 10,480,961 10,003,984 11,238,837 11,080,697 Sanitation 3,407,992 3,687,087 3,774,624 3,720,984 3,824,136 3,996,753 4,142,106 4,774,632 4,580,016 4,745,877 Stormwater 611,351 681,541 727,282 762,181 764,925 1,040,698 1,035,826 967,922 1,196,475 1,048,423 Total business-type activities 14,086,112 13,788,876 14,312,343 14,445,114 13,904,680 15,612,360 15,658,893 15,746,538 17,015,328 16,874,997 Total primary government expenses $ 36,707,086 $ 38,256,445 $ 38,445,228 $ 38,947,665 $ 39,936,791 $ 43,206,084 $ 43,945,967 $ 50,553,835 $ 49,047,041 $ 50,543,092 Program Revenues Governmental activities Charges for services General government $ 421,503 $ 448,911 $ 434,820 $ 508,494 $ 532,475 $ 550,688 $ 354,235 $ 291,558 $ 394,970 $ 699,179 Public safety 523,163 570,556 532,536 643,944 1,440,937 1,883,415 2,204,959 2,296,942 934,683 900,575 Physical environment 371,205 399,338 387,821 414,695 415,266 724,582 535,838 486,857 422,578 453,875 Transportation 207,860 240,653 246,164 252,418 258,883 270,779 288,888 198,547 214,127 202,017 Economic environment 392,118 12,000 - 21,300 36,701 51,039 46,413 47,806 48,266 51,201 Culture and recreation 1,805,332 1,846,019 2,078,405 2,171,484 2,095,326 2,572,448 2,787,760 3,076,149 3,085,299 3,133,432 Operating grants and contributions 908,595 825,624 706,094 765,032 4,049,001 2,348,391 1,460,346 1,866,820 1,089,161 1,239,109 Capital grants and contributions 802,809 361,641 1,487,587 37,406 232,491 186,874 125,832 1,251,331 789,571 243,432 Total governmental activities program revenues 5,432,585 4,704,742 5,873,427 4,814,773 9,061,080 8,588,216 7,804,271 9,516,010 6,978,655 6,922,820 Business-type activities Charges for services Utilities 10,141,724 10,970,823 10,737,496 11,390,289 11,356,045 11,856,685 11,944,833 11,790,008 11,580,108 12,484,176 Sanitation 3,599,838 3,663,445 3,774,519 3,871,204 3,934,207 4,381,765 4,824,130 5,018,548 5,177,268 5,433,078 Stormwater 860,644 917,844 975,805 1,027,310 1,035,033 1,035,527 1,037,228 1,036,590 1,046,679 1,053,819 Capital grants and contributions 533,515 1,314,521 151,049 93,282 211,962 89,963 46,063 122,670 3,721,220 1,082,695 Total business-type activities program revenues 15,135,721 16,866,633 15,638,869 16,382,085 16,537,247 17,363,940 17,852,254 17,967,816 21,525,275 20,053,768 Total primary government program revenues $ 20,568,306 $ 21,571,375 $ 21,512,296 $ 21,196,858 $ 25,598,327 $ 25,952,156 $ 25,656,525 $ 27,483,826 $ 28,503,930 $ 26,976,588 Continued… 103  City of Fort Walton Beach, Florida SCHEDULE 2 CHANGES IN NET POSITION Last Ten Fiscal Years (full accrual basis of accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net (Expense)/Revenue Governmental activities $ (17,188,389) $ (19,762,827) $ (18,259,458) $ (19,687,778) $ (16,971,031) $ (19,005,508) $ (20,482,803) $ (25,291,287) $ (25,053,058) $ (26,745,275) Business-type activities 1,049,609 3,077,757 1,326,526 1,936,971 2,632,567 1,751,580 2,193,361 2,221,278 4,509,947 3,178,771 Total primary government $ (16,138,780) $ (16,685,070) $ (16,932,932) $ (17,750,807) $ (14,338,464) $ (17,253,928) $ (18,289,442) $ (23,070,009) $ (20,543,111) $ (23,566,504) General Revenues and Other Changes in Net Position Governmental activities Taxes Property taxes $ 5,617,998 $ 5,807,598 $ 6,041,303 $ 6,416,668 $ 6,573,751 $ 6,608,861 $ 7,025,573 $ 7,618,352 $ 7,750,534 $ 7,693,921 Sales taxes 2,707,153 2,792,840 2,941,301 4,335,114 4,940,279 6,021,460 6,401,055 6,142,151 6,726,844 5,934,715 Utility service taxes 3,931,939 3,962,859 4,182,026 4,045,085 4,024,523 4,136,505 4,294,415