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

945,657 1,006,864 1,026,839 1,294,069 1,074,110 Culture and recreation 4,196,979 4,170,787 4,477,927 4,685,690 4,929,243 4,924,696 4,880,270 5,170,888 5,582,110 5,282,268 Capital outlay 2,105,686 1,598,285 3,574,823 10,498,028 4,546,491 2,823,402 3,827,661 6,018,951 8,694,881 10,126,129 Debt service Principal 673,851 682,229 718,320 698,381 1,084,666 1,203,619 1,871,562 2,488,022 2,471,280 2,461,192 Interest and other costs 336,835 316,629 297,245 547,165 734,680 708,959 725,016 682,916 726,419 676,668 Total expenditures 22,007,124 22,641,748 25,517,372 32,510,108 28,518,811 28,460,154 31,612,755 36,046,629 40,690,575 42,828,896 Excess (deficiency) of revenues over (under) expenditures 340,828 17,995 (1,649,095) (6,499,524) 2,681,743 3,339,417 (1,284,983) 281,524 (4,033,250) (8,192,987) Other Financing Sources (Uses) Proceeds from financing contracts - - - 350,000 74,135 - - 304,825 - 242,000 Proceeds from issuance of leases - - - - - - 31,944 - 428,276 320,094 Proceeds from issuance of subscription liabilities - - - - - - - 971,904 126,694 1,183,284 Transfers in 1,798,184 1,794,419 1,868,634 2,353,906 3,620,644 3,723,288 4,217,403 4,239,244 1,892,427 2,015,823 Transfers out (1,042,338) (1,032,680) (1,021,261) (1,262,327) (1,872,958) (1,963,506) (2,420,320) (2,441,479) (43,757) (30,248) Sale of general capital assets 850,000 - - - - 748,986 - 4,668,757 - 491,244 Debt issuance - - - 12,520,000 - 2,499,320 - - - - Total other financing sources (uses) 1,605,846 761,739 847,373 13,961,579 1,821,821 5,008,088 1,829,027 7,743,251 2,403,640 4,222,197 Net change in fund balance $ 1,946,674 $ 779,734 $ (801,722) $ 7,462,055 $ 4,503,564 $ 8,347,505 $ 544,044 $ 8,024,775 $ (1,629,610) $ (3,970,790) Debt service as a percentage of noncapital expenditures 5.08% 4.75% 4.63% 5.66% 7.59% 7.46% 9.35% 10.56% 9.99% 9.60% 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: Beginning in FY22, the City implemented GASB Statement No. 87, Leases Note: Beginning in FY22, the City began separately reporting investment income (losses) from other miscellaneous revenues Note: Beginning in FY23, the City implemented GASB Statement No. 96, Subscription-Based Information Technology Arrangements 106  City of Fort Walton Beach, Florida SCHEDULE 5 REVENUES AND OTHER SOURCES (1) Last Ten Fiscal Years Unaudited Investment Income Other Fiscal Licenses, Fees, Intergovernmental Charges for Fines and (Losses) and Financing Year Taxes and Permits Revenues Services Forfeitures Other Revenues Sources TOTAL 2025 $ 15,708,803 $ 3,072,409 $ 8,767,447 $ 3,784,813 $ 237,166 $ 3,065,271 $ 4,252,445 $ 38,888,354 2024 15,754,818 3,232,859 9,532,937 3,717,283 106,837 4,312,591 2,447,397 39,104,722 2023 15,344,155 4,722,748 10,169,568 3,743,367 237,061 2,111,254 7,743,251 44,071,404 2022 14,378,360 4,471,993 8,760,009 3,628,960 117,291 (1,028,841) 1,829,027 32,156,799 2021 13,705,445 4,102,640 9,094,488 3,461,193 77,476 1,358,329 5,008,088 36,807,659 2020 13,441,866 3,475,389 9,870,743 2,757,191 93,827 1,561,538 1,821,821 33,022,375 2019 13,101,370 2,659,200 5,516,224 2,868,887 94,578 1,770,325 15,223,906 41,234,490 2018 12,741,642 2,586,035 4,880,937 2,739,021 101,378 819,264 1,868,634 25,736,911 2017 12,220,392 2,514,178 4,266,425 2,488,384 127,406 1,042,958 1,794,419 24,454,162 2016 11,941,311 2,623,810 4,322,696 2,402,801 121,513 935,821 2,648,184 24,996,136 (1) Includes General Fund, LETFs, CDBG Fund, FBC Fund, CRA Fund, Debt Service Fund, and Beal Memorial Cemetery Fund 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. 107  City of Fort Walton Beach, Florida SCHEDULE 6 ASSESSED VALUE OF TAXABLE PROPERTY (1) Last Ten Fiscal Years Unaudited Total Assessed Total Tax Real Personal Assessed Value for Direct Tax Year Property Property Value Exemptions Operations Rate 2025 $ 2,851,733,248 $ 200,915,720 $ 3,052,648,968 $ 630,796,562 $ 2,421,852,406 4.3282 2024 2,631,355,774 166,865,535 2,798,221,309 596,827,402 2,201,393,907 4.3282 2023 2,491,514,381 165,274,982 2,656,789,363 572,446,316 2,084,343,047 4.6116 2022 2,284,074,540 134,039,029 2,418,113,569 531,246,048 1,886,867,521 4.9999 2021 2,029,638,016 127,094,869 2,156,732,885 519,837,310 1,636,895,575 5.3293 2020 1,932,732,538 121,764,835 2,054,497,373 509,515,431 1,544,981,942 5.3293 2019 1,824,002,582 118,539,677 1,942,542,259 493,474,028 1,449,068,231 5.6395 2018 1,717,941,745 113,382,574 1,831,324,319 477,406,649 1,353,917,670 5.7697 2017 1,622,927,933 117,555,021 1,740,482,954 462,721,193 1,277,761,761 5.7697 2016 1,569,650,612 113,113,590 1,682,764,202 458,344,109 1,224,420,093 5.7697 (1) Florida State Law requires all property to be assessed at current fair market. The 2024 tax roll is the basis for fiscal year 2025 revenues Source: Okaloosa County Property Appraiser 108  City of Fort Walton Beach, Florida SCHEDULE 7 PROPERTY TAX RATES PER $1,000 OF TAXABLE VALUE - ALL DIRECT AND OVERLAPPING GOVERNMENTS (1) Last Ten Fiscal Years Unaudited City of Fort Walton Beach Direct Rate Overlapping Rates* Okaloosa Northwest Florida Total Total Direct Okaloosa County School Water Overlapping Year (1) Basic Rate Rate County Board Management Rates 2025 4.3282 4.3282 3.8308 5.3770 0.0207 9.2285 2024 4.3282 4.3282 3.8308 5.3790 0.0218 9.2316 2023 4.6116 4.6116 3.8308 5.4770 0.0234 9.3312 2022 4.9999 4.9999 3.8308 5.5790 0.0261 9.4359 2021 5.3293 5.3293 3.8308 5.9430 0.0294 9.8032 2020 5.3293 5.3293 3.8308 6.0350 0.0311 9.8969 2019 5.6395 5.6395 3.8308 6.2060 0.0327 10.0695 2018 5.7697 5.7697