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

2025 $ - 0.00% $ - 2024 - 0.00% - 2023 - 0.00% - 2022 - 0.00% - 2021 - 0.00% - 2020 - 0.00% - 2019 - 0.00% - 2018 - 0.00% - 2017 - 0.00% - 2016 - 0.00% - 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. (1) See Schedule 6 for property value data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 113  City of Fort Walton Beach, Florida SCHEDULE 12 PLEDGED REVENUE COVERAGE SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Unaudited Average Non-Ad Valorem Revenues Fiscal Non-Ad Valorem Avail. for Debt Service Requirements (2) Year Revenues (1) Debt Service Principal Interest Total Coverage 2025 $ 43,698,865 $ 44,354,058 $ 3,881,584 $ 997,297 $ 4,878,881 9.09 2024 45,009,250 44,633,809 3,795,424 1,079,247 4,874,671 9.16 2023 44,258,368 41,571,494 3,780,566 1,045,404 4,825,970 8.61 2022 38,884,619 39,790,234 3,107,726 1,102,464 4,210,190 9.45 2021 40,695,849 39,997,947 2,380,155 1,133,336 3,513,491 11.38 2020 39,300,045 43,467,423 2,235,704 1,185,842 3,421,546 12.70 2019 47,634,800 39,571,847 1,823,173 1,029,403 2,852,576 13.87 2018 31,508,894 29,893,013 1,846,847 803,314 2,650,161 11.28 2017 28,277,131 28,292,306 1,726,719 831,220 2,557,939 11.06 2016 28,307,481 28,537,163 1,301,785 860,023 2,161,808 13.20 (1) Non-Ad Valorem Revenues of General Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Capital Improvement Revenue Bonds, Series 2018, Utility System Revenue Note 2015, SRF Loan, 2011 Revenue Note, Financing Contracts, Leases, and Subscription Liabilities. See Financial Statement Notes for detail. 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. 114  City of Fort Walton Beach, Florida SCHEDULE 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Unaudited Percentage Amount Net Debt Applicable to Applicable to Governmental Unit Outstanding Fort Walton Beach Fort Walton Beach Overlapping Debt Okaloosa County Revenue Bonds $ 113,108,435 9.59% (2) $ 10,845,484 Revenue Notes 13,617,857 9.59% (2) 1,305,758 Financing Contracts 11,597 9.59% (2) 1,112 Okaloosa County School District Certificates of Participation 2,161,000 25.45% (1) 550,073 Financing Contracts 249,758,726 25.45% (1) 63,574,948 Lease and Subscription Liabilities 59,802,829 25.45% (1) 15,222,538 Subtotal: Overlapping Debt 438,460,444 91,499,913 Direct Debt City of Fort Walton Beach Revenue Bonds & Notes 15,905,768 100.00% 15,905,768 City of Fort Walton Beach Financing Contracts 380,874 100.00% 380,874 City of Fort Walton Beach Lease Liabilities 594,073 100.00% 594,073 City of Fort Walton Beach Subscription Liabilities 1,804,986 100.00% 1,804,986 Subtotal: Direct Debt 18,685,701 18,685,701 Total Direct and Overlapping Debt $ 457,146,145 $ 110,185,614 Source: Okaloosa County, Okaloosa County School Board (1) Calculation based on total schools in Okaloosa County School District versus schools in Fort Walton Beach. (2) Calculation based on total population in Okaloosa County versus population in Fort Walton Beach. 115  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2025 2016 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking USAF - Eglin AFB (1) Air Force Development Test Center 19,040 17.29% 1 21,500 18.81% 1 (2) USAF - Hurlburt AFB Air Force Special Ops Command 13,255 12.04% 2 10,651 9.32% 2 Okaloosa County School District Education Services 4,428 4.02% 3 3,521 3.08% 3 Walmart Consumer Products 1,386 1.26% 4 HCA FL Fort Walton-Destin Hospital Medical Services 1,252 1.14% 5 1,000 0.87% 5 (3) Okaloosa County BCC Local Government Services 1,127 1.02% 6 1,501 1.31% 4 Publix (Okaloosa Combined) Consumer Products 910 0.83% 7 Reliance Test & Technology Government Contractor 770 0.70% 8 Lockheed Martin Defense Contractor 730 0.66% 9 800 0.70% 7 North Okaloosa Medical Center Medical Services 725 0.66% 10 Jacobs Technology - TEAS Group Military Technical Support 1,000 0.87% 5 InDyne Inc. Military Technical Support 800 0.70% 7 Northwest Florida State College Education Services 752 0.66% 9 L-3 Crestview Aerospace Military Technical Support 600 0.52% 10 43,623 39.61% 42,125 36.86% (1) Includes military, civilian, and contractor personnel; a portion of contractor personnel may be duplicated with private sector employees also listed here. (2) Includes military and civilian personnel. (3) Includes County Commission, Clerk of Court, Property Appraiser, Sheriff (estimated), Supervisor of Elections, and Tax Collector. Source: One Okaloosa Economic Development Council (oneokaloosa.org/employers) 116  City of Fort Walton Beach, Florida SCHEDULE 15 MISCELLANEOUS DEMOGRAPHICAL STATISTICS Last Ten Fiscal Years Unaudited Fiscal Fort Walton Beach Okaloosa County FWB as a % Personal Income Per Capita Unemployment Year Population Population of the County (thousands of dollars) Personal Income Rate 2025 21,553 224,778 9.59% $ 14,601,665 $ 64,960 4.1% 2024 21,090 220,603 9.56%