Fort Walton Beach — Comprehensive Financial Report September 30, 2017 — reading text

Less current year depreciation/amortization (2,644,581) (1,046,296) Governmental funds do not report capital assets on the balance sheet; however, they are reported in the government-wide financial statements. Accordingly, proceeds received for disposals of capital assets are shown as income in the governmental financial statements and a gain or loss is reported in the statement of activities. In addition, capital asset reassignments are reported as transfers on the statement of activities. Disposals of capital assets (1,048,102) Accumulated depreciation/amortization associated with disposals 917,376 Transfers and adjustments of capital assets (88,497) Accumulated depreciation/amortization associated with disposals and transfers 139,334 (79,889) Special assessment revenue in the governmental funds is recognized when due; however, the revenue was recognized in the statement of activities when it was earned (when levied). Payments received from special assessments (25,807) Special assessment for interest and penalties 660 Payments received on receivable related to the sale of capital assets (49,291) (74,438) The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance costs, premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. In addition, long- term debt reassignments are reported as transfers on the statement of activities. Debt principal and capital lease payments 682,229 Change in accrued interest on long-term debt 4,145 686,374 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Change in net pension liability and related deferred inflows and deferred outflows of resources (1,106,772) Change in long-term compensated absences (32,611) Change in other post-employment benefits liability and related deferred outflows of resources (326,516) (1,465,899) Change in net position of governmental activities (page 16) $ (1,200,414) See notes to the financial statements. 20  CITY OF FORT WALTON BEACH, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2017 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 10,933,747 $ 10,933,747 $ 11,183,941 $ 250,194 Permits and fees 2,099,983 2,099,983 2,081,095 (18,888) Intergovernmental 3,015,734 3,720,541 3,386,955 (333,586) Charges for services 2,405,752 2,408,249 2,488,384 80,135 Fines 109,523 109,523 118,740 9,217 Miscellaneous 441,824 524,143 686,390 162,247 Total revenues 19,006,563 19,796,186 19,945,505 149,319 EXPENDITURES Current General governmental services 3,468,298 3,800,400 3,228,767 571,633 Public safety 9,141,573 9,193,867 8,967,487 226,380 Physical environment 321,122 322,122 359,428 (37,306) Transportation 1,045,139 1,076,834 890,762 186,072 Culture and recreation 4,317,091 4,470,232 4,170,787 299,445 Capital outlay 1,432,211 2,099,139 1,579,541 519,598 Debt service - - 8,155 (8,155) Total expenditures 19,725,434 20,962,594 19,204,927 1,757,667 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (718,871) (1,166,408) 740,578 1,906,986 OTHER FINANCING SOURCES (USES) Transfers in 787,300 788,268 781,956 (6,312) Transfers out (1,069,164) (1,078,474) (1,012,463) 66,011 Total other financing sources (uses) (281,864) (290,206) (230,507) 59,699 NET CHANGE IN FUND BALANCE (1,000,735) (1,456,614) 510,071 1,966,685 FUND BALANCE AT BEGINNING OF YEAR 1,000,735 1,456,614 11,969,264 10,512,650 FUND BALANCE AT END OF YEAR $ - $ - $ 12,479,335 $ 12,479,335 See notes to the financial statements. 21  CITY OF FORT WALTON BEACH, FLORIDA COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2017 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 1,036,451 $ 1,036,451 $ 1,036,451 $ - Permits and fees - - 23,163 23,163 Intergovernmental 616,298 616,298 613,138 (3,160) Miscellaneous 32,457 32,457 69,791 37,334 Total revenues 1,685,206 1,685,206 1,742,543 57,337 EXPENDITURES Current Public safety 412,853 412,853 403,380 9,473 Economic environment 1,058,035 1,718,120 1,214,268 503,852 Capital outlay 346,216 346,216 9,774 336,442 Total expenditures 1,817,104 2,477,189 1,627,422 849,767 CHANGE IN FUND BALANCE (131,898) (791,983) 115,121 907,104 FUND BALANCE AT BEGINNING OF YEAR 131,898 791,983 1,437,363 645,380 FUND BALANCE AT END OF YEAR $ - $ - $ 1,552,484 $ 1,552,484 See notes to the financial statements. 22  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION SEPTEMBER 30, 2017 Sanitation Stormwater Utilities Fund Fund Fund Total ASSETS Current assets Cash and cash equivalents $ 2,003,425 $ 262,523 $ 113,577 $ 2,379,525 Restricted assets – cash and cash equivalents 857,627 8,275 - 865,902 Investments 7,879,910 2,026,263 450,281 10,356,454 Receivables, net 664,418 209,503 53,963 927,884 Advance to other funds - 48,458 - 48,458 Due from other governments 4,069 - 586,146 590,215 Inventory – at cost 17,055 - - 17,055 Prepaid assets - - 7,046 7,046 Total current assets 11,426,504 2,555,022 1,211,013 15,192,539 Other assets Advance to other funds - 311,795 - 311,795 Other receivables, net 5,947 - - 5,947 Total other assets 5,947 311,795 - 317,742 Capital assets, net Non-depreciable/amortizable 827,682 - 59,220 886,902 Depreciable/amortization, net 30,967,313 1,232,502 3,019,102 35,218,917 Total capital assets 31,794,995 1,232,502 3,078,322 36,105,819 Total non-current assets 31,800,942 1,544,297 3,078,322 36,423,561 TOTAL ASSETS 43,227,446 4,099,319 4,289,335 51,616,100 DEFERRED OUTFLOWS OF RESOURCES 1,200,089 464,558 116,228 1,780,875 See notes to the financial statements. 23  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS