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

- 661,796 4,470,000 - 13,458 61,221 - 10,199,963 15,406,438 0.19% 762.92 2011 - - 728,480 4,615,000 - 66,118 76,586 - 10,464,872 15,951,056 0.21% 816.58 2010 - 47,374 - 4,755,000 - 141,737 - - 13,856,796 18,800,907 0.26% 923.65 2009 - 93,003 - 4,885,000 - 226,886 - - 14,575,130 19,780,019 0.28% 956.71 2008 - 197,509 - 5,010,000 - 584,170 - - 15,125,535 20,917,214 0.30% 999.96 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual 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 15 for personal income 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 11 RATIO OF NET GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Unaudited Governmental Activities Percentage of General Actual Taxable Fiscal Year Obligation Bonds Value of Property (1) Per Capita (2) 2017 $ - 0.00% $ - 2016 - 0.00% - 2015 - 0.00% - 2014 - 0.00% - 2013 - 0.00% - 2012 - 0.00% - 2011 - 0.00% - 2010 - 0.00% - 2009 - 0.00% - 2008 - 0.00% - Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual 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. 114  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) (1) Year Revenues Debt Service Principal Interest Total Coverage 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 2015 28,766,844 27,552,810 962,155 940,698 1,902,853 14.48 2014 26,593,384 26,466,080 890,954 797,317 1,688,271 15.68 2013 26,338,776 25,803,342 364,156 460,197 824,353 31.30 2012 25,267,908 25,556,504 497,049 697,060 1,194,109 21.40 2011 25,845,100 26,274,792 468,935 695,713 1,164,648 22.56 2010 26,704,483 26,355,374 510,000 874,423 1,384,423 19.04 2009 26,006,265 28,208,317 340,000 889,985 1,229,985 22.93 2008 30,410,368 31,235,238 325,000 904,730 1,229,730 25.40 (1) Non-Ad Valorem Revenues of General Fund, Capital Projects Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Utility System Revenue Note 2015, SRF Loan and 2011 Revenue Notes. See Financial Statement Notes for detail. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual 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. 115  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 $ 63,899,514 10.85% (2) $ 6,931,112 Okaloosa County School District Certificates of Participation $ 45,612,000 31.11% (1) $ 14,190,400 Subtotal: Overlapping Debt $ 109,511,514 $ 21,121,512 Direct Debt City of Fort Walton Beach Revenue Notes $ 11,073,656 100.00% $ 11,073,656 City of Fort Walton Beach Lease Payable $ 76,099 100.00% $ 76,099 Subtotal: Direct Debt $ 11,149,755 $ 11,149,755 Total Direct and Overlapping Debt $ 120,661,269 $ 32,271,267 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. 116  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2017 2008 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking (1) USAF - Eglin Air Force Development Test Center 19,413 19.78% 1 14,880 15.74% 1 (2) USAF - Hurlburt Air Force Special Ops Command 10,729 10.93% 2 7,642 8.08% 2 Okaloosa County School District Education Services 3,349 3.41% 3 3,430 3.63% 3 (3) Okaloosa County Local Government Services 1,619 1.65% 4 650 0.69% 8 (4) Fort Walton Beach Medical Center Medical Services 1,065 1.09% 5 750 0.79% 7 (4) Lockheed Martin Corporation Military Technical Support 926 0.94% 6 Reliance Test & Technology Military Technical Support 800 0.82% 7 North Okaloosa Medical Center Medical Services 643 0.66% 8 CenturyLink Communications 600 0.62% 9 Walmart (Okaloosa Combined) Consumer Products 600 0.61% 10 Marconi Services Technical Support for Military 0.00% 1,250 1.32% 4 State of Florida State Government Services 0.00% 966 1.02% 5 ResortQuest Vacation Home Realty Services 0.00% 800 0.85% 6 DRS Training and Control Systems Radar Systems, Digital Computers 0.00% 600 0.63% 9 Tybrin Corporation Military Technical Support 0.00% 450 0.48% 10