Fort Walton Beach — Comprehensive Annual Financial Report September 30, 2013 — reading text

(191,704) Amortization (13,447) - (765) - (14,212) Gain (loss) on disposal of capital assets (7,243) 26,729 - 1,176 20,662 Unrealized gain (loss) on investment (11,948) (4,343) - (1,022) (17,313) Realized gain (loss) on investment (18,159) (6,601) - (1,553) (26,313) Interest 37,762 13,877 - 3,094 54,733 Grants in aid (398) - - - (398) Miscellaneous 1,228 4,106 1,265 976 7,575 TOTAL NON-OPERATING REVENUES (EXPENSES) (166,047) 33,768 76,467 2,671 (53,141) INCOME (LOSS) BEFORE CONTRIBUTIONS, SPECIAL ITEM AND OPERATING TRANSFERS 980,482 369,689 (263,212) (18,095) 1,068,864 CONTRIBUTIONS, SPECIAL ITEM AND TRANSFERS Capital grants and contributions 1,871,295 - - - 1,871,295 Special item: impairment loss on capital asset (786,713) - - - (786,713) Transfers in - - 2,595,977 - 2,595,977 Transfers out (320,536) (130,000) - - (450,536) TOTAL CONTRIBUTIONS, SPECIAL ITEM AND TRANSFERS 764,046 (130,000) 2,595,977 - 3,230,023 CHANGE IN NET POSITION 1,744,528 239,689 2,332,765 (18,095) 4,298,887 NET POSITION - BEGINNING OF YEAR 19,184,143 3,265,750 (99,345) 1,429,065 23,779,613 NET POSITION - END OF YEAR $ 20,928,671 $ 3,505,439 $ 2,233,420 $ 1,410,970 $ 28,078,500 The accompanying notes are an integral part of these financial statements. 24  EXHIBIT VIII City of Fort Walton Beach, Florida PROPRIETARY FUNDS STATEMENT OF CASH FLOWS Year Ended September 30, 2013 Other Sanitation Enterprise Utilities Fund Fund Golf Fund Funds Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 8,639,973 $ 3,481,869 $ 1,665,710 $ 619,417 $ 14,406,969 Payments to suppliers (3,233,670) (1,948,961) (747,233) (281,268) (6,211,132) Payments to employees (1,758,836) (943,292) (953,625) (263,404) (3,919,157) Miscellaneous income 17,608 4,106 98,714 976 121,404 Net cash provided by operating activities 3,665,075 593,722 63,566 75,721 4,398,084 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Borrowings (repayments) Change in intergovernmental balances 628,706 105 595 - 629,406 Due to other funds - - 127,785 - 127,785 Grants and aids (398) - - - (398) Transfers out (320,536) (130,000) - - (450,536) Net cash used by non-capital financing activities 307,772 (129,895) 128,380 - 306,257 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisitions of capital assets (15,196,541) (284,308) (104,441) (21,500) (15,606,790) Proceeds from disposal of capital assets 29,068 33,216 - 439 62,723 Capital grants and contributions 1,871,295 - - - 1,871,295 Principal paid on advance from other fund - - (64,708) - (64,708) Principal paid on leases payable - - (13,458) - (13,458) Proceeds from note payable - - 28,071 - 28,071 Proceeds from state revolving loan 7,068,523 - - - 7,068,523 Principal paid on bonds and notes payable (280,000) - (15,759) - (295,759) Interest paid on bond, loan, lease and advance payables (172,672) - (21,651) - (194,323) Net cash used by capital and related financing activities (6,680,327) (251,092) (191,946) (21,061) (7,144,426) NET CASH FLOWS FROM INVESTING ACTIVITIES Interest income 7,655 2,933 - 519 11,107 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,699,825) 215,668 - 55,179 (2,428,978) CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 10,004,578 1,961,070 4,293 480,285 12,450,226 CASH AND CASH EQUIVALENTS - END OF YEAR $ 7,304,753 $ 2,176,738 $ 4,293 $ 535,464 $ 10,021,248 Continued... The accompanying notes are an integral part of these financial statements. 25  EXHIBIT VIII City of Fort Walton Beach, Florida PROPRIETARY FUNDS STATEMENT OF CASH FLOWS Year Ended September 30, 2013 Other Sanitation Golf Enterprise Utilities Fund Fund Fund Funds Total CASH AND CASH EQUIVALENTS AT END OF YEAR CONSIST OF Current assets $ 5,757,274 $ 2,175,998 $ - $ 535,464 $ 8,468,736 Restricted assets, current 1,547,479 740 4,293 1,552,512 Total cash and cash equivalents $ 7,304,753 $ 2,176,738 $ 4,293 $ 535,464 $ 10,021,248 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating income (loss) $ 1,146,529 $ 335,921 $ (339,679) $ (20,766) $ 1,122,005 Adjustments to reconcile operating income (loss) to net cash provided by operating activities Depreciation 1,293,383 245,070 239,887 66,432 1,844,772 Miscellaneous revenue 17,608 4,106 98,714 976 121,404 Decrease (increase) in assets Accounts receivable 3,004 (17,175) 722 28,221 14,772 Inventory (13,290) - (976) - (14,266) Increase (decrease) in liabilities Accounts payable 1,155,626 (608) 17,205 (22,449) 1,149,774 Compensated absences payable 268 4,597 (4,045) (1,005) (185) Wages 11,313 2,882 601 5,805 20,601 Other liabilities (1,320) (282) (190) (266) (2,058) Customer deposits 16,490 (515) - - 15,975 Other post-employment benefits 21,687 19,726 47,599 18,773 107,785 Deferred revenue 13,777 - 3,728 - 17,505 Net cash provided by operating activities $ 3,665,075 $ 593,722 $ 63,566 $ 75,721 $ 4,398,084 SUPPLEMENTAL DISCLOSURES OF NONCASH TRANSACTIONS Amortization of bond and note issue costs $ 8,356 $ - $ 765 $ - $ - Amortization of discounts and deferred loss on refunding $ 5,091 $ - $ - $ - $ - Forgiveness of advance from other fund $ -