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

3,961,319 89.39 % 7,521,520 52.67 % September 30, 2007 32,271,940 34,783,263 2,511,323 92.78 % 8,199,930 30.63 % September 30, 2006 29,449,082 33,885,353 4,436,271 86.91 % 7,715,643 57.50 % September 30, 2005 27,938,158 31,397,476 3,459,318 88.98 % 7,190,199 48.11 % September 30, 2004 27,560,774 27,815,278 254,504 99.09 % 7,064,964 3.60 % Police Officers' Retirement Fund* September 30, 2013 $ 19,091,795 $ 25,634,521 $ 6,542,726 74.48 % $ 2,038,886 320.90 % September 30, 2012 18,379,668 25,755,221 7,375,553 71.36 % 2,178,847 338.51 % September 30, 2011 17,912,258 25,394,666 7,482,408 70.54 % 2,239,545 334.10 % September 30, 2010 18,874,149 24,702,783 5,828,634 76.40 % 2,195,529 265.48 % September 30, 2009 18,858,173 23,738,682 4,880,509 79.44 % 2,557,811 190.81 % September 30, 2008 18,832,627 22,743,407 3,910,780 82.80 % 2,530,182 154.57 % September 30, 2007 18,586,034 21,595,595 3,009,561 86.06 % 2,602,616 115.64 % September 30, 2006 17,266,489 19,896,104 2,629,615 86.78 % 2,257,286 116.49 % September 30, 2005 16,143,601 18,672,706 2,529,105 86.46 % 2,426,479 104.23 % September 30, 2004 15,294,319 16,603,462 1,309,143 92.12 % 2,245,042 58.31 % Firefighters' Retirement Fund September 30, 2013 $ 11,979,697 $ 18,477,592 $ 6,497,895 64.83 % $ 2,153,568 301.73 % September 30, 2012 10,927,529 18,139,496 7,211,967 60.24 % 1,946,811 370.45 % September 30, 2011 10,314,290 17,609,820 7,295,530 58.57 % 1,961,080 372.02 % September 30, 2010 10,591,930 17,167,805 6,575,875 61.70 % 2,116,516 310.69 % September 30, 2009 10,492,503 15,950,522 5,458,019 65.78 % 1,988,762 274.44 % September 30, 2008 10,537,442 14,539,341 4,001,899 72.48 % 1,632,275 245.17 % September 30, 2007 10,264,599 13,579,972 3,315,373 75.59 % 1,409,038 235.29 % September 30, 2006 9,499,462 11,757,764 2,258,302 80.79 % 1,807,962 124.91 % September 30, 2005 8,907,687 10,992,666 2,084,979 81.03 % 1,455,105 143.29 % September 30, 2004 8,602,487 9,919,601 1,317,114 86.72 % 1,293,587 101.82 % *The aggregate method of valuation used for the Police Officers' Retirement Fund does not identify or separately amortize the unfunded actuarial liabilities. Note: The information presented in this schedule was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation can be found in Note 7 to the financial statements. 76  Schedule A-2 City of Fort Walton Beach, Florida REQUIRED SUPPLEMENTAL INFORMATION SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND OTHER CONTRIBUTING ENTITIES Unaudited Annual Required Employer Other Entity Percentage Contribution Contribution Contribution Contributed General Employees' Retirement Fund September 30, 2013 $ 1,268,253 $ 1,318,790 $ - 103.98 % September 30, 2012 1,258,659 1,306,268 - 103.78 % September 30, 2011 1,091,338 1,159,438 - 106.24 % September 30, 2010 1,477,933 1,477,777 - 100.00 % September 30, 2009 1,268,428 1,268,260 - 100.00 % September 30, 2008 1,268,019 1,267,864 - 100.00 % September 30, 2007 1,231,003 1,231,004 - 100.00 % September 30, 2006 1,070,599 1,071,742 - 100.11 % September 30, 2005 678,947 680,552 - 100.24 % September 30, 2004 491,258 491,258 - 100.00 % Police Officers' Retirement Fund September 30, 2013 $ 881,697 $ 754,704 $ 170,885 104.98 % September 30, 2012 875,055 799,961 168,042 110.62 % September 30, 2011 682,860 521,425 161,435 100.00 % September 30, 2010 665,220 500,007 165,213 100.00 % September 30, 2009 578,670 407,159 171,511 100.00 % September 30, 2008 488,381 306,805 181,576 * 100.00 % September 30, 2007 516,528 334,952 181,576 * 100.00 % September 30, 2006 433,829 252,252 181,576 * 100.00 % September 30, 2005 460,501 278,925 181,576 * 100.00 % September 30, 2004 360,576 179,000 181,576 100.00 % *"Frozen" at $181,576 per Chapter 185, as amended, though actual contribution has been higher. Firefighters' Retirement Fund September 30, 2013 $ 817,997 $ 703,618 $ 125,627 * 101.38 % September 30, 2012 700,045 669,871 114,834 * 112.09 % September 30, 2011 675,386 514,872 160,514 * 100.00 % September 30, 2010 708,063 574,278 133,785 * 100.00 % September 30, 2009 555,720 421,935 133,785 * 100.00 % September 30, 2008 326,864 225,055 133,785 * 109.78 % September 30, 2007 299,027 169,381 129,646 * 100.00 % September 30, 2006 240,332 110,686 129,646 * 100.00 % September 30, 2005 200,627 77,963 122,664 * 100.00 % September 30, 2004 174,346 51,682 122,664 100.00 % *"Frozen" per Chapter 175, as amended, though actual contribution has been higher. Additional information as of the latest actuarial valuation can be found in Note 7 to the financial statements. 77  Schedule A-3 City of Fort Walton Beach, Florida REQUIRED SUPPLEMENTAL INFORMATION SCHEDULE OF OTHER POST-EMPLOYMENT OBLIGATIONS Unaudited Actuarial Accrued Annual UAAL as Actuarial Valuation Liability Actuarial Value Unfunded Percentage Covered % of Date (AAL) of Assets AAL (UAAL) Funded Payroll Payroll October 1, 2012* $ 5,651,699 $ - $ 5,651,699 - % $ 7,300,258 77.42 % October 1, 2010* 6,312,795 - 6,312,795 - % 6,578,002 95.97 % September 30, 2010** 4,768,818 - 4,768,818 - % 8,291,828 57.51 % September 30, 2009 6,496,763 - 6,496,763 - % 9,000,120 72.19 % *Determined using the Projected Unit Credit Method. **Determined using the Entry Age Normal Method, payroll shown accounts only for employees with medical coverage. 78 (THIS PAGE INTENTIONALLY LEFT BLANK.)  CITY OF FORT WALTON BEACH, FLORIDA Combining and Individual Fund Statements and Schedules These financial statements provide a more detailed view of the “Basic Financial Statements” presented in the preceding subsection. Combining statements are presented when there is more than one fund of a given fund type. Individual fund statements are necessary to present budgetary comparisons.  NON-MAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes. Law Enforcement Trust Special Revenue Fund To account for funds received from the sale of confiscated property to be utilized for drug enforcement. Law Enforcement Trust Training Special Revenue Fund To account for funds received from court fines to be used for additional police department training. Florida Building Code Fund To account for funds received from building permits and inspections to be utilized for enforcing the Florida Building Code per State Statute. Community Development Block Grant Special Revenue Fund To account for funds received under the Community Development Block Grant and expenditures of such funds in accordance with federal guidelines. Beal Memorial Cemetery Perpetual Care Special Revenue Fund To accumulate funds to meet the requirements of maintaining the City owned cemetery. DEBT SERVICE FUND The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest in accordance with bond ordinances.