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

20,415,421 22,230,828 Excess of revenue over (under) expenditures (1,560,483) (790,737) (5,488,231) (757,501) (5,903,639) (2,212,562) (2,005,388) (292,704) (3,264,279) (4,968,525) Other Financing Sources (Uses) Transfers in 2,516,798 2,376,403 2,618,738 2,644,727 5,367,633 3,191,822 2,342,226 2,296,944 2,284,416 673,836 Transfers out (525,465) (501,403) (638,738) (715,802) (2,450,323) (685,545) (674,583) (614,227) (628,384) (2,819,277) Insurance recoveries - 299,145 - - - - - - - - Lease proceeds 143,698 299,948 - - - - - - - 103,784 Debt issuance - 2,039,191 - - - - - 739,805 - 12,942,539 Contributions from others 40,929 7,860 10,572 - - - - - - - Total other financing sources (uses) 2,175,960 4,521,144 1,990,572 1,928,925 2,917,310 2,506,277 1,667,643 2,422,522 1,656,032 10,900,882 Net change in fund balance $ 615,477 $ 3,730,407 $ (3,497,659) $ 1,171,424 $ (2,986,329) $ 293,715 $ (337,745) $ 2,129,818 $ (1,608,247) $ 5,932,357 Debt service as a percentage of noncapital expenditures 2.49% 2.57% 2.90% 3.61% 10.62% 2.23% 2.25% 2.58% 2.56% 22.65% 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. Note: Beginning in FY11, the Community Redevelopment Area was included with the Governmental Funds 94  City of Fort Walton Beach, Florida SCHEDULE 5 REVENUES AND OTHER SOURCES (1) Last Ten Fiscal Years Unaudited Other Fiscal Licenses, fees, Intergovernmental Charges for Fines and Interest and Financing Year Taxes and Permits Revenues Services Forfeitures Other Revenues Sources TOTAL 2013 $9,901,157 $2,221,406 $3,400,876 $1,065,316 $241,923 $431,625 $13,720,159 $30,982,462 2012 10,065,983 2,142,995 3,291,693 969,560 142,936 537,975 2,284,416 19,435,558 2011 10,438,481 2,428,621 3,358,615 911,405 151,616 817,975 2,296,944 20,403,657 2010 9,414,513 2,406,916 3,502,904 907,476 204,849 1,370,077 2,342,226 20,148,961 2009 9,160,133 2,320,683 2,950,179 1,132,681 387,449 1,020,342 3,191,822 20,163,289 2008 9,039,398 2,225,224 2,914,162 1,216,687 268,415 1,211,662 5,367,633 22,243,181 2007 10,804,833 496,614 3,661,644 911,026 247,493 3,588,708 2,644,727 22,355,044 2006 11,086,466 517,727 3,836,216 900,170 247,329 860,820 2,618,738 20,067,466 2005 10,379,692 706,345 6,699,651 848,651 329,038 1,387,243 4,715,542 25,066,162 2004 9,506,835 358,675 5,514,537 933,006 305,851 653,600 2,701,425 19,973,929 (1) Includes General Fund, LETFs, CDBG Fund, FBC Fund, CRA Fund, Debt Service Fund, Capital Projects Fund, and Beal Memorial Fund 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. 95  City of Fort Walton Beach, Florida SCHEDULE 6 ASSESSED VALUE OF TAXABLE PROPERTY (1) Last Ten Fiscal Years Unaudited Total Assessed Total Tax Real Personal Assessed Value for Direct Tax Year Property Property Value Exemptions Operations Rate 2013 $ 1,451,775,552 $ 118,155,863 $ 1,569,931,415 $ 442,204,485 $ 1,127,726,930 5.7697 2012 1,445,327,759 120,653,616 1,565,981,375 446,565,401 1,119,415,974 4.5383 2011 1,478,072,570 126,412,302 1,604,484,872 452,378,818 1,152,106,054 4.5383 2010 1,550,325,157 129,348,680 1,679,673,837 469,933,333 1,209,740,504 4.5383 2009 1,864,657,624 148,104,763 2,012,762,387 476,888,476 1,309,056,015 4.1986 2008 2,046,319,844 147,625,998 2,193,945,842 816,366,365 1,377,579,477 4.1986 2007 2,100,890,582 148,394,292 2,249,284,874 777,377,988 1,471,906,886 4.1986 2006 1,980,162,078 137,191,649 2,117,353,727 761,995,075 1,355,358,652 4.6458 2005 1,518,656,395 129,244,507 1,647,900,902 548,237,161 1,099,663,741 4.9700 2004 1,194,748,692 123,444,654 1,318,193,346 400,213,897 917,979,449 4.9700 (1) Florida State Law requires all property to be assessed at current fair market. The January 2013 assessment is the basis for Fiscal Year 2013-14 tax revenues. Source: Okaloosa County Property Appraiser 96  City of Fort Walton Beach, Florida SCHEDULE 7 PROPERTY TAX RATES PER $1,000 OF TAXABLE VALUE - ALL DIRECT AND OVERLAPPING GOVERNMENTS (1) Last Ten Fiscal Years Unaudited City of Fort Walton Beach Direct Rate Overlapping Rates* Okaloosa Northwest Total Fiscal Total Direct Okaloosa County School Florida Water Overlapping Year Basic Rate Rate County Board Management Rates 2013 5.7697 5.7697 3.4308 7.5510 0.0400 11.0218 2012 4.5383 4.5383 3.2899 7.4760 0.0400 10.8059 2011 4.5383 4.5383 3.2899 7.7690 0.0400 11.0989 2010 4.5383 4.5383 3.2899 7.5340 0.0450 10.8689 2009 4.1986 4.1986 3.2899 7.6390 0.0450 10.9739 2008 4.1986 4.1986 3.2995 7.6240 0.0450 10.9685 2007 4.1986 4.1986 3.3443 7.6390 0.0450 11.0283 2006 4.6458 4.6458 3.6500 7.7860 0.0500 11.4860 2005 4.9700 4.9700 4.2500 8.0630 0.0500 12.3630 2004 4.9700 4.9700 4.2500 8.2940 0.0500 12.5940 (1) As of levy date, November 1 of each year listed. The 2013 millage rate is the basis for Fiscal Year 2013-14 tax revenues. * Overlapping rates are those of local and county governments that apply to property owners within the City of Fort Walton Beach Source: Okaloosa County Tax Collector 97  City of Fort Walton Beach, Florida SCHEDULE 8 PRINCIPAL TAXPAYERS Unaudited 2013 2004 Total Total Assessed Assessed Taxpayer Value Percentage Rank Value Percentage Rank Gulf Power Co. $ 17,394,520 1.54% 1 $ 14,327,675 1.56% 2 DRS Training & Control Systems 14,955,171 1.33% 2 4,967,997 0.54% 7 Suso 2 Uptown, LP 14,233,565 1.26% 3 10,180,490 1.11% 3 Cox Communications Gulf Coast, LLC 7,108,180 0.63% 4 Fort Walton Machining, Inc. 6,742,312 0.60% 5 Presidio