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

activities 18,533,387 1,985,972 786,652 80,936 (15,679,827) - (15,679,827) Business-type activities Utilities 7,644,240 8,623,082 - 1,871,295 - 2,850,137 2,850,137 Sanitation 3,163,638 3,499,559 1,071 - - 336,992 336,992 Golf 2,023,186 1,758,709 - - - (264,477) (264,477) Stormwater 611,962 591,196 - - - (20,766) (20,766) Total business-type activities 13,443,026 14,472,546 1,071 1,871,295 - 2,901,886 2,901,886 Total primary government $ 31,976,413 $ 16,458,518 $ 787,723 $ 1,952,231 $ (15,679,827) $ 2,901,886 $ (12,777,941) General Revenues Taxes Property taxes $ 4,175,136 $ - $ 4,175,136 Sales taxes 2,241,242 - 2,241,242 Utility service taxes 3,761,437 - 3,761,437 Tax increments for redevelopment district 1,311,101 - 1,311,101 Franchise fees 1,764,733 - 1,764,733 Intergovernmental, unrestricted 818,039 - 818,039 Gain on sale of assets 37,833 20,662 58,495 Miscellaneous 106,546 6,504 113,050 Investment earnings 62,285 11,107 73,392 Special item: loss on impairment of capital asset (271,287) (786,713) (1,058,000) Transfers (2,145,441) 2,145,441 - Total general revenues, transfers and special item 11,861,624 1,397,001 13,258,625 Change in net position (3,818,203) 4,298,887 480,684 Net position - beginning of year 41,173,477 23,779,613 64,953,090 Net position - end of year $ 37,355,274 $ 28,078,500 $ 65,433,774 The accompanying notes are an integral part of these financial statements. 15  EXHIBIT IIIA City of Fort Walton Beach, Florida GOVERNMENTAL FUNDS BALANCE SHEET September 30, 2013 Community Other Total Redevelopment Governmental Governmental General Fund Agency Funds Funds ASSETS Cash and cash equivalents $ 8,391,042 $ 3,871,136 $ 507,386 $ 12,769,564 Investments - - 2,005,963 2,005,963 Receivables 224,872 36 109 225,017 Due from other funds 165,600 - - 165,600 Due from other governments 76,336 - 20,671 97,007 Inventory, at cost 254,229 - - 254,229 Restricted assets Cash and cash equivalents 7,691,393 - 21,156 7,712,549 TOTAL ASSETS $ 16,803,472 $ 3,871,172 $ 2,555,285 $ 23,229,929 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 426,158 $ 21,767 $ 15,438 $ 463,363 Accrued liabilities 553,185 15,975 16,082 585,242 Due to other funds - - 7,754 7,754 Deferred revenue 110,564 - - 110,564 Total liabilities 1,089,907 37,742 39,274 1,166,923 Fund balance Nonspendable 254,229 - - 254,229 Restricted 7,868,522 3,833,430 483,531 12,185,483 Committed 5,501,353 - 2,035,225 7,536,578 Assigned 1,301,385 - - 1,301,385 Unassigned 788,076 - (2,745) 785,331 Total fund balance 15,713,565 3,833,430 2,516,011 22,063,006 TOTAL LIABILITIES AND FUND BALANCE $ 16,803,472 $ 3,871,172 $ 2,555,285 $ 23,229,929 The accompanying notes are an integral part of these financial statements. 16  EXHIBIT IIIB City of Fort Walton Beach, Florida GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION September 30, 2013 Fund balance - total governmental funds (page 16) $ 22,063,006 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Governmental non-depreciable/amortizable assets 10,940,878 Governmental depreciable/amortizable assets 45,918,558 Less accumulated depreciation/amortization (27,381,621) 29,477,815 Other assets used in governmental activities are not current financial resources and therefore are not reported in the governmental funds. Net pension asset 606,629 Bond issuance costs 239,956 Less related accumulated amortization (213,077) 633,508 Deferred revenue in governmental funds is susceptible to full accrual on the entity-wide statements. Special assessment for street resurfacing 110,564 Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Notes payable (13,535,936) Accrued interest (3,783) Capital leases (101,696) Compensated absences (690,149) Other post-employment benefits (598,055) (14,929,619) Net position of governmental activities (page 14) $ 37,355,274 The accompanying notes are an integral part of these financial statements. 17  EXHIBIT IVA City of Fort Walton Beach, Florida GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended September 30, 2013 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds REVENUES Taxes $ 9,141,063 $ 760,094 $ - $ 9,901,157 Permits and fees 1,810,136 - 411,270 2,221,406 Intergovernmental