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

2,563,283 766,007 71,586 3,400,876 Charges for services 882,824 182,492 - 1,065,316 Fines and forfeits 201,691 - 40,232 241,923 Miscellaneous 371,729 9,840 50,056 431,625 TOTAL REVENUES 14,970,726 1,718,433 573,144 17,262,303 EXPENDITURES Current General governmental services 2,514,734 - - 2,514,734 Public safety 8,339,581 464,149 262,516 9,066,246 Physical environment 303,042 - 8,642 311,684 Transportation 1,010,687 1,700 - 1,012,387 Economic environment - 976,508 56,151 1,032,659 Culture and recreation 2,267,141 - - 2,267,141 Capital outlay 1,094,998 178,746 8,398 1,282,142 Debt service Principal 4,470,000 - 70,488 4,540,488 Interest - - 202,719 202,719 Other debt service costs - - 628 628 TOTAL EXPENDITURES 20,000,183 1,621,103 609,542 22,230,828 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (5,029,457) 97,330 (36,398) (4,968,525) OTHER FINANCING SOURCES (USES) Issuance of debt 13,046,323 - - 13,046,323 Transfers in 453,826 - 220,010 673,836 Transfers out (2,815,987) - (3,290) (2,819,277) TOTAL OTHER FINANCING SOURCES (USES) 10,684,162 - 216,720 10,900,882 NET CHANGE IN FUND BALANCE 5,654,705 97,330 180,322 5,932,357 FUND BALANCE - BEGINNING OF YEAR 10,058,860 3,736,100 2,335,689 16,130,649 FUND BALANCE - END OF YEAR $ 15,713,565 $ 3,833,430 $ 2,516,011 $ 22,063,006 The accompanying notes are an integral part of these financial statements. 18  EXHIBIT IVB City of Fort Walton Beach, Florida GOVERNMENTAL FUNDS RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES Year Ended September 30, 2013 Net change in fund balances - total governmental funds (page 18) $ 5,932,357 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds do not report capital assets on the balance sheet; however, they are reported in the government-wide financial statements. Governmental funds report capital outlays as expenditures; however, in the statement of activities, the cost of those assets is depreciated over the estimated useful lives of the assets. Expenditures for capital assets 1,222,017 Less current year depreciation/amortization (1,962,126) (740,109) Governmental funds do not report capital assets on the balance sheet; however, they are reported in the government-wide financial statements. Accordingly, proceeds received for disposals of capital assets are shown as income in the governmental financial statements and a gain or loss is reported in the statement of activities. Disposals of capital assets and adjustments (1,219,967) Accumulated depreciation associated with disposals and adjustments 968,900 (251,067) Transfer of capital assets to stormwater fund (13,975) Accumulated depreciation associated with transfers 13,975 - Special assessment revenue in the governmental funds is recognized when due; however, the revenue was recognized in the Statement of Activities when it was earned (when levied). Special assessment for street resurfacing (4,715) Special assessment for affordable housing (147,840) Special assessment interest and penalties 1,942 (150,613) The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance costs, premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Note proceeds (13,046,323) Debt principal payments 4,540,488 Amortization of current year bond discount (41,857) Amortization of bond and note issue costs (134,488) Change in accrued interest on long-term debt 55,287 (8,626,893) Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Net pension asset 101,226 Change in long-term compensated absences 17,292 Change in other post-employment benefits (100,396) 18,122 Change in net position of governmental activities (page 15) $ (3,818,203) The accompanying notes are an integral part of these financial statements. 19  EXHIBIT VA City of Fort Walton Beach, Florida GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Year Ended September 30, 2013 Budgeted Amounts Variance with Final Budget - Positive Original Final Actual (Negative) REVENUES Taxes $ 8,906,921 $ 8,906,921 $ 9,141,063 $ 234,142 Permits and fees 2,077,249 2,077,249 1,810,136 (267,113) Intergovernmental 2,471,016 3,203,908 2,563,283 (640,625) Charges for services 915,081 919,185 882,824 (36,361) Fines and forfeits 103,700 103,700 201,691 97,991 Miscellaneous 376,472 425,117 371,729 (53,388) TOTAL REVENUES 14,850,439 15,636,080 14,970,726 (665,354) EXPENDITURES Current General government services 4,103,468 2,997,149 2,514,734 482,415 Public safety 8,079,102 8,228,146 8,339,581 (111,435) Physical environment 287,085 304,641 303,042 1,599 Transportation 1,139,634 1,141,107 1,010,687 130,420 Culture and recreation 2,388,130 2,432,494 2,267,141 165,353 Capital outlay 294,302 9,408,563 1,094,998 8,313,565 Debt service - 4,470,000 4,470,000 - TOTAL EXPENDITURES 16,291,721 28,982,100 20,000,183 8,981,917 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,441,282) (13,346,020) (5,029,457) 8,316,563 OTHER FINANCING SOURCES (USES) Debt proceeds - 13,045,712 13,046,323 611 Transfers in 1,886,863 454,871 453,826 (1,045) Transfers out (510,229) (426,158) (2,815,987) (2,389,829) TOTAL OTHER FINANCING SOURCES (USES) 1,376,634 13,074,425 10,684,162 (2,390,263) NET CHANGE IN FUND BALANCE (64,648) (271,595) 5,654,705 5,926,300 FUND BALANCE - BEGINNING OF YEAR 64,648 271,595 10,058,860 9,787,265 FUND BALANCE - END OF YEAR $ - $ - $ 15,713,565 $ 15,713,565 The accompanying notes are an integral part of these financial statements. 20