Fort Walton Beach — Annual Comprehensive Financial Report, September 30, 2022 — reading text

10,408,945 - - - 7,968,000 13,308,089 - 31,727,251 0.33% 1,523.15 2017 - - 76,099 11,073,656 - - - 8,387,000 13,988,885 - 33,525,640 0.37% 1,605.17 2016 - - 106,653 11,725,331 - - - 8,794,000 14,656,929 - 35,282,913 0.40% 1,689.88 2015 - - 134,249 12,371,587 - - - 8,794,000 15,312,458 - 36,612,294 0.43% 1,754.39 2014 - - 89,654 13,008,515 - - - - 14,004,706 9,640,146 36,743,021 0.45% 1,773.40 2013 - - 101,696 13,535,936 - - - 73,533 7,068,522 9,925,055 30,704,742 0.38% 1,515.83 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive 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. (1) See Schedule 15 for personal income data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 116  City of Fort Walton Beach, Florida SCHEDULE 11 RATIO OF NET GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Unaudited Governmental Activities Percentage of General Actual Taxable Fiscal Year Obligation Bonds Value of Property (1) Per Capita (2) 2022 $ - 0.00% $ - 2021 - 0.00% - 2019 - 0.00% - 2018 - 0.00% - 2017 - 0.00% - 2016 - 0.00% - 2015 - 0.00% - 2014 - 0.00% - 2013 - 0.00% - 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. (1) See Schedule 6 for property value data. (2) See Schedule 15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 117  City of Fort Walton Beach, Florida SCHEDULE 12 PLEDGED REVENUE COVERAGE SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Unaudited Average Non-Ad Valorem Revenues Fiscal Non-Ad Valorem Avail. for Debt Service Requirements (2) (1) Year Revenues Debt Service Principal Interest Total Coverage 2022 $ 38,884,619 $ 39,790,234 $ 3,107,726 $ 1,102,464 $ 4,210,190 9.45 2021 40,695,849 39,997,947 2,380,155 1,133,336 3,513,491 11.38 2020 39,300,045 43,467,423 2,235,704 1,185,842 3,421,546 12.70 2019 47,634,800 39,571,847 1,823,173 1,029,403 2,852,576 13.87 2018 31,508,894 29,893,013 1,846,847 803,314 2,650,161 11.28 2017 28,277,131 28,292,306 1,726,719 831,220 2,557,939 11.06 2016 28,307,481 28,537,163 1,301,785 860,023 2,161,808 13.20 2015 28,766,844 27,680,114 962,155 940,698 1,902,853 14.55 2014 26,593,384 26,466,080 890,954 797,317 1,688,271 15.68 2013 26,338,776 25,803,342 364,156 460,197 824,353 31.30 (1) Non-Ad Valorem Revenues of General Fund, Capital Projects Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Capital Improvement Revenue Bonds, Series 2018, Utility System Revenue Note 2015, SRF Loan, 2011 Revenue Note, Financing Contracts, and Leases. See Financial Statement Notes for detail. 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. 118  City of Fort Walton Beach, Florida SCHEDULE 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Unaudited Percentage Amount Net Debt Applicable to Applicable to Governmental Unit Outstanding Fort Walton Beach Fort Walton Beach Overlapping Debt Okaloosa County Revenue Bonds $ 113,295,000 9.73% (2) $ 11,028,993 Okaloosa County School District Certificates of Participation 2,598,000 25.45% (1) 661,309 Subtotal: Overlapping Debt $ 115,893,000 $ 11,690,302 Direct Debt City of Fort Walton Beach Revenue Bonds & Notes $ 20,253,795 100.00% $ 20,253,795 City of Fort Walton Beach Financing Contracts 600,745 100.00% 600,745 City of Fort Walton Beach Leases 393,186 100.00% 393,186 Subtotal: Direct Debt $ 21,247,726 $ 21,247,726 Total Direct and Overlapping Debt $ 137,140,726 $ 32,938,028 Source: Okaloosa County, Okaloosa County School Board (1) Calculation based on total schools in Okaloosa County School District versus schools in Fort Walton Beach. (2) Calculation based on total population in Okaloosa County versus population in Fort Walton Beach. 119  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2022 2013 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking USAF - Eglin(1) Air Force Development Test Center 17,040 16.75% 1 19,101 19.66% 1 (2) USAF - Hurlburt Air Force Special Ops Command 13,797 13.57% 2 10,055 10.35% 2 Okaloosa County School District Education Services 3,294 3.24% 3 3,417 3.52% 3 Fort Walton Beach Medical Center(4) Medical Services 1,341 1.32% 4 1,250 1.29% 6 Publix (Okaloosa Combined) Consumer Products 1,092 1.07% 5 (3) Okaloosa County BCC Local Government Services 955 0.94% 6 1,378 1.42% 5 Lockheed Martin Defense Contractor 925 0.91% 7 800 0.82% 9 Reliance Test & Technology Government Contractor 721 0.71% 8 Northwest Florida State College Education Services 717 0.71% 9 1,152 1.19% 7 North Okaloosa Medical Center Medical Services 609 0.60% 10 Jacobs Technology - TEAS Group Military Technical Support 1,483 1.53% 4 L-3 Crestview Aerospace Military Technical Support 1,064 1.09% 8 InDyne Inc. Military Technical Support