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

Governmental Business-Type Activities Activities Total ASSETS Cash and cash equivalents $ 18,276,806 $ 1,105,111 $ 19,381,917 Investments 23,250,997 15,370,087 38,621,084 Receivables, net 576,236 1,399,568 1,975,804 Internal balances (108,076) 108,076 - Due from other governments 500,462 15,018 515,480 Inventory, at cost 284,342 23,070 307,412 Prepaid assets - 4,534 4,534 Restricted assets Cash and cash equivalents 533,544 976,693 1,510,237 Net pension asset 3,679,992 2,145,544 5,825,536 Other assets Other receivables, net 4,482,511 88,122 4,570,633 Capital assets Non-depreciable/amortizable 11,362,983 771,533 12,134,516 Depreciable/amortizable, net 38,158,056 29,400,861 67,558,917 TOTAL ASSETS 100,997,853 51,408,217 152,406,070 DEFERRED OUTFLOWS OF RESOURCES 7,686,841 652,861 8,339,702 LIABILITIES Accounts payable 1,032,692 603,779 1,636,471 Accrued liabilities 890,696 147,431 1,038,127 Due to other governments 3,441 9,511 12,952 Unearned revenues 3,684,038 70,811 3,754,849 Payable from restricted assets Accrued interest 158,360 69,843 228,203 Customer deposits - 356,104 356,104 Non-current liabilities Due within one year Compensated absences 239,716 50,698 290,414 Lease obligations payable 200,140 52,463 252,603 Financing contracts payable 349,978 - 349,978 Revenue bonds and notes payable 1,355,429 484,000 1,839,429 State revolving fund loans payable - 748,308 748,308 Due in more than one year Compensated absences 719,149 152,091 871,240 Lease obligations payable 193,046 138,147 331,193 Financing contracts payable 250,767 - 250,767 Revenue bonds and notes payable 18,898,366 5,683,000 24,581,366 State revolving fund loans payable - 9,704,125 9,704,125 Other post-employment benefits 5,520,685 1,480,007 7,000,692 Net pension liability 12,566,369 - 12,566,369 TOTAL LIABILITIES 46,062,872 19,750,318 65,813,190 DEFERRED INFLOWS OF RESOURCES 13,514,363 2,568,246 16,082,609 NET POSITION Net investment in capital assets 28,661,006 13,422,691 42,083,697 Restricted Debt service 21,156 157,228 178,384 System improvements - 463,361 463,361 Improvement districts 5,234,216 - 5,234,216 Public safety 1,343,836 - 1,343,836 Other purposes 5,776,594 - 5,776,594 Unrestricted 8,070,651 15,699,234 23,769,885 TOTAL NET POSITION $ 49,107,459 $ 29,742,514 $ 78,849,973 See notes to the financial statements. 15  CITY OF FORT WALTON BEACH, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2022 Net (Expense) Revenue and Changes in Net Position Program Revenues Primary Government Charges for Operating Grants Capital Grants and Governmental Business-Type Function/program activities Expenses Services and Contributions Contributions Activities Activities Total Governmental activities General government $ 4,318,011 $ 354,235 $ 172,799 $ - $ (3,790,977) $ - $ (3,790,977) Public safety 14,020,586 2,204,959 958,974 62,957 (10,793,696) - (10,793,696) Physical environment 531,268 535,838 - - 4,570 - 4,570 Transportation 1,401,797 288,888 - 51,035 (1,061,874) - (1,061,874) Economic environment 1,194,625 46,413 192,516 11,840 (943,856) - (943,856) Culture and recreation 6,103,857 2,787,760 136,057 - (3,180,040) - (3,180,040) Debt service interest 716,930 - - - (716,930) - (716,930) Total governmental activities 28,287,074 6,218,093 1,460,346 125,832 (20,482,803) - (20,482,803) Business-type activities Utilities 10,480,961 11,944,833 - 31,045 - 1,494,917 1,494,917 Sanitation 4,142,106 4,824,130 - - - 682,024 682,024 Stormwater 1,035,826 1,037,228 - 15,018 - 16,420 16,420 Total business-type activities 15,658,893 17,806,191 - 46,063 - 2,193,361 2,193,361 Total primary government $ 43,945,967 $ 24,024,284 $ 1,460,346 $ 171,895 (20,482,803) 2,193,361 (18,289,442) General revenues Taxes Property taxes 7,025,573 - 7,025,573 Sales taxes 6,401,055 - 6,401,055 Utility service taxes 4,294,415 - 4,294,415 Tax increments for redevelopment districts 2,404,122 - 2,404,122 Franchise fees 2,355,837 - 2,355,837 Intergovernmental, unrestricted 1,374,067 - 1,374,067 Gain on sale of assets 39,877 - 39,877 Miscellaneous 83,470 4,088 87,558 Interest income and investment losses (1,498,120) (876,524) (2,374,644) Transfers 1,797,083 (1,797,083) - Total general revenues and transfers 24,277,379 (2,669,519) 21,607,860 CHANGE IN NET POSITION 3,794,576 (476,158) 3,318,418 NET POSITION AT BEGINNING OF YEAR 45,312,883 30,218,672 75,531,555 NET POSITION AT END OF YEAR $ 49,107,459 $ 29,742,514 $ 78,849,973 See notes to the financial statements. 16  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS BALANCE SHEET SEPTEMBER 30, 2022 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds ASSETS Cash and cash