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

equivalents $ 14,059,152 $ 2,615,696 $ 1,601,958 $ 18,276,806 Investments 17,330,104 2,617,986 3,302,907 23,250,997 Receivables 4,845,145 213,602 - 5,058,747 Due from other funds 57,695 - - 57,695 Due from other governments 317,322 145,227 37,913 500,462 Inventory, at cost 284,342 - - 284,342 Restricted assets Cash and cash equivalents 512,388 - 21,156 533,544 TOTAL ASSETS $ 37,406,148 $ 5,592,511 $ 4,963,934 $ 47,962,593 LIABILITIES Accounts payable $ 875,335 $ 134,084 $ 23,273 $ 1,032,692 Accrued liabilities 774,915 13,538 102,243 890,696 Due to other funds - - 57,695 57,695 Due to other governments 3,441 - - 3,441 Advance from other funds 108,076 - - 108,076 Unearned revenues 3,684,038 - - 3,684,038 Total liabilities 5,445,805 147,622 183,211 5,776,638 DEFERRED INFLOW OF RESOURCES Unavailable revenue 4,705,965 210,673 - 4,916,638 FUND BALANCE Nonspendable 284,342 - - 284,342 Restricted 6,164,287 5,234,216 1,364,992 12,763,495 Committed 10,409,244 - 3,435,513 13,844,757 Assigned 3,096,152 - - 3,096,152 Unassigned 7,300,353 - (19,782) 7,280,571 Total fund balance 27,254,378 5,234,216 4,780,723 37,269,317 TOTAL LIABILITIES, DEFERRED INFLOW OF RESOURCES, AND FUND BALANCE $ 37,406,148 $ 5,592,511 $ 4,963,934 $ 47,962,593 See notes to the financial statements. 17  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2022 Fund balance, total governmental funds (page 17) $ 37,269,317 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 11,362,983 Governmental depreciable/amortizable assets 91,205,607 Less accumulated depreciation/amortization (53,047,551) 49,521,039 Other assets used in governmental activities are not current financial resources and therefore are not reported in the funds. Net pension asset 3,679,992 Unavailable revenues in governmental funds is susceptible to full accrual on the entity-wide statements. Special assessments 241,602 Receivable related to sale of capital asset 494,636 736,238 Deferred inflows of resources and deferred outflows of resources are not available/receivable or due/payable, respectively, in the current period and therefore are not reported in the governmental funds. Deferred outflows of resources related to pension plans 6,274,564 Deferred outflows of resources related to OPEB plan 1,412,277 Deferred inflows of resources related to pension plans (8,318,407) Deferred inflows of resources related to OPEB plan (1,015,556) (1,647,122) Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Notes payable (20,253,795) Accrued interest (158,360) Financing contracts payable (600,745) Lease obligations payable (393,186) Compensated absences (958,865) Other post-employment benefits (5,520,685) Net pension liability (12,566,369) (40,452,005) Net position of governmental activities (page 15) $ 49,107,459 See notes to the financial statements. 18  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 2022 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds REVENUES Taxes $ 12,960,384 $ 1,417,976 $ - $ 14,378,360 Permits and fees 3,586,485 24,953 860,555 4,471,993 Intergovernmental 7,566,030 997,986 195,993 8,760,009 Charges for services 3,628,960 - - 3,628,960 Fines 113,103 - 4,188 117,291 Investment losses, net (1,052,150) (129,219) (744,296) (1,925,665) Miscellaneous 821,832 73,873 1,119 896,824 Total revenues 27,624,644 2,385,569 317,559 30,327,772 EXPENDITURES Current General governmental services 3,737,220 - - 3,737,220 Public safety 13,243,319 392,295 553,810 14,189,424 Physical environment 473,036 - 11,369 484,405 Transportation 890,333 - - 890,333 Economic environment - 814,348 192,516 1,006,864 Culture and recreation 4,880,270 - - 4,880,270 Capital outlay 3,717,841 78,122 31,698 3,827,661 Debt service Principal 187,879 - 1,683,683 1,871,562 Interest 24,684 - 700,332 725,016 Total expenditures 27,154,582 1,284,765 3,173,408 31,612,755 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 470,062 1,100,804 (2,855,849) (1,284,983) OTHER FINANCING SOURCES (USES) Issuance of long-term debt and leases 31,944 - - 31,944 Transfers in 1,797,083 - 2,420,320 4,217,403 Transfers out (2,420,320) - - (2,420,320) Total other financing sources (uses) (591,293) - 2,420,320 1,829,027 NET CHANGE IN FUND BALANCE (121,231) 1,100,804 (435,529) 544,044 FUND BALANCE AT BEGINNING OF YEAR 27,375,609 4,133,412 5,216,252 36,725,273 FUND BALANCE AT END OF YEAR $ 27,254,378 $ 5,234,216 $ 4,780,723 $ 37,269,317 See notes to the financial statements. 19  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 FOR THE YEAR ENDED SEPTEMBER 30, 2022 Net change in fund balance – governmental funds (page 19) $ 544,044 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/amortized over the estimated useful lives of the assets. Expenditures for capital assets 3,827,661 Less current year depreciation/amortization (3,520,337) 307,324 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. In addition, capital asset reassignments are reported as transfers on the statement of activities. Disposals and transfers of capital assets (258,606) Accumulated depreciation/amortization – disposals and transfers 258,606 Acquisition value of donated capital assets 34,500 Other capital asset adjustments (14,163)