Fort Walton Beach — Comprehensive Financial Report September 30, 2015 — reading text

current year depreciation/amortization (2,250,918) 5,877,218 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. Transfer of capital assets 67,320 Accumulated depreciation/amortization associated with transfers (48,757) 18,563 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 (52,266) Special assessment for interest and penalties (7,985) Receivable related to sale of capital asset 442,000 Payments received on receivable related to the sale of capital assets (30,078) 351,671 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. In addition, long-term debt reassignments are reported as transfers on the statement of activities. Debt principal and capital lease payments 660,107 Change in accrued interest on long-term debt 4,047 Capital lease proceeds (67,774) 596,380 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: Change in net pension liability and related deferred inflows and deferred outflows of resources 755,936 Change in long-term compensated absences 67,251 Change in other post-employment benefits (167,526) 655,661 Change in net position of governmental activities (page 17) $ 2,257,653 See notes to the financial statements. 21  CITY OF FORT WALTON BEACH, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2015 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 10,482,380 $ 10,559,995 $ 10,861,883 $ 301,888 Permits and fees 2,014,065 2,014,065 2,238,541 224,476 Intergovernmental 3,018,861 3,146,596 3,210,679 64,083 Charges for services 2,427,429 2,434,064 2,499,107 65,043 Fines 101,700 101,700 111,519 9,819 Miscellaneous 444,883 783,580 1,064,419 280,839 Total revenues 18,489,318 19,040,000 19,986,148 946,148 EXPENDITURES Current General governmental services 2,906,245 3,206,481 2,813,838 392,643 Public safety 8,251,658 8,404,988 8,224,603 180,385 Physical environment 305,433 313,814 328,519 (14,705) Transportation 1,066,631 1,068,912 862,712 206,200 Culture and recreation 4,127,537 4,165,516 4,122,310 43,206 Capital outlay 6,270,617 6,713,850 6,340,174 373,676 Debt service - - 10,000 (10,000) Total expenditures 22,928,121 23,873,561 22,702,156 1,171,405 DEFICIENCY OF REVENUES UNDER EXPENDITURES (4,438,803) (4,833,561) (2,716,008) 2,117,553 OTHER FINANCING SOURCES (USES) Capital lease proceeds - 67,774 67,774 - Transfers in 649,267 760,977 682,558 (78,419) Transfers out (1,066,406) (1,066,406) (1,039,074) 27,332 Total other financing sources (uses) (417,139) (237,655) (288,742) (51,087) NET CHANGE IN FUND BALANCE (4,855,942) (5,071,216) (3,004,750) 2,066,466 FUND BALANCE AT BEGINNING OF YEAR 4,855,942 5,071,216 12,821,055 7,749,839 FUND BALANCE AT END OF YEAR $ - $ - $ 9,816,305 $ 9,816,305 See notes to the financial statements. 22  CITY OF FORT WALTON BEACH, FLORIDA COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2015 Variance with Final Budget - Budgeted Amounts Positive Original Final Actual (Negative) REVENUES Taxes $ 975,294 $ 975,294 $ 975,294 $ - Intergovernmental 701,815 701,815 577,266 (124,549) Miscellaneous 62,620 62,620 56,346 (6,274) Total revenues 1,739,729 1,739,729 1,608,906 (130,823) EXPENDITURES Current Public safety 438,899 438,775 450,972 (12,197) Economic environment 1,326,218 1,839,815 1,627,016 212,799 Capital outlay 115,950 1,812,269 1,730,017 82,252 Total expenditures 1,881,067 4,090,859 3,808,005 282,854 CHANGE IN FUND BALANCE (141,338) (2,351,130) (2,199,099) 152,031 FUND BALANCE AT BEGINNING OF YEAR 141,338 2,351,130 4,073,364 1,722,234 FUND BALANCE AT END OF YEAR $ - $ - $ 1,874,265 $ 1,874,265 See notes to the financial statements. 23  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION SEPTEMBER 30, 2015 Other Sanitation Enterprise Utilities Fund Fund Fund Total ASSETS Current assets Cash and cash equivalents $ 9,481,187 $ 1,982,921 $ 726,608 $ 12,190,716 Restricted assets – cash and cash equivalents 797,433 1,970 - 799,403 Receivables, net 578,425 196,983 41,954 817,362 Advance to other funds - 46,576 - 46,576 Due from other governments - - 35,542 35,542 Inventory – at cost 14,774 - - 14,774 Total current assets 10,871,819 2,228,450 804,104 13,904,373 Other assets Advance to other funds - 407,761 - 407,761 Other receivables, net 6,501 - - 6,501 Total other assets 6,501 407,761 - 414,262 Capital assets, net Non-depreciable/amortizable 1,080,006 - 64,174 1,144,180 Depreciable/amortization, net 32,401,674 1,365,122 1,062,175 34,828,971 Total capital assets 33,481,680 1,365,122 1,126,349 35,973,151 Total non-current assets 33,488,181 1,772,883 1,126,349 36,387,413 TOTAL ASSETS 44,360,000 4,001,333 1,930,453 50,291,786 DEFERRED OUTFLOWS OF RESOURCES 375,941 111,443 26,330 513,714 See notes to the financial statements. 24  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF NET POSITION –