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

CONTINUED SEPTEMBER 30, 2015 Other Sanitation Enterprise Utilities Fund Fund Fund Total LIABILITIES Current liabilities Accounts payable 439,700 101,233 3,473 544,406 Accrued liabilities Compensated absences 27,584 12,970 3,290 43,844 Wages 99,519 48,236 12,688 160,443 Due to other governments - 8,258 - 8,258 State revolving loan payable 655,529 - - 655,529 Payable from restricted assets Customer deposits 257,471 1,970 - 259,441 Unearned revenue 32,979 - - 32,979 Total current liabilities 1,512,782 172,667 19,451 1,704,900 Non-current liabilities Accrued liabilities Compensated absences 82,754 38,909 9,869 131,532 Revenue note payable 8,794,000 - - 8,794,000 State revolving loan payable 14,656,929 - - 14,656,929 Other post-employment benefits 164,572 96,807 24,202 285,581 Net pension liability 711,239 286,862 67,773 1,065,874 Total non-current liabilities 24,409,494 422,578 101,844 24,933,916 TOTAL LIABILITIES 25,922,276 595,245 121,295 26,638,816 DEFERRED INFLOWS OF RESOURCES 55,342 22,321 5,274 82,937 NET POSITION Net investment in capital assets 10,395,322 1,365,122 1,126,349 12,886,793 Restricted Debt service 157,228 - - 157,228 System improvements 382,734 - - 382,734 Unrestricted 7,823,039 2,130,088 703,865 10,656,992 TOTAL NET POSITION $ 18,758,323 $ 3,495,210 $ 1,830,214 $ 24,083,747 See notes to the financial statements. 25  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2015 Other Sanitation Enterprise Utilities Fund Fund Fund Total OPERATING REVENUES Charges for services $ 9,216,425 $ 3,582,005 $ 694,581 $ 13,493,011 OPERATING EXPENSES Personal services 1,734,605 927,647 176,670 2,838,922 Operating 4,748,437 2,119,853 208,911 7,077,201 Depreciation/amortization expense 1,958,034 272,260 74,733 2,305,027 Total operating expenses 8,441,076 3,319,760 460,314 12,221,150 OPERATING INCOME 775,349 262,245 234,267 1,271,861 NON-OPERATING REVENUES (EXPENSES) Rental income 17,395 - - 17,395 Interest expense (458,209) - - (458,209) Amortization (5,222) - - (5,222) Debt issuance costs (300,254) - - (300,254) Gain (loss) on disposal of capital assets (12,280) 12,996 - 716 Gain on investment 10,123 2,116 710 12,949 Interest 106,806 32,821 7,185 146,812 Grants in aid (498) - - (498) Miscellaneous 6,547 2,443 232 9,222 Total non-operating revenues (expenses) (635,592) 50,376 8,127 (577,089) INCOME BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS 139,757 312,621 242,394 694,772 CAPITAL CONTRIBUTIONS AND TRANSFERS Capital contributions - - 35,542 35,542 Impact fees 52,255 - - 52,255 Transfers out (519,267) (138,291) - (657,558) Total capital contributions and transfers (467,012) (138,291) 35,542 (569,761) CHANGE IN NET POSITION (327,255) 174,330 277,936 125,011 NET POSITION AT BEGINNING OF YEAR, RESTATED 19,085,578 3,320,880 1,552,278 23,958,736 NET POSITION AT END OF YEAR $ 18,758,323 $ 3,495,210 $ 1,830,214 $ 24,083,747 See notes to the financial statements. 26  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2015 Other Sanitation Enterprise Utilities Fund Fund Funds Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 9,232,822 $ 3,583,097 $ 687,508 $ 13,503,427 Payments to suppliers (4,877,865) (2,332,789) (209,533) (7,420,187) Payments to employees (1,858,242) (952,395) (183,798) (2,994,435) Miscellaneous income 23,942 2,443 232 26,617 Net cash provided by operating activities 2,520,657 300,356 294,409 3,115,422 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Change in intergovernmental balances (480,876) 195 - (480,681) Advance to other funds - 45,663 - 45,663 Grants and aids (498) - - (498) Transfers out (519,267) (138,291) - (657,558) Net cash used in non-capital financing activities (1,000,641) (92,433) - (1,093,074) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Impact fess received 52,255 - - 52,255 Acquisitions of capital assets (855,820) (208,145) (69,626) (1,133,591) Proceeds from disposal of capital assets 5,364 12,996 - 18,360 Proceeds from note payable and state revolving loan 10,126,979 - - 10,126,979 Principal paid on revenue bonds (9,745,000) - - (9,745,000) Principal paid on state revolving loan (25,227) - - (25,227) Interest paid on bonds, loan, and note payables (563,771) - - (563,771) Debt service cost paid on state revolving loan (300,254) - - (300,254) Net cash used in capital and related financing activities (1,305,474) (195,149) (69,626) (1,570,249) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 116,929 34,937 7,895 159,761 NET INCREASE IN CASH AND CASH EQUIVALENTS 331,471 47,711 232,678 611,860 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 9,947,149 1,937,180 493,930 12,378,259 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 10,278,620 $ 1,984,891 $ 726,608 $ 12,990,119 See notes to the financial statements. 27  CITY OF FORT WALTON BEACH, FLORIDA PROPRIETARY FUNDS STATEMENT OF CASH FLOWS - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2015 Other Sanitation Enterprise Utilities Fund Fund Funds Total CASH AND CASH EQUIVALENTS AT END OF YEAR CONSIST OF Current assets $ 9,481,187 $ 1,982,921 $ 726,608 $ 12,190,716 Restricted assets 797,433 1,970 - 799,403 Total cash and cash equivalents $ 10,278,620 $ 1,984,891 $ 726,608 $ 12,990,119 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating income $ 775,349 $ 262,245 $ 234,267 $ 1,271,861 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 1,958,034 272,260 74,733 2,305,027 Miscellaneous revenue 23,942 2,443 232 26,617 Decrease (increase) in assets: - Accounts receivable (2,287) 1,092 (7,073) (8,268) Inventory 8,112 - - 8,112 Decrease (increase) in deferred outflows of resources (11,947) (4,819) (1,139) (17,905) Increase (decrease) in liabilities: Accounts payable