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

1,550,204 1,750,680 1,316,954 1,207,449 994,272 966,050 1,012,387 867,730 862,712 Economic environment 313,153 335,185 127,355 266,132 98,996 493,526 652,086 1,032,659 745,586 1,730,631 Culture and recreation 2,503,469 2,636,387 2,698,993 2,582,642 2,535,682 2,233,104 2,383,239 2,267,141 3,744,452 4,122,310 Capital outlay 5,612,616 1,457,758 652,734 520,722 1,335,369 1,561,057 2,609,203 1,282,142 4,721,096 8,128,139 Debt service Principal 194,675 355,459 2,052,797 168,949 175,629 198,699 211,683 4,540,488 612,996 660,107 Interest and other costs 307,334 330,136 297,335 246,774 240,093 236,268 243,959 203,347 377,574 354,544 Total expenditures 22,926,388 20,467,819 22,779,187 19,184,029 19,812,123 18,399,417 20,415,421 22,230,828 23,369,449 28,092,858 Excess of revenue over (under) expenditures (5,488,231) (757,501) (5,903,639) (2,212,562) (2,005,388) (292,704) (3,264,279) (4,968,525) (2,728,414) (5,967,172) Other Financing Sources (Uses) Capital lease proceeds - - - - - - - 103,784 - 67,774 Transfers in 2,618,738 2,644,727 5,367,633 3,191,822 2,342,226 2,296,944 2,284,416 673,836 1,636,165 1,721,632 Transfers out (638,738) (715,802) (2,450,323) (685,545) (674,583) (614,227) (628,384) (2,819,277) (1,241,454) (1,064,074) Insurance recoveries - - - - - - - - - - Debt issuance - - - - - 739,805 - 12,942,539 - - Contributions from others 10,572 - - - - - - - - - Total other financing sources (uses) 1,990,572 1,928,925 2,917,310 2,506,277 1,667,643 2,422,522 1,656,032 10,900,882 394,711 725,332 Net change in fund balance $ (3,497,659) $ 1,171,424 $ (2,986,329) $ 293,715 $ (337,745) $ 2,129,818 $ (1,608,247) $ 5,932,357 $ (2,333,703) $ (5,241,840) Debt service as a percentage of noncapital expenditures 2.90% 3.61% 10.62% 2.23% 2.25% 2.58% 2.56% 22.65% 5.31% 5.08% 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. Note: Beginning in FY11, the Community Redevelopment Area was included with the Governmental Funds Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. 107  City of Fort Walton Beach, Florida SCHEDULE 5 REVENUES AND OTHER SOURCES (1) Last Ten Fiscal Years Unaudited Licenses, Other Fiscal Fees, Intergovernmental Charges for Fines and Interest and Financing Year Taxes and Permits Revenues Services Forfeitures Other Revenues Sources TOTAL 2015 $11,837,177 $2,564,079 $3,951,367 $2,499,107 $131,020 $1,142,936 $1,789,406 $23,915,092 2014 11,537,812 2,392,487 3,376,079 2,373,486 133,645 827,526 1,636,165 22,277,200 2013 9,901,157 2,221,406 3,400,876 1,065,316 241,923 431,625 13,720,159 30,982,462 2012 9,901,157 2,221,406 3,400,876 1,065,316 241,923 431,625 673,836 17,936,139 2011 10,065,983 2,428,621 3,358,615 911,405 151,616 817,975 2,296,944 20,031,159 2010 9,414,513 2,406,916 3,502,904 907,476 204,849 1,370,077 2,342,226 20,148,961 2009 9,160,133 2,320,683 2,950,179 1,132,681 387,449 1,020,342 3,191,822 20,163,289 2008 9,039,398 2,225,224 2,914,162 1,216,687 268,415 1,211,662 5,367,633 22,243,181 2007 10,804,833 496,614 3,661,644 911,026 247,493 3,588,708 2,644,727 22,355,044 2006 11,086,466 517,727 3,836,216 900,170 247,329 860,820 2,618,738 20,067,466 (1) Includes General Fund, LETFs, CDBG Fund, FBC Fund, CRA Fund, Debt Service Fund, Capital Projects Fund, and Beal Memorial Fund 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. Note: Beginning in FY14, the Golf Enterprise Fund was transferred into the General Fund. 108  City of Fort Walton Beach, Florida SCHEDULE 6 ASSESSED VALUE OF TAXABLE PROPERTY (1) Last Ten Fiscal Years Unaudited Total Assessed Total Tax Real Personal Assessed Value for Direct Tax Year Property Property Value Exemptions Operations Rate 2015 $ 1,521,529,660 $ 112,451,954 $ 1,633,981,614 $ 448,170,536 $ 1,185,811,078 5.7697 2014 1,475,665,054 108,533,120 1,584,198,174 434,639,300 1,149,558,874 5.7697 2013 1,451,775,552 118,155,863 1,569,931,415 442,204,485 1,127,726,930 5.7697 2012 1,445,327,759 120,653,616 1,565,981,375 446,565,401 1,119,415,974 4.5383 2011 1,478,072,570 126,412,302 1,604,484,872 452,378,818 1,152,106,054 4.5383 2010 1,550,325,157 129,348,680 1,679,673,837 469,933,333 1,209,740,504 4.5383 2009 1,864,657,624 148,104,763 2,012,762,387 476,888,476 1,309,056,015 4.1986 2008 2,046,319,844 147,625,998 2,193,945,842 816,366,365 1,377,579,477 4.1986 2007 2,100,890,582 148,394,292 2,249,284,874 777,377,988 1,471,906,886 4.1986 2006 1,980,162,078 137,191,649 2,117,353,727 761,995,075 1,355,358,652 4.6458 (1) Florida State Law requires all property to be assessed at current fair market. The January 2015 assessment is the basis for Fiscal Year 2015-16 tax revenues. Source: Okaloosa County Property Appraiser 109  City of Fort Walton Beach, Florida SCHEDULE 7 PROPERTY TAX RATES PER $1,000 OF TAXABLE VALUE - ALL DIRECT AND OVERLAPPING GOVERNMENTS (1) Last Ten Fiscal Years Unaudited City of Fort Walton Beach Direct Rate Overlapping Rates* Okaloosa Northwest Total Fiscal Total Direct Okaloosa County School Florida Water Overlapping Year Basic Rate Rate County Board Management Rates 2015 5.7697 5.7697 3.4308 7.2790 0.0378 10.7476 2014 5.7697 5.7697 3.4308 7.4410 0.0390 10.9108 2013 5.7697 5.7697 3.4308 7.5510 0.0400 11.0218 2012 4.5383 4.5383 3.2899 7.4760 0.0400 10.8059 2011 4.5383 4.5383 3.2899 7.7690 0.0400 11.0989 2010 4.5383 4.5383 3.2899 7.5340 0.0450 10.8689 2009 4.1986 4.1986 3.2899 7.6390 0.0450 10.9739 2008 4.1986 4.1986 3.2995 7.6240 0.0450 10.9685 2007 4.1986 4.1986 3.3443 7.6390 0.0450 11.0283 2006 4.6458 4.6458 3.6500 7.7860 0.0500 11.4860 (1) As of levy date, November 1 of each year listed. The 2015 millage rate is the basis for Fiscal Year 2015-16 tax revenues. * Overlapping rates are those of local and county governments that apply to property owners within the City of Fort Walton B Source: Okaloosa County Tax Collector