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

15 for population data. Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 114  City of Fort Walton Beach, Florida SCHEDULE 12 PLEDGED REVENUE COVERAGE SCHEDULE OF REVENUE BOND COVERAGE Last Ten Fiscal Years Unaudited Average Non-Ad Valorem Non-Ad Revenues Fiscal Valorem Avail. for Debt Service Requirements (2) Year Revenues (1) Debt Service Principal Interest Total Coverage 2015 $ 28,766,844 $ 27,552,810 $ 962,155 940,698 $ 1,902,853 14.48 2014 26,593,384 26,466,080 890,954 797,317 1,688,271 15.68 2013 26,338,776 25,803,342 364,156 460,197 824,353 31.30 2012 25,267,908 25,556,504 497,049 697,060 1,194,109 21.40 2011 25,845,100 26,274,792 468,935 695,713 1,164,648 22.56 2010 26,704,483 26,355,374 510,000 874,423 1,384,423 19.04 2009 26,006,265 28,208,317 340,000 889,985 1,229,985 22.93 2008 30,410,368 31,235,238 325,000 904,730 1,229,730 25.40 2007 32,060,108 30,760,329 315,000 918,699 1,233,699 24.93 2006 29,460,549 31,084,778 300,000 931,488 1,231,488 25.24 (1) Non-Ad Valorem Revenues of General Fund, Capital Projects Fund, other governmental funds, and proprietary funds. (2) Combined Debt Service requirements for Capital Improvement Revenue Note Series 2013 & 2013A, Utility System Revenue Note 2015, SRF Loan and 2011 Revenue Notes. See Financial Statement Notes for detail. 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. 115  City of Fort Walton Beach, Florida SCHEDULE 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Unaudited Percentage Amount Net Debt Applicable to Applicable to Governmental Unit Outstanding Fort Walton Beach Fort Walton Beach Overlapping Debt Okaloosa County Revenue Bonds $ 27,696,000 10.95% (2) $ 3,033,261 Okaloosa County School District Certificates of Participation $ 41,648,000 31.11% (1) $ 12,957,156 Subtotal: Overlapping Debt $ 69,344,000 $ 15,990,416 Direct Debt City of Fort Walton Beach Revenue Notes $ 12,371,587 100.00% $ 12,371,587 City of Fort Walton Beach Lease Payable $ 134,249 100.00% $ 134,249 Subtotal: Direct Debt $ 12,505,836 $ 12,505,836 Total Direct and Overlapping Debt $ 81,849,836 $ 28,496,252 Source: Okaloosa County, Okaloosa County School Board (1) Calculation based on total schools in Okaloosa County School District versus schools in Fort Walton Beach. (2) Calculation based on total population in Okaloosa County versus population in Fort Walton Beach. 116  City of Fort Walton Beach, Florida SCHEDULE 14 MAJOR EMPLOYERS Unaudited 2015 2006 Percentage Percentage of Total of Total Employer Product Employees Employment Ranking Employees Employment Ranking (1) USAF - Eglin Air Force Development Test Center 19,754 20.13% 1 22,000 23.28% 1 USAF - Hurlburt(2) Air Force Special Ops Command 10,236 10.43% 2 8,882 9.40% 2 Okaloosa County School District Education Services 3,322 3.38% 3 3,853 4.08% 3 Okaloosa County (3) Local Government Services 1,479 1.51% 4 1,521 1.61% 4 (4) Jacobs Technology - TEAS Group Military Technical Support 1,000 1.02% 5 Fort Walton Beach Medical Center(4) Medical Services 1,000 1.02% 6 969 1.03% 5 (4) Lockheed Martin Corporation Military Technical Support 800 0.82% 7 InDyne Inc(4) Military Technical Support 800 0.82% 8 700 0.74% 7 Northwest Florida State College Education Services 722 0.74% 9 L-3 Crestview Aerospace(4) Military Technical Support 600 0.61% 10 North Okaloosa Medical Center Medical Services 0.00% 600 0.63% 8 ResortQuest Property Management 0.00% 850 0.90% 6 DRS Training and Control Systems Defense Electronics 0.00% 550 0.58% 9 BAE Systems Technical Services Military Technical Support 0.00% Tybrin Corporation Military Technical Support 0.00% 547 0.58% 10 39,713 34.75% 40,472 31.40% (1) Includes military, civilian, and contractor personnel; a portion of contractor personnel may be duplicated with private sector employees also listed here. (2) Includes military and civilian personnel. (3) Includes County Commission, Clerk of Court, Property Appraiser, Sheriff (estimated), Supervisor of Elections, and Tax Collector. (4) Economic Development Council estimated the employee count for largest employers in Okaloosa County for FY14. Source: Personnel Department of each employer 117  City of Fort Walton Beach, Florida SCHEDULE 15 MISCELLANEOUS DEMOGRAPHICAL STATISTICS Last Ten Fiscal Years Unaudited Fiscal Fort Walton Beach Okaloosa County FWB as a % Personal Income Per Capita Unemployment Year Population Population of the County (thousands of dollars) Personal Income Rate 2015 20,869 190,550 10.95% $ 8,783,041 $ 44,695 4.4% 2014 20,719 189,307 10.94% 8,775,211 45,277 4.6% 2013 20,256 186,887 10.84% 8,546,210 44,960 4.7% 2012 20,194 185,803 10.87% 7,913,960 43,132 6.0% 2011 19,534 180,280 10.84% 7,497,082 42,007 7.3% 2010 20,355 195,346 10.42% 7,369,683 41,050 8.0% 2009 20,675 196,237 10.54% 7,090,979 39,158 7.2% 2008 20,918 197,597 10.59% 6,861,716 37,497 4.8% 2007 21,008 196,540 10.69% 6,781,908 37,423 2.9% 2006 20,882 192,672 10.84% 6,761,736 36,529 2.4% OKALOOSA COUNTY EDUCATION FY 2015 FY 2014 FY 2013 Schools: Grades K-5 18 18 18 Grades 6-8 7 7 7 Grades 9-12 4 4 4 PK-12 / Charter / Alterna 2 / 5 / 10 2 / 4 / 10 2 / 4 / 10 Grades K-8 1 1 1 Vocational / Technical 1 1 1 Exceptional Children 2 2 2 Students: Grades K-5 15,046 12,315 14,197 Grades 6-8 7,034 6,882 6,698 Grades 9-12 8,701 8,834 8,917 Adult Students 237 285 310