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

199,776 9,222 208,998 Investment earnings 272,076 159,761 431,837 Transfers 657,558 (657,558) - Total general revenues and transfers 18,332,653 (487,859) 17,844,794 CHANGE IN NET POSITION 2,257,653 125,011 2,382,664 NET POSITION AT BEGINNING OF YEAR – RESTATED 27,941,006 23,958,736 51,899,742 NET POSITION AT END OF YEAR $ 30,198,659 $ 24,083,747 $ 54,282,406 See notes to the financial statements. 17  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS BALANCE SHEET SEPTEMBER 30, 2015 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds ASSETS Cash and cash equivalents $ 11,563,062 $ 2,150,869 $ 583,240 $ 14,297,171 Investments - - 2,229,208 2,229,208 Receivables 992,269 3,311 178 995,758 Due from other funds 5,582 - - 5,582 Due from other governments 91,834 - 26,337 118,171 Inventory, at cost 249,732 848 - 250,580 Restricted assets Cash and cash equivalents - - 25,449 25,449 TOTAL ASSETS $ 12,902,479 $ 2,155,028 $ 2,864,412 $ 17,921,919 LIABILITIES Accounts payable $ 1,036,518 $ 173,043 $ 45,270 $ 1,254,831 Accrued liabilities 683,998 30,561 16,667 731,226 Due to other funds - - 5,582 5,582 Due to other governments - 77,159 77,159 Advance from other funds 454,337 - - 454,337 Unearned revenue 25,400 - - 25,400 Total liabilities 2,200,253 280,763 67,519 2,548,535 DEFERRED INFLOW OF RESOURCES Unavailable revenue 885,921 - - 885,921 FUND BALANCE Nonspendable 249,732 848 - 250,580 Restricted 183,512 1,873,417 537,137 2,594,066 Committed 5,761,221 - 2,259,756 8,020,977 Assigned 1,396,207 - - 1,396,207 Unassigned 2,225,633 - - 2,225,633 Total fund balance 9,816,305 1,874,265 2,796,893 14,487,463 TOTAL LIABILITIES, DEFERRED INFLOW OF RESOURCES, AND FUND BALANCE $ 12,902,479 $ 2,155,028 $ 2,864,412 $ 17,921,919 See notes to the financial statements. 18  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2015 Fund balance, total governmental funds (page 18) $ 14,487,463 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 11,853,401 Governmental depreciable/amortizable assets 64,676,001 Less accumulated depreciation/amortization (36,579,690) 39,949,712 Unavailable revenues in governmental funds is susceptible to full accrual on the entity-wide statements. Special assessment for street resurfacing 48,999 Receivable related to sale of capital asset 836,922 885,921 Deferred inflows of resources and deferred outflows of resources related to pensions 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 – City contributions made subsequent to the measurement date 2,242,304 Deferred inflows of resources – net difference between projected and actual earnings on pension plan investments (637,967) 1,604,337 Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Notes payable (12,371,587) Accrued interest (79,063) Capital leases (134,249) Compensated absences (648,313) Other post-employment benefits (995,350) Net pension liability (12,500,212) (26,728,774) Net position of governmental activities (page 16) $ 30,198,659 See notes to the financial statements. 19  CITY OF FORT WALTON BEACH, FLORIDA GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 2015 Community Other Total Redevelopment Governmental Governmental General Agency Funds Funds REVENUES Taxes $ 10,861,883 $ 975,294 $ - $ 11,837,177 Permits and fees 2,238,541 - 325,538 2,564,079 Intergovernmental 3,210,679 577,266 163,422 3,951,367 Charges for services 2,499,107 - - 2,499,107 Fines 111,519 - 19,501 131,020 Miscellaneous 1,064,419 56,346 22,171 1,142,936 Total revenues 19,986,148 1,608,906 530,632 22,125,686 EXPENDITURES Current General governmental services 2,813,838 - - 2,813,838 Public safety 8,224,603 450,972 405,409 9,080,984 Physical environment 328,519 - 11,077 339,596 Transportation 862,712 - - 862,712 Economic environment - 1,627,016 103,615 1,730,631 Culture and recreation 4,122,310 - - 4,122,310 Capital outlay 6,340,174 1,730,017 57,945 8,128,136 Debt service Principal - - 660,107 660,107 Interest 10,000 - 344,544 354,544 Total expenditures 22,702,156 3,808,005 1,582,697 28,092,858 DEFICIENCY OF REVENUES UNDER EXPENDITURES (2,716,008) (2,199,099) (1,052,065) (5,967,172) OTHER FINANCING SOURCES (USES) Capital lease proceeds 67,774 - - 67,774 Transfers in 682,558 - 1,039,074 1,721,632 Transfers out (1,039,074) - (25,000) (1,064,074) Total other financing sources (uses) (288,742) - 1,014,074 725,332 NET CHANGE IN FUND BALANCE (3,004,750) (2,199,099) (37,991) (5,241,840) FUND BALANCE AT BEGINNING OF YEAR 12,821,055 4,073,364 2,834,884 19,729,303 FUND BALANCE AT END OF YEAR $ 9,816,305 $ 1,874,265 $ 2,796,893 $ 14,487,463 See notes to the financial statements. 20  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, 2015 Net change in fund balance - governmental funds (page 20) $ (5,241,840) 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 8,128,136 Less