Fort Walton Beach — Fiscal Year 2019-20 Adopted Budget — reading text

Principal Interest Total Existing Debt 2,388,051 1,080,453 3,468,504 New Debt anticipated in FY 2019-20 - - - FY 2018-19 Budget Debt Impact 2,388,051 1,080,453 3,468,504 1.15 time earnings. The General Fund is at 12.90 and the Utilities Fund is at 2.06. The Sanitation and Stormwater funds are participating in the facilities consolidation. Their coverage ratio is currently undeterminable, as they are both participants in a first year rate study. Debt Ratio – Indicates the percentage of assets financed via debt, and therefore the financial flexibility of the fund. Debt Ratio Analysis Actual Budget FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 General Fund 46.2% 39.8% 82.7% 86.8% 83.1% Utilities Fund 41.4% 51.8% 50.1% 67.8% 65.2% Sanitation Fund 0.0% 0.0% 0.0% 30.7% 30.7% Stormwater Fund 0.0% 0.0% 0.0% 42.6% 42.6% Debt Rating – The City maintains an AA rating with both Standard and Poor’s and Fitch. Principal Interest Total Existing Debt 2,388,051 1,080,453 3,468,504 New Debt anticipated in FY 2019-20 - - - FY 2019-20 Budget Debt Impact 2,388,051 1,080,453 3,468,504 City of Fort Walton Beach, FL 25  Debt Principal and Interest Payments by Fund General Fund Enterprise Funds Total Fiscal Yr Principal Interest Principal Interest Principal Interest 2019-20 810,244.16 294,312.95 1,577,806.92 786,140.24 2,388,051.08 1,080,453.19 2020-21 799,647.01 276,932.35 1,590,675.75 772,306.60 2,390,322.76 1,049,238.95 2021-22 751,985.71 260,589.01 1,605,318.58 758,348.57 2,357,304.29 1,018,937.58 2022-23 771,637.06 244,687.56 1,619,721.80 744,221.36 2,391,358.86 988,908.92 2023-24 786,007.84 228,320.40 1,633,871.21 729,939.15 2,419,879.05 958,259.55 2024-25 744,553.37 222,608.83 1,647,751.89 804,516.87 2,392,305.26 1,027,125.70 2025-26 762,070.53 207,091.05 1,658,939.65 793,378.71 2,421,010.18 1,000,469.76 2026-27 779,252.41 191,159.45 1,669,696.39 782,233.56 2,448,948.80 973,393.01 2027-28 3,319,265.64 174,821.86 1,681,000.20 771,103.36 5,000,265.84 945,925.22 2028-29 322,923.70 90,212.88 1,692,828.14 759,981.82 2,015,751.84 850,194.70 2029-30 325,877.95 97,259.23 1,703,156.37 837,863.60 2,029,034.32 935,122.83 2030-31 327,687.30 93,699.94 1,711,551.28 830,211.47 2,039,238.58 923,911.41 2031-32 25,351.99 90,148.01 1,718,265.07 822,714.88 1,743,617.06 912,862.89 2032-33 21,899.32 93,600.68 1,726,265.64 815,435.11 1,748,164.96 909,035.79 2033-34 18,314.42 97,185.58 1,069,519.62 808,347.15 1,087,834.04 905,532.73 2034-35 14,592.21 100,907.79 585,308.93 820,874.59 599,901.14 921,782.38 2035-36 10,727.44 104,772.56 86,794.74 847,705.26 2036-37 6,714.65 108,785.35 54,327.63 880,172.37 2037-38 2,548.17 66,531.90 20,617.03 538,303.58 10,601,300.89 3,043,627.37 25,053,416.83 14,903,798.26 35,472,988.06 15,401,154.61 DEBT SCHEDULES Facility & Infrastructure Debt Service by Fiscal Year Fund 001, 401, 403 & Fund 401 Fund 401 Fund 001 Fund 001 405 2015 2013 2013 2013A GRAND TOTAL SRF Loan Revenue Note Revenue Note Revenue Note Revenue Note Pump Station & Force Utility System Recreation Complex Fiscal Yr Main Improvements Municipal Facilities Municipal Facilities & Equipment 2019-20 943,366.76 664,080.40 850,000.00 306,467.10 557,524.86 3,321,439.12 2020-21 943,366.76 663,115.60 849,999.99 306,422.20 557,525.30 3,320,429.85 2021-22 943,366.76 663,800.40 849,999.99 305,887.02 557,524.70 3,320,578.87 2022-23 943,366.76 664,076.40 850,000.00 309,637.04 557,524.58 3,324,604.78 2023-24 943,366.76 663,943.60 850,000.00 307,637.08 557,525.26 3,322,472.70 2024-25 943,366.76 663,402.00 950,000.00 305,137.44 557,524.76 3,419,430.96 2025-26 943,366.76 663,451.60 950,000.00 307,136.60 557,524.98 3,421,479.94 2026-27 943,366.76 663,063.20 949,999.99 308,387.28 557,524.58 3,422,341.81 2027-28 943,366.76 663,236.80 950,000.00 308,887.50 3,080,700.00 5,946,191.06 2028-29 943,366.76 663,943.20 950,000.00 308,636.58 2,865,946.54 2029-30 943,366.76 663,153.20 1,050,000.01 307,637.18 2,964,157.15 2030-31 943,366.76 663,896.00 1,049,999.99 305,887.24 2,963,149.99 2031-32 943,366.76 663,113.20 1,049,999.99 2,656,479.95 2032-33 943,366.76 663,834.00 1,049,999.99 2,657,200.75 2033-34 943,366.76 1,050,000.01 1,993,366.77 2034-35 471,683.52 1,050,000.00 1,521,683.52 2035-36 1,050,000.00 1,050,000.00 2036-37 1,050,000.00 1,050,000.00 2037-38 628,000.68 628,000.68 Total $ 14,622,184.92 $ 9,290,109.60 $ 18,028,000.64 $ 3,687,760.26 $ 7,540,899.02 $ 53,168,954.44 City of Fort Walton Beach, FL 26  Equipment Debt Service by Fiscal Year Citywide Fund 001 Fund 001 Fund 001 2013 2014 2011A 2015 Fiscal Year GRAND TOTAL Capital Lease Interfund Loan Revenue Note Capital Lease Phone System Fire Pumper Fire Ladder Truck Fitness Equipment 2019-20 - 55,663.00 84,625.15 6,777.00 147,065.15 2020-21 - 55,663.00 63,468.86 - 119,131.86 2021-22 - 55,663.00 - - 55,663.00 2022-23 - 55,663.00 - - 55,663.00 2023-24 - 55,665.90 - - 55,665.90 Total $ - $ 278,317.90 $ 148,094.01 $ 6,777.00 $ 433,188.91 City of Fort Walton Beach, FL 27  CITY OF FORT WALTON BEACH, FL Summary of Estimated Financial Sources & Uses - All Funds Major Funds 1 GENERAL FUND UTILITIES FUND