What Bay County governments owe
Local governments borrow to build things now and pay over time. Here's what each one owes, what for, and what it pays each year, from their audited financial statements.
Research compiled Oct 20, 2026
How local government borrowing works
- Borrow now, repay later. A bond or loan pays for something big today, like a water plant or a building, and gets paid back with interest over years.
- Each debt names its money source. Most local debt here is repaid from a specific stream (sales tax, utility bills, tourist tax) rather than from a property tax voters approved. That's why almost none of it is "general obligation" debt.
- Most of it is bank loans. In Bay County, nearly all borrowing is placed directly with banks or the state, not sold to the public as bonds.
- Pensions are a separate promise. Money owed to employees' future pensions and retiree health care is listed separately; it isn't borrowing, but it's still owed.
Who owes what
Latest audited year; per resident where a population appliesPanama City Beach's figure includes $56.9M of Front Beach Road CRA bonds carried on the city's books. Port Panama City and the Panama City CRA are reported separately from the city.
Big single payments ahead
Loans paid back all at once at the end, rather than a bit each year- Bay County: $49.9M due 2027-09-01 (single principal payment). Revenue Refunding Note, Series 2024 (Hurricane Michael), 4.00%. Refinanced part of the $100,000,000 Revenue Refunding Note, Series 2021B (Hurricane Michael); county paid off $50 million of 2021B in FY2024. Refinancing increased debt service by $6,992,034 (economic loss $998,860) to keep cash for recovery projects pending FEMA closeouts. Audit
- Bay County: $48.9M due 2028-09-01 (single principal payment). Capital Improvement Revenue Refunding Note, Series 2023 (Hurricane Michael), 3.99%. Refinanced Revenue Bond, Series 2020 to keep cash for Hurricane Michael projects; increased debt service by $6,576,953, economic loss $8,143,632 Audit
- Panama City: $150.0M due FY2026 (entire principal shown due in fiscal year ending 9/30/2026). Capital Improvement Revenue Note, Series 2023, 5.82%. Capital Projects Fund projects (issued August 2023); the audit does not itemize the projects. Capital Projects Fund balance was $118,632,540 at 9/30/2024. Audit
What kind of debt
| Government | Revenue bonds | Voter-approved (GO) bonds | Notes and loans | Certificates of participation | Leases | Software subscriptions | Financed purchases | Total |
|---|---|---|---|---|---|---|---|---|
| Bay County | $76.9M | — | $195.8M | — | $1.7M | $1.9M | $2.2M | $281.4M |
| Panama City | $197.0M | — | $32.7M | — | $745K | $230K | $3.8M | $234.4M |
| Bay District Schools | — | — | — | $139.3M | $274K | — | — | $147.0M |
| Panama City Beach | $80.5M | — | — | — | $6K | — | — | $87.6M |
| Lynn Haven | $23.8M | — | $7.7M | — | — | — | — | $31.5M |
| Springfield | — | — | $25.3M | — | $46K | $19K | — | $25.4M |
| Airport district | — | — | $25.1M | — | — | — | — | $25.1M |
| Port Panama City | — | — | $18.0M | — | $547K | — | — | $20.5M |
| Callaway | $12.3M | — | $506K | — | — | — | — | $13.2M |
| Mexico Beach | $3.1M | — | — | — | — | — | — | $3.1M |
| Parker | — | — | $597K | — | $4K | — | $166K | $767K |
| Panama City CRA | — | — | — | — | $248K | — | — | $248K |
Payments this year, and pension promises
| Government | Principal | Interest | Total this year | Net pension liability | Retiree health (OPEB) |
|---|---|---|---|---|---|
| Bay County | $19.6M | $8.9M | $28.5M | $130.4M | $15.9M |
| Panama City | $6.0M | $9.9M | $15.9M | $34.2M | — |
| Bay District Schools | $11.5M | $5.4M | $16.9M | $156.8M | — |
| Panama City Beach | $5.3M | $2.5M | $7.8M | — | — |
| Lynn Haven | $3.1M | $701K | $3.8M | $0 | $1.0M |
| Springfield | $4.1M | $743K | $4.8M | — | $2.5M |
| Airport district | — | — | $2.6M | $0 | — |
| Port Panama City | $1.7M | $568K | $2.3M | $87K | — |
| Callaway | $1.3M | $490K | $1.8M | — | — |
| Mexico Beach | $110K | $124K | $234K | — | — |
| Parker | $111K | $8K | $119K | — | $335K |
| Panama City CRA | $52K | $10K | $62K | — | — |
Lynn Haven reports a net pension asset of $4.4M (its plan holds more than it owes). Blank cells mean the audit didn't report that item for the government.
Every debt, by government
Bay County: 15 debts, $281.4M
Matches the county's Schedule 11 'Ratios of Outstanding Debt' ($1,435 per capita). Governmental: bonds from direct placement $20,261,000; notes from direct borrowings $182,029,699; leases $1,728,798; SBITAs $1,191,776; finance purchases $2,136,645. Business-type (wholesale water, retail water/wastewater, solid waste): revenue bonds $38,885,000 + premium $2,771,127; direct-placement bond $17,793,000; notes $13,757,903; finance purchases $113,239; SBITAs $720,562. Excludes compensated absences ($7,927,921), self-insured losses ($1,475,542), landfill closure/postclosure ($19,341,711), pension and OPEB. Audit (FY2024)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Revenue Refunding Note, Series 2024 (Hurricane Michael) Refinanced part of the $100,000,000 Revenue Refunding Note, Series 2021B (Hurricane Michael); county paid off $50 million of 2021B in FY2024. Refinancing increased debt service by $6,992,034 (economic loss $998,860) to keep cash for recovery projects pending FEMA closeouts. | 2024 | $50.0M | $49.9M | 4.00% | 2027-09-01 (single principal payment) | Non-ad valorem revenues (Resolution 4065) |
| Capital Improvement Revenue Refunding Note, Series 2023 (Hurricane Michael) Refinanced Revenue Bond, Series 2020 to keep cash for Hurricane Michael projects; increased debt service by $6,576,953, economic loss $8,143,632 | 2023 | $50.0M | $48.9M | 3.99% | 2028-09-01 (single principal payment) | Non-ad valorem revenues (Resolution 4008) |
| Sales Tax Revenue Refunding Note, Series 2020 Refund Sales Tax Refunding Revenue Note, Series 2015 | 2020 | $38.8M | $33.0M | 2.06% | 2032-09-01 | Local government half-cent sales tax |
| Water and Sewer System Revenue Refunding Bonds, Series 2015 Refund Water and Sewer System Revenue Bonds, Series 2011 (extended maturity 14 years; increased total debt service by $15,104,388) | 2015 | $28.7M | $23.4M | 2.0% to 5.0% | 2045-09-01 | Water and sewer net revenues and connection fees; county may budget non-ad valorem revenues if short |
| Tourist Development Tax Revenue Refunding Note, Series 2020 Refund TDT Revenue Note, Series 2018 | 2020 | $32.1M | $22.9M | 2.06% | 2033-04-01 | Up to four cents of tourist development tax collected in the Panama City Beach TDT sub-district |
| Solid Waste System Revenue Bond, Series 2021 Solid waste system capital improvements | 2021 | $20.3M | $17.8M | 1.87% | 2041-09-01 | Solid Waste Fund net revenues |
| Water System Revenue Refunding Bonds, Series 2016 Refund Water System Revenue Refunding Bonds, Series 2005 | 2016 | $30.1M | $15.4M | 4.0% to 5.0% | 2030-09-01 | Wholesale water system net revenues and impact fees |
| Capital Improvement Revenue Bond, Series 2021A Capital improvements within the county | 2021 | $15.0M | $13.2M | 2.29% | 2041-09-01 | Non-ad valorem revenues |
| Water System Revenue Note, Series 2014 Wholesale water system capital improvements | 2014 | $18.9M | $9.9M | 3.70% | 2032-09-01 | Wholesale water net revenues and impact fees |
| Capital Improvement Revenue Note, Series 2022A Construction and renovation of a park and sports complex | 2022 | $10.1M | $9.3M | 3.09% | 2042-09-01 | Non-ad valorem revenues |
| Capital Improvement Revenue Refunding Note, Series 2022B Refund Capital Improvement Revenue Note, Series 2021 | 2022 | $9.5M | $8.5M | 2.88% | 2037-09-01 | Non-ad valorem revenues |
| Sales Tax Revenue Refunding Bonds, Series 2018A&B Refund Sales Tax Revenue Refunding Bonds, Series 2007 | 2018 | $11.0M | $6.7M | 2.90% | 2032-09-01 | Half-cent sales tax |
| Capital Improvement Revenue Refunding Note, Series 2021 Refund Capital Improvement Revenue Refunding Bonds, Series 2011 | 2021 | $11.2M | $5.6M | 0.91% | 2027-09-01 | Non-ad valorem revenues |
| Non-Ad Valorem Revenue Note, Series 2018 800 MHz radio system | 2018 | $13.2M | $2.4M | 3.02% | 2025-09-01 | Non-ad valorem revenues |
| Wastewater Revenue Refunding Note, Series 2014 (Military Point AWT, joint with City of Callaway) Refund Series 2004 wastewater bonds for the Military Point Advanced Wastewater Treatment Facility joint venture; county liable for one half | 2014 | $10.4M | $997K | 3.31% | 2026-09-01 | Joint venture net revenues |
Panama City: 9 debts, $234.4M
Matches the city's own 'Ratios of Outstanding Debt' schedule: governmental revenue notes $172,827,384 (net of $27,616 discount), finance purchases $3,804,008, leases $744,766, SBITAs $230,140, utility revenue note $24,181,000, State Revolving Fund loans $32,650,467. Per capita $6,184 (city schedule). Excludes compensated absences ($2,698,163), pension and OPEB. Port Authority debt is reported separately. Audit (FY2024)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Capital Improvement Revenue Note, Series 2023 Capital Projects Fund projects (issued August 2023); the audit does not itemize the projects. Capital Projects Fund balance was $118,632,540 at 9/30/2024. | 2023 | $150.0M | $150.0M | 5.82% | FY2026 (entire principal shown due in fiscal year ending 9/30/2026) | Lien on and pledged funds of non-ad valorem revenues |
| Water and Sewer Refunding Revenue Note, Series 2021 Refunding of prior water/sewer debt | 2021 | $25.9M | $24.2M | 2.50% | FY2035-2039 period | Net revenues of the water and wastewater system |
| Capital Improvement Revenue Note, Series 2018 Not stated in audit | 2018 | $16.3M | $11.0M | 3.30% | FY2030-2033 period | Business tax receipts |
| Infrastructure Sales Surtax Revenue Note, Series 2018 Infrastructure capital projects | 2018 | $15.1M | $6.1M | 3.02% | FY2027 | Local infrastructure sales surtax |
| Capital Improvement Revenue Note, Series 2013B Marina project ($992,688 still unspent at 9/30/2024, remaining project in planning) | 2013 | $13.0M | $4.0M | 2.81% | FY2028 | Business tax receipts |
| Capital Improvement Revenue Note, Series 2016 Not stated | 2016 | $3.2M | $1.7M | 1.87% | FY2030-2032 period | Business tax receipts |
| State Revolving Fund loan DW0302G1 (0%) Utility system (drinking water program number) | — | $61.1M | $17.0M | 0% | Payments begin FY2026 | Net wastewater utility revenue (as stated in audit) |
| State Revolving Fund loan WW0302F0 (0%) Wastewater | — | $12.3M | $8.4M | 0% | Payments begin FY2026 | Net wastewater utility revenue |
| State Revolving Fund loan DW0302G0 (0%) Utility system | — | $25.2M | $7.3M | 0% | FY2041 | Net wastewater utility revenue |
Bay District Schools: 4 debts, $147.0M
Certificates of participation (direct placements) $139,325,000 + unamortized premium $7,438,170 + copier leases $274,187. Excludes estimated insurance claims ($13,844,137), compensated absences ($15,264,842), pension and OPEB. Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Refunding Certificates of Participation, Series 2015 Refunding of earlier COPs under the 1994 master lease-purchase agreement | 2015 | — | — | 2.56% | 2029 | Lease payments by the district (typically from capital outlay property tax); property under ground lease to Bay County Educational Facilities Finance Corporation |
| Certificates of Participation, Series 2019 Educational facilities under master lease | 2019 | — | — | 1.99% | 2030 | District lease payments |
| Certificates of Participation, Series 2020A Educational facilities under master lease | 2020 | — | — | 4% to 5% | 2040 | District lease payments |
| Certificates of Participation, Series 2022A Educational facilities under master lease | 2022 | — | — | 4% to 5% | 2047 | District lease payments |
Panama City Beach: 4 debts, $87.6M
Governmental revenue bonds $56,915,000 + unamortized premium $5,474,131 (both Front Beach Road CRA bond issues, carried on the city's books) + utility revenue bonds $23,540,000 + developer revenue certificates $1,619,665 + lease $5,946. Excludes compensated absences ($2,788,350), pension and OPEB. All bonds are direct placements. Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Capital Improvement Refunding Revenue Bonds, Series 2015 (Front Beach Road Project) Refund Series 2006 Front Beach Road bonds; saved $5,428,743 over 17 years | 2015 | $42.9M | $21.8M | 2.73% | 2031 | First lien on Front Beach Road CRA tax increment revenue and CRA assessment; FY2025 debt service was 15.4% of $22,251,398 pledged revenues |
| Capital Improvement Revenue Bonds, Series 2020 (Front Beach Road Project) Front Beach Road Segment 3/Hwy 79, Powell Adams Phase 2, Front Beach Road Segment 4.1 and other approved projects | 2020 | $35.1M | $35.1M | 5% through May 2041, then 4% | 2048-11-01 | Front Beach Road CRA tax increment revenue; principal begins Nov. 1, 2032 |
| Utility Revenue Refunding Bond, Series 2020A Refund Utility Revenue Refunding Bonds, Series 2016 | 2020 | $19.9M | $14.6M | 1.55% fixed | 2036-06-01 | Water/sewer net revenues, system development charges and (until released) public service taxes |
| Utility Revenue Refunding Bond, Series 2022 Refund Utility System Revenue Bond, Series 2020B | 2022 | $12.5M | $8.9M | 1.37% fixed | 2032-06-01 | Same utility pledge as Series 2020A |
Lynn Haven: 5 debts, $31.5M
Governmental bonds $22,103,690 + business-type bonds $1,646,310 (+ $52,570 unamortized premium) + business-type DEP loans $7,747,165. Excludes compensated absences ($664,439) and OPEB. During FY2025 the city paid off the $4,323,130 contractor-financed stormwater note (2.55%, was due 2047). Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Taxable Revenue Bonds, Series 2019 Costs of Hurricane Michael damage | 2019 | — | $21.6M | 2.2% to 3.0% | August 2034 | Covenant to budget and appropriate non-ad valorem revenues |
| Sales Tax Revenue Refunding Bonds, Series 2016 Refund Series 2005 sales tax bonds | 2016 | — | $1.1M | 1.6% to 2.3% | December 2027 | Half-cent sales tax revenues |
| Capital Improvement Revenue Refunding Bonds, Series 2015 Refund part of Series 2005 capital improvement bonds (utility) | 2015 | — | $1.0M | 2.0% to 4.25% | December 2032 | Water and sewer net revenues and system development charge bond-service components |
| DEP SRF loan - water main replacement Water main replacement | 2018 | $2.4M | $2.6M | 1.31% | 20 years from first payment (12/15/2019) | Water and sewer system pledged revenues |
| DEP SRF loan - wastewater rehabilitation Wastewater rehabilitation | 2018 | $4.6M | $5.2M | 0.93% | 20 years from first payment (3/15/2021) | Water and sewer system pledged revenues |
Springfield: 7 debts, $25.4M
Notes from direct borrowings $17,902,896 (governmental) + $7,413,488 (State Revolving Fund, business-type) + leases $45,539 + SBITA $18,794. Excludes compensated absences ($167,173), pension and OPEB. Includes the $2,902,896 FEMA Community Disaster Loan that FEMA forgave in full on May 11, 2026 (after year end). Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| City Complex Note (local bank) Construction of the new city complex | 2024 | $15.0M | $15.0M | 4.56% fixed | 2039-12-01 | Governmental funds (audit does not name a specific pledged revenue) |
| FEMA Community Disaster Loan Essential services after Hurricane Michael revenue losses | 2020 | $2.9M | $2.9M | 0.25% | Due September 2025; forgiven | Cancelled: FEMA approved forgiveness of full balance May 11, 2026 |
| SRF Loan DW0308010 (water) Water utility improvements | 2007 | $2.8M | $710K | 2.64% | 2027 (schedule runs through FY2029) | Water system gross revenues after O&M |
| SRF Loan WW030501 (sewer) Sewer improvements; $4,154,226 forgiven | 2016 | $5.6M | $1.4M | 0% to 0.2% | 2038 | Sewer system gross revenues after O&M |
| SRF Loan WW030520 (sewer) Sewer improvements; $4,063,425 forgiven | 2019 | $6.4M | $1.9M | 0.105% | 2040 | Water and sewer gross revenues after O&M |
| SRF Loan DW030513 (water) Water distribution replacement (Springfield SRF Water and Sewer Rehabilitation); $3,550,276 forgiven | 2023 | $7.5M | $1.8M | 0.47% | 2031 per pledged-revenue table; repayment schedule runs to 2036-2040 | Utility system gross revenues plus impact fees after O&M |
| SRF Loan CW030532 (sewer inflow/infiltration) Sewer inflow and infiltration correction; $6,352,803 forgiven | 2023 | $10.7M | $1.6M | 0.58% (pledged-revenue table shows 0.105%) | 2029 per pledged-revenue table; repayment schedule runs to 2036-2040 | Sewer system gross revenues after O&M |
Airport district: 3 debts, $25.1M
Two Florida State Infrastructure Bank (SIB) loans. A third SIB loan of up to $26,000,000 (3.80%, June 27, 2024) had a $0 balance at 9/30/2025. Excludes compensated absences ($569,378). The district also maintains a $6,000,000 letter of credit for DEP mitigation (no draws). Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| State Infrastructure Bank Loan (agreement dated 2007-12-21) Airport (audit does not state project) | 2007 | $25.0M | $13.5M | 1.97% (amended 2021-08-01; originally 4.60%) | 2036 (schedule runs to 2037-2040 period) | Pledge of airport net revenues and eligible Passenger Facility Charge (PFC) revenues |
| State Infrastructure Bank Loan (agreement dated 2009-04-27) Airport (audit does not state project) | 2009 | $20.0M | $11.6M | 2.71% (amended 2021-08-01; originally 4.60%) | 2036 (schedule runs to 2037-2040 period) | Net revenues and eligible PFC revenues |
| State Infrastructure Bank Loan (agreement dated 2024-06-27) Not stated in audit | 2024 | $26.0M | $0 | 3.80% | 2051 | Net revenues and eligible PFC revenues; payments of $1,629,315/yr begin 2027-10-01 |
Port Panama City: 7 debts, $20.5M
Notes payable $17,983,784 (bank swap note, two notes, three State Infrastructure Bank loans) + line of credit $2,000,000 + lease liability $547,110. Excludes claims and judgments ($351,198), compensated absences ($109,627), pension and OPEB. Audit (FY2024)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| State Infrastructure Bank Loan (maturing October 2047) Not stated in audit | — | — | $10.3M | 3.00% | October 2047 | Pledge of port facility net revenues |
| Note payable (maturing April 2036) Not stated | — | — | $2.4M | 2.69% | April 2036 | Pledge of facility net revenues |
| State Infrastructure Bank Loan (maturing October 2032) Not stated | — | — | $2.3M | 4.00% | October 2032 | Pledge of facility net revenues |
| Bank note with interest-rate swap Not stated | — | — | $1.5M | 4.43% fixed via swap | June 2027 | Pledge of facility net revenues |
| State Infrastructure Bank Loan (maturing October 2035) Not stated | — | — | $1.2M | 4.00% | October 2035 | Pledge of facility net revenues |
| Industrial Park note Industrial Park property | — | — | $300K | 3.00% | On sale/lease of specified Industrial Park property or on demand | Collateralized by the Industrial Park property |
| Bank line of credit Working capital | 2019 | $7.5M | $2.0M | 6.58% at 9/30/2024 | Renewed to March 16, 2025; port intended to renew | Port net revenues |
Callaway: 3 debts, $13.2M
Revenue bonds $12,275,000 + unamortized premium $449,054 + half share of Military Point AWT joint-venture SRF note $506,500. Excludes compensated absences ($359,057) and pension. The $2,250,000 FEMA Community Disaster Loan was fully forgiven in FY2025. Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Capital Improvement Revenue Refunding Bonds, Series 2015 Refunded $18,625,000 Capital Improvement Revenue Bonds, Series 2007; saved $2,456,218 in debt service over 22 years | 2015 | $15.9M | $12.3M | 3% to 5% | 2037-08-01 | Sales tax revenues and Electric Public Service Tax; FY2025 debt service was 24% of pledged revenues ($654,581 of $2,560,071) |
| State Revolving Fund loan - Military Point Advanced Wastewater Treatment Facility (city's half) Joint venture wastewater plant with Bay County, Springfield, Parker | — | — | $506K | 2.82% | FY2026 | Net revenues of the Military Point facility; payments made by the joint venture |
| FEMA Community Disaster Loan Hurricane Michael revenue loss | 2021 | $2.2M | $0 | — | Forgiven in FY2025 | Fully forgiven by DHS/FEMA |
Mexico Beach: 2 debts, $3.1M
Bonds payable $3,124,600 (water/sewer revenue bonds). Excludes compensated absences ($122,435) and pension. No governmental-activities debt. Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| Water and Sewer Revenue Bonds, Series 2000 Portion of costs of utility system improvements | 2000 | — | $1.4M | 4.875% | September 2039 | Junior and subordinate pledge of gross revenues of the water and sewer system |
| USDA Bonds, Series 2013 Construct a wastewater system | 2013 | — | $1.8M | 3.25% | September 2052 | Pledge of net revenues of the water and sewer systems |
Parker: 3 debts, $767K
Financed purchases $166,335 + leases $3,597 + State Revolving Fund notes $596,731. Excludes compensated absences ($92,107), net pension and OPEB. Audit (FY2025)
| Debt | Issued | Original | Owed | Rate | Final payment | Repaid from |
|---|---|---|---|---|---|---|
| State Revolving Fund Loan WW030711 (sewer) Sewer system capital improvements | — | $1.5M | $312K | 0.42% | 2039 | Water system gross revenues after O&M and senior obligations |
| State Revolving Fund Loan DW030720 (water) Water system capital improvements | — | $162K | $47K | 2.05% | 2031 | Water system gross revenues after O&M and senior obligations |
| State Revolving Fund Loan DW030722 (water) Water system capital improvements | — | $7.0M | $238K | 1.43% | 2047 | Utility system (water and sewer) gross revenues after O&M and senior obligations |
Sources and gaps
All debt figures come from the audited financial statements filed with the Florida Auditor General. 'total_debt' means bonds, notes, loans, leases, SBITAs and finance purchases (plus unamortized bond premium where reported). It excludes compensated absences, claims, landfill closure costs, net pension and OPEB liabilities, which are shown separately.
Latest audit used: FY2025 for Lynn Haven, Callaway, Springfield, Parker, Mexico Beach, Panama City Beach, PCB CRA and the airport district; FY2025 (June 30) for Bay District Schools; FY2024 for Bay County, Panama City, Panama City CRA and the Port Authority, because their FY2025 audits were not on the Auditor General's site as of 2026-10-20.
Almost all local debt here is privately placed with banks or borrowed from the State (State Revolving Fund, State Infrastructure Bank), not publicly sold bonds, so most issues have no credit rating or EMMA listing.
Big near-term balloon payments: Panama City's $150,000,000 Series 2023 note (5.82%) is scheduled to be repaid in one payment in FY2026. Bay County's Hurricane Michael notes are due in one payment each: $49,943,109 on 9/1/2027 and $48,874,337 on 9/1/2028.
Debt service 'year' is the first scheduled year in each audit's maturity table (the year after the audit), unless otherwise noted.
No government reviewed met any s. 218.503(1) financial emergency condition in the audits reviewed. No auditor issued a deteriorating-financial-condition notice. Mexico Beach's FY2022 audit noted late vendor payments tied to Hurricane Michael grant timing, which the auditor said was not a financial emergency.
Only Mexico Beach received a modified (qualified) opinion. The cause, in FY2023-FY2025, was that the city had not implemented GASB 75 (retiree health/OPEB).
What we couldn't find (9)
- Bay County, City of Panama City, Panama City CRA and Panama City Port Authority FY2025 audits were not filed on the Auditor General site as of 2026-10-20, so FY2024 is used. The Port Authority has only its FY2024 audit posted there.
- Credit ratings: none of the audits publish ratings, and Moody's/S&P pages could not be read. The only publicly offered bonds found are Bay County's Water & Sewer 2015 and Water 2016 bonds, Callaway 2015, Lynn Haven 2015/2016, and probably the school COPs. Their ratings still need to be checked in the official statements.
- EMMA (emma.msrb.org) blocks automated access (HTTP 403), so no EMMA links were collected. They need a manual browser lookup.
- Original issue amounts are missing for several issues (Mexico Beach, Lynn Haven bonds, Port loans), and per-series COP balances are missing for the school district, because the audits do not list them.
- Purposes are not stated in the audits for Panama City's $150M Series 2023 note (beyond 'Capital Projects Fund'), the airport's SIB loans, and most Port loans. Council and board minutes or loan resolutions would be needed.
- Management responses: several reports attach corrective action plans as scanned images (Panama City CRA, PCB 2024, Bay DSB 2025, some Bay County items). Where the text was not extractable, the field says so.
- CRAs for Callaway, Springfield and Parker file separate reports. They were not reviewed because the city audits show no CRA debt. Springfield's and Parker's own audits report late or missing city TIF payments to those CRAs.
- FY2022 audits were reviewed only where needed to complete 3 years (Panama City, Panama City CRA, Bay County). Prior-year findings for the other governments are summarized from the later audits' prior-finding schedules, with brief plain-English text.