ACFR FY 2022 FINAL BOOK - Flipbook - Page 11
INTRODUCTORY SECTION
City of Eustis, Florida
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major equipment upgrades in public Works
Factors Affecting Financial Condition
The information presented in the financial statements is best understood when considered from the
broader perspective of the specific environment within which the City operates�
Local economy – The local economy was impacted by high inflation of 8�2% in September of 2022,
marking a multi-decade high� Consumer prices increased and rose above market expectations�
Fortunately, revenues have continued to grow For the past several years, the assessed taxable value
of the real and personal property has increased� This year’s tax value of $1,347,838,047 compared
to the previous year of $1,224,552,225 represents an increase of 10�1%�
In addition, the unemployment rate for the County fell from 4�3% to 2�7% as of September 2022�
The City’s tax base is primarily residential, as evidenced by the number of utility accounts served�
With over 13,000 utility accounts, the City also maintains over 800 commercial accounts� This proportion illustrates that the City is more of a bedroom community for the Orlando mSA� based on these
facts, the City has addressed its needs for the future, recognizing that the direction has shifted from
an agricultural community to a substantially residential one�
The State of Florida has found the City’s Comprehensive plan, mandated under the state growth
management regulations, to comply with the statutory requirements� The plan’s objective is to address
the needs of a predominantly residential sector with provisions for light commercial and industrial
sectors and to establish a well-rounded community that serves the needs of the citizens� This plan
reinforces and sets the future direction of the City�
based on current and future needs outlined in the Comprehensive plan, the City has identified and
established appropriate projects and funding sources to complete the goals� A State Revolving Loan
and a Revenue bond provide funding for immediate water, sewer, and other infrastructure needs�
The City adopted impact fees for water, sewer, recreation, police, fire, and library services�
The City adopted new Land Development Regulations (LDRs) in 2008, and the Commission adopted
amendments in 2015, 2016, 2017, and 2019� The LDRs set forth requirements for density, open space,
and compatibility� The City has established a Joint planning Area with the County and provides
review and comment on any County projects in that designated area� New development in the unincorporated area of the Joint planning Area requesting water service must either annex into the City
or sign an annexation agreement with the City to develop by the City standards�
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Annual Comprehensive Financial Report | September 30, 2022
11