ACFR FY 2022 FINAL BOOK - Flipbook - Page 12
INTRODUCTORY SECTION
City of Eustis, Florida
LONG-TERM FINANCIAL PLANNING
Major Initiatives
During the fiscal year 2022, several major projects were completed or started to transform the City
for the future� Listed below are items of interest�
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The City has a police Department vehicle replacement program for vehicles over seven years
old with a cost-benefit analysis of functionality versus service and repairs� This year the City
acquired five Ford Interceptor Explorers with funds provided by the Sales Tax Capital project fund�
For efficiency, in FY 2022, the Fire department purchased one Echo fireboat, a Yamaha boat
motor, and an aerial Fire truck, purchased with ARpA federal grant funds�
Each year, money is set aside to address the constant need to upgrade streets and sidewalks;
a five-year total for this project is $500,000� The City is one of the few entities in Lake County
with the equipment and personnel to perform most of the work in-house, thereby providing the
highest value for the dollars spent� The remaining projects under general government street
sealing and resurfacing totaled $712,779 for the following five years�
The City provides economic incentives for constructing multi-family, mixed-use, and non-residential property within the Community Redevelopment Area (CRA) and in all other areas of
the City� projects with a value of more than $500,000 are eligible� The incentive is 2% of the
construction value, with a maximum of $30,000� If the project is within the CRA, an additional
2% may be used with a maximum voucher of $60,000� The credit vouchers may be applied to the
cost of impact fees, building permits, and other city fees associated with the new construction�
Recently, the program provided incentives for constructing housing projects�
Upgrades of equipment replacement, such as water and sewer line upgrades, storage tanks,
and water and sewer system engineering for the wastewater treatment facilities occur annually�
The major project is still in development for the expansion of the main Wastewater Treatment
plant, at an estimated cost of approximately $13 million dollars; the project is scheduled to be
completed by December 2024� An American Rescue plan Act federal grant provides substantial
funding for this project� The rising inflation rates may increase the funding required to complete
the project by the grant’s deadline�
The City will achieve its mission to create a superior quality of life by engaging and partnering
with the community to provide financially prudent and customer-friendly services through efficient organization and utilization of resources�
Awards and Acknowledgements – The Government Finance Officers Association (GFOA)
awarded a Certificate of Achievement of Excellence in Financial Reporting to the City for its Annual
Comprehensive Financial Report for the fiscal year ended September 30, 2021� This was the 33rd
consecutive year the City had received this prestigious award� The City published an easily readable and efficiently organized annual report to be awarded a Certificate of Achievement� This report
satisfied both GAAp and applicable legal requirements�
A Certificate of Achievement is valid for one year only� The staff believes the current annual report
meets the Certificate of Achievement program’s requirements and will submit it to the GFOA to
determine its eligibility for another certificate�
The City received the GFOA’s Award for Distinguished budget presentation for its annual financial
plan for the fiscal year 2021-22 budget� This was the eighth year the City had received this prestigious
award� To qualify for the Distinguished budget presentation Award, the City’s budget document was
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Annual Comprehensive Financial Report | September 30, 2022