ACFR FY 2022 FINAL BOOK - Flipbook - Page 24
FINANCIAL SECTION
City of Eustis, Florida
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Eustis management Discussion and Analysis (mD&A) section is designed to serve as an
introduction to the City’s basic financial statements prepared in compliance with the pronouncements of the Governmental Accounting Standards board� The City’s basic financial statements are
composed of three separate components: (1) government-wide financial statements, (2) fund financial
statements, and (3) notes to the financial statements� This report also contains required and other
supplementary information in addition to the basic financial statements�
mD&A also provides an objective and accessible read overview of the City’s financial activities
focusing on significant financial achievements and issues, as well as identifying material deviations
from the adopted budget, changes in the City’s financial position (its ability to address the current
and subsequent year challenges), and individual fund issues or concerns�
The management’s Discussion and Analysis focuses on the current year’s activities, resulting in
changes and currently known facts� The information contained within the mD&A should be considered only as a part of the City’s Annual Financial Report�
As management of the City of Eustis, we offer readers of the City’s financial statement this narrative
overview and analysis of the City’s financial activities for the fiscal year ended September 30, 2022�
We encourage readers to consider the information presented in the City’s financial statements�
Financial Highlights
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows
of resources at the close for the year ended September 30, 2022 by $130,911,259 (net position)� Of
this amount, $6,676,224 (unrestricted net position) may be used to meet the government’s ongoing
obligation to citizens and creditors�
The City’s net position increase is $9,153,996, of which governmental activities net position increase
is $7,224,845 , and proprietary funds net position increase is $1,929,151�
On September 30, 2022, the City’s governmental funds reported a combined ending fund balance of
$23,498,676, an increase from the total fund balance of $5,141,155 from the prior year� Contributing
to the increase in fund balance was the growth of revenue due to property Tax collections increase
of $559,082, Utility Service Taxes collection increase of $318,418; State Revenue Sharing increase of
$213,566, Charges for Services increase of $217,825 with a total increase of $2,741,155 in the General
Fund operating expenditures� The increase in net revenues is in Community Redevelopment, building
Services, Stormwater Utilities, Sales Tax Capital projects, Law Enforcement Trust, and Impact Fee
funds; the decrease in current year operating expenditures are in the Street Improvement fund, Law
Enforcement Education, Economic Development, and Library Contribution funds�
Compared with the previous fiscal year, the City’s capital assets increased by $3,209,984, with business-type activities contributing to an increase in capital assets of $986,572� Governmental activities
are responsible for a $2,223,412 rise in capital assets� most of the increase in governmental-type activities is due to furniture and equipment purchase, building, park and other improvements� $936,571
of governmental equipment, vehicle and improvements have been purchased over the fiscal year
2022, such as Commission Chamber renovation completion, Women’s Club fence, Eustis mobility
plan additions, various building improvements, Aquatic center improvements, CRA street rehabilitations, and tree planting, and Lake Eustis seawall improvements, new aerial Fire Truck $1,358,316
was purchased during the year� $1,891,282 of business-type improvements and infrastructure additions have been made: Lake Lincoln water, sewer, and reclaimed water lines improvements, main
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Annual Comprehensive Financial Report | September 30, 2022