ACFR FY 2022 FINAL BOOK - Flipbook - Page 26
FINANCIAL SECTION
City of Eustis, Florida
Government-wide financial statements - The government-wide financial statements are designed
to provide readers with a broad overview of the City’s finances like a private sector business� The
government-wide statements provide short and long-term information about the City’s financial status�
The Statement of Net position presents information on all the City’s assets, liabilities, and deferred
outflows and inflows with the difference between the two reported as net position� Over time, an
increase or decrease in net position may indicate whether the City’s financial position is improving
or deteriorating�
The Statement of Activities shows how the government’s net position changed during the most recent
fiscal year� All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the time of related cash flows�Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods
(e�g�, uncollected taxes and earned but unused vacation leave)� both government-wide financial
statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (government activities) from other operations intended to recover all or a significant
portion of their costs through user charges in business-type activities� The governmental activities
of the City include:
1�
2�
3�
4�
5�
General Government
public Safety
physical Environment
Transportation (Streets & Highways)
Culture and Recreation
The business-type activities of the City include the Water and Sewer Utility Fund� Solid waste is
franchised to an independent contractor�
The government-wide financial statements do not include any component units which would be
reported separately� The City does, however, have three blended component units� These are represented as part of the audited financial statements of the City� The units include the Fire and police
retirement funds and the City of Eustis Community Redevelopment Trust Fund, also known as the
Community Redevelopment Area (CRA), including Downtown and East Eustis�
Fund financial statements – The fund financial statements provide a more detailed look at the City’s
most significant activities� A fund is a grouping of related accounts used to maintain control over
resources that have been segregated for specific activities or objectives� Like other state and local
governments, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements�
All funds of the City can be divided into three categories:
1� Governmental Funds
2� proprietary Funds
3� Fiduciary Funds
Governmental Funds – Governmental funds account for those functions reported as governmental
activities in the government-wide financial statements� most of the City’s essential services are
accounted for in governmental funds� However, unlike the government-wide financial statements,
governmental fund financial statements focus on near-term inflows and outflows of spendable
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Annual Comprehensive Financial Report | September 30, 2022