ACFR FY 2022 FINAL BOOK - Flipbook - Page 28
FINANCIAL SECTION
City of Eustis, Florida
Government-Wide Financial Analysis
Statement of Net Position
As noted earlier, net position may serve as a valuable indicator of a government’s financial position�
In the fiscal year, ending September 30, 2022, assets exceed liabilities by $73,035,956 at the close
of the year� It increased by $1,035,239 and less than in the previous fiscal year’s change� The table
on page 27 reflects the condensed government- wide Statement of Net position�
Table 2: Statement of Net Position
The most significant portion of the City’s net position reflects its investment in capital assets (e�g�,
land, buildings, infrastructure, and improvements other than buildings, vehicles, and equipment),
less any related debt used to acquire such assets� Net investment in capital assets is $ 100,249,745
it represents 76�92% of the total net position� The City uses these capital assets to provide various
services to its residents� Accordingly, these assets are not available for future spending� Although
the City’s investment in its capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources since the capital assets
themselves cannot be used to liquidate these liabilities�
A restricted net position of $23,985,290 reflects the net position that an outside third party restricts as
to its use� The most significant restrictions for governmental activities include net for capital projects
based on the voter- approved one-cent sales tax legislation and net position restricted for community
development due to collection within the City’s Community Redevelopment district� business-type
activities include debt-related restrictions on net position for renewal and replacement and restricted
net position for capital projects for impact fees collected but not spent�
The unrestricted net position of $6,676,224 is available to be used to meet the City’s ongoing obligation to citizens and creditors�
28
Annual Comprehensive Financial Report | September 30, 2022