ACFR FY 2022 FINAL BOOK - Flipbook - Page 35
FINANCIAL SECTION
City of Eustis, Florida
Business-Type Activities
business-type activities increased the City’s net position in 2022 by $1,929,151� The difference in net
position results from an increase in charges for services of $472,636, and contributions increase�An
increase related to Capital Grants and Contributions of $1,772,290 results from the new subdivision
developer’s contributions and received American Rescue plan Act (ARpA) funds� Capital Grants and
Contributions include $790,217 of developer’s contributions, $1,730,419 of expended ARpA funds, and
$597,567 of impact fees� miscellaneous revenues increased by $17,284, as well as positive changes
of $65,647 increase or 203�91% in investment income� The business-type expense also increased
by $699,790 compared to the fiscal year 2021, see Tables 7 and 8�
Figure 3: Revenue – Business -Type Activities
Revenue by Source – Business -Type Activities
Capital Grants and Contributions: 20.0 %
Investment Income: 0.6 %
Miscellaneous Revenues: 1.4 %
Charges for Services: 78.0 %
Charges for Services
Investment Income
Capital Grants and Contributio…
Miscellaneous Revenues
The most significant revenue for business-type activities is Charges for Services� This is a characteristic trait of enterprise funds that the charges for services cover the cost of operations� The City
implemented a rate increase effective June 1, 2021, resulting in an annual 2�5% increase to cover
operations following five years� A Water utility rates study needs to be performed every five years
as a part of a five-year economic review of City development� Tables 7, 8, and 9 show a change in
business-type activities compared to the previous fiscal year�
Annual Comprehensive Financial Report | September 30, 2022
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