ACFR FY 2022 FINAL BOOK - Flipbook - Page 37
City of Eustis, Florida
FINANCIAL SECTION
Financial Analysis of The City’s Funds
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows,
and balances of usable resources� Such information helps assess the City’s financing requirements�
The City’s most significant governmental fund is the General Fund� The General Fund is the primary
operating fund of the City� At the end of 2022, the total fund balance equaled $14,589,959� Of this
amount, 14,139,349 or 96�91% is unassigned and can be used to meet the government’s obligations�
The General Fund has restricted the assigned fund balance for Emergency Contingency to $405,873�
The current year, the total fund balance has increased by $2,860,825� This increase is attributable to
property tax revenue as taxable assessed values have increased along with state sharing revenues�
The City has five other major governmental funds: Street Improvement, Sales Tax Capital projects,
Community Redevelopment, building Services, and Stormwater Utility Fund� The fund balance
increased for the Street Improvement Fund by $523,382� building Services’ fund balance increased
by $259,399, offset by a Stormwater Utility decrease of $20,192� Sales Tax Capital projects fund
balance increased by $1,092,555� The fund balance increased in the General Fund by $2,860,825�
The Community Redevelopment fund balance increased by $282,947, which is on the approximate
increase level as the prior year� Other Non-major governmental funds increased by $142,240 because
of the impact fee funds revenue increase� The net result was a cumulative increase of $5,141,155 for
major and nonmajor funds�
The Street Improvement Fund was established to account for gas tax revenues brought in from the
state and county to make repairs and maintain streets and roads owned by the City� The most significant expenditures are grounds, street maintenance, and street lighting� Transportation expenditures of $1,482,471 exceeded gas tax revenues of $893,182 and transfers of $1,055,000 increasing
fund balance to $851,891�
The Community Redevelopment Fund was established to revitalize downtown and east town improvements� The funding source is an incremental increase in property values in these areas� Tax revenue
increased by $34,670 over revenue reported for the year ended September 30, 2022� The most
significant expenditure related to Downtown development and sidewalk rehabilitation is the land
purchased in the fiscal year 2021, three blocks right in the heart of the City of Eustis Downtown� The
City has a five-year balloon loan with annual principal and interest payments� In FY 2022, the debt
service amount was $198,148�
The building Services Fund was established during 2019 to account for resources related to building
activity within the City� Revenue in this fund, generated by permits and fees for construction occurring during the year, reached $1,017,115; Expenditures of $757,716 primarily consist of personal and
contractual services procured to provide plan review and building inspection services; the total
fund balance increased by $259,399 because of the total increase in City’s construction activities�
The Stormwater Utility Fund accounts for the recurring billing of utility customers within the City�
Total expenditures of $625,673 included stormwater drainage improvements� The fund’s most significant non-capital expenditures were street sweeping and drainage maintenance� The fund balance
decreased by $20,192, reflecting a current fund balance of $720,321�
The Sales Tax Capital projects Fund accounts for projects authorized by the one-cent sales tax
assessed on retail sales� The more significant capital expenditures during 2022 included: Ferran
park Improvements, Ardice ground storage tank assembling, Ardice tower hydro tank installation,
Annual Comprehensive Financial Report | September 30, 2022
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