ACFR FY 2022 FINAL BOOK - Flipbook - Page 38
FINANCIAL SECTION
City of Eustis, Florida
Umatilla interconnection additions, Haselton generator replacement, and Eleven Oaks new subdivision water lines development and installation, as well as Eustis mobility plan execution along street
resurfacing� Overall, the fund balance increased by $1,092,555, with expenditures decreasing by
$124,313 compared to the prior year providing an ending fund balance of $2,519,617� The decrease
in the fund expenditures depends on annual capital project funding� In 2022 capital projects execution was affected by high 8�3% inflation; this event resulted in postponing of several projects, and
moving them to the next fiscal year�
Other Non-major Governmental Funds accounts include nine funds: Law Enforcement Trust and
Education Fund, Economic Development Fund, Library Contributions Trust Fund, Impact Fee Fund,
and Greenwood Cemetery Fund� In 2022 fund balance is increased by $142,240, with expenditures
greater than the prior year by $24,780, resulting in a current balance of $1,360,790�
Proprietary Funds
The City’s proprietary fund provides the same information found in the government-wide financial statements but in more detail� The City’s Water and Wastewater fund had a net position of
$54,995,184 on September 30, 2022, increasing $1,929,151 from the prior year� This increase 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 $1,707,431 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 and $1,730,419 of expended ARpA
funds and $597,567 of impact fees� An increase in miscellaneous revenues of $17,284 followed by
an investment income increase of $65,647 � Additionally, one influencing factor was an increase in
expenses of $699,790 , compared to the fiscal year 2021, see Tables 7 and 8�
The most significant portion of the net position is the net investment in capital assets, $35,369,298�
The restricted net position of $15,796,894 represents impact fees and repair and replacement projects; it also includes ARpA funds of $8,939,266 for the designated bay St� WWTp Expansion project�
At the end of the year, the unrestricted net position was $3,828,992, and funds are available to be
expended by legislative appropriation for functions authorized in the provisions of law that established the fund�
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Annual Comprehensive Financial Report | September 30, 2022