ACFR FY 2022 FINAL BOOK - Flipbook - Page 42
FINANCIAL SECTION
City of Eustis, Florida
Long-Term Debt
The City’s total long-term debt decreased by $1,228,307� Governmental long-term debt decreased
by $278,980, and business-type activities’ long-term debt decreased by $949,327� Additional information on the City’s debt can be found in Note 12 of this report�
Table 13: Long-Term Debt
City of Eustis’ Outstanding Debt
Governmental Activities
Business-Type Activities
2022
2021
2022
2021
CRA Loan
$
Note payable - 2016
Note payable - 2017
Note payable - 2018
Water & Sewer Revenue
bonds
Unamortized bond premium
State Revolving Loans
Total
$
2,772,346 $
160,000
2,887,812 $
323,514
2,932,346 $
3,211,326 $
- $
-
- $
361,100
-
Total
2022
2021
2,772,346 $
160,000
2,887,812
361,100
323,514
5,950,000
6,265,000
5,950,000
6,265,000
391,004
411,704
391,004
411,704
2,920,832
3,173,359
2,920,832
3,173,359
9,261,836 $ 10,211,163 $ 12,194,182 $ 13,422,489
Economic Factors and Next Year’s Budgets and Rates
Looking forward to FY 2023, the City anticipates continued improvement in the economic environment� According to the US Federal Reserve, the unemployment rate for Lake County is 2�7%;
in comparison with FY 2021 the rate dropped by 1�6%, and the rate is significantly lower than
the national rate of 3�4%� Economic factors are vital, with the average median price of homes at
$379�9; it is a 17% increase over the past year�
building permits are a crucial indicator of construction activity� The issuance of building permits
decreased by 6�2%; approximately 1,970 permits were issued in 2022 compared to 2,101 in
2021� many currently active City development permits were obtained in FY 2021� The new Lake
Lincoln subdivision is the major construction plan for the next fiscal year; in FY 2022, the public
Works department was working on the subdivision’s future water and sewer lines� Continuous
City growth and increased property values have allowed the City to maintain its millage rate
while providing high-quality services�
On July 1st, 2022, an annual 2�5% utility rate increase was implemented� However, other City
rates for City services have remained the same� Through prudent fiscal management in FY 2022,
the City Commission was able to continue the trend of balancing budgeted revenues against
expenditures in the General Fund�
The city comprises real property, personal property, and centrally assessed property� The taxable
value of such property increased 10�17% compared to the previous year� Compared to Leesburg,
Tavares, and mount Dora, with similar populations, Eustis has fewer dollars to distribute due to a
residential market with fewer commercial owners� However, the City has maintained a millage rate
of 7�5810 for the past several years while maintaining and providing services to the community�
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Annual Comprehensive Financial Report | September 30, 2022