ACFR FY 2022 FINAL BOOK - Flipbook - Page 69
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Funds and Summary of Significant Accounting Policies
The financial statements of the City of Eustis (the “City”) have been prepared in conformity with
generally accepted accounting principles (GAAp) as applied to government units� The Governmental
Accounting Standards board (GASb) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles� Significant City accounting policies are
described below�
A. The Reporting Entity
The City was incorporated in 1883 under the laws of the State of Florida and operated under the
council-manager form of government under its charter adopted under the “municipal Home Rule
powers Act” as defined in Florida Statutes, Chapter 166� The original charter was effective on January
1, 1958, and became law without the Governor’s approval� The City Charter was adopted by Florida
Chapter 57-1314 and amended by ordinances 91-74 and 94-04 adopted by referendum on march 11,
1992, and April 6, 1994�
The legislative branch of the City is composed of a five (5) member elected Commission, which
includes a Citywide elected mayor� The City Commission is governed by the City Charter and
state and local laws and regulations� The City Commission is responsible for the establishment and
adoption of the policy� The execution of such an approach is the responsibility of the Commissionappointed City manager�
●
Police Officer’s and Firefighters’ Pension Plan
The City contributes to the police Officers’ and Firefighters’ pension plan (pOFpp) on behalf of its
police officers and firefighters� The plan is a single-employer defined benefit plan established by the
City ordinance and Florida State Law� It is administered by the plan’s board of Trustees comprised
of two commission appointees, two members of the pOFpp is elected by the membership, and one
member is elected by the other four members and appointed by the City Commission� The pOFpp
is included in the accompanying financial statement as a fiduciary component unit reflected as a
pension Trust Fund�
●
City of Eustis Community Redevelopment Trust Fund
The accompanying financial statements present the City and its component unit, which is financially
accountable� The City has only one composite component unit, the Community Redevelopment Trust
Fund (CRA)� CRA is a blended component unit; it is legally separated in substance but also it is a part
of the City’s operations� The City created the Downtown and East Town Redevelopment Agency in
December 1990 with a base year value of $36,752,072� In may of 2018, the area was expanded with
an additional base year value of $343,092� The CRA is an incremental tax district established by
Florida Statutes Chapter 163 to finance and redevelop the City’s designated redevelopment areas�
Even though the CRA is a legally separate entity, it is reported as part of the City because the City
Commission also serves as the CRA board� The Commission reviews and approves the CRA’s budget,
provides funding and performs all accounting functions for the CRA� The CRA’s services benefit the
City by supporting the City’s redevelopment in the designated community redevelopment areas�
The CRA has been presented as a blended component unit, classified as a major special revenue
fund but is also the subject of a separate audited financial report� The CRA audited financial report
is available from: 10 N Grove Street, Eustis, FL 32726�
Annual Comprehensive Financial Report | September 30, 2022
69