ACFR FY 2022 FINAL BOOK - Flipbook - Page 71
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Funds and Summary of Significant Accounting Policies (Continued)
Expenditures generally are recorded when a liability is incurred, as under accrual accounting�
However, debt service expenditures and expenditures related to compensated absences and
claims and judgments are recorded only when payment is due�
property taxes, franchise fees, and interest associated with the current fiscal period are susceptible to accrual and are recognized as revenues of the current fiscal period� Only the portion of
special assessments receivable due within the current fiscal period is susceptible to accrual as
revenue of the current period� All other revenue considered measurable is cash once the City
receives it�
The City reports the following major governmental funds:
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The General Fund is the City’s primary operating fund� It accounts for the City’s financial
resources except those that are required to be accounted for in other funds�
The Street Improvement Fund is a special revenue fund to account for the City’s share of
motor fuel tax revenues legally restricted to street maintenance programs�
The Community Redevelopment Trust Fund is a special revenue fund to account for the activity
within the special revenue district established� The revenue on the incremental property
value is since the fund’s establishment in 1990�
The building Services Fund is a special revenue fund to account for revenues and expenditures associated with enforcing the Florida building Code, per F�S� §553�80 (7) (a) (b)�
The Stormwater Utility Fund is a special revenue fund that accounts for monthly fees assessed
against residential and commercial properties to provide stormwater management programs�
The Sales Tax Capital projects Fund accounts for financial resources of the one-cent infrastructure sales tax to be used for the acquisition or construction of major capital facilities,
vehicles, or equipment�
The City reports the following major enterprise fund: An enterprise fund may be used to report
any activity for which fees are charged to external users for goods or services�
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The Water and Wastewater Utility System Fund accounts for the financial activities of the
City’s water and sewer treatment and distribution operations and the funding and payment
of related debt�
Additionally, the City reports the following non-major fund types:
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The Special Revenue Funds account for the proceeds of specific revenue sources that are
legally restricted to expenditure for specified purposes�
The pension Trust Funds account for the activities of the City’s police Officers’ and Firefighters’
pension plan accumulates pension benefit payments to qualified police and fire employees�
They are excluded from the government-wide financial statements, are fiduciary and do not
represent resources available for operations�
proprietary funds distinguish operating revenues and expenses from non-operating revenues
and expenses� Operating revenues and expenses generally result from providing services and
producing and delivering goods in connection with a proprietary fund’s principal ongoing operations� The main operating revenues of the City water and sewer utility system fund are charges
to customers for sales and services� Operating expenses for enterprise funds include sales and
Annual Comprehensive Financial Report | September 30, 2022
71