ACFR FY 2022 FINAL BOOK - Flipbook - Page 72
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Funds and Summary of Significant Accounting Policies (Continued)
services, administrative expenses, and depreciation on capital assets� All revenues and expenses
not meeting this definition are reported as non-operating revenues and expenses�
When both restricted and unrestricted resources are available for use, the City’s policy is to use
restricted resources first and then unrestricted resources, as they are needed for their intended
purposes�
D. Assets, Liabilities, and Fund Equity
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Cash, Cash Equivalents, and Investments
Cash and cash equivalents include cash on hand, demand deposits, and short-term investments with
an original maturity date within three months of the date acquired by the government� Governmental
fund investments, proprietary fund investments, and pension fund investments are reported at fair
market value by GASb 72, Fair Value measurement and Application� Accordingly, the change in fair
value is recognized as an increase or decrease in investment assets and investment income�
Except for the pension fund investments, the City’s investments include certificates of deposit and
U�S� Treasury notes with maturities at purchase more significant than one year� The certificates of
deposit are recorded at cost plus accrued interest� There was no concentration of credit risk on
September 30, 2022�
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Receivables
property Taxes Receivable
Under Florida law, the assessment of all properties and the collection of all county, municipal, and
school board property taxes are consolidated in the offices of the Lake County property Appraiser
and Lake County Tax Collector�
The State’s laws regulating tax assessments are also designed to assure a consistent property valuation method statewide� State Statutes permit municipalities to levy property taxes at a rate of up to
10 mills� The City’s millage for 2022 was 7�5810 mills� All real and tangible personal property taxes
are due and payable on the levy date of November 1 of each year or as soon as the assessment roll
is certified by the Lake County property Appraiser (levy date)� Lake County (the “County”) mails
to each property owner on the assessment roll a notice of the taxes due, and the County collects the
taxes for the City� Taxes may be paid upon receipt of such notice from the County, with discounts
at the rate of four percent (4%) if paid in November, three percent (3%) if paid in December, two
percent (2%) if paid in January, and one percent (1%) if paid in February� Taxes paid during march
are without discount, and all unpaid taxes on real and tangible property become delinquent on April
1 (the lien date) of the year following the year in which taxes were assessed� procedures for collecting
delinquent taxes, including applicable tax certificate sales, are provided for by the Laws of Florida�
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Annual Comprehensive Financial Report | September 30, 2022