ACFR FY 2022 FINAL BOOK - Flipbook - Page 8
INTRODUCTORY SECTION
City of Eustis, Florida
may 3, 2023
To the Honorable mayor, City Commissioners, and Citizens of Eustis:
It is an honor to submit this Annual Comprehensive Financial Report for the City of Eustis (City) for
the fiscal year ending September 30, 2022� The report fulfills the requirements set forth by City
ordinance and State law, by the City Charter Article V, Florida Statutes Chapters 11�45 and 218, and
the Rules of the Auditor General 10�550, which requires that all local governments publish each
fiscal year a complete set of financial statements presented in conformity with generally accepted
accounting principles (GAAp) and audited under auditing standards generally accepted in the United
States by a firm of licensed, certified public accountants�
This Annual Comprehensive Financial Report consists of management’s representations concerning
the finances of the City� Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report� To provide a reasonable basis
for making these representations, the management of the City has established a comprehensive
internal control framework that is designed both to protect the City’s assets from loss, theft, or
misuse and to compile reliable information for the preparation of the City’s financial statements in
conformity with GAAp� because the cost of internal controls should not outweigh their benefits, the
City’s comprehensive internal controls framework has been designed to provide reasonable rather
than an absolute assurance that the financial statements will be free from material misstatement� As
management, we assert that this financial report is complete and reliable in all material respects to
the best of our knowledge and belief�
According to Chapters 11�45 and 10�550, Florida Statutes require independent certified public accountants to
perform an annual financial audit� The audit was completed by purvis Gray and Company, LLp, a firm of licensed,
certified public accountants who meet the additional requirements necessary to audit governmental units�
The goal of the independent audit was to provide reasonable assurance that the City’s financial statements for
the fiscal year ended September 30, 2022, are free of material misstatement� The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation� The auditors expressed an opinion that the City’s financial statements
for the fiscal year ended September 30, 2022, are fairly stated in conformity with accounting principles in the
United States� This is the most favorable conclusion, commonly known as an “unmodified” or clean opinion�
The independent auditor’s report is presented as the first component of the financial section of this report�
GAAp requires that management provide a narrative introduction, overview, and analysis to accompany the
basic financial statements in a management’s Discussion and Analysis (mD&A)� This letter of transmittal is
designed to complement the mD&A and should be read in conjunction with it� The City’s mD&A can be found
immediately following the independent auditors’ report�
8
Annual Comprehensive Financial Report | September 30, 2022
