ACFR FY 2022 FINAL BOOK - Flipbook - Page 80
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 4 - Stewardship, Compliance, and Accountability (Continued)
The City uses encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of funds, are recorded to reserve that portion of applicable appropriation�
Encumbrances represent commitments related to unperformed contracts for goods or services� most
operating encumbrances outstanding at year-end are canceled�
The Stormwater Utilities, Library Contribution, and Greenwood Cemetery Funds expenditures
exceeded the budget for 2022, utilizing revenues greater than expected� This timing difference will
be corrected in future years�
Note 5 - Cash, Cash Equivalents, and Investments
Cash and Cash Equivalents
The Florida Security for Depositors Act identifies those financial institutions that have deposited
the required collateral in the name of the treasury of the State of Florida as qualified public depositories� The City places deposits only with qualified public depositories� Either FDIC or Florida’s
multiple Financial Institution Collateral pool ensure all cash� Therefore, all deposits of the City are
fully insured and collateralized� The amount of deposits (cash and cash equivalents) on September
30, 2022, is $50,790,481�
Investments
The City’s investment policy states that it may invest surplus public funds in any authorized instruments provided in Florida Statutes 218�415(16)� Authorized investments include the following:
●
●
●
●
●
The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool
authorized under the Florida Interlocal Cooperation Act, as provided in Section 163�01�
Securities and Exchange Commission registered money market funds with the highest credit
quality rating from a nationally recognized rating agency�
Interest-bearing time deposits or savings accounts in qualified public depositories, as defined
in Section 280�02�
Direct obligations of the U�S� Treasury�
Federal agencies and instrumentalities�
The remainder of the page is intentionally left blank
80
Annual Comprehensive Financial Report | September 30, 2022