ACFR FY 2023 Final - Flipbook - Page 11
City of Eustis, Florida
INTRODUCTORY SECTION
As stated above, the City develops multi-year forecasts for the major funds and capital improvement
planÿ Some of the key projects reflected in the capital improvement plan are:
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multiple community park improvements
Street rehabilitation, including sealing and resurfacing projects
Library facility maintenance and computer upgrades
Citywide information technology upgrades
Water and sewer improvements
public Safety vehicle replacement program
Improvements to buildings
major equipment upgrades in public Works
Factors Affecting Financial Condition
The information presented in the onancial statements is best understood when considered from the
broader perspective of the specioc environment within which the City operates.
Local economy 3 The local economy was impacted by inflation of 6ÿ7% in September of 2023, marking
a semi-annual highÿ Consumer prices increased and rose above market expectationsÿ Fortunately,
revenues have continued to grow for the past several years and the assessed taxable value of real and
personal property has increasedÿ This year9s tax value is $1,499,445,620 compared to the previous
year of $1,347,838,047 representing an increase of 10ÿ12%ÿ
In addition, the unemployment rate for the County rose from 2ÿ8% in September 2022 to 3ÿ3% as of
September 2023ÿ
The City9s tax base is primarily residential, as evidenced by the number of utility accounts servedÿ
With over 13,000 utility accounts, the City maintains only just over 800 commercial accountsÿ This
proportion illustrates that the City is a bedroom community for the Orlando mSAÿ based on these
facts, the City has addressed its needs for the future, recognizing that the direction has shifted from
an agricultural community to a substantially residential oneÿ
The State of Florida has found the City9s Comprehensive plan, mandated under the State growth
management regulations, to comply with the statutory requirementsÿ The plan9s objective is to address
the needs of a predominantly residential sector with provisions for light commercial and industrial
sectors and to establish a well-rounded community that serves the needs of the citizensÿ This plan
reinforces and sets the future direction of the Cityÿ
Based on current and future needs outlined in the Comprehensive Plan, the City has identioed and
established appropriate projects and funding sources to complete these goalsÿ A State Revolving
Loan and a Revenue bond provide funding for immediate water, sewer, and other infrastructure
needs. The City adopted impact fees for water, sewer, recreation, police, ore, and library services.
These fees are used for anyeligible growth related projectsÿ
The City adopted new Land Development Regulations (LDRs) in 2008, and the Commission adopted
amendments in 2015, 2016, 2017, and 2019ÿ The LDRs set forth requirements for density, open space,
and compatibilityÿ The City has established a Joint planning Area with the County and provides
review and comments on any County projects in that designated areaÿ New development in the
unincorporated area of the Joint planning Area requesting water service must either annex into the
City or sign an annexation agreement with the City to develop by the City standardsÿ
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Annual Comprehensive Financial Report | September 30, 2023
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