ACFR FY 2023 Final - Flipbook - Page 12
INTRODUCTORY SECTION
City of Eustis, Florida
LONG-TERM FINANCIAL PLANNING
Major Initiatives
During the oscal year 2023, several major projects were completed or started to begin to transform
the City for the futureÿ Listed below are items of interestÿ
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The City has a police Department vehicle replacement program for vehicles over seven years
old with a cost-beneot analysis of functionality versus service and repairs. This year the City
acquired ove Ford Interceptor Explorers with funds provided by the Sales Tax Capital Projects
Fundÿ
For efociency, in FY 2023, the Fire department purchased bunker gear for oreoghters. This gear
has to be renewed every ove years. Lifepak deobrillators were renewed as well.
Each year, money is set aside to address the constant need to upgrade streets and sidewalks;
a ove-year total for this project is approximately $500,000. The City is one of the few entities in
Lake County with the equipment and personnel to perform most of the work in-house, thereby
providing the highest value for the dollars spentÿ The remaining projects under general government street sealing and resurfacing total $2,720,779 for the following ove years.
The City provides economic incentives for constructing multi-family, mixed-use, and non-residential property in all areas of the City with an increased incentive within the Community
Redevelopment Area (CRA)ÿ projects with a value of more than $500,000 are eligibleÿ The incentive is a voucher for 2% of the construction value, with a maximum voucher of $30,000ÿ If the
project is within the CRA, an additional 2% voucher may be awarded with a maximum voucher
of $60,000ÿ The vouchers may be applied to the cost of impact fees, building permits, and
other fees associated with the new constructionÿ Recently, the program provided incentives for
constructing housing projectsÿ
Upgrades and replacement of equipment, such as water and sewer line upgrades, storage tanks,
and water and sewer system engineering for the wastewater treatment facilities occur annuallyÿ
The major project still in development is the expansion of the main Wastewater Treatment plant,
at an estimated cost of $12,187,942; the project is scheduled to be completed by December 2024ÿ
An American Rescue plan Act federal grant provides substantial funding for this projectÿ The
rising inflation rates may increase the funding required to complete the project by the grant9s
deadlineÿ
The City hopes to achieve its mission to create a superior quality of life by engaging and partnering with the community to provide onancially prudent and customer-friendly services through
efocient organization and utilization of resources.
Awards and Acknowledgements 3 The Government Finance Ofocers Association (GFOA)
awarded a Certiocate of Achievement of Excellence in Financial Reporting to the City for its Annual
Comprehensive Financial Report for the oscal year ended September 30, 2022. This was the 34th
consecutive year the City had received this prestigious awardÿ The City published an easily readable and efociently organized annual report to be awarded a Certiocate of Achievement. This report
satisoed both GAAP and applicable legal requirements.
A Certiocate of Achievement is valid for one year only. The staff believes the current annual report
meets the Certiocate of Achievement Program9s requirements and will submit it to the GFOA to
determine its eligibility for another certiocate.
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Annual Comprehensive Financial Report | September 30, 2023
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