ACFR FY 2023 Final - Flipbook - Page 120
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 13 - Interfund Transactions
Interfund transfers usually are recurring and approved by City Commission during the budget
process or by separate resolutionsÿ Transfers from the Water and Sewer System Fund to the General
fund support general government operationsÿ Other transfers are for debt service requirements
and City grant matchesÿ Greenwood Cemetery transfer is the transfer from the General Fund for
the cemetery lot salesÿ In FY 2023, water and sewer impact fees were waived for the new residential construction to stimulate City9s business developmentÿ The adequate amount of impact fees was
transferred from the Water and Sewer Fund to Water and Sewer Impact Fee fundsÿ
Interfund transfers on September 30, 2023, consist of the following:
Transfers In
Major Funds
Nonmajor Funds
General
Community
Street
Greenwood Economic
Total
Fund
Redevelopment Improvement Cemetery Development Transfers
Transfers Out
Governmental Funds
Major Funds
General Fund
$
- $
610,882 $
795,000 $
3,955 $
25,000 $ 1,434,837
Nonmajor Funds
Stormwater Utility
Greenwood Cemetery
Impact Fee
Total Governmental
Funds
-
-
260,000
-
-
260,000
7,988
-
-
-
-
7,988
5,549
-
-
-
-
5,549
13,537
610,882
1,055,000
3,955
25,000
1,708,374
2,300,000
Enterprise Funds
2,300,000
-
-
-
-
Water Impact
Water and Sewer
3,877
-
-
-
-
3,877
Sewer Impact
13,305
-
-
-
-
13,305
2,317,182
-
-
-
-
2,317,182
Total Enterprise Funds
Total Transfers
$ 2,330,719 $
610,882 $
1,055,000 $
3,955 $
25,000 $4,025,556
Note 14 - Contingent Liabilities
Under the terms of Federal and State grants and loans, periodic audits are required, and certain
costs are questionable, as not allowable as expenditures under the terms of the grants, which could
lead to reimbursement to the grantor agenciesÿ City management believes disallowances, if any,
will not be materialÿ
The City is involved in legal actions that will not have a material effect on the City9s onancial statements in the opinion of managementÿ
120
Annual Comprehensive Financial Report | September 30, 2023
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