ACFR FY 2023 Final - Flipbook - Page 24
FINANCIAL SECTION
City of Eustis, Florida
MANAGEMENT9S DISCUSSION AND ANALYSIS
The City of Eustis Management Discussion and Analysis (MD&A) section is designed to serve as an
introduction to the City9s basic onancial statements prepared in compliance with the pronouncements of the Governmental Accounting Standards Board. The City9s basic onancial statements are
composed of three separate components: (1) Government-Wide Financial Statements, (2) Fund
Financial Statements, and (3) Notes to the Financial Statementsÿ This report also contains required
and other supplementary information in addition to the basic onancial statements.
MD&A also provides an objective and accessible overview of the City9s onancial activities focusing
on signiocant onancial achievements and issues, as well as identifying material deviations from
the adopted budget, changes in the City9s onancial position (its ability to address the current and
subsequent year challenges), and individual fund issues or concernsÿ
The management9s Discussion and Analysis focuses on the current year9s activities, resulting in
changes and currently known facts. The information contained within the MD&A should be considered only as a part of the City9s Annual Comprehensive Financial Reportÿ
As management of the City of Eustis, we offer readers of the City9s onancial statement this narrative
overview and analysis of the City9s onancial activities for the oscal year ended September 30, 2023.
We encourage readers to consider the information presented in the City9s onancial statements in
addition to this analysisÿ
Financial Highlights
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows
of resources at the close of the year ended September 30, 2023 by $144,279,764 (net position)ÿ Of
this amount, $8,117,424 (unrestricted net position) may be used to meet the City9s ongoing obligation to citizens and creditorsÿ
The City9s net position increase is $13,368,505, of which the governmental activities net position
increase is $4,448,914 and the proprietary funds net position increase is $8,919,591ÿ
On September 30, 2023, the City9s governmental funds reported a combined ending fund balance
of $29,508,697, an increase from the combined fund balance of $6,010,021 from the prior yearÿ
Contributing to the increase in fund balance was the growth of revenue due to a property Tax collections increase of $866,608, a Utility Service Taxes collection increase of $242,196; a State Revenue
Sharing increase of $137,139, a Charges for Services increase of $246,975 with a total increase of
$1,727,054 in General Fund operating expendituresÿ The increase in net revenues is in Community
Redevelopment, building Services, Stormwater Utilities, Sales Tax Capital projects, Law Enforcement
Trust, and Impact Fee funds; decreases in current year operating expenditures are in the Street
Improvement, Law Enforcement Education, Economic Development, and Library Contribution fundsÿ
In contrast to the preceding oscal year, the City9s capital assets increased by $6,671,684 this was
predominantly driven by business-type activities, with increase in capital assets net of $1,554,191
whereas governmental activities recorded a decline reducing capital assets net by $562,167ÿ
Nevertheless, governmental-type activities encompassed the acquisition of furniture and equipment,
and vehicles; additions of various improvements in buildings, parks, and infrastructure additions
as well as a right-to-use SbITAÿ $1,347,887 of governmental equipment, and vehicles have been
purchased over the oscal year 2023, including the Public Utility Customer Service renovation, Aquatic
Center improvements, various building improvements, CRA street rehabilitations and tree planting,
and Lake Eustis seawall improvementsÿ $588,793 of business-type improvements and infrastructure
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Annual Comprehensive Financial Report | September 30, 2023
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