ACFR FY 2023 Final - Flipbook - Page 26
FINANCIAL SECTION
City of Eustis, Florida
Government-Wide Financial Statements - The Government-Wide Financial Statements are designed
to provide readers with a broad overview of the City9s onances similar to a private sector business.
The government-wide statements provide short and long-term information about the City9s onancial
statusÿ
The Statement of Net position presents information on all of the City9s assets, liabilities, and deferred
outflows and inflows with the difference between the two reported as net positionÿ Over time, an
increase or decrease in net position may indicate whether the City9s onancial position is improving
or deterioratingÿ
The Statement of Activities shows how the government9s net position changed during the most recent
oscal year. All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the time of related cash flowsÿ Thus, revenues and expenses are
reported in this statement for some items that will result in cash flows in future oscal periods (e.g.,
uncollected taxes and earned but unused vacation leave)ÿ both Government-Wide Financial Statements
distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other operations intended to recover all or a signiocant portion
of their costs through user chargesÿ The governmental activities of the City include:
1ÿ
2ÿ
3ÿ
4ÿ
5ÿ
General Government
public Safety
physical Environment
Transportation (Streets & Highways)
Culture and Recreation
The business-type activities of the City include the Water and Sewer Utility Fundÿ Solid waste is
franchised to an independent contractorÿ
The Government-Wide Financial Statements do not include any component units which would be
required to be reported separatelyÿ The City does, however, have three blended component unitsÿ
These are represented as part of the audited onancial statements of the City. The component units
include the Fire and police retirement funds and the City of Eustis Community Redevelopment Trust
Fund, also known as the Community Redevelopment Area (CRA), including the Downtown and East
Eustis areasÿ
Fund Financial Statements 3 The Fund Financial Statements provide a more detailed look at the City9s
more signiocant activities. A fund is a grouping of related accounts used to maintain control over
resources that have been segregated for specioc activities or objectives. Like other State and local
governments, the City uses fund accounting to ensure and demonstrate compliance with onance-related legal requirementsÿ
All funds of the City can be divided into three categories:
1ÿ Governmental Funds
2ÿ proprietary Funds
3ÿ Fiduciary Funds
Governmental Funds 3 Governmental funds account for those functions reported as governmental
activities in the Government-Wide Financial Statementsÿ most of the City9s essential services are
accounted for in governmental fundsÿ However, unlike the Government-Wide Financial Statements,
governmental fund onancial statements focus on near-term inflows and outflows of spendable
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Annual Comprehensive Financial Report | September 30, 2023
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