ACFR FY 2023 Final - Flipbook - Page 28
FINANCIAL SECTION
City of Eustis, Florida
Government-Wide Financial Analysis
Statement of Net Position
As noted earlier, net position may serve as a valuable indicator of a government9s onancial position. In the oscal year, ending September 30, 2023, assets exceeds liabilities by $79,765,106 at the
close of the yearÿ Governmental Net position increased by $4,448,914, and was 22ÿ4% more than
the previous oscal year9s change. Business Activities Net position increased by $8,919,591. Table 2
reflects the condensed government-wide Statement of Net positionÿ
Table 2: Statement of Net Position
The most signiocant portion of the City9s net position reflects its investment in capital assets (e.g.
land, buildings, infrastructure, improvements other than buildings, vehicles, and equipment), less
any related debt used to acquire such assetsÿ Net investment in capital assets is $ 107,324,140 and
represents 82ÿ34% of the total net positionÿ The City uses these capital assets to provide various
services to its residentsÿ Accordingly, these assets are not available for future spendingÿ Although
the City9s investment in its capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources since the capital assets
themselves cannot be used to liquidate these liabilitiesÿ
A restricted net position of $28,838,200 reflects the net position that an outside third party restricts as
to its use. The most signiocant restrictions for governmental activities include net for capital projects
based on the voter- approved one-cent sales tax legislation and net position restricted for community
development due to collection within the City9s Community Redevelopment districtÿ business-type
activities include debt-related restrictions on net position for renewal and replacementÿ Restricted
net position for capital projects includes impact fees collected but not spentÿ
The unrestricted net position of $8,117,424 and is available to be used to meet the City9s on-going
obligation to citizens and creditorsÿ
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Annual Comprehensive Financial Report | September 30, 2023
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