ACFR FY 2023 Final - Flipbook - Page 35
City of Eustis, Florida
FINANCIAL SECTION
Business-Type Activities
business-type activities increased the City9s net position in 2023 by $8,919,591ÿ The increase in
net position is primarily a result of an increase in charges for services of $1,193,491, as well as an
increase in developer contributionsÿ The increase in Capital Grants and Contributions of $1,772,290
is primarily a result of developer contributions in new subdivisionsÿ Capital Grants and Contributions
increases include $2,883,883 of developer contributions, $3,753,785 of expended ARpA funds, and
$803,710 of impact feesÿ miscellaneous revenues increased by $18,519, and investment income experienced a $704,680 increase ÿ business-type expenditures also increased by $660,576 compared to
oscal year 2022, see Tables 7 and 8.
Figure 3: Revenue 3 Business - Type Activities
Revenue by Source 3 Business -Type Activities
Capital Grants and
Contributions: 34.5 %
Investment Income: 3.7 %
Miscellaneous Revenues: 1.1 %
Charges for Services: 60.8 %
Charges for Services
Investment Income
Capital Grants and
Contributions
Miscellaneous Revenues
The most signiocant revenue source for business-type activities is Charges for Services. It is a
characteristic trait of proprietary (enterprise) funds that the charges for services cover the cost of
operationsÿ The City implemented a rate increase effective June 1, 2022, resulting in an annual 2ÿ5%
increase to cover increased costs of operationsÿ A water utility rate study is to be performed every
ove years as a part of a ove-year economic review of City development. The City is currently working
on an updated rate studyÿ Tables 7, 8, and 9 show a change in business-type activities compared to
the previous oscal year.
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Annual Comprehensive Financial Report | September 30, 2023
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