ACFR FY 2023 Final - Flipbook - Page 37
City of Eustis, Florida
FINANCIAL SECTION
Financial Analysis of The City9s Funds
Governmental Funds
The focus of the City9s governmental funds is to provide information on near-term inflows, outflows,
and balances of usable resources. Such information helps assess the City9s onancing requirements.
The City9s most signiocant governmental fund is the General Fund. The General Fund is the primary
operating fund of the Cityÿ At the end of FY 2023, the total fund balance was $18,007,921ÿ Of this
amount, $17,558,545 or 97ÿ50% is unassigned and can be used to meet the City9s on-going obligationsÿ
The General Fund has an assigned fund balance of $405,873 for an Emergency Contingencyÿ For
the current oscal year, the total fund balance increased by $3,417,962. This increase is primarily
attributable to property tax revenue increases as a result of increased assessed taxable values as
well as increased state sharing revenuesÿ
The City has two other major governmental funds: The Sales Tax Capital projects Fund and the
Community Redevelopment Trust Fundÿ The Sales Tax Capital projects Fund fund balance increased
by $664,393ÿ The Community Redevelopment Trust Fund fund balance increased by $569,997,
which is close to the amount of increase as the prior yearÿ Other Non-major Governmental Funds
combined fund balance increased by $4,030,985, with the highest increase seen in impact fee revenueÿ
Additionally, three funds that qualioed as major funds in FY 2022 were moved to nonmajor funds
in FY 2023 as determined by the fund qualiocation test. The net result was a cumulative increase of
$6,010,021 for major and nonmajor fundsÿ
The Community Redevelopment Trust Fund was established to revitalize downtown and to provide
for East Town improvementsÿ The funding source is the incremental increase in property values in
these areasÿ property tax revenue increased by $92,723 over the year ended September 30, 2022ÿ
The most signiocant expenditure related to Downtown development and sidewalk rehabilitation is
the land purchased in FY 2022, three blocks right in the heart of the City of Eustis Downtownÿ The
City has a ove-year balloon loan with annual principal and interest payments. In FY 2023, the debt
service amount was $198,149ÿ
The Sales Tax Capital Projects Fund accounts for projects qualioed for use of the one-cent sales
tax assessed on retail sales. The more signiocant capital expenditures during FY 2023 include:
Street Resurfacing, City Hall maintenance and Improvements, police Vehicles purchase, Asphalt
paver Replacement, bunker Gear purchase for the Fire department in addition to various building
Improvementsÿ Overall, the fund balance increased by $664,393, with expenditures increasing by
$728,642 compared to the prior year, providing an ending fund balance of $3,184,010ÿ Any increase
or decrease in fund expenditures depends on annual capital projects funding as well as influences
outside the City9s controlÿ In FY 2023, capital projects expenses were affected by high inflation of
8.3% which resulted in postponing several projects and moving them to the next oscal year.
Other Non-major Governmental Funds accounts include twelve funds: Street Improvement,
building Services, Stormwater Utility Fund, Law Enforcement Trust and Education Funds, Economic
Development Fund, Library Contributions Trust Fund, Impact Fee Funds (four different funds), and
Greenwood Cemetery Fundÿ In FY 2023 the combined fund balance increased by $4,030,985, with
expenditures greater than the prior year by $2,954,980ÿ The ending combined fund balance is
$5,391,775ÿ
The fund balance increased for the Street Improvement Fund by $428,540ÿ The Street Improvement
Fund was established to account for gas tax revenues brought in from the State and County to make
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Annual Comprehensive Financial Report | September 30, 2023
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