ACFR FY 2023 Final - Flipbook - Page 38
FINANCIAL SECTION
City of Eustis, Florida
repairs and maintain streets and roads owned by the City. The most signiocant expenditures in this
fund are street maintenance and street lightingÿ Transportation expenditures of $1,646,866 exceeded
gas tax revenues of $922,995, including transfers of $1,055,000 increasing fund balance to $1,280,431ÿ
The building Services Fund total fund balance increased by $625,426 attributable to an increase
in the City9s new constructionÿ The building Services Fund was established in 2019 to account for
resources related to building activity within the Cityÿ Revenue in this fund, generated by permits and
fees for construction that occurred during the year, reached $1,256,255ÿ Expenditures of $630,829
primarily consist of personal and contractual services procured to provide plan review and building
inspection servicesÿ
The Stormwater Utility Fund fund balance increased by $79,715, reflecting a current fund balance of
$800,036ÿ The Stormwater Utility Fund accounts for the recurring billing of stormwater utility customers
within the Cityÿ Total expenditures of $552,477 included stormwater drainage improvementsÿ The
fund9s most signiocant non-capital expenditures were street sweeping and drainage maintenance.
In FY 2023 the City changed its funds structureÿ Three major funds, Street Improvements, building
Services, and Stormwater Utility have been reclassioed as non-major funds, because these funds
no longer meet the quantitative major funds9 criteriaÿ
Proprietary Funds
The City9s proprietary fund provides the same information found in the Government-Wide Financial
Statements and includes more detailÿ The City9s Water and Wastewater Fund had a net position of
$63,914,775 on September 30, 2023 with the net position increasing $8,919,591, which represents a
substantial increase of $6,986,015 over the prior yearÿ This increase in net position results from an
increase in Charges for Services of $1,193,491 , an increase in investment earnings of $802,520 and a
capital contributions increaseÿ An increase related to Capital Grants and Contributions of $3,687,593
is attributable to developer contributions from new subdivisions $2,883,883, and water and sewer
impact fees of $803,710ÿ The main WWTp Expansion capital project, primarily has been funded by
the American Rescue plan Act (ARpA), in FY 2023 City expended $3,753,785 of ARpA fundsÿ There
was also an increase in miscellaneous revenues of $18,519 ÿ The total increase in expenditures is
$660,576 , compared to FY 2022, Tables 7 and 8ÿ
The most signiocant portion of the net position of the Water and Wastewater Fund is the net investment in capital assets totaling $42,595,573ÿ The restricted net position of $17,342,250 is for impact
fees and repair and replacement projectsÿ At the end of the year, the unrestricted net position was
$3,976,952, and funds are available to be expended by legislative appropriation for functions authorized in the provisions of law that established the fundÿ
The remainder of the page is intentionally left blank
38
Annual Comprehensive Financial Report | September 30, 2023
Back to TOC
