ACFR FY 2023 Final - Flipbook - Page 39
FINANCIAL SECTION
City of Eustis, Florida
General Fund Budgetary Highlights
The table below identioes FY 2023 changes from the original budget to the onal budget.=
Table 10 : Budgetary Analysis
Original
Budget
General Government
public Safety
Transportation
Culture/Recreation
Non-Departmental
Capital Outlay / Other
Total
$
5,378,990 $
5,647,502 $
10,646,815
10,736,321
2,302,676
2,346,126
1,442,470
1,442,470
53,500
204,858
$ 19,824,451 $ 20,377,277 $
Actual
Expenditures
General Government
public Safety
Transportation
Culture/Recreation
Non-Departmental
Capital Outlay / Other
Total
Final Budget
Final Budget
Variance
268,512
89,506
43,450
151,358
552,826
Variance
$
5,100,657 $
5,647,502 $
(546,845)
10,269,421
10,736,321
(466,900)
1,927,269
2,346,126
(418,857)
1,260,751
1,442,470
(181,719)
104,751
204,858
(100,107)
$ 18,662,849 $ 20,377,277 $ (1,714,428)
On-behalf payments are not budgeted and are offset by a corresponding increase in revenueÿ All
funds reflect expenditures less than what was budgeted. The overall decrease between the onal
budget and actual expenditures was $1,714,428 reflects a reduction of expenditures in all General
Fund activitiesÿ General Government expenditures experienced a decrease of $546,845ÿ public
Safety had decreased expenditures in the amount of $466,900ÿ This decrease was attributable to
both the police and Fire pension Funds having a slight rate decrease in 2023ÿ Cultural and Recreation
expenditures decreased by $418,857ÿ Non-Departmental expenditures decreased by $181,719ÿ Lastly,
Capital Outlay decreased by $100,107ÿ
Leases
The City of Eustis is a lessor for the lease of land and buildingsÿ The City ( lessor) is the legal owner
of the asset or property, and gives the lessee the right to use or occupy the asset or property for a
specioc period. During the contract, the City retains the right of ownership of the property and is
entitled to receive periodic payments from the lessee based on the initial agreementÿ The City must
also be compensated for any losses incurred during the contract due to damage or misuse of the
asset in questionÿ The City recognizes a lease receivable and a deferred inflow of resources in the
Government Funds onancial statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value
of payments expected to be received during the lease termÿ Subsequently, the lease receivable is
reduced by the principal portion of lease payments receivedÿ The deferred inflow of resources is
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Annual Comprehensive Financial Report | September 30, 2023
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