ACFR FY 2023 Final - Flipbook - Page 45
FINANCIAL SECTION
City of Eustis, Florida
Long-Term Debt
The City9s total long-term debt decreased by $889,737ÿ Governmental long-term debt decreased
by $278,884, and business-type activities long-term debt decreased by $610,853ÿ Additional information on the City9s debt can be found in Note 12 of this reportÿ
Table 14: Long-Term Debt
City of Eustis9 Outstanding Debt
Governmental Activities Business-Type Activities
Total
2023
2022
2023
2022
2023
2022
CRA Loan
Note payable - 2018
Water & Sewer Revenue
bonds
State Revolving Loans
Total
$ 2,653,462 $
-
2,772,346 $
160,000
- $
-
- $ 2,653,462 $ 2,772,346
160,000
5,989,318
6,341,004
5,989,318
6,341,004
2,661,665
2,920,832
2,661,665
2,920,832
$ 2,653,462 $ 2,932,346 $ 8,650,983 $ 9,261,836 $11,304,445 $12,194,182
Economic Factors and Next Year9s Budgets and Rates
Looking forward to FY 2024, the City anticipates continued improvement in the economic environmentÿ According to the US Federal Reserve, the unemployment rate for Lake County is 3ÿ3%ÿ
In comparison with FY 2022, the local unemployment rate rose by 0.5%. The local rate is signiocantly lower than the national rate of 3ÿ8%ÿ positive economic factors are vital to the continued
onancial health of the City. The average median price of homes is $392,306 and represents a
3ÿ2% increase over the last yearÿ
building permits are a crucial indicator of construction activityÿ The issuance of building permits
increased by 2ÿ14% over FY 2022ÿ Approximately 2,013 permits were issued in FY 2023 compared
to 1,970 permits issued in 2022ÿ many active City development permits were obtained in FY 2022
with construction continuing into FY 2023ÿ The new Lake Lincoln subdivision is the major development plan for the next oscal year. In FY 2023, the Public Works department was working on
the subdivision9s future water and sewer linesÿ Continuous City growth and increased property
values have allowed the City to maintain its millage rate while continuing to provide high-quality
servicesÿ
On July 1st, 2023, an annual 2ÿ5% utility rate increase was implementedÿ However, rates for other
City services have remained the same. Through prudent oscal management in FY 2023, the City
Commission was able to continue the trend of balancing budgeted revenues against expenditures in the General Fund without going into reservesÿ
The City tax base consists of real property, personal property, and centrally assessed propertyÿ
The taxable value of such property increased 10ÿ12% compared to the previous yearÿ Compared
to Leesburg, Tavares, and mount Dora, with similar populations, Eustis has fewer dollars to
distribute due to a more residential market with fewer commercial ownersÿ However, the City has
maintained a millage rate of 7ÿ5810 for the past several years while maintaining and providing
the same or improved services to the communityÿ
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Annual Comprehensive Financial Report | September 30, 2023
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