ACFR FY 2023 Final - Flipbook - Page 75
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Funds and Summary of Signiocant Accounting Policies (Continued)
Expenditures generally are recorded when a liability is incurred, as under accrual accountingÿ
However, debt service expenditures and expenditures related to compensated absences and
claims and judgments are recorded only when payment is dueÿ
Property taxes, franchise fees, and interest associated with the current oscal period are susceptible to accrual and are recognized as revenues of the current oscal period. Only the portion of
special assessments receivable due within the current oscal period is susceptible to accrual as
revenue of the current periodÿ All other revenue considered measurable is cash once the City
receives itÿ
The City reports the following major governmental funds:
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The General Fund is the City9s primary operating fund. It accounts for the City9s onancial
resources except those that are required to be accounted for in other fundsÿ
The Community Redevelopment Trust Fund serves as a special revenue fund designated to
manage activities within the established special revenue districtÿ Revenue generated from
incremental property values has been accruing since the fund9s inception in 1990ÿ
The Sales Tax Capital Projects Fund accounts for onancial resources of the one-cent infrastructure sales tax to be used for the acquisition or construction of major capital facilities,
vehicles, or equipmentÿ
The City reports the following major proprietary fundÿ The fund may be used to report any activity
for which fees are charged to external users for goods or servicesÿ
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The Water and Wastewater Utility System Fund accounts for the onancial activities of the
City9s water and sewer treatment and distribution operations and the funding and payment
of related debtÿ
Additionally, the City reports the following non-major fund types:
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The Special Revenue Funds account for the proceeds of specioc revenue sources that are
legally restricted to expenditures for specioed purposes.
The Pension Trust Funds account for the activities of the City9s Police Ofocers9 and Fireoghters9
Pension Plan accumulated pension beneot payments to qualioed police and ore employees.
They are excluded from the Government-Wide Financial Statements, are oduciary in nature
and do not represent resources available for operationsÿ
The Street Improvement Fund is a special revenue fund to account for the City9s share of
motor fuel tax revenues legally restricted to street maintenance programs
The building Services Fund is a special revenue fund to account for revenues and expenditures associated with enforcing the Florida building Code, per FÿSÿ §553ÿ80 (7) (a) (b)ÿ
The Stormwater Utility Fund is a special revenue fund that accounts for monthly fees assessed
on residential and commercial properties to provide stormwater management programsÿ
proprietary funds distinguish operating revenues and expenses from non-operating revenues
and expensesÿ Operating revenues and expenses generally result from providing services and
producing and delivering goods in connection with a proprietary fund9s principal ongoing operationsÿ The main operating revenues of the City Water and Sewer Utility System Fund are charges
to customers for sales and servicesÿ Operating expenses for enterprise funds include purchase
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Annual Comprehensive Financial Report | September 30, 2023
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