ACFR FY 2023 Final - Flipbook - Page 76
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Funds and Summary of Signiocant Accounting Policies (Continued)
of goods and services, administrative expenses, and depreciation on capital assetsÿ All revenues
and expenses not meeting this deonition are reported as non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, the City9s policy is to use
restricted resources orst and then unrestricted resources, as they are needed for their intended
purposesÿ
D. Assets, Liabilities, and Fund Equity
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Cash, Cash Equivalents, and Investments
Cash and cash equivalents include cash on hand, demand deposits, and short-term investments with
an original maturity date within three months of the date acquired by the Cityÿ Governmental fund
investments, proprietary fund investments, and pension fund investments are reported at fair market
value according to GASb 72, Fair Value measurement and Applicationÿ Accordingly, the change in
fair value is recognized as an increase or decrease in investment assets and investment incomeÿ
With the exception of investments in the pension fund, the City9s investment holdings include certificates of deposit and UÿSÿ Treasury notes with maturities exceeding one year, all of which were
acquiredÿ
The certiocates of deposit are recorded at cost plus accrued interest. There was no concentration of
credit risk on September 30, 2023
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Receivables
property Taxes Receivable
Under Florida law, the assessment of all properties and the collection of all County, municipal, and
School Board property taxes are consolidated in the ofoces of the Lake County Property Appraiser
and Lake County Tax Collectorÿ
The State9s laws regulating tax assessments are also designed to assure a consistent property valuation method statewideÿ State Statutes permit municipalities to levy property taxes at a rate of up to
10 millsÿ The City9s millage for 2022 was 7ÿ5810 millsÿ All real and tangible personal property taxes
are due and payable on the levy date of November 1 of each year or as soon as the assessment roll
is certioed by the Lake County Property Appraiser (levy date). Lake County (the
