ACFR FY 2023 Final - Flipbook - Page 8
INTRODUCTORY SECTION
City of Eustis, Florida
June 30, 2024
To the Honorable mayor, City Commissioners, and Citizens of Eustis:
It is an honor to submit this Annual Comprehensive Financial Report for the City of Eustis (City) for
the oscal year ending September 30, 2023. The report fulolls the requirements set forth by City
ordinance and State law, by the City Charter Article V, Florida Statutes Chapters 11ÿ45 and 218, and
the Rules of the Auditor General 10ÿ550, which requires that all local governments publish each
oscal year a complete set of onancial statements presented in conformity with Generally Accepted
Accounting principles (GAAp) and audited under auditing standards generally accepted in the
United States by a orm of licensed, certioed public accountants.
This Annual Comprehensive Financial Report consists of management9s representations concerning
the onances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this reportÿ To provide a reasonable basis
for making these representations, the management of the City has established a comprehensive
internal control framework that is designed both to protect the City9s assets from loss, theft, or
misuse and to compile reliable information for the preparation of the City9s onancial statements in
conformity with GAAP. Because the cost of internal controls should not outweigh their beneots, the
City9s comprehensive internal controls framework has been designed to provide reasonable rather
than an absolute assurance that the onancial statements are free from material misstatement. As
management, we assert that this onancial report is complete and reliable in all material respects to
the best of our knowledge and beliefÿ
Chapters 11.45 and 10.550, Florida Statutes require independent certioed public accountants to
perform an annual onancial audit. The audit was completed by Purvis Gray and Company, LLP, a
orm of licensed, certioed public accountants who meet the additional requirements necessary to
audit governmental unitsÿ
The goal of the independent audit is to provide reasonable assurance that the City9s onancial statements for the oscal year ended September 30, 2023, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in
the onancial statements, assessing the accounting principles used, signiocant estimates made by
management and evaluating the overall onancial statement presentation. The auditors expressed an
opinion that the City9s onancial statements for the oscal year ended September 30, 2023, are fairly
stated in conformity with accounting principles in the United Statesÿ This is the most favorable conclusion, commonly known as an
