ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 10
Multiple Community Park improvements including Finalization of Ferran Park
Street rehabilitation including sealing and resurfacing projects
Library facility maintenance and computer upgrades
City-wide Information Technology Upgrades
Water and sewer improvements
Public Safety vehicle replacement program
Improvements to buildings
Major Equipment upgrades in Public Works
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City
operates.
Local economy – The local economy has hit a stumbling block with the rise in the COVID-19
pandemic going forward. For the past several years, the assessed taxable value of real and
personal property has increased. This year’s tax value of $1,199,556,839 represents an
increase of 8.20%. In addition, the unemployment rate for the County rose from 2.9% to 7.4%
as of September 2020 and as of January 2021 the unemployment rate has fallen to 5.4%
representing a 27.0% decrease since September 2020. The average unemployment for Lake
and the surrounding counties was 6.68% in September of 2020 and 5.42% in January of 2021,
representing an 18.9% decrease since September 2020. While the unemployment is similar
Lake County has been hit slightly higher than the average. It is believed that the revenues
collected for various taxes will be reduced for the FYE 9/30/20 and assessable taxable values
may begin to decrease in FYE 9/30/21.
The tax base of the City is primarily residential in nature, as evidenced by the number of utility
accounts served. With over 13,000 utility accounts, the City maintains over 800 commercial
accounts. This proportion illustrates that the City is more of a bedroom community for the
Orlando MSA. Based on these facts, the City has addressed its needs for the future,
recognizing that the direction has shifted from an agricultural community to one that is
substantially residential.
The State of Florida has found the City’s Comprehensive Plan, mandated under the state
growth management regulations, to be in compliance with the statutory requirements. The
plan’s objective is to address the needs of a predominantly residential sector with provisions for
light commercial and industrial sectors, and to establish a well-rounded community that serves
the needs of the citizens. This plan reinforces and establishes the future direction of the City.
Based on current and future needs as set forth in the Comprehensive Plan, the City has
identified and established appropriate projects and funding sources to assist in the completion
of the goals. A State Revolving Loan and a Revenue Bond provides funding for the immediate
needs for water, sewer and other infrastructure. The City adopted impact fees for water, sewer,
recreation, police, fire, and library services.
The City adopted new Land Development Regulations (LDRs) in 2008 and the Commission
adopted amendments in 2015, 2016, 2017 and 2019. The LDRs set forth requirements for
density, open space and compatibility. The City has established a Joint Planning Area with the
County, and provides review and comment on any County projects in that designated area. New
development in the unincorporated area of the Joint Planning Area requesting water service
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