ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 106
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 11 - Inter-fund Transactions (Continued)
Interfund transfers are normally recurring approved by City Commission during the
budget process or by separate resolutions. Transfers from the water and sewer system
fund to the general fund are in support of general government operations. Other
transfers are for debt service requirements and for City grant matches.
Street Improvements Fund’s negative cash of $135,386 has been moved to fund’s
liabilities as due to other funds and offset by the same amount in General Fund as due
from other funds. It’ll be repaid in the normal course of operation next fiscal year.
Note 12 - Contingent Liabilities
Under the terms of federal and state grants and loans, periodic audits are required and
certain costs are questionable, as not allowable as expenditures under the terms of the
grants, which could lead to reimbursement to the grantor agencies. City management
believes disallowances, if any, will not be material.
The City is involved in legal actions that, in the opinion of management, will not have a
material effect on the financials statements of the City.
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