ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 108
REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A
Major Governmental Funds
Under GASB 34, the focus of the fund financial statements is on major
funds. These funds are defined based on a numerical formula and
generally represent the government’s most important funds. Major
funds for the City of Eustis are as follows:
General Fund
The General Fund will always be the major fund for the City of Eustis.
The fund carries out the general operations of the City and accounts for
the essential City functions.
Street Improvement Fund
This fund is used to accumulate monies, received from motor fuel gas
tax sources. These funds are legally restricted to street maintenance
programs and the money is expended solely on maintenance of the
streets and right-of-ways within the City.
Sales Tax Capital Projects Fund
This fund is used to account for the City’s share of the voted one-sent
infrastructure sales tax, which is restricted to capital projects.
Community Redevelopment Fund
This fund is used to account for incremental tax increase within the
Downtown and East Town Redevelopment District. The funds are used
for the exclusive benefit of revitalization of these areas.
Schedule of Contributions from Employer and Others
This information is presented for the Fire and Police pension Funds and
was prepared as part of the actuarial valuations as of the dates
indicated.
Schedules of Liabilities from Other Post-Employment Benefits
Actuarial valuation of liability using the unit credit cost method –
Unfunded Actuarial Accrued Liability.
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