ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 35
The City has five other major governmental funds which are: Street Improvement, Sales Tax Capital Projects,
Community Redevelopment, Building Services and Stormwater Utility Fund. Fund balance decreased for
Street Improvement $316,989 Building Services $5,376, Stormwater Utility $164,931 and Sales Tax Capital
Projects $1,105,672. These decreases were offset by increases in fund balance in the General Fund $416,236
as well as for Community Redevelopment $329,262 and Other Non-Major governmental funds $152,608. The
net result was a cumulative decrease of $694,862 for the major and non-major funds as discussed more fully
below.
The Street Improvement Fund was established to account for gas tax revenues brought in from the state and
county to make repairs and maintain street and roads owned by the City. The most significant expenditures
are related to grounds and street maintenance along with street lighting. Transportation expenditures
(-$1,546,426) exceeded gas tax revenues $859,437 and transfers by $370,000 reducing fund balance to
($292,672).
The Community Redevelopment Fund was established for the revitalization of downtown and east town
improvements. The funding source is an incremental increase in property values in these areas. Tax revenue
decreased $495,289 over revenue reported for fiscal 2019. The most significant expenditures in the fund
related to the Downtown development and sidewalk rehabilitation is the purchase of land, right in the heart of
City of Eustis Downtown. Total capital outlay increased land purchase - $3,000,000, Fund balance increased
$329,262.
The Building Services Fund was established in 2019 to account for resources related to building activity within
the City. Revenue in this fund, generated by permits and fees for construction occurring during the year,
reached $444,614, despite COVID-19 economic challenges, this amount is at the same level as in 2019.
Expenditures of $449,990 primarily consist of personal and contractual services, procured to provide plan
review and building inspection services.
The Stormwater Utility Fund accounts for the routine billing of utility customers within the City. Total
expenditures of $731,527 included Ardice and Ruleme, Buena Vista, Exeter and Tedford street stormwater
improvements. The fund’s largest non-capital expenditures were for street sweeping and drainage
maintenance. Fund balance decreased $164,931 reflecting a current fund balance of $662,649.
The Sales Tax Capital Projects Fund accounts for projects authorized by the one cent sales tax assessed on
retail sales. The more significant capital expenditures during 2020 included: Ferran Park Improvements,
Ardice/Ruleme improvements, Lake Floating Dock Improvements, Eustis Mobility Plan execution along with
street resurfacing. Overall, fund balance decreased by $1,105,672, providing an ending fund balance of
$872,195.
Other Nom-Major Governmental Funds accounts include nine funds: Law Enforcement Trust and Education
Fund, Economic Development Fund, Library Contributions Trust Fund, Impact Fee Fund and Greenwood
Cemetery Fund. In 2020 fund balance increased by $152,608 and expenditures decreased by $206,440,
reflecting a current balance of $1,247,504.
Proprietary Funds
The City’s proprietary fund provides the same type of information as found in the government - wide financial
statements but in more detail. The City’s Water and Sewer fund had net position of $50,830,548 at September
30, 2020, an increase of $647,892 from prior year. This increase in net position is the result of an increase in
Charges for Services of $355,499, an increase related to Capital Grants and Contributions of $139,506, an
increase in miscellaneous revenues of $125,783, offset by decrease in investment income $134,533.
Additionally, one of influencing factor was a decrease in expenses of $584,214. The largest portion of net
position is the Net Investment in Capital Assets $32,521,186. The Restricted net position of $6,496,302
represents impact fees and repair and replacement projects. Unrestricted Net Position at the end of the year
was $11,813,061.
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