ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 38
Long-Term Debt
The City’s total long-term debt increased by $1,485,991, by an addition of $3,000,000 CRA
Downtown land purchase and offset by the change attributable to scheduled debt service
payments. Additional information on the City’s debt can be found in Note 10 of this report.
Table 10: Long Term Debt
City of Eustis' Outstanding Debt
Business-type Activities
Governmental Activities
2020
CRA Loan
$
2019
3,000,000
$
2020
-
$
Total
2019
-
$
2020
-
$
3,000,000
2019
$
-
Note Payable - 2017
480,000
640,000
-
-
480,000
640,000
Note Payable - 2016
92,748
180,223
-
-
92,748
180,223
Water & Sewer Revenue Bonds
-
-
6,570,000
6,865,000
6,570,000
6,865,000
Unamortized Bond Premium
-
-
431,747
428,988
431,747
428,988
State revolving loans
-
-
190,780
564,219
190,780
564,219
State revolving loans
-
-
3,419,416
3,659,170
3,419,416
3,659,170
Note Payable - 2017
-
-
722,200
1,083,300
722,200
1,083,300
820,223
$ 11,334,143
$ 12,600,677
$
3,572,748
$
$
14,906,891
$
13,420,900
Economic Factors and Next Year’s Budgets and Rates
Looking forward to FY 2020, the City anticipated continued improvement in the economic
environment. The unemployment rate for Lake County is 7.4% slightly lower than the national
rate of 7.9%. Economic factors are strong with the average median price of homes $270,000,
which is a 10% increase over the past year.
Building permits are a key indicator of construction activity. The issuance of building permits
continues to increase; approximately 1,908 permits were issued in fiscal year 2020 and 1,718
in fiscal year 2019, it representing a 9.7% increase in building permits. This growth along with
an increase in property values has allowed the City to maintain its millage rate while providing
high quality services.
During the 2017 fiscal year, a utility rate increase of 1.7% was implemented. However, other
rates for City services have remained the same. Through prudent fiscal management in FY
2020, the City Commission was able to continue the trend of balancing budgeted revenues
against expenditures in the General Fund.
The City is composed of real property, personal property and centrally assessed property. The
taxable value of such property increased 9.49%, compared to the previous year. Compared to
Leesburg and Mount Dora, with a similar population, Eustis has fewer dollars to distribute, as
a result of a residential market with fewer commercial owners. However, the City has
maintained a millage rate of 7.5810 for the past several years, while continuing to maintain and
provide services to the community.
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