ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 58
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 1 - Description of Funds and Summary of Significant Accounting Policies (Continued)
For this purpose, the government considers revenues to be available if they are
collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment
is due.
Property taxes, franchise fees, and interest associated with the current fiscal period
are susceptible to accrual and are recognized as revenues of the current fiscal period.
Only the portion of special assessments receivable due within the current fiscal period
is susceptible to accrual as revenue of the current period. All other revenue
considered measurable is cash once it received by the City.
The City reports the following major governmental funds:
■
The General Fund is the City’s primary operating fund. It accounts for financial
resources of the City except those required to be accounted for in another fund.
■
The Street Improvement Fund is a special revenue fund to account for the City’s share
of motor fuel tax revenues that are legally restricted to street maintenance programs.
■
The Community Redevelopment Trust Fund is a special revenue fund to account for
the activity within the special revenue district established. The revenue on the
incremental property value is since the establishment of the fund in 1990.
■
The Building Services Fund is a special revenue fund to account for revenues and
expenditures associated with enforcing the Florida Building Code, per F.S. §553.80 (7)
(a) (b).
■
The Stormwater Utility Fund is a special revenue fund that accounts for monthly fees
assessed against residential and commercial properties for provision of stormwater
management programs.
■
The Sales Tax Capital Projects Fund account for financial resources of the one-cent
infrastructure sales tax to be used for the acquisition or construction of major capital
facilities, vehicles, or equipment.
The City reports the following major enterprise fund: An enterprise fund may be used to
report any activity for which a fees charged to external users for goods or services.
■
The Water and Sewer Utility System Fund accounts for the fiscal activities of the City’s
water and sewer treatment and distribution operations, as well as the funding and
payment of related debt.
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