Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 100
Budget-In-Brief → buDgeT oVerView
can question the City Commission on matters regarding the adopted budget. The scheduled times
and locations of these meetings are advertised in accordance with State of Florida statutes on the
City’s website and at the City Hall facilities.
Budget Amendments
Amendments that alter the total original budget appropriation in a fund are brought back to the City
Commission for consideration and approval. Appropriations that are re-allocated within a fund and
do not change the original budget appropriation may be approved by the City Manager. In addition, all capital purchases and/or changes to budgeted capital purchases must be approved by the
Commission. The classification detail at which expenditures may not legally exceed appropriations
is at the total fund level.
Balanced Budget
A balanced budget is a budget (i.e., a financial plan) in which revenues are equal to expenditures,
such that there is no budget deficit or surplus. Although the concept of a balanced budget applies
to any organization that generates operating revenues and incurs operating expenses. Although the
term balanced budget points towards a breakeven between surpluses and deficits, it can also be a
budget that posts a surplus but not a deficit. Therefore, revenues may be greater than expenses in
a balanced budget, but not vice versa.
Planning a balanced budget helps the City to avoid excessive spending and allows them to focus
funds on areas and services that require them the most. Furthermore, achieving a budget surplus
can provide funds for emergencies, e.g., if the municipality wishes to increase spending during a
recession without having to borrow.
Truth-In-Millage (TRIM) Requirements
Chapters 200 and 218 F.S. details the Truth in Millage (TRIM) requirements and requires the adoption of the millage rate and budget resolution by separate votes. The process begins with the County
Property Appraiser certifying the taxable property values to the City, which are then used as a
basis for determining the millage rate for the upcoming year. The resolutions for the adoption of the
tentative millage rate and budget, and the final millage rate and budget, are certified to the Florida
Department of Revenue. In accordance with TRIM requirements, two public hearings are held - one
to adopt a tentative millage rate and budget and one to adopt a final millage rate and budget. The
first or “tentative” hearing is advertised on the “Notice of Proposed Property Taxes” (TRIM Notice)
mailed to City property owners from the Property Appraiser’s office. This hearing adopts a tentative
millage rate and tentative budget. The final TRIM hearing is advertised in a newspaper of general
circulation in Lake County. Both public hearings allow the public to speak to the City Commission
and ask questions about the tentative and final millage rate and budget. The final TRIM hearing is
held prior to October 1.
Listed further, the FY 2023-24 Budget Calendar at-a-glance, which provides the reader with
condensed information regarding the specific functions and deadlines in the budgetary process
that are defined to meet all State and City budgetary adoption requirements.
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City of Eustis, Florida
Adopted Budget
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