Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 104
Budget-In-Brief → buDgeT oVerView
Sales Tax Capital Projects Fund
A projected plan for capital expenditures of the one-cent infrastructure sales tax to be incurred
each year over a period of five years setting forth each capital project, the amount to be expended
in each year, and the method of financing those expenditures.
Proprietary Funds
The City uses proprietary funds to account for its business-type activities. It has several enterprise
funds that are classified as proprietary funds. These enterprise funds impose fees or charges on
external users for use of the services provided.
●
●
●
Water and Wastewater Revenue Fund – User fees and other revenues related to the operation
of the City’s utility system are recorded in this fund. These fees are charged to the users for the
ongoing operating and capital needs of water, sewer, and reclaimed water services provided.
Reclaimed Water Project Fund – Accounts for wastewater projects that are used for irrigation
and other uses to extend the City’s water supplies. Projects are funded by inter-fund transfers
from the Water and Sewer Revenue Fund.
Water and Wastewater Renewal and Replacement Fund – A fund to cover anticipated expenses
for major repairs of the City’s facilities and for repair and replacement of related equipment.
Expenses are funded by interfund transfers from the Water and Sewer Revenue Fund.
FY 23-24 Adopted Budget Development
This section describes the major sources of revenues and expenditures, along with trends utilized
in developing the FY 2023-24 Adopted Budget. The City maintains a balanced budget approach in
compliance with sec. 166.029 F. S. in which the amount available from taxation and other sources,
including balances brought forward from prior fiscal years, must equal the total appropriations for
expenditures and reserves. The General Fund, special revenue, and capital projects funds’ limited
revenue sources expenditures have been allocated within the depth of the resources provided to
maintain the balanced budget with limited reliance on fund balance reserves, in accordance with
existing policy.
Development of the budget begins with a financial forecast for the general fund and water and
sewer utility fund to determine the anticipated near-term revenues and recurring expenditures.
Financial Forecast
Financial forecasts play a pivotal role in budgeting and have significant implications for both shortterm and long-term financial planning, as well as the efficient City operation. Here’s how these
forecasts impact the budget and future operations:
Revenue and Expenditures Forecasts Impact:
●
●
Revenue Forecasts: Accurate revenue forecasts provide the foundation for budget development. City relies on these forecasts to estimate the funds available for spending. Overestimating
revenue can lead to budget deficits, while underestimating can result in unspent funds.
Expenditure Forecasts: Projections of future expenditures help allocate resources effectively.
City must estimate the costs of maintaining essential services, personnel salaries, debt service
102
City of Eustis, Florida
Adopted Budget
Back to TOC
