Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 132
Budget-In-Brief → Changes beTween ProPoseD anD ProjeCTeD buDgeT
Fund Balance Changes Between FY 2023-24 Projected and Proposed Budgets
Table 20 demonstrates the differences in fund balances between Projected and Proposed budgets
major and nonmajor funds in aggregate. The changes are affecting fifteen of twenty two City’s
funds.
The total revenue increase between FY 2023-24 is 15.21% and the total expense increase of 9.90%.
The total change in fund balance is $4,853,589 or 4.68% fund balance decrease.
Personnel Services projected expenditures for all funds are increased by 5% COLA and $1,000 flat
pay to all existing full-time employees. Fringe benefits and pensions are increased as well.
006 Library Contribution Fund: $6,235 or 22.73% fund balance decrease.
Library book sales and late book return fines revenue have been moved to the General Fund.
Memorial donations projected revenue decreased from $1,000 to $50 a year, in-kind donations
decreased as well from $1,000 to $525. Other miscellaneous revenues decreased from $500 to $100.
010 Sales Tax Revenue Capital Project Fund: $562,305 or 36.36% fund balance decrease
Various City capital projects expenditures have increased by $3,971,162 or 40%.
011 Law Enforcement Education Fund: $19,300 or 37.14% fund balance decrease.
With a slight increase in Police Automation Equipment revenue by 0.04% and the same proposed
expenditures in FY 2024, the total fund’s balance has decreased. To keep it on the 2023 level, funds
need additional sources of revenue.
012 Police Forfeiture Fund: $7,000 or 399.09% fund balance increase.
The federal felony forfeiture revenue in FY 2023 has been very successful $39,304; 50% more than
budgeted. The interest revenue has increased significantly as well.
The total expenditures have decreased by $50,000 or by 78%.
013 Street Improvement Fund: $672,226 or 87.95% fund balance decrease
Gas tax revenue estimation projected increased by $82,617 or 16.2%. One cent tax has decreased
by $800, or 0.46%. Third party donations decreased by 33% as well; FDOT changed the way of
reimbursements for street lighting repair. Now it’ll be reimbursed straight to Lake County, not the
City. Another factor, in FY 2024 the City expenses for street maintenance, lighting control, road
construction and mowing services increased by 40%.
020 Building Services Fund: $368,304 or 27.69% fund balance increase.
The building permits projected revenue increased by $200,000 or 21%. Rapid population growth,
city development and building construction allowed the City to bring more revenue to the Building
Services.
Building Inspection expenditures increased also but only by $58,771 or 8%.
042 Water & Sewer Renew & Replace Fund: $5,761,521 or 42.54% fund balance decrease.
The total revenue has increased by $2,108,099 or 27.0%, in FY 2023 City used ARPA funds, and in
FY 2024 these funds should be fully executed. City provided additional funds to the project, due to
current inflation. Total wastewater FY 2024 total CIP project expenses are increased by $5,991,820
or 58%.
130
City of Eustis, Florida
Adopted Budget
Back to TOC
