Budget-In-Brief → buDgeT oVerViewCommunications DeviceThe Adopted Budget provides the reader with summary information to assist with understandingrevenue sources and planned fiscal spending that supports the established goals and objectives.Included in the Adopted Budget document is a table of contents and a glossary to enable thereader to locate information and to understand the terminology used throughout the document.Charts, graphs, and tables are strategically used to provide a visual demonstration of the narrativepresented. The City Manager’s Budget Message provided at the beginning of the Adopted Budgetdocument provides the reader with a condensed analysis of the financial plans for the fiscal year2023-24 for the City of Eustis.Budget ProcessBudgetary BasisThe budget for the governmental funds is adopted on a modified accrual basis consistent withgenerally accepted accounting principles (GAAP). The budget for the enterprise funds is adoptedon a non-GAAP accrual basis to reflect the budget versus actual information related to “operationsand maintenance” as defined in bond covenants. This is identical to the basis of accounting used inthe Annual Comprehensive Financial Report (ACFR).The foundation of the modified accrual basis of budgeting closely mirrors the basis of accounting,establishing a parallel framework that guides financial management and reporting in the publicsector. The alignment between these two concepts is crucial for ensuring transparency, accuracy,and consistency in budgeting and financial reporting practices. Underlying this alignment is theemphasis on distinguishing between short-term operational activities and longer-term capitalinvestments. The modified accrual basis of budgeting, like the basis of accounting, seeks to strike abalance between addressing immediate financial needs and capturing the broader financial impactof capital projects and long-term obligations. By mirroring the basis of accounting, the modifiedaccrual basis of budgeting ensures that budgeting decisions are reflective of the financial realityand can be compared to actual financial outcomes reported in financial statements.The modified accrual basis of accounting is followed by all Governmental Fund Types and AgencyFunds. Under the modified accrual basis, expenditures other than un-matured interest on generallong-term debt are recognized at the time fund liabilities are incurred, if measurable. Revenues arerecognized in the accounting period when they become measurable and available. Revenues thatare susceptible to accrual are as follows:●●●●●Federal and State Shared RevenuesFederal and State GrantsInterest IncomeRental of Assets and Charges for ServicesFranchise Fees and Utility TaxesProprietary and Pension Trust Funds are maintained on an accrual basis with revenues being recognized when earned and expenses recognized when incurred.Budget Decision-Making Process:Municipal budget decisions play a pivotal role in shaping the trajectory of a City’s growth, development, and overall well-being. These decisions are integral to allocating financial resources efficiently and effectively, ensuring that the municipality can achieve its organizational and communityBack to TOCCity of Eustis, FloridaAdopted Budget95
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