FY 2025 BUDGET BOOK - Flipbook - Page 12
In FY 2023/24 the U.S. Economy faced significant economic disruptions and high inflation, which
also impacted the economic conditions of the City of Eustis. Despite the challenging and unstable
economic environment, the City did achieve economic growth during the period.
Revenue and expense estimates in this budget are based on historical trends with last year’s actuals
also being taken into account. In FY 2024/25 total revenue estimates increased by $525,307
(Proposed Budget Summary, page 84) in comparison with the previous year of $67,048,640. The
total expenditure estimates for FY 2024/25 decreased by $5,313,867 (Proposed Budget Summary,
page 84), in comparison with the previous year’s adopted budget of $71,902,229.
The anticipated available balance for the General Fund at the end of FY 2024/25 is projected
to be $11,353,913 (General Fund Summary, page 130). This is an addition to the required
reserves of $6,025,972 (General Fund Summary, page 130). The budgeted expenditures in the
General Fund exceed budgeted revenues by ($595,250). This is primarily due to one-time project
costs budgeted in FY 2024/25. The total transfers from the Water and Sewer Revenue Fund to other
funds are $4,933,800, which is the same as it was in FY 2023/24.
According to the Lake County Property Appraiser’s Preliminary Tax Roll, new construction in the
Eustis economy resulted in an increase in taxable value of $48,564,676, in comparison with FY
2023/24 of $27,811,090, a 74.6% increase. The total property taxable value of $1,622,700,817,
reflects an increase of 8.23% over FY 2023/24.
This letter serves as an executive summary of the proposed budget with a review and analysis of
the following:
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Revenue sources and assumptions with approved millage rate and comparisons
Estimated fund balances and reserves
Anticipated increases in expenditures
Personnel changes
General Fund Budget Analysis (Fund 001)
Street Improvement Fund Budget Analysis (Fund 013)
Water and Sewer Fund Budget Analysis (Fund 040)
Stormwater Fund Budget Analysis (Fund 049)
Additional Points
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Year-End Significant Events and Accomplishments
Revenue Sources and Assumptions
The City of Eustis has 22 separate funds with various sources of revenue. This budget is based on
the current millage rate of 7.5810 per $1,000 taxable valuation. The City has maintained the same
millage rate since 2013. This millage rate exceeds the roll-back rate of 7.0340 and has been
advertised as a 7.78% tax increase due to increased property values. A home assessed at $150,000
with exemptions, the roll-back rate of 7.0158 would equate to a decrease of only $82.05 annually, or
$6.84 per month.
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