FY 2025 BUDGET BOOK - Flipbook - Page 94
Financial Structure
A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other
financial resources, together with all expenditures and related liabilities and residual equities,
or balances, and changes therein that are segregated for carrying on specific activities or
attaining certain objectives in accordance with special regulations, restrictions, or limitations.
Appropriated funds are segregated by governmental, enterprise and fiduciary funds.
Governmental funds are used to account for the majority of the City’s tax-supported activities.
Enterprise funds are used by the City to account for revenue sources derived from fees charged to
third parties to provide for ongoing operating and capital needs (typically City utilities). The City
has fiduciary funds which are not budgeted because these resources are not available for the City
to use. The City acts as a trustee and cannot use these funds to support the City’s own programs.
These funds are held in trust for employee future pension plan payouts.
Governmental-Type Funds
The City’s Governmental funds consist of the General Fund, Special Revenue Funds, and Capital
Projects Funds.
General Fund
The General Fund is the general operating fund of the City. It is used to account for all financial
resources, except those required to be accounted for in another fund. Resources include taxes,
franchise fees, State and local shared revenues, grants, fees, fines and forfeitures, charges for
services, and miscellaneous revenues. Services provided using these revenue sources in the
General Fund include general government administration, public safety, physical environment and
transportation, and culture and recreation.
Special Revenue Funds
Special revenue funds are appropriated for specific revenue sources that are legally or
administratively restricted to expenditures for specified purposes. The following are the major
special revenue funds the City of Eustis appropriates:
➢
Street Improvement Fund – Accounts for revenue received from motor fuel gas taxes. All
expenditures within the fund go toward maintaining the City’s streets and rights-of-ways.
➢
Community Redevelopment Trust Fund – Accounts for the revenue received by City’s special
taxing district identified in the Community Redevelopment District. All expenditures must
occur within this geographically defined area.
➢
Building Services Fund – Accounts for revenues generated by construction permit fees and
expenditures resulting from enforcement of the Florida Building Code.
➢
Stormwater Utility Revenue Fund – Accounts for user fees and other revenues related to
stormwater charges. The fund is responsible for funding the operation, construction, and
maintenance of the City’s stormwater system, system planning, and system management.
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