ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 113
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 11 – Interfund Transactions (Continued)
Interfund transfers on September 30, 2021, consist of the following:
Note 12 - Contingent Liabilities
Under the terms of federal and state grants and loans, periodic audits are required, and
certain costs are questionable, as not allowable as expenditures under the terms of the
grants, which could lead to reimbursement to the grantor agencies. City management
believes disallowances, if any, will not be material.
The City is involved in legal actions that will not have a material effect on the City’s financial
statements in the opinion of management.
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