ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 34
Proprietary Funds – The City maintains only one type of proprietary fund. Enterprise funds report the same
functions presented as business-type activities in the government-wide financial statements. The City uses
enterprise funds to account for its Water and Sewer System operations.
Proprietary funds provide the same information as the government-wide financial statements, only more
detailed. The proprietary fund financial statements provide information for the Water and Sewer System, which
is considered a major fund of the City.
Fiduciary Funds – Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government-wide financial statements because the
resources of those funds are not available to support the City’s programs. The accounting for fiduciary funds
is similar to proprietary funds. The fiduciary funds include pension trust funds for police and fire.
Notes to The Financial Statements – The notes provide additional information essential to a complete
understanding of the data provided in the government-wide and fund financial statements.
Other Information – In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the City’s required contributions to provide
pension benefits to its employees and post-employment benefits (OPEB).
The combined statements with non-major governmental funds are presented following the required
supplementary information on pensions and OPEB.
Official statistical information that provides quantitative or qualitative information on all major areas of the City
of Eustis community, such as economic and social development, living conditions, water and wastewater usage
and rates, taxes, education, and the environment, can be found at the end of this report.
Government-Wide Financial Analysis
Statement of Net Position
As noted earlier, net position may serve as a valuable indicator of a government’s financial position. In the
fiscal year, September 2021, assets exceeded liabilities by $121,757,263 at the close of the year. It exceeds
the previous fiscal year’s positive increase by $6,673,867. The table below reflects the condensed governmentwide Statement of Net Position.
Table 2: Statement of Net Position
The most significant portion of the City’s net position reflects its investment in capital assets (e.g., land,
buildings, infrastructure, and improvements other than buildings, vehicles, and equipment), less any related
debt used to acquire such assets. Net investment in capital assets is $95,811,454; it represents 78.69% of the
total net position. The City uses these capital assets to provide various services to its residents. Accordingly,
these assets are not available for future spending. Although the City's investment in its capital assets is reported
net of related debt, it should be noted that the resources needed to repay this debt must be provided from other
sources since the capital assets themselves cannot be used to liquidate these liabilities.
A restricted net position of $11,731,764 reflects the net position that an outside third party restricts as to its use.
The most significant restrictions for governmental activities include net for capital projects based on the voterapproved one-cent sales tax legislation and net position restricted for community development due to collection
within the City’s Community Redevelopment district. Business-type activities include debt-related restrictions
on net positionfor renewal and replacement and restricted net position for capital projects for impact fees
collected but not spent.
The unrestricted net position of $14,214,044 is available to be used to meet the City’s ongoing obligation to
citizens and creditors.
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