ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 45
Long-Term Debt
The City’s total long-term debt decreased by $1,478,884. Governmental long-term debt
decreased by $361,422, and business-type activities’ long-term debt decreased by
$1,117,462. Additional information on the City’s debt can be found in Note 10 of this report.
Table 11: Long Term Debt
City of Eustis' Outstanding Debt
Governmental Activities
2021
CRA Loan
$
Business-type Activities
2020
2,887,812
$
2021
3,000,000
$
Total
2020
-
$
2021
-
$
2020
2,887,812
$
3,000,000
Note Payable - 2018
320,000
480,000
-
-
320,000
480,000
Note Payable - 2016
3,514
92,748
-
-
3,514
92,748
Water & Sewer Revenue Bonds
-
-
6,265,000
6,570,000
6,265,000
6,570,000
Unamortized Bond Premium
-
-
411,704
426,229
411,704
426,229
State Revolving Loans
-
-
-
190,780
-
190,780
State Revolving Loans
-
-
3,173,359
3,419,416
3,173,359
3,419,416
Note Payable - 2017
$
3,211,326
$
3,572,748
361,100
$
10,211,163
722,200
$
11,328,625
$
361,100
722,200
13,422,489
$ 14,901,373
Economic Factors and Next Year’s Budgets and Rates
Looking forward to FY 2022, the City anticipates continued improvement in the economic
environment. According to the US Federal Reserve, the unemployment rate for Lake County
is 4.3%, which is slightly lower than the national rate of 4.7%. Economic factors are vital, with
the average median price of homes at $315,101; it is a 16% increase over the past year.
Building permits are a crucial indicator of construction activity. The issuance of building permits
continues to increase; approximately 2,101 permits were issued in 2021 and 1,908 in 2020,
which is a 10% increase in building permits. This growth and increased property values have
allowed the City to maintain its millage rate while providing high-quality services.
On July 1st, 2021, an annual 2.5 % utility rate increase was implemented. However, other City
rates for City services have remained the same. Through prudent fiscal management in FY
2021, the City Commission was able to continue the trend of balancing budgeted revenues
against expenditures in the General Fund.
The city comprises real property, personal property, and centrally assessed property. The
taxable value of such property increased 5.84% compared to the previous year. Compared to
Leesburg, Tavares, and Mount Dora, with a similar population, Eustis has fewer dollars to
distribute due to a residential market with fewer commercial owners. However, the City has
maintained a millage rate of 7.5810 for the past several years while maintaining and providing
services to the community.
Listed below is a comparative view of per capita taxable value by city:
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