ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 64
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
Note 1 - Description of Funds and Summary of Significant Accounting Policies
The financial statements of the City of Eustis (the “City”) have been prepared in conformity
with generally accepted accounting principles (GAAP) as applied to government units.
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting
body for establishing governmental accounting and financial reporting principles.
Significant City accounting policies are described below.
A. The Reporting Entity
The City was incorporated in 1883 under the laws of the State of Florida and operated
under the council-manager form of government under its charter adopted under the
"Municipal Home Rule Powers Act" as defined in Florida Statutes, Chapter 166. The
original charter was effective on January 1, 1958, and became law without the Governor's
approval. The City Charter was adopted by Florida Chapter 57-1314 and amended by
ordinances 91-74 and 94-04 adopted by referendum on March 11, 1992, and April 6,
1994.
The legislative branch of the City is composed of a five (5) member elected Commission,
which includes a Citywide elected Mayor. The City Commission is governed by the City
Charter and state and local laws and regulations. The City Commission is responsible for
the establishment and adoption of the policy. The execution of such an approach is the
responsibility of the Commission-appointed City Manager.
Police Officer’s and Firefighter’s Pension Plan
The City contributes to the Police Officers’ and Firefighters’ Pension Plan (POFPP) on
behalf of its police officers and firefighters. The plan is a single-employer defined benefit
plan established by the City ordinance and Florida State Law. It is administered by the
Plan’s Board of Trustees comprised of two commission appointees, two members of the
POFPP is elected by the membership, and one member is elected by the other four
Members and appointed by the City Commission. The POFPP is included in the
accompanying financial statement as a fiduciary component unit reflected as a Pension
Trust Fund.
■ City of Eustis Community Redevelopment Trust Fund
The accompanying financial statements present the City and its component unit, which is
financially accountable. The City has only one composite component unit, the Community
Redevelopment Trust Fund (CRA). CRA is a blended component unit; it is legally
separated in substance but also it is a part of the City’s operations. The City created the
Downtown and East Town Redevelopment Agency in December 1990 with a base year
value of $36,752,072. In May of 2018, the area was expanded with an additional base
year value of $343,092. The CRA is an incremental tax district established by Florida
Statutes Chapter 163 to finance and redevelop the City's designated redevelopment
areas. Even though the CRA is a legally separate entity, it is reported as part of the City
because the City Commission also serves as the CRA Board. The Commission reviews
and approves the CRA’s budget, provides funding and performs all accounting functions
for the CRA. The CRA’s services benefit the City by supporting the City's redevelopment
in the designated community redevelopment areas. The CRA has been presented as a
blended component unit, classified as a major special revenue fund but is also the subject
of a separate audited financial report. The CRA audited financial report is available from:
10 N Grove Street, Eustis, FL 32726.
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