ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 67
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 1 - Description of Funds and Summary of Significant Accounting Policies (Continued)
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The Building Services Fund is a special revenue fund to account for revenues and
expenditures associated with enforcing the Florida Building Code, per F.S. §553.80 (7)
(a) (b).
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The Stormwater Utility Fund is a special revenue fund that accounts for monthly fees
assessed against residential and commercial properties to provide stormwater
management programs.
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The Sales Tax Capital Projects Fund accounts for financial resources of the one-cent
infrastructure sales tax to be used for the acquisition or construction of major capital
facilities, vehicles, or equipment.
The City reports the following major enterprise fund: An enterprise fund may be used to
report any activity for which fees are charged to external users for goods or services.
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The Water and Wastewater Utility System Fund account for the financial activities of
the City’s water and sewer treatment and distribution operations and the funding and
payment of related debt.
Additionally, the City reports the following non-major fund types:
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The Special Revenue Funds account for the proceeds of specific revenue sources that
are legally restricted to expenditure for specified purposes.
■
The Pension Trust Funds account for the activities of the City’s Police Officers’ and
Firefighters’ Pension Plan accumulates pension benefit payments to qualified police
and fire employees. They are excluded from the government-wide
financial statements are fiduciary and do not represent resources available for
operations.
Proprietary funds distinguish operating revenues and expenses from non-operating
revenues and expenses. Operating revenues and expenses generally result from providing
services and producing and delivering goods in connection with a proprietary fund’s
principal ongoing operations. The main operating revenues of the City water and sewer
utility system fund are charges to customers for sales and services. Operating expenses
for enterprise funds include sales and services, administrative expenses, and depreciation
on capital assets. All revenues and expenses not meeting this definition are reported as
non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, the City’s policy is
to use restricted resources first and then unrestricted resources, as they are needed for
their intended purposes.
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