Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 27
Introduction → TransmiTTal leTTer
Figure 10:
FY 2023-24 Projected Year - End Total Fund Balances by the Fund Type $98,851,750
General Fund (Restricted):
16,014,683 16.20%
Capital Projects Fund:
984,112 1.00%
Special Revenue Funds:
3,800,555 3.84%
Trust & Agency Funds:
53,033,526 53.65%
Enterprise Funds:
25,018,874 25.31%
The budget’s estimated beginning fund balance of all twenty two City funds is $103,705,339 (Budget
Summary, page 136) and the anticipated revenue is $67,048,640. After accounting for $71,902,229
in expenditures, the total City fund balance would be $98,851,750 as illustrated above; $63,292,074
of that total is dedicated by law or policy as reserves, leaving a remaining available balance of
$35,559,676 (Budget Summary, page 136). This provides for a healthy reserve as well as funding
for upcoming utility infrastructure needs as identified in the Capital Improvement Plan. The Capital
Improvement Plan for FY 2024-2028 is included in the Capital Improvement Section at the end of
the Budget Book.
Additional Points.
The budget includes several services that the City maintains by policy because of the benefit to
the public and enhancement of the City’s image. Revenues for these services may not always cover
costs and do require an annual commitment to continue. Major examples are as follows:
1.
The Economic Development Incubator:
a) During the fiscal year 2023, the City established a collaborative business incubator project
with Lake County, the University of Central Florida, and MEGA Properties. This agreement
empowers the City’s Economic Development department to extend assistance to emerging
businesses, startups, and entrepreneurs, fostering the creation of new jobs and promoting
economic expansion. The incubator framework will facilitate valuable networking prospects, host events, and conduct workshops aimed at cultivating robust business relationships and fostering a supportive entrepreneurial ecosystem.
Back to TOC
City of Eustis, Florida
Adopted Budget
25