Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 88
Strategic → CiTy of eusTis PerformanCe measuremenT sysTem anD buDgeT TrenDs
City Financial Performance Analysis
The financial performance analysis of the City covers a span of five years, including three years
FY 2020-2022 with actual data and the estimated and projected data for FY 2023-24. The analysis
reveals that the City of Eustis has experienced consistent growth in revenue and total net position
since FY 2020. However, there was a decrease in expenses in FY 2021 followed by an increase in
FY 2022.
Looking ahead, the estimated actuals for FY 2023 indicate a decline in the City’s revenue and
expenditures, both in governmental and business activities. This can be attributed to economic
stagnation and high inflation during that period. However, the estimations for FY 2024 forecast a
slight decrease in revenue and expenditures, with hopes that the economy will recover. These
performance measures are citywide and align with Goal #3 of the City Strategic Plan, which aims
to provide quality, competent, and cost-effective governmental public services.
More specifically, the revenue growth between FY 2021 and FY 2022 experienced a positive change
of 28.03% indicating a healthy growth trend. On the other hand, expenses saw a slightly higher
growth rate of 33.21%, surpassing the revenue growth. The net position showed a growth of 7.52%,
with governmental activities growing by 10.52%, and business activities growing by 3.64%. This
growth in governmental activities can be primarily attributed to city development and the construction of new subdivisions, which boosted governmental activities revenue.
The positive revenue growth signifies a healthier and more prosperous economy, leading to various
benefits such as increased job opportunities, higher wages, and additional funding for government
projects and services. The combined effect of the total revenue growth and the federal American
Rescue Plan Act (ARPA) ensured the continuity of City services during this period.Generally, the
City’s business activities generate higher revenue due to charges for water and sewer services.
When considering the actual change between FY 2020 and FY 2022, revenue exhibited significant
growth of 34.79%, while City expenses increased by only 17.99%. The total net position experienced a growth of 13.75%.
The financial performance chart and budget trends of the City clearly demonstrate that the revenue
consistently outpaces the growth in expenditures. This indicates a positive trend where the City’s
revenue consistently exceeds its expenditure growth. It is expected that FY 2024 will be more
productive than FY 2023, resulting in an elevated financial performance for the City, reaching a
new and higher level.
Overall, the City’s financial performance and revenue growth demonstrate a competent managerial
approach in addressing the City’s needs and effectively navigating the challenges posed by the
current economic situation.
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City of Eustis, Florida
Adopted Budget
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