Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 99
Budget-In-Brief → buDgeT oVerView
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Equity and Social Services: Budget decisions also play a role in promoting equity and inclusion.
Funds can be allocated to support underserved populations, improve access to resources, and
address disparities within the community.
Accountability and Reporting: Budgets establish a framework for accountability, as expenditures are tracked and measured against expected outcomes. Transparent reporting ensures that
the community can assess how resources are being utilized to support their priorities.
The process of making municipal budget decisions is a vital component of governance that directly
impacts the well-being of both the organization and the community it serves. By aligning resources
with organizational goals, prioritizing community needs, and fostering transparency and public
engagement, the City of Eustis can effectively allocate funds to support a thriving and sustainable
community.
Budget Procedures
Florida Statute Sec. 166.241 requires that municipalities establish a fiscal year beginning October
1 and ending September 30. In accordance with the Charter of the City of Eustis, the City Manager
shall prepare and recommend to the City Commission a budget for the next succeeding fiscal year.
The City of Eustis’ annual budget is a public policy process resulting in a fiscal plan for the allocation of municipal resources to achieve results in specific programs. The Finance Department coordinates the budget process which begins in February and ends in September. This process combines
financial forecasting and fiscal strategizing to identify challenges, opportunities, causes of fiscal
imbalances, and the development of a long-term financial plan that ensures fiscal sustainability.
The process is designed to identify service requirements, develop strategies to meet those needs,
provide available resources, and allocate appropriations to execute a plan to meet the service
requirements in alignment with City Commission goals and objectives.
The budget is prepared with reference to the operational requirements and capital outlays needed
to provide for the needs and growth of the City, specifying anticipated sources and amounts of
revenue as well as expenditures. The City generally desires to live within its means by keeping
ongoing operating costs at or below anticipated operating revenues. A recurring challenge that
faces the City is the ability to provide sufficient funding for responsible operations and maintenance of the services provided and to hire and retain an excellent workforce through a competitive employee compensation package. As the General Fund provides the funding for the primary
governmental services, special attention is paid to this fund. The main financial resource for this
fund is Ad Valorem taxes, derived from property values throughout the City. The City fully strives
to diversify its revenue base if possible. As the Water and Sewer Utility Fund is an enterprise fund
operated in the same manner as a business, the legally enacted budget for this fund is developed
to provide financing for anticipated operating and capital needs.
Budget Adoption
The City’s budget is adopted by the fund at the object level through resolutions at a public hearing
held during the first and last scheduled City Commission meeting each September. Upon final
adoption, the budget is in effect for the fiscal year, with the amounts stated therein being appropriated to the objects and purposes named therein.
Public participation in the budget process is encouraged. Prior to adoption, the City Commission
holds several public budget workshops to review the major issues, programs, and capital projects to
be included in the adopted budget. In addition, there are two public hearings in which the citizens
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City of Eustis, Florida
Adopted Budget
97