Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 13
Introduction → TransmiTTal leTTer
In FY 2022-23 the U.S. Economy faced significant economic disruptions, and high inflation, which
also impacted the economic conditions of the City of Eustis. Despite the challenging and unstable
economic environment, the City managed to achieve economic growth during the period.
The revenue and expense estimates in this budget are based on historical trends and last year’s
actuals. In FY 2022-23 total revenue estimates increased by $8,792,189 (Proposed Budget Summary,
page 90), in comparison with the previous year of $58,256,451. The total expenditure estimates for
FY 2022-23 are increased by $18,520,353 (Proposed Budget Summary, page 90) as well, in comparison with the previous year’s adopted budget of $53,381,876.
The anticipated General Fund available balance for the end of FY 22-23 is projected to be
$10,042,955 (General Fund Summary, page 159). This is an addition to the required reserves of
$5,971,728 (General Fund Summary, page 159). The budgeted revenues in the General Fund exceed
budgeted expenditures by $431,948; it is 61.34% more than City had in the previous year. The Total
transfers from the Water and Sewer Revenue Fund to other funds are $4,933,800, which is $37,323
more than it was in FY 2022.
According to the Lake County Property Appraiser’s Preliminary Tax Roll, the growth in July 2023 in
the economy brought an increase in new construction taxable value of $25,004,090, in comparison
with FY 2022 of $11,982,161, this is a 108.68% increase. Property taxable value of $1,499,445,620
(City Ten Years Property Taxable Value, page 151), reflects an increase of 11.34% over the previous
year.
This letter will serve as an executive summary of the proposed budget with a review and analysis
of the following:
●
●
●
●
●
●
●
●
●
●
Revenue sources and assumptions with approved millage rate and comparisons
Estimated fund balances and reserves
Anticipated increases in expenditures
Personnel changes
General Fund Budget Analysis (Fund 001)
Street Improvement Fund Budget Analysis (Fund 013)
Water and Sewer Fund Budget Analysis (Fund 040)
Stormwater Fund Budget Analysis (Fund 049)
Additional Points
Year-End Significant Events and Accomplishments
Revenue Sources and Assumptions
The City of Eustis has 22 separate fund accounts with various sources of revenue. This budget is
based on the current assessment of 7.5810 per $1,000 valuation. The City has maintained the same
millage rate for the past nine years. This millage rate exceeds the established roll-back rate of
7.0158 and will be advertised as 9.3% tax increase, due to increased property values. Based on a
home assessed at $150,000 with exemptions, the roll-back rate of 7.0158 would equate to a decrease
of only $80.52 annually, or $6.71 per month. The City of Eustis millage rate compares to the rest of
Lake County as follows:
Back to TOC
City of Eustis, Florida
Adopted Budget
11