CIP FY 24-28 9-7-23 FINAL Version - Flipbook - Page 16
Capital Improvements Plan
Summary
Sales Tax Capital Projects Fund
The projects funded through this source are primarily focused on general government initiatives,
with a significant portion allocated to historically funded departments within the General Fund.
The primary purpose of the Sales Tax Capital Project Fund is to support infrastructure and facility
improvement initiatives. It serves as a means to finance essential projects that enhance public amenities, strengthen transportation networks, and upgrade essential city facilities.
In November 2015, the Sales Tax was successfully renewed for an additional 15-year period,
commencing on January 1, 2018.
Revenue projections for this funding source are based on the current estimated revenues for FY
22/23, with a projected annual increase of 3% in the following years, spanning from FY 24 to FY 28.
In order to account for inflation and the rise in commodity and service costs, an expenditure increase
of 5% is factored in for FY 23/24, followed by a 3% increase for FY 25/28.
By carefully planning and implementing these financial measures, the City aims to ensure the continuity of essential government projects and services while adapting to changing economic conditions
for the benefit of its residents and stakeholders.
Sales Tax Capital Projects Funding Analysis:
Over the upcoming five-year period, the City has projected the total cost of various projects to amount
to $35,990,725, with an ending fund balance of $4,779. This leaves limited room for accommodating
any additional projects that may arise in the future. Specifically, for the new Rosenwald Gardens
Roads project, estimated at $4,000,000, the City has strategically planned to secure a County Grant
of $1,000,000 in both FY 24 and FY25.
Additionally, the State Aid, totaling $1,500,000, will be allocated to FY 23/24. This financial strategy
will enable the City to carry out its envisioned initiatives while efficiently managing its resources for
the benefit of the community. During the fiscal year FY 27/28 there are plans to initiate a substantial
Public Safety Complex project with a budget of $13,000,000. Funding for this project will be secured
through borrowing.In order to successfully execute all planned projects, the City will need to obtain
a loan of $15,700,000 during FY 26/28.
The Sales Tax Capital Project Fund is a crucial financial resource for the City of Eustis.
One of the significant advantages of the Sales Tax Capital Project Fund is its versatility and flexibility. It allows the City to respond to changing community needs and prioritize projects based on
current demands and long-term goals. Moreover, it reduces the reliance on traditional borrowing
methods, thereby minimizing debt burdens and financial risks.
Overall, the Sales Tax Capital Project Fund stands as a vital component of Eustis’ financial landscape,
fueling progress and improvement in the community. By harnessing the power of sales tax revenue,
the City continues to invest in a brighter and more prosperous future for its residents and businesses.
16