FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 12
Introduction → TransmiTTal leTTer
In FY 2021-22 U.S. Economy still was impacted with economic disruptions from the COVID-19
pandemic. Economic conditions for the City of Eustis have been affected as well. Despite an
unprecedented economic challenge and efforts to prevent the spread of the COVID-19 virus, the City
experienced economic growth in FY 2021-22.
The revenue and expense estimates in this budget are based on historical redlands and last year’s
actuals. In FY 2022-23 revenue estimates are increased by $11,118,327 in comparison with the
previous year. Expenditure estimates for FY 2022-23 are up by $7,000,145, in comparison with
the previous year’s adopted budget.
The anticipated General Fund available balance for the end of FY 22-23 is projected to be $8,488,776.
This is an addition to the required reserves of $5,317,752. The budgeted revenues in the General
Fund exceed budgeted expenditures by $209,232; This surplus is 14.11% less than the previous
year. Transfers from the Water and Sewer Revenue Fund are $4,596,477, which is $7,219,573 less
than it was in FY 2022.
According to the Lake County Property Appraiser’s Preliminary Tax Roll, the growth from the
previous year in the economy brought an increase in new construction taxable value of $9,968,23,
annexations of $793,243, and construction additions and deletions of $1,220,683, totaling $11,982,161.
Property taxable value of $1,347,228,504 reflects an increase of 10.12% over the previous year.
This letter will serve as an executive summary of the proposed budget with a review and analysis
of the following:
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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 accomplishments
Revenue Sources and Assumptions
The City of Eustis has 22 separate fund accounts with various sources of revenue. The General
Fund collects most of the revenues, with over 47.55% derived from ad valorem taxes. 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 7.0064 and will be advertised as 8.2% tax increase, due to an increased property values. Based
on a home assessed at $100,000 with exemptions, the roll-back rate of 7.0064 would equate to an
increase of only $57.46 annually, or $4.78 per month. The City of Eustis millage rate compares to the
rest of Lake County as follows:
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City of Eustis, Florida
Adopted Annual Budget