FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 72
Budget-In-Brief → Budget Overview
Charts, graphs, and tables are strategically used to provide a visual demonstration of the narrative
presented. The City Manager’s Budget Message provided at the beginning of the Adopted Budget
document provides the reader with a condensed analysis of the financial plans for the fiscal year
2022-23 for the City of Eustis.
Budget Process
Budgetary Basis
The budget for the governmental funds is adopted on a modified accrual basis consistent with
generally accepted accounting principles (GAAP). The budget for the enterprise funds is adopted
on a non-GAAP accrual basis to reflect the budget versus actual information related to “operations
and maintenance” as defined in bond covenants. This is identical to the basis of accounting used in
the Annual Comprehensive Financial Report (ACFR).
The modified accrual basis of accounting is followed by all Governmental Fund Types and Agency
Funds. Under the modified accrual basis, expenditures other than un-matured interest on general
long-term debt are recognized at the time fund liabilities are incurred, if measurable. Revenues are
recognized in the accounting period when they become measurable and available. Revenues that
are susceptible to accrual are as follows:
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Federal and State Shared Revenues
Federal and State Grants
Interest Income
Rental of Assets and Charges for Services
Franchise Fees and Utility Taxes
Proprietary and Pension Trust Funds are maintained on an accrual basis with revenues being
recognized when earned and expenses recognized when incurred.
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
coordi-nates 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
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City of Eustis, Florida
Adopted Annual Budget