FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 73
Budget-In-Brief → Budget Overview
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
can question the City Commission on matters regarding the adopted budget. The scheduled times
and locations of these meetings are advertised in accordance with State of Florida statutes on the
City’s website and at the City Hall facilities.
Budget Amendments
Amendments that alter the total original budget appropriation in a fund are brought back to the City
Commission for consideration and approval. Appropriations that are re-allocated within a fund and
do not change the original budget appropriation may be approved by the City Manager. In
addition, all capital purchases and/or changes to budgeted capital purchases must be approved by
the Commission. The classification detail at which expenditures may not legally exceed
appropriations is at the total fund level.
Balanced Budget
A balanced budget is a budget (i.e., a financial plan) in which revenues are equal to expenditures,
such that there is no budget deficit or surplus. Although the concept of a balanced budget applies
to any organization that generates operating revenues and incurs operating expenses. Although the
term balanced budget points towards a breakeven between surpluses and deficits, it can also be a
budget that posts a surplus but not a deficit. Therefore, revenues may be greater than expenses in
a balanced budget, but not vice versa.
Planning a balanced budget helps the City to avoid excessive spending and allows them to focus
funds on areas and services that require them the most. Furthermore, achieving a budget surplus
can provide funds for emergencies, e.g., if the municipality wishes to increase spending during a
recession without having to borrow.
Truth-In-Millage (TRIM) Requirements
Chapters 200 and 218 F.S. details the Truth in Millage (TRIM) requirements and requires the
adoption of the millage rate and budget resolution by separate votes. The process begins with the
County Property Appraiser certifying the taxable property values to the City, which are then
used as a basis for determining the millage rate for the upcoming year. The resolutions for the
adoption of the tentative millage rate and budget, and the final millage rate and budget, are
certified to the Florida Department of Revenue. In accordance with TRIM requirements, two public
hearings are held - one to adopt a tentative millage rate and budget and one to adopt a final
millage rate and budget.
City of Eustis, Florida
Adopted Annual Budget
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