FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 76
Budget-In-Brief → BuDgeT oVerView
Capital Projects Funds
A Capital Improvement Plan (CIP) contains all the individual capital projects, equipment purchases,
and major studies for the City; in conjunction with construction and completion schedules, and in
consort with financing plans. The plan provides a working blueprint for sustaining and improving
the community’s infrastructures. It coordinates strategic planning, financial capacity, and physical
development. A CIP stands at the epicenter of City’s Public Works, Finance and City Manager’s
departments.
Capital project funds are utilized to account for major capital acquisition and construction activity
separately from the ongoing activities to avoid distortions in financial trend information that occurs
when capital and operating activities are mixed. Project funding process starts with departmental
CIP requests to the City Manager and Finance Office. City Manager, Finance Office and
departments review requested projects individually. The project prioritization is made
based on community needs, departmental performance, workload capacity, current
economic situation, funding sources and availability by linking strategic plans with City’s fiscal
capacity.
The CIP approval is made by the City Commission with two City Commission CIP hearings.
In general, a capital improvement plan will include the following elements:
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Estimated Overall Cost of Each Project
Estimated Operational & Maintenance Cost for Each Project
Estimated Project Timelines
Total Revenues from Each Project
Funding Sources
Project Prioritization
The following is the capital projects fund that the City currently appropriates:
Sales Tax Capital Projects Fund
A projected plan for capital expenditures of the one-cent infrastructure sales tax to be incurred
each year over a period of five years setting forth each capital project, the amount to be expended
in each year, and the method of financing those expenditures.
Proprietary Funds
The City uses proprietary funds to account for its business-type activities. It has several enterprise
funds that are classified as proprietary funds. These enterprise funds impose fees or charges on
external users for use of the services provided.
Water and Sewer Revenue Fund – User fees and other revenues related to the operation of the City’s
utility system are recorded in this fund. These fees are charged to the users for the ongoing
operating and capital needs of water, sewer, and reclaimed water services provided.
Reclaimed Water Project Fund – Accounts for wastewater projects that are used for irrigation and
other uses to extend the City’s water supplies. Projects are funded by inter-fund transfers from the
Water and Sewer Revenue Fund.
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City of Eustis, Florida
Adopted Annual Budget