FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 77
Budget-In-Brief → Budget Overview
Water and Sewer Renewal and Replacement Fund – A fund to cover anticipated expenses for major
repairs of the City’s facilities and for repair and replacement of related equipment. Expenses are
funded by interfund transfers from the Water and Sewer Revenue Fund.
FY22-23 Adopted Budget Development
This section describes the major sources of revenues and expenditures, along with trends utilized
in developing the FY2022-23 Adopted Budget. The City maintains a balanced budget approach in
compliance with sec. 166.029 F. S. in which the amount available from taxation and other sources,
including balances brought forward from prior fiscal years, must equal the total appropriations for
expenditures and reserves. The General Fund, special revenue, and capital projects funds’ limited
revenue sources expenditures have been allocated within the depth of the resources provided to
maintain the balanced budget with limited reliance on fund balance reserves, in accordance with
existing policy.
Development of the budget begins with a financial forecast for the general fund and water and
sewer utility fund to determine the anticipated near-term revenues and recurring expenditures.
Financial Forecast
To develop the five (5) year financial forecast, the following areas were reviewed:
♦ The City’s current year budget consumption.
♦ Trends in spending and revenue sources based on historical data.
♦ An analysis of the City’s general fund revenues, expenditures, current taxable valuation (as
provided by the property appraiser), and projected valuation (based on anticipated new
development and/or land-use changes).
♦ An analysis of financial policies as they relate to funding balance reserves.
♦ Current and projected economic conditions in the local area and anticipated legal changes
♦ See the example below: Citywide Major Revenue Sources of $1 Million or more:
Table 17:
Revenue Forecast FY 2023-27
Major Revenues
- Citywide
Water & Sewer Sales
Ad Valorem Taxes
Water & Sewer - ARPA
Utility Taxes
1/2 Cent Sales Tax
Sales Taxes
Franchise Fees
Total
FY 23/24
FY 24/25
FY 25/26
FY 26/27
FY 22/23
Budget
Inc.
Forecast
Inc.
Forecast
Inc.
Forecast
Inc.
Forecast
12,897,500.00 2.5% 13,219,938 2.5% 13,550,436 2.5% 13,889,197 2.5% 14,236,427
10,213,339.00 2.0% 10,417,606 2.0% 10,625,958 2.0% 10,838,477 2.0% 11,055,247
5,334,843.00 0.0%
- 0.0%
- 0.0%
- 0.0%
3,117,776.00 1.0% 3,148,954 1.0% 3,180,443 2.0% 3,244,052 2.0% 3,308,933
1,458,716.00 1.0% 1,473,303 1.0% 1,488,036 2.0% 1,517,797 2.0% 1,548,153
2,158,614.00 1.0% 2,323,371 1.0% 2,393,072 2.0% 2,464,864 2.0% 2,514,162
1,938,000.00 1.0% 1,875,841 1.0% 1,913,358 2.0% 1,951,625 2.0% 1,990,658
$37,118,788
$32,459,012
$33,151,303
$33,906,012
$34,653,579
City of Eustis, Florida
Adopted Annual Budget
75