FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 80
Budget-In-Brief → Taxes
Fines & Forfeitures:
General Fund
Various fines and forfeitures are conservatively budgeted at $53,600, based on historical trends.
Court fines and code violations comprise most of the fines levied. Conservative estimates are the
best method for budgeting this revenue as the amount collected from year to year fluctuates
significantly and does not follow a defined trend.
Miscellaneous Revenues:
General Fund, Various Special Revenue Funds, and Water & Sewer Utility Revenue Fund
Interest earnings are conservatively budgeted among the appropriate funds. Interest rates are now
beginning to tick higher as the economy improves, though this source will continue to be
categorized as a minor revenue with high volatility. The City invests excess funds according to
the Investment Policy to attain higher interest earnings than those earned in a traditional bank.
This revenue forecast is based on projected cash and investment balances and anticipated interest
rates. Rents collected from leases to wireless companies for use of water towers as a cellular phone
tower transmission area are based on existing contract values. This revenue source has leveled
off in recent years as wireless companies implement new technologies. All General Fund
miscellaneous revenues are conservatively budgeted at $651,549. This amount includes
revenue estimates in support of the City’s robust offering of community festivals, holiday
celebrations, and events that will raise the City’s profile in the region and generate economic
investment.
Other Financing Sources:
General Fund, Various Special Revenue Funds, and Water & Sewer Utility Revenue Fund
Other financing sources are items that are reflected in the budget as revenue, but which are not
exchange-based transactions. These include transactions such as Interfund transfers and utilization
of fund balance. Interfund transfers are transfers from one fund to another to provide funding to
offset costs incurred in another fund or, in the case of the Water and Sewer Utility Revenue Fund, to
pay the General Fund for a return on investment and overhead costs. Appropriation of fund balance
as a revenue reflects the increase or decrease on the reliance of fund balance as a revenue source
to balance revenues against expenditures for a given year and ensure a balanced budget. The
interfund transfer from the Water & Sewer Utility Fund to the General Fund is budgeted at
$2,300,000. The funding was increased by $200,000 of the anticipated $2,100,000, to cover
approved by the City Commission Longevity Pay. This pay was proposed by the City to reach
State minimum wage requirements of $15.00 per hour. The proposed Longevity Pay is calculated
based on 4% COLA salary increase, and up to 2%, depending on the employee’s workforce
serving time.
Expenditures
For FY 2023, the City budgeted a 4% salary COLA increase for all existing and future employees.
This equates to an increase in salary, tax, and benefit costs of $3,577,147 citywide: an investment
in the City’s future to ensure the attraction and retention of quality employees for years to come.
In addition, the budget includes up to 2% Longevity Pay for an increase of $300,759. Public safety
pensions are anticipated to increase modestly in FY 2023 by approximately a $126,934 or 6.76%
increase. Also, general liability, worker’s comp, and property insurance are expected to increase
by 10% resulting in a citywide increase of $29,124. Operating supplies and services are budgeted
based on need and with the Consumer Price Index escalation and 9.1% inflation factor in mind, it is
increased by 10%. Finally, Capital Improvement Projects expenditures are increased in FY 2022-23,
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City of Eustis, Florida
Adopted Annual Budget