FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 81
Budget-In-Brief → Taxes
especially in the Water & Sewer R&R Funds. Overall expenditures increased by $2,052,045 from
the prior year’s budget, due to the capital improvements projects limitations and decrease in the
prior fiscal year, and stable revenue growth. Detailed expenditures related to operating costs are
reflected in the individual department pages by the fund.
The City is required to fund the CRA for the increase in Tax Increment Funding each year as
mandated by State of Florida CRA statutes. The transfer will be $614,200 based on preliminary
taxable values as provided by the Lake County Property Appraiser’s office.
Financial Policies
This section describes the major financial policies that affect the City’s long-term financial planning
and budgeting processes. The City’s financial policies serve to match fluctuating spending needs
with available resources. The annual budget is prepared as a balanced budget, with total revenues
and other financing sources equaling total expenditures/expenses and other financing uses for
each fund. Any shortfalls of current revenue sources matched against anticipated expenditures are
supplemented with a reduction in the existing fund balance.
The use of fund balance to balance a fund’s budget makes a fund balance reserve policy an important
planning and budget tool. Large-scale capital project spending needs and fluctuating interest rates
make debt management a closely watched financial policy issue. Investing the City’s financial
resources so that the fund’s values keep pace with rising costs is aggressively administered.
Operating Policies:
The City will develop and maintain accounting and budgetary control systems to adequately safeguard the assets being held in public trust.
The City will limit current expenditures to match against currently anticipated revenues. The City
will avoid balancing current operating expenditures with borrowed revenues.
The City will provide for adequate maintenance of capital, plant, and equipment and for their
orderly replacement.
The City will balance its budget year so that each fund’s anticipated revenues equal the anticipated
expenditures. The utilization of the existing fund balance as a revenue source to meet current needs
will be monitored.
The City will monitor budget to actual activity to ensure compliance with budgetary policy.
Revenue Policies:
The City shall maintain, as permitted by State law, a diversified revenue base to offset the effects of
short-term fluctuations in any one revenue source and reduce reliance on any one revenue source.
This City shall estimate its annual revenues as part of the budgetary process through a conservative,
objective, and analytical process. It will review and evaluate new revenue sources to fund operating
expenditures consistent with City Commission’s goals and objectives.
The City shall establish all user charges and fees to recover all or a portion of the cost of providing
a service. The City shall review user fees/charges periodically to ensure they are fair and equitable
to all users.
City of Eustis, Florida
Adopted Annual Budget
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