FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 93
Budget-In-Brief → Debt
Fund
Department
Program
Water (533) Distribution
Water &
Sewer Fund
(3320)
(040)
Water &
Water (533) Back-Flow
Sewer Fund
(3340)
(040)
Water &
Wastewater Coll & Lift
Station (3510)
Sewer Fund (535)
(040)
Water &
Wastewater Laboratory
(3530)
Sewer Fund (535)
(040)
Water &
Wastewater Disposal (3540)
Sewer Fund (535)
(040)
Water & Sewer Revenue Fund Total
Item
Description
3M Pipe Locator
Budget
6,500
Actual
6,500
Machinery &
Equip (6064)
Back-Flow Truck
24,574
24,574
Machinery &
Equip (6064)
Multiteck
Connect Rcell
Router
Sealer
21,311
19,553
5,500
4,992
Turbine Pump
16,000
-
142,065
109,517
Account
Machinery &
Equip (6064)
Machinery &
Equip (6064)
Machinery &
Equip (6064)
GRAND TOTAL
1,669,190 1,553,298
Debt
Regarding Long-term debt, the City will make timely payments for all debt outstanding. It will
strive to maintain an underlying issuer’s credit rating of no less than Aa3 (dependent on the credit
rating agency). General Obligation Bonds may be issued as prescribed by law. Revenue Bonds or
Notes may be used to fund major capital purchases or construction projects but such financing shall
be no more than 30 years. The City will not issue long-term debt to refinance current operations.
Refinancing will be considered when it is economically beneficial to do so.
Regarding Short-term debt/leases, debt for less than five-year periods shall be avoided, unless a
debt mechanism is in place that provides decreased costs of issuance. Leases or lease purchases
are allowed when the total costs of the lease and maintenance are less than the total costs of the
purchase and maintenance or if there are other special factors to be considered.
Inter-fund loans are allowed as well unless otherwise prohibited by law. In such cases where
interfund loans are made, interest will be paid to the loaning fund equal to the interest it would
have received under the normal investment performance of the City’s cash management program.
The City currently has three State Revolving Fund Loan issues, a Water and Sewer Revenue Bond,
a Water & Sewer Bank Note, and both a loan and a lease for fire equipment:
Series 2018 Capital Improvement Revenue Note - This $800,000 capital equipment note for a Fire
Ladder Truck is secured by covenant to budget appropriations and has a fixed interest rate of 2.29%
and a maturity date of April 2023. Debt service payments are being made from the City’s Sales Tax
Revenue Fund. Principal balance: $160,000 will be paid off in April of FY 2023.
Tax Exempt Lease/Purchase Agreement - This $437,550 lease for a Fire Pumper Truck is secured
by the asset itself and has a fixed interest rate of 2.01% and a maturity date of January 2021. Debt
service payments are being made from the City’s Sales Tax Revenue Fund. Principal balance: $3,514
was paid off in April of FY 2022.
City of Eustis, Florida
Adopted Annual Budget
91