FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 95
Budget-In-Brief → Debt
Significant capital outlay assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of major
business-type activities is included as part of the capitalized value of the assets constructed.
Capital asset purchases are recorded as capital outlay expenditures in
the fund level
governmental funds in the year of acquisition. Property, plant, and equipment are depreciated
using the straight-line method over the following estimated useful lives:
Useful Lives:
Assets:
Buildings
Land Improvements
Equipment
Infrastructure
10-40 years
15-40 years
3-40 years
15-40 years
Expenditures for repairs and maintenance are expensed when incurred. Additions, major renewals,
and replacements that increase the useful lives of the assets are capitalized.
The City will comply with the standards established by the Governmental Accounting Standards Board
Statement (GASB) 34 and all subsequent pronouncements set forth by the GASB regarding Capital Asset
Accounting.
City of Eustis, Florida
Adopted Annual Budget
93