CIP - FY 2025-29 FINAL - Flipbook - Page 18
Capital Improvement Plan
Summary
Sales Tax Capital Projects Fund
The projects funded through this source are primarily focused on general government initiatives,
with a significant portion allocated to departments historically funded by the General Fund. The
primary purpose of the Sales Tax Capital Project Fund is to support infrastructure and facility
improvement initiatives. It serves as a means to finance essential projects that enhance public
amenities, strengthen transportation networks, and upgrade essential City facilities.
In November 2015, the Sales Tax was successfully renewed for an additional 15-year period,
commencing on January 1, 2018, and ending on December 31, 2032.
Revenue and expenditure projections were previously discussed on page 5. By prudently planning
and implementing these financial measures, the City strives to ensure the continuity of essential
government projects and services while adapting to changing economic conditions for the benefit of
its residents.
Sales Tax Capital Projects Funding Analysis:
Over the next five years, the City has projected the total cost of various capital projects at
$38,579,079, excluding any debt obligations, with an ending fund balance of ($18,473,134). This
does not allow for any additional projects that may arise in the future. In FY 2024/25, the City will
begin construction on the new Rosenwald Gardens/Coolidge project. A portion of the Coolidge
and Seven Side Roads and Stormwater expansion will be funded by the Sales Tax Capital Projects
Fund.
If the City completed all capital projects in FY 2024/25, the fiscal year-end fund balance is
projected to be $1,272,031. It is not until FY 2027/28 that the fund is expected to have a deficit fund
balance, which is attributed to the City’s planned Public Safety building with a cost of $13,250,000.
If that’s the case, funding for this project will likely be secured through financing. In order to
successfully complete all planned projects through FY 2028/29, the City will need to obtain a loan
of $18,500,000 during FY 2027/28.
The Sales Tax Capital Project Fund is a crucial financial resource for the City of Eustis. One of the
significant advantages of the Sales Tax Capital Project Fund is its versatility and flexibility. It allows
the City to respond to changing needs and prioritize projects based on current demands as well as
long-term goals. It also helps to reduce the reliance on traditional borrowing methods, thereby
minimizing debt burdens and financial risks.
Overall, the Sales Tax Capital Project Fund is a vital component of Eustis’ financial landscape,
funding progress and improvement in the City. Through sales tax revenue, the City continues to
invest in a brighter and more prosperous future for its residents and businesses.
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