FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 333
Appendix → Glossary
Taxable Value: The assessed value less homestead and other exemptions. The taxable value is then
multiplied by the millage rate to determine the amount of taxes. The millage rate is set by the taxing
authorities based on their budget requirements. These taxing authorities and their proposed rates
will be reflected on your Truth In Millage (TRIM) Notice that you will receive in August of each year.
Taxes: Compulsory charges levied by a government for financing services performed.
Transfers: Transfers between individual funds of a governmental unit that are not repayable and
are not considered charges for goods or services. These represent a “double counting” of revenues
and correspond to an equal amount of interfund expenditures.
Transportation: Functional classification for expenditures for developing and improving the safe
and adequate flow of vehicles, travelers, and pedestrians on the road and street facilities.
Truth in Millage (TRIM): The Florida Truth in Millage Act formalizes the property tax levying
process by requiring a specific method of tax rate calculation, a form of notice, public hearing
requirements, and advertisement specifications before the adoption of a budget tax rate.
Uniform Accounting System: The chart of accounts prescribed by the Department of Financial
Services Bureau of Local Government is designed to standardize financial information to facilitate
comparing and evaluating reports.
User Fee: Charge imposed on a customer for using a specific service operated by the city.
Vision: Guiding goals and priorities describing sought-after future state toward which efforts should
be directed.
Water and Sewer Fund (040): A fund established to record water and sewer
revenues and expenses using the accrual basis of accounting. Revenues are recognized
when earned, and expenses are recognized when they are incurred.
Water and Sewer Renewal and Replacement Fund (042): A fund to cover anticipated expenses
for major repairs of the City’s facilities and repair and replacement of related equipment. Expenses
are funded by inter-fund transfers from the Water and Sewer Revenue Fund.
City of Eustis, Florida
Adopted Annual Budget
331
