FY 2026 Adopted Budget - Flipbook - Page 13
According to the State of Florida Long-Range Financial Outlook prepared by the Legislative Budget
Commission for Fiscal Years 2026-2028, most of the key economic variables decelerated after
several years of persistent inflation and tight monetary policy. While considerable uncertainty
exists from the current geopolitical events and Federal Reserve actions, the forecasting
environment has greatly stabilized, with patterns that are typical of a moderately expanding
economy. The Florida economy also has an impact on the economic conditions of the City of Eustis.
Despite the challenging and unstable economic environment, the City did achieve economic
growth during the period.
Revenue and expense estimates in this budget are based on historical trends with last year’s actuals
also being considered. In FY 2025/26 total revenue estimates increased by $38,624 (Proposed
Budget Summary, page ) in comparison with the previous year of $67,573,947. The
total expenditure estimates for FY 2025/26 increased by $1,848,001 (Proposed Budget
Summary, page ), in comparison with the previous year’s adopted budget of $66,588,362.
The anticipated available f u n d balance for the General Fund at the end of FY 2025/26 is
projected to be $11,062,683 (General Fund Summary, page ). This is in addition to
the required reserves of $6,796,78 (General Fund Summary, page ). The budgeted
expenditures in the General Fund exceed budgeted revenues by ($1,312,58) This is primarily
due to one-time project costs budgeted in FY 2025/26, as well as the Commission adopting an
adjusted rolled back millage rate. The total transfers from the Water and Sewer Revenue
Fund to other funds are $5,233,800 which is $300,000 more than it was in FY 2024/25 (Water and
Sewer Fund, page 27).
According to the Lake County Property Appraiser’s Preliminary Tax Roll, new construction in
the Eustis economy resulted in an increase in taxable value of $35,744,964, in comparison
with FY 2024/25 of $48,564,676, a 26.4% decrease. The current year gross taxable property
value of $1,837,080,825, reflects an increase of 9.42% over FY 2024/25 final gross taxable value
from prior year of $1,678,967,009.
This letter serves as an executive summary of the proposed budget with a review and analysis
of the following:
Ɣ Revenue sources and assumptions with approved millage rate and comparisons
Ɣ Estimated fund balances and reserves
Ɣ Anticipated increases in expenditures
Ɣ Personnel changes
Ɣ General Fund Budget Analysis (Fund 001)
Ɣ Street Improvement Fund Budget Analysis (Fund 013)
Ɣ Water and Sewer Fund Budget Analysis (Fund 040)
Ɣ Stormwater Fund Budget Analysis (Fund 049)
Ɣ Additional Points of Interest
Ɣ Year-End Significant Events and Accomplishments
Revenue Sources and Assumptions
The City of Eustis has 24 separate funds with various sources of revenue. This budget is based on
the current millage rate of 7.3898 per $1,000 taxable valuation. The adopted millage rate is the
adjusted rolled back rate. This is a decrease of 0.1912 mills from 7.5810 in FY2024/25. The City
had maintained a millage rate of 7.5810 since 2013. The 7.3898 millage rate exceeds the roll-back
rate of 7.0709 and was advertised as a 4.51% tax increase. A home assessed at $150,000 with
exemptions, the adjusted rolled-back rate of 7.3898 would equate to a decrease of only $28.68
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