FY 2026 Adopted Budget - Flipbook - Page 84
City Financial Performance Analysis
Figure 16
The financial performance analysis of the City covers a span of five years, w i t h the
estimated and projected data for FY 2025/26. The analysis reveals that the City of Eustis has
experienced consistent growth in revenue and total net position up until FY2025/26. There is
a projected decrease in Fund Balance of $2,910,108 due to projected expenditures having
outpaced revenues. The City has adopted the adjusted millage rolled back rate for property
tax revenue, which has resulted in a smaller increase in revenue.
Looking ahead, the budgeted revenues have increased by $38,624 from FY2024/25 to
FY2025/26 and expenditures have increased by $1,848,001 for the same period. This can be
attributed to inflation, increase in costs and demand for services, while rolling the property
tax millage rate back to adjusted rolled back. These performance measures are City-wide
and align with Goal #3 of the City’s strategic plan, which aims to provide quality, competent,
and cost-effective governmental public services.
More specifically, the revenue growth between FY 2021/22 and FY 2022/23 experienced a
positive change of 23.6%. Most of this growth is from ARPA funds received in FY 2022/23 and
spent in FY 2023/24 on the Bates Avenue WWTP. Revenue growth between FY2022/23 and
FY2023/24 of 15.1% indicates a healthy growth trend. Revenue growth for FY2025/25 and FY
2025/26 grew slower, and expenditures were reduced in FY 2024/25 due to fewer capital
projects budgeted. This is indicative of the economic and political uncertainty and the City
Commission desire to provide taxpayer relief to residents. City staff strive to maintain the
desired level of service and complete needed capital projects. The FY2024/25 budget
reported a refinancing of the debt in the CRA fund, which is a non-recurring event that inflated
the revenues and expenditures for that year and was not budgeted in FY2025/26. Other than
FY 2025/26, the fund balance has consistently trended upwards, indicating a healthy financial
position for the City. This growth can be primarily attributed to City development and the
construction of new subdivisions; however, FY 2025/26 experienced a slowdown in new
construction. This information was provided by the Lake County Property Appraiser.
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