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City of Groveland, Florida Management's Discussion and Analysis Crystal Lake Waterside Pointe Reclaim System Ford Commerce Park Water Booster Station Additional information on the City's capital assets can be found in Note 3 on pages 54-56 of this report. Long-Term Debt At the end of the current fiscal year, the City had total bonded debt, loans and leases outstanding of $30.1 million, an increase of $12.6 million over the prior year. The increase in debt was primarily attributable to a $9.9 million loan issued for the purpose of acquiring right-of-way to accelerate the State Road 50 project. The Florida Department of Transportation will reimburse the City for the principal portion of the loan within the next seven years. Governmental Activities 2022 2021 Business-type Activities 2022 2021 Total 2022 2021 Financed Purchases State Revolving Fund Loan $ Notes Payable Lease Laibility Total $ 18,030,253 1,103,169 680,480 8,304,771 762,516 443,252 6,972,000 35,994 $ 3,235,927 $ 1,023,828 $ 3,235,927 $ 1,023,828 7,290,000 64,580 25,002,253 1,139,163 680,480 15,594,771 827,096 443,252 $ 19,813,902 $ 9,510,539 $ 10,243,921 $ 8,378,408 $ 30,057,823 $ 17,888,947 Additional information on the City's outstanding debt can be found in Note 3 on pages 56-66 of this report. Economic Factors and Next Year's Budgets and Rates The following economic factors currently affect the City of Groveland and were considered in developing the Fiscal Year 2022-2023 budget. As of the United States Censes count of April 1, 2020, the City had an estimated population of 18,505. The population estimate issued for 2022 by the State of Florida, Office of Economic and Demographic Research shows the City's population has increased to 21,633. During the Fiscal Year 2022, the City issued building permits for the construction of 531 new single-family homes. The City expects continued local economic conditions to remain favorable in the near term. This is proven with construction of the Turnpike Logistics Center, a million square foot industrial building strategically located in the City and close to major metropolitan areas, major transportation hubs and major highways. Requests for Information This financial report is designed to provide a general overview of the City of Groveland's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City of Groveland, Attention: Finance Director, 156 S. Lake Avenue, Groveland, Florida 34736.