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Enclosure #6 <br /> <br />Martinsville <br />A CITY WITHOUT LIMITS <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />January 17, 2001 <br /> <br />Earl B. Reynolds, Jr., City Manager <br /> <br />W. W. Bartlett, Director of Finance <br /> <br />Financial Report for the Month Ending December 31, 2000 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the <br />"Combined Balance Sheet" for all funds as of December 31, 2000. The purpose of these <br />schedules and the following comments are to reflect the financial performance of the City as <br />compared to the annual budget <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Revenues are exceeding expectations in all but the Electric and School Funds. In the General <br />Fund, actual collections exceeded expectations by slightly more than $441,000. This was due in <br />large part to the receipt of funds associated with the set~ement of the Tultex bankruptcy case. <br />Only the Electric Fund showed a significant negative variance. This should be a temporary <br />situation. The cold weather in December increased the demand for electricity which will be <br />reflected in January collections. <br /> <br />Expenditures are below anticipated amounts in all but the Meals Tax Fund. The Electric and <br />School Fund have the largest positive variances. Both funds have positive variances of over <br />$300,000. In the Electric Fund, the lower demand for electricity has resulted in less power being <br />purchased for resale. This has accounted for the entire variance in the Electric Fund. Less than <br />anticipated expenditures in building maintenance and the timing associated with some vendor <br />payments have combined to create the positive variance in the School Fund. <br /> <br />Balance Sheet <br /> <br />Overall fund balances increased almost $135,000 since October. The largest changes occurred in <br />the Electric and Refuse Funds. These two funds declined by $1,164,650 and $1,979,232 <br />respectively. The completion of the semi-annual transfer from these funds accounted for these <br />decreases. The School and General Fund had the largest increases. These funds increased by <br />$2,206,581 and $1,302,206 respectively. Both increased due to the receipt of transfers from the <br />Refuse and Electric Funds. <br /> <br />Overall seven funds improved, eight declined and one remained unchanged. <br /> <br />I would be pleased to answer any questions you or Council may have regarding this report. <br /> W. W. Bartlett <br /> <br />/lmh <br />Attachments <br /> <br />55 West Church Street P.O. Box 1112 Martinsville, VA 24114-I 112 <br /> www. ci.martinsville.va.us <br /> <br />540-656-5000 <br /> <br /> <br />