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DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Martinsville <br />A CITY WITHOUT LIMITS <br /> <br />March 26, 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 February 28, 2001 <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 February 28, 2001. The purpose of these schedules <br />and the following comments are to reflect the financial performance of the City as compared to the <br />annual budget. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Looking at revenues, we find a positive variance in the major funds of $1,253,540 for the fiscal <br />year. The General and Refuse Funds account for the overwhelming majority 'of this positive <br />variance. The General Fund's revenues are almost $927,000 greater than anticipated through the <br />end of February. The Refuse Fund's revenues are slightly more than $220,000 greater than <br />anticipated. The Tultex bankruptcy settlement of $600,000 accounts for the majority of the <br />General Fund's positive variance. The Treasurer's aggressive delinquent tax collection program <br />has, also, had a substantial positive impact on the General Fund. Through the end of February, <br />almost $275,000 in del!nquent Real Estate Taxes have been collected as compared to a budgeted <br />forecast of $160,000. Strong collections combined with greater than anticipated interest earnings <br />comprise the positive variance in the Refuse Fund. <br /> <br />As we move to the Expenditures forecast, we see all funds are reporting a positive variance. In <br />other words, actual expenditures are less than our budgeted forecast. When the Funds are <br />combined, expenditures are running slightly more than $1.8 million below our projections for this <br />time of year. The General and School Funds have the largest of the positive variances. These <br />variances are $626,124 and $418,363 respectively. In both funds, no particular item accounts for <br />a substantial portion of the savings. Instead numerous cost saving measures have been taken to <br />achieve these results. <br /> <br />Balance Sheet <br /> <br />Overall fund balances decreased by $522,882 for the month. The greatest decreases are found in <br />the General and Electric Funds. These funds declined by $324,191 and $371,919 respectively. <br />February is not a strong month as it pertains to revenues for the General Fund since no major taxes <br />are due during the month. This fact accounted for the decline in the General Fund and is a <br />normal occurrence for February. Accounting adjustments caused the decline in the Electric Fund. <br />The Fund with the greatest increase was the Capital Reserve Fund. Its increase of $158,245 was <br />due mainly to the receipt of $150,000 from the Goveruor's Opportunity Fund. <br /> <br />In all six funds improved, eight declined and two remained unchanged. <br /> <br /> W. W. Bartlett <br /> 55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 540-656-5000 <br />/lmh www.ci.martinsville.va.us <br />Attachments <br /> <br /> <br />