Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
Enclosure #5 <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br /> Martinsville <br /> A CITY WITHOUT LIMITS <br />May 16, 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 April 30, 2001 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" <br />for all funds as of April 30, 2001. The purpose of these schedules and the following comments are to reflect the <br />financial performance of the City as 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. The General Fund had the largest <br />positive variance followed by the Refuse and Sewer Funds. The General Funds positive variance of $873,093 is the <br />result of the Tultex bankruptcy settlement and the AEP transmission rate refund. The Refuse Fund's positive variance <br />of approximately $275,000 is the result of greater than anticipated interest earnings and strong revenue collections. The <br />Sewer Fund's positive variance of $244,515 is the result of the rate increase. It should be noted the Sewer Fund actual <br />revenues are only $27,448 greater then the actual expenses. The budget in this fund required a contribution from fund <br />balance of more than $1,000,000. This positive variance will reduce this contribution. The Electric Fund's negative <br />variance of slightly more than $105,000 has been caused by the mild weather we have experienced this fiscal year. The <br />result has been a reduction in demand for electricity. Overall, revenues are $1,462,958 greater than anticipated through <br />the end of April. <br /> <br />Expenditures are below our budgeted forecasts with a total positive variance of almost $3,100,000. The School and <br />General Funds are reporting the largest of the positive expenditure variances. The School Fund's positive variance of <br />$1,026,996 is somewhat misleading due to the spring break. The administrative offices were closed during that week <br />which means no accounts payables were processed. It is the opinion of the School administration they will expend their <br />complete budget. <br /> <br />The General Fund's positive variance of $841,500 has been achieved through numerous cost saving measures. Another <br />fund with a large positive variance in expenditures is the Electric Fund. The variance of $605,382 is the result of the <br />mild weather which has caused a decline in the amount of power purchased for resale. When the variances of the <br />revenues and expenditures are combined, the result is a positive variance of $4,561,973. <br /> <br />Balance Sheet <br /> <br />Overall fund balances increased $578,635 during April. The largest increases were contained in the Refuse and Capital <br />Reserve Funds. These funds increased by $545,419 and $438,075 respectively. The fund with the largest decline in <br />fund balance was the School Fund. This decline is normal for this time of year. The School Fund's balance will <br />continue to decline until the final semi-annual transfer of $3,600,000 from the General F/tnd is accomplished. <br /> <br />In all ten funds improved, six 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. Bartlett <br /> <br />/lmh 55 West Church Street P.O. Box 1112 Martinsville, x,% 24114-1112 540-656-5000 <br />Attachments www.ci.martinsville.va.us <br /> <br /> <br />