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Enclosure #5 <br /> <br />Martinsville <br /> A CITY WITHOUT LIMITS <br /> <br />DATE: August 21, 2001 <br /> <br />TO: <br /> <br />Earl B. Reynolds, Jr., City Manager <br /> <br />FROM: <br /> <br />W. W. Bartlett, Director of Finance <br /> <br />SUBJECT: Financial Report for the Month Ending July 31, 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 July 31, 2001. The purpose of these schedules and the following comments are to reflect the financial <br />performance of the City as compared to the annual budget. This report is presented p~ior to final year-end adjustments <br />and before any adjustments from the auditors. All amounts are subject to revision once the audit is completed. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Revenues are exceeding or meeting expectations in six of the eight funds included in this report. The General Fund is <br />reporting the largest of the variances. The General Fund has received almost $210,000 more in revenues than I would <br />expect during July. The primary reason was the collection of a larger amount of delinquent property taxes than is <br />normal. The Electric ($50,171) and Water Funds ($33,602), also, had significantly higher revenue collection than <br />anticipated. This was due to the recent hot dry weather. <br /> <br />All, but the Capital Reserve Fund, are reporting less spending than anticipated. This is normal for all funds early in a <br />fiscal year due to the lead times associated with Capital purchases and the completion of various projects. The negative <br />variance in the Capital Reserve Fund was caused by the repayment of the loan for the Industrial Access Road. <br /> <br />Balance Sheet <br /> <br />Total operating fund balances increased by $7,900 in July. The largest decrease occurred in the Capital Reserve Fund. <br />The decrease of $668,696 was primarily caused by the $450,000 payment to VDOT. <br /> <br />Overall seven funds improved, eight declined, and two remained unchanged. <br /> <br />I would be pleased to answer any questions you or Council may have regarding this report. <br /> <br />/lmh <br />Attachments <br /> <br />W. W. Bartlett <br /> <br />55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 540-656-5000 <br /> www.ci.martinsville.va.us <br /> <br /> <br />