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EnClOSUre #6 <br /> <br />Martinsville <br /> A CITY WITHOUT LIMITS <br /> <br />DATE: October 4, 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 August 31, 2001 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for <br />all funds as of August 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 pr/or to f'mal 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 five of the eight funds. The General, Refuse and School Fund <br />revenues are not meeting expectations. This is a normal occurrence for the General and School Funds through August of <br />each fiscal year. General Fund revenues are typically less than anticipated through September due to the inability to <br />collect Real Estate and Personal Property Taxes. The negative variance in the School Fund is the result of timing lags in <br />the receipt of funds from the State. The shortfall in the Refuse Fund is statistically insignificant and I believe will <br />disappear as the fiscal year progresses. Historically, revenue collections in the Water, Sewer and Electric Funds exceed <br />projections early in the fiscal year. This is the result of the hot, dry weather of July and August. All three funds are <br />once again following this pattern. <br /> <br />Expenditures in all but the Refuse and Capital Reserve Funds are below expectations. Construction costs associated with <br />the ongoing closure project caused the negative variance in the Refuse Funds. The negative variance in the Capital <br />Reserve Fund is a temporary situation and will disappear in next month's report due to the budget adjustment approved on <br />September 25, 2001, where the $700,000 in revenue from the EDA associated with the Business Incubator was added to <br />the budget. <br /> <br />Balance Sheet <br /> <br />Overall fund balances decreased by $1,033,666 during August. The largest decreases occurred in the School, General <br />and Capital Reserve Funds. The Electric fund reported the largest increase for the month. The decreases in these funds <br />resulted from the small amount of revenues received during the month as explained above. <br /> <br />Overall seven funds improved, nine 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 <br />Attachments <br /> <br />55 West Church Street P.O. Box II 12 Martinsville, VA 24114-1112 540-656-5000 <br /> www.ci.martinsville.wt.us <br /> <br /> <br />