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Enclosure #3 <br /> <br />Martinsville <br />A CiTY W ITt--t 0 U T LtMI~'S <br /> <br />DATE: <br /> <br />November 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 October 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 October 31, 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. This report is presented prior to final year-end <br />adjustments and before any adjustments from the auditors. All amounts are subject to revision once the audit is <br />completed. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Revenues are exceeding expenditures in all but the Meals Tax fund. The General fund has the largest of the positive <br />variances at $557,539. It is not unusual for the General Fund to have a positive revenue variance at the end of October <br />but the amount this year is approximately $450,00 greater than the average for the last two fiscal years. This is mainly <br />due to the a higher than normal collection rate for property taxes through October. The City has collected $376,000 <br />more in property taxes this fiscal year than last fiscal year. Because our assessed values have not increased <br />significantly this positive variance will not be sustained over the course of the remainder of the year. The negative <br />variance in the Local Sales and Use tax is particularly worrisome. Collections for the last month was the lowest amount <br />collected in October since 1992 and approximately $36,000 or 21% less than the October average for FY 99-01. <br /> <br />Expenditures are below anticipated amounts in all funds. The General and Electric funds have the largest positive <br />variances. Both have variances of approximately $256~000. Researching the funds, I could not find any particular <br />reason for these positive variances which leads me to believe the variances are due to timing issues associated with the <br />purchase of equipment and the completion of projects. As equipment is purchased and projects are completed these <br />variances should decline. <br /> <br />Balance Sheet <br /> <br />Overall fund balances increased $1,458,505 during October. The largest increases occurred in the General and School <br />Funds. The General Fund increases were due to increased tax collections and the transfer of funds from the Refuse, <br />Water and Electric funds. The increase in the School fund was the result of a transfer from the General Fund. The <br />largest decreases can be found in the Electric and Refuse funds. These decreases were the result of the transfers just <br />discussed. <br /> <br />Overall seven funds improved, 9 declined and one remained unchanged. <br /> <br />I would be pleased to answer any questions you or Council may have regarding this report. <br /> r <br /> <br /> . W. W. Bartlett <br /> <br />/lmh <br />Attachments <br /> <br />55 West Church Street <br /> <br />P.O. Box 1112 Martinsville, VA 24114-1112 <br /> www.ci.martinsville.va.us <br /> <br />540-656-5000 <br /> <br /> <br />