Agenda 09/24/2002 - Laserfiche WebLink

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Enclosure Martinsville DATE: TO: FROM: SUBJECT: September 19, 2002 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending July 31, 2002 Attached are the "Comparison of Revenues and Expenditures" tbr the major funds and the "Combined Balance Sheet" for all funds as of June 30, 2002. The purpose of these schedules and the following comments are to reflect the financial pertbrmance of the City as compared to the annual budget. Comparison of Revenues and Expenditures Overall revenues are exceeding expectations by almost $32,000. The Electric Fund has the largest of the positive variances with almost $73,000 more in revennes than anticipated. The Refuse Fund's revenue shortfall of approximately $45,000 was by far the greatest of the revenue shortfalls. The variances in the remaining funds were not significant. Expenditures in all but the Refuse and Capital Reserve Fund were less than anticipated. The negative variance of $27,396 in the Refuse Fund was the result of the expenditure of $65,000 or 43% of the Engineering line in the Landfill's budget. This was a payment to the vendor fur the Landflll project. Overall expenditures are approximately $311,000 less than anticipated for July. This is normal for most funds early in a fiscal year due to the timing associated with the purchase and completion of projects and equipment. Balance Sheet Total operating fund balances decreased by $269,539 in July. This is compared to my last report prior to all audit and year end adjustments. The greatest decrease occurred in the Capital Reserve Fund, which decreased by $596,053. $250,000 of this amount was due to a transfer to the IDA at the end of last fiscal year. Overall nine funds improved and eight declined. 1 would be pleased to answer any questions you or Council may have regarding this report. /lmh Attachmeuts 55 West Church Street P.O. Box I 112 Ma~tinsxille, VA 24I 14-1112 540-656 5000