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Enclosure <br /> <br />Martinsville <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />September 19, 2002 <br /> <br />Earl B. Reynolds, Jr., City Manager <br /> <br />W. W. Bartlett, Director of Finance <br /> <br />Financial Report for the Month Ending August, 2002 <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, 2002. 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. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Overall revenues are $286,148 below expectations. Water, Sewer, Electric and the Capital Reserve Funds are exceeding <br />revenue forecasts. The remaining four funds, General, Refuse, School and Meals Tax, are not meeting expectations. <br />This is a normal occurrence for the General and School Funds. The General Fund's revenues were almost $24,000 less <br />than expected. The inability to collect Real Estate and Personal Property Taxes accounts for the shortfall in the General <br />Fund. The negative variance in the School Fund of $467,886 is the result of timing lags in the receipt of funds from the <br />State. Over $427,000 was received from the State in early September that is normally received at the end of August. <br />The shortfall in the Refuse Fund revenues of almost $76,000 is the result of a decline in the amount of tonnage shipped to <br />the landfill. <br /> <br />Historically revenue collections in the Water, Sewer and Electric Funds exceed projections early in the fiscal year. This <br />is the result of the hot dry weather, in July and August. This year is no exception. The Electric Fund revenues have <br />been very strong this year due to ~e:hot weather in July and August. The positive variance of $237,512 is the largest <br />since August of 1998. <br /> <br />Overall, expenditures are $624,159 less than anticipated. Ali but the Refuse and Capital Reserve Funds are posting <br />positive variances at this time. The General Fund's positive variance of $293,367 is by far the largest. While the <br />Electric and School Fund's variances of $132,742 and $121,827 account for the majority of the remaining amount. <br /> <br />Balance Sheet <br /> <br />Overall fund balances decreased by $1,785,124 in August. The largest decrease occurred in the School Fund. The <br />decline of almost $1.2 million is the result of costs associated with the start of a new school year and the delay in the <br />receipt of state funding described above. The decline in the Meals Tax Fund was caused by the annual payment of the <br />Literary Loan for Albert Harris School in the amount of $588,750. <br /> <br />Overall seven funds improved and ten declined. <br /> <br />1 would be pleased to answer any questions you or Council may have regarding this report. <br /> W. W. Bartlett <br /> <br />/lmh <br />Attachments 55 West Church Street P.O. Box I i I2 Martins~ille. VA 24114-1 i 1_.2 540-656-5000 <br /> www.cJ.martinsville.va us <br /> <br /> <br />