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Enclosure if I 0 <br /> <br />Martinsville <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />November 6, 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 September 2002 <br /> <br />Attached are the Compartson of Revenues and Expenthtures for the major funds and the "Combined Balance Sheet" for <br />all funds as of September 30, 2002. 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. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />For the eight fund contained in this report, Revenues have a negative variance of approximately $47,000. This <br />represents less than one-half of one percent of the projected revenues through September. Five of the funds are reporting <br />revenues greater than anticipated while three have negative variances. The Electric Fund has the largest of the positive <br />variances at $357,021. The Electric Fund total revenues of $3,107,915 are the largest since 1999. This was the result <br />of the extremely hot summer. The positive revenue variance in the Capital Reserve Fund of $35,100 is the result of <br />property sales. <br /> <br />The General Fund's negative revenue variance of $227,627 was the largest of any fund. Revenues in the General Fund <br />at the end of September are historically less than anticipated due to the inability to collect Real Estate and Personal <br />Property taxes. The revenue shortfall in the Refuse fund is the result of a decline in the amount of tonnage shipped to the <br />Landfill. This is directly related to the slow down in the economy. Our local businesses are operating at less than <br />capacity which reduces the amount of waste they generate. The negative variance of almost $I 16,000 in the School fund <br />is the result of timing delays in the receipt of funds from the State. <br /> <br /> Overall expenditures are $741,063 less than anticipated. Seven of the eight funds have expended less than one would <br /> project through September. Through September, expenditures in the General Fund are $409,539 less than projected. <br /> This is the largest of the positive expenditure variances. The Electric Fund has a positive expenditure variance of <br /> $173,514. Much of this variance is the result of timing delays in the completion of various projects; Once these <br /> projects are completed, this variance will be reduced. <br /> <br />Balance Sheet <br /> <br />Overall fund balances decreased $1,334,721 during September. The combined fund balance is a negative $419,796. The <br />General and School Funds reported the greatest declines of $1,306,630 and $394,929 respectively. The decline in these <br />two funds is a normal occurrence in September. Neither fund receives a substantial amount of revenue during the month. <br />The Electric Fund's increase of $348,594 was the largest increase of all the funds. <br /> <br />Overall eight funds improved while nine declined during the month. <br /> <br />1 would be pleased to answer any questions you or Council may have regarding this report. <br /> <br /> W. W. Bartlett <br /> 55 West Church Stree~ P.O. Box It 12 Martinsville, VA 24114-1112 540-656-5000 <br /> <br />/Itoh <br />Attachments <br /> <br /> <br />