Agenda 11/26/2002 - Laserfiche WebLink

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Enclosure Martinswille DATE: TO: FROM: SUBJECT: November 20, 2002 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending October_2002 Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for all funds as of October 31, 2002. The purpose of these schedules and the following comments are to reflect the financial performance of the City as compared to the annual budget. Comparison of Revenues and Expenditures For the eight funds contained in this report, revenues have a positive variance of almost $255,000. Only two of the funds are reporting revenues below our budget forecast. These are the School and Refuse Fund. The problem in the School Fund is a delay in receipt of funds from the State. These revenues will eventually be received. The continuing economic downturn is still causing revenue declines in the Refuse Fund. The Electric Fund continues to report its greatest revenues since 1998. We have received almost $327,000 more in revenue than anticipated in the Electric Fund. The recent cold spell should continue this trend at least through November. The Capital Reserve Fund is reporting a revenue surplus of almost $143,000. The primary reason was the receipt of approximately $128,000 from the State in reimbursement of prior expenses associated with the Rail-Trail project. Overall expenditures are $736,422 less than anticipated through October. Seven of the eight funds are expending less than their budgeted amounts. As has been the case all year, the General and Electric Funds have the largest of the positive expenditure variances with $230,110 and $288,933 respectively. Balance Sheet Overall fund balances increased by almost $705,000 in October resulting in a combined fund balance of $284,950. The largest increase occurred in the General, Electric, Refuse and Housing Choice Funds. The collection of Real Estate and Personal Property taxes caused the increase in the General Fund. Strong sales of electricity drove the increase in the Electric Fund. The School and School Federal Programs were the only funds with sizeable decreases in their fund balance, declining $586,637 and $161,639 respectively. The decline in the School's Fund balance will continue until the semi-annual transl~r of funds from the General Fund. The decrease in the School Federal Programs Fund balance was caused by the requirement to disburse the funds prior to receiving reimbursement from the Federal government. Overall twe~lve funds improved and four declined. I would be pleased to answer any questions you or Council may have regarding this report. ,~1 Y, W. W. Bartlett /Imh Attachments 55 West Church Street RO. Box 1112 Martinsville, VA 24114-1112 540-656-5000 www.ci.martinsville.va.us