Agenda 01/14/2003 - Laserfiche WebLink

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Martinsville A CITY WITHOUT LIMITS Enclosure DATE: TO: FROM: SUBJECT: January 7, 2003 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report 1hr the Month Ending November 2002 Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for all funds as of November 30, 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 Revenues in five of the eight funds are exceeding budget expectations. These are the Water, Sewer, Electric, Capital and Meals Tax Funds. The Electric and Capital Funds have the largest of the positive variances with $150,407 and $137,6576 respectively. The hot weather in July and August combined with the cold weather in October caused revenues in the Electric Fund to be greater than forecast. The receipt of $128,000 from the State in reimbursement t~)r prior expenses associated with the Rail-Trail Project account for most of the revenue surplus in the Capital Reserve Fund. Three funds are not meeting Revenue projections through November. These are the General, Refuse and School Funds. The General Fund is only $70,577 short of expectations which is only two tenths of one pement less than one would anticipate. The School Fund is almost $172,000 short of projections. This is the result of slow receipts of revenue from the state. We have yet to receive any funds for items such as lottery ($375,580), reduced K-3 ($333,016) and remediation assistance ($69,827). When these funds are received, we fully expect the School Revenues will meet budgeted amounts. The same thing cannot be said about the Refuse Fund. As has been the case all year, it continues to fall short of revenue estimates. Looking at expenditures, we see a much better picture. All but the Capital Reserve Fund are reporting expenditures below budgetary amounts. The Electric and General Funds have the largest of the positive variances with $487,285 and $377,656 respectively. Some of these variances are due to timing delays in the completion of various projects. When these projects are completed, these variances will be reduced. Balance Sheet Overall fund balances increased by almost $135,000 during November raising it to a total of almost $420,000. The largest increase occurred in the General Fund ($478,544), Electric Fund ($217,378) and Refuse Fund ($175,468). The School's fund balance declined by $738,352. This will be reversed in December when the semi-annual transfer from the General fund occurs. Overall eight funds improved and nine declined. I would be pleased to answer any questions you or Council may have regarding this report. W. W. Bartlett /lmh Attachments 55 West Church Street RO. Box I 112 Martinsville, VA 24114-1112 540-656-5000 www.ci.martinsville.va.us