Laserfiche WebLink
Martinsville <br /> <br />Enclosure #. <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />February 19, 2003 <br /> <br />Earl B. Reynolds, Jr., City Manager <br /> <br />W. W. Bartlett, Director of Finance <br /> <br />Financial Report for the Month Ending January 2003 <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 January 31, 2003. 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 />Combined Revenues in the eight funds contained in the enclosure called "Comparison of Revenues and Expenditures" are <br />exceeding budget projections by $76,204. This amount represents 2 tenths of one percent of the anticipated revenue <br />budget and as such is well within the normal variance. Five of the funds are exceeding budget projections while three <br />are not. At this time, no t'and appears in danger of not meeting revenue goals as they now exist after the current <br />adjustments. But on the other hand, it does not appear any of the funds will greatly exceed revenue expectations. The <br />Refuse Fund has the largest revenue shortfall at this time with a negative variance of almost $56,000. <br /> <br />Combined Expenditures have a positive budget variance of $822,494. The Electric and General Funds have the largest <br />of the positive variances with $690,158 and $369,449 respectively. Almost $300,000 of the Electric Fund variance is the <br />result of savings in the purchase of power. As I mentioned last month, the increased generation and actions taken by the <br />Electric Department, especially Robert Harris, to decrease line loss has resulted in this savings. Much of the remainder <br />of this variance will be expended as projects are completed and equipment is purchased. Most of the General Fund <br />variance will, also, disappear as the weather improves and projects are completed. <br /> <br />Balance Sheet <br /> <br />Overall Fund balances declined by approximately $118,000 during January. The School and Meals Tax Funds recorded <br />the largest declines of $553,463 and $335,975 respectively. The decline in the School Fund is a normal occurrence in <br />January. The costs of starting a new grading period in addition to a period of relatively low revenue cause the School <br />Fund to report a declining Fund Balance almost every January. The decline in the Meals Tax Fund resulted from the <br />annual payment of $362,500 on the literary loan for the middle school. Over all 8 funds improved while 9 declined. <br /> <br />Projected Fund Balance <br /> <br />I now project an overall Fund Balance by the end of the fiscal year of $1,886,380. This is an increase of $21,444 since <br />the last report. This change is mainly due to the fact the reduction in the contribution to Piedmont Arts for their Capital <br />Program was not included in the last report. <br /> <br />I would be pleased m answer any questions you or Council may have regarding this report. <br /> <br />/lmh <br />Attachments 55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 <br /> www.ci.martinsville.va.us <br /> <br />540-656-5000 <br /> <br /> <br />