Agenda 03/25/2003 - Laserfiche WebLink

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Enclosure #, Martinsville DATE: TO: FROM: SUBJECT: March 19, 2003 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report fortheMonth Ending February 2003 Attached are the Comparison o1 Revenues and Expenditures lbr the major funds and d~e "Combined Balance Sheet'* for all funds as of February 28, 2003. 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 Combined revenues in the eight funds contained in this report are reporting a negative variance of $1,229,715 through the end of February. While technically true it is somewhat misleading for two reasons. First, the inclement weather we experienced the last week of February coupled with the power outages caused the utility billing cycle that is normally completed the last day of February not to be completed until March third. Second, there is a bug in the Munis financial accounting system where A/R for the decals posted as a debit to a revenue account instead of a liability account. The result was the underreporting of revenues by approximately $i,177,100. These revenues will be reported in March's report. The General Fund displays a revenue shortfall of $116,842, but an additional $150,905 in revenues should have been reported. The Water Fund shows a revenue deficit of $86,945 but another $104,342 was contained in the billing cycle posted on March third. The Sewer Fund reported a negative revenue variance of $35,849 yet an additional $104,105 was posted on March third. The Electric Fund reported a negative revenue variance of $425,022 but an additional $626,765 posted March third. Finally, the Refuse Fund reports a negative revenue variance of $284,942 but an additional $191,123 posted March third. The Schools Fund negative revenue variance of $244,006 is accurately reflected and is caused bY timing delays in receiving funds from the State. Combined expenditures have a positive budget variance of $1,586,356. As has been the case all year, the Electric Fund has the largest of the positive expenditure variances with slightly more than $760,000 at the end of February. Of that amount, $300,00 is the result of savings in Purchase Power. Most of the remainder will be expended. Balance Sheet Overall Fund Balances declined by $1,026,368 during February. This was due to the unreporting of the $1,177,000 in revenues mentioned above. Taking that into account, the combined Fund Balances should have been $2,362,695 at the end of February. Projected Fund Balance There have been no significant changes in my projections of either revenue or expenses since the last report. project the City's overall Fund Balance at the end of the fiscal year will be $1,886,380. Thus, I still 1 would be pleased to answer any questions you or Council may have regarding this report. W. W. Bartlett 55 West Church Street I~O. Box 1112 Martinsville, VA24114-1112 540-656-5000 www.ci.martinsvi[le.va.us /lmh Attachments