Agenda 05/13/2003 - Laserfiche WebLink

Home Browse Search

Enclosure Cf.,,, Martinsville DATE: TO: FROM: SUBJECT: May 6, 2003 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending March 2003 Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for all funds as of March 31, 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 Through the end of March revenues in the eight funds listed are exceeding expectations by slightly more than $99,000. This amount is two thousandth of a percent of the total amount anticipated to be collected and as such is not statistically significant. The Electric and General Funds have the largest of the positive revenue variances with $188,386 and $168,471 respectively. The School fund has the largest of the negative revenue variances reporting $167,116 Iess revenues than expected. This variance is the result of timing delays in the receipt of State funds. The School's official ADM on March 31s~ was 2,673 vice the 2,650 on which the budget was built. The latest revenue report from the Department of Education forecast state revenues of approximately $157,851 more than the budgeted mounts. Approximately one-half of this additional revenue is the result of the additional 23 students while most of the rest is due to higher than anticipated lottery receipts. The combined expenditure variance is a positive $2,233,164. Slightly more than 43 % is due to the Electric Fund, which is reporting a positive expenditure variance of $969,278. Much of the $365,650 variance in the School fund will be expended by the end of the fiscal year, as will the Water and Sewer funds positive expenditure variances. Balance Sheet Overall fund balances increased by $466,598 during March to a total of $1,652,293. In March 2002 the fund balance was $2,753,061, in March 2001 it was $5,352,756, and March 2000 it was $8,285,016. Some of the decline was due to the completion of large construction projects such as the renovation of Albert Harris and the closure of one-third of the landfill. But the trend is obvious and cannot be sustained. Projected Fund Balance There have been no significant changes in my projections since the budget presentation on April 22% Thus, I project the City's overall Fund balance at the end of the fiscal year will be $2,977.489. 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 I~O. Box 1112 Martinsville, VA 24114-1112 540-656-5000 www.ci.martinsville.va.us