Agenda 05/27/2003 - Laserfiche WebLink

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Encloeure Martinsville DATE: TO: FROM: SUBJECT: May 23, 2003 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending April 2003 Attached are the Comparison of Revenues and Expenthtures for the major funds and the "Combined Balance Sheet" for all funds as of April 30, 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 April, revenues in the eight funds are exceeding expectations by slightly more than $200,000. Many of the revenue calculations are not seasonally adjusted and as such the monthly variances can provide misleading information. With slightly more than a month remaining in the fiscal year, I can provide a more accurate tbrecast of both revenues and expenditures in the near future. But I can say now, revenues in the General Ftmd will not meet the amounts contained in the budget. It appears the shortfall will be around $400,000. Primarily due to lower collections of Real Estate and Personal Property taxes. Revenues in all Enterprise funds will be within one or two percent of the amounts budgeted. Of particular interest are the revenues for the Landfill. The amount collected in April ($290k) was significantly greater than any other month this fiscal year. Finally, as stated last month, the revenues in the School Fund should be approximately $150,000 more than the amount budgeted. The Expenditure variance continues to grow but as with the Revenues, is not seasonally adjusted. That said, I estimate this variance will shrink from the $2.7M contained in this report to approximately $1.1M by the end of the fiscal year. Balance Sheet Overall fund balances increased by $930,119 in April to a total of $2,582,412. Such an increase in April is not unusual due to the collection of Business Licenses and automobile decals as well as the receipt of over $500K in Street Maintenance Funds. Projected Fund Balance I project the City's total fund balance at year end will be $2,903,456. This is a decrease of approximately $74,000 since my last report. Most of this was due to a decrease in the General Fund of $129,140 while the Enterprise, School and Meals Tax Funds show modest increases. 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 1112 Martinsville, VA 24114-1112 540-656-5000 www. ci.martinsville.va.us