Agenda 08/12/2003 - Laserfiche WebLink

Home Browse Search

Enclosure # Martinsville DATE: TO: FROM: SUBJECT: August 6, 2003 Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending June 2003 Attached are the "Comparison of Revenues and Expenditures" t~)r the major funds and the "Combined Balance Sheet" for all funds as of June 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. This report is presented prior to final year-end adjustments. All amounts are subject to revision once the audit is completed. Comparison of Revenues and Expenditures Overall revenues are $1,070,926 or 1.6% short of our budgeted amounts excluding contributions from Fund Balances. This was primarily caused by the General and Electric Funds failure to meet budget forecasts. The General Fund will have a shortfall of $765,578 while the Electric Fund's shortfall will be slightly more than $234,000. Some of the General Fund revenue sources with the largest shortfalls are: i) State reimbursements for engineering costs associated with the Liberty Street project - $169,000. This will be received but not until late August or September. 2) Collections from Real Estate Tax - $146,000 3) Reimbursement from WW Moore - $120,000. We will receive a reimbursement of $36,000 later this month. 4) Jail Per Diem- $116,000. 5) Bank Tax - $75,000 The Sewer and School Funds are the only funds to exceed revenue projections. Both are reporting revenues of approximately $48,000 greater than budget. Expenditures in all funds are less than anticipated with a total positive expenditure variance of $3,619,553. The Electric and School Funds have the largest of the positive variances with both reporting approximately $1,200,000 in unexpended funds. The School will request to reappropriate approximately $600,000. The General Funds unexpended variance of $485,175 is composed of numerous small items. But the majority was the result of personnel savings. The unexpended balance of $496,041 in the Capital Reserve Fund is primarily due to: 1) $200,000 unexpended from the Governor's Opportunity Fund; 2) $109,000 for the Industrial Site Development; and 3) $154,000 unexpended for the installation of the new phone system. Of these, only the last item needs to be reappropriated. Balance Sheet Total fund balances increased by $1,156,920 in June to a total of $4,612,203. The School Fund reported the largest increase, gaining $2,330,909 for the month. This was due to the transfer of $3,731,623 from the General Fund. The Refuse Fund increased by $1,167,477. This was the result of audit adjustments capitalizing certain expenses and reducing the corresponding liabilities. 55 West Church Street RO. Box 1112 Martinsville, VA 24114-1112 540-656-5000 www.ci.martinsville.va.us