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Martinsville <br /> <br />Enclosure <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />September 5, 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 July 2003 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" <br />for all funds as of July 31, 2003. The purpose of these schedules and the following comments are to reflect the <br />financial performance of the City as compared to the annual budget. This report is presented prior to final year-end <br />adjustments. All amounts are subject to revision once the audit is completed. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Overall revenues are short of expectations by almost $93,000. Four of the funds contained in the report met <br />expectations while the remaining four did not. With only one month in the new fiscal year completed, not enough data <br />is available to determine if any revenue projections are in danger of not being met. The School Fund reported the <br />largest of the negative variances failing $90,181 short of projections. This is not unusual for July and is caused by <br />delays in the receipt of State funding. <br /> <br />Expenditures in all but the Capital Reserve Fund were less than anticipated. Overall expenditures are almost $441,000 <br />less than projected for July. This is normal early in a fiscal year due to the timing delays associated with the purchase <br />of equipment and the completion of various projects. <br /> <br />Balance Sheet <br /> <br />Total operating fund balances decreased by $643,633 in July. This is compared to my last report prior to all year-end <br />audit adjustments. It is normal for the fund balances to decline in July because very little revenue is received in the <br />General Fund. The General Fund reported the greatest decline, falling $1,047,621. <br /> <br />Projected Fund Balance <br /> <br />I project the City's fund balance will increase from $3,908,788 where it started on July 1, 2003, to $4,270,061 on June <br />30, 2004. This is an increase of $361,273. These amounts reflect the FY 04 budget with no corrections due to <br />reappropriations or .budget adjustments which will he voted on later tonight. <br /> <br />I would be pleased to answer any questions you or Council may have regarding this report. <br /> W. W. Bartlett <br /> <br />/lmh <br />Attachments <br /> <br />55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 540-656-5000 <br /> www.ci.martinsvdie.va.us <br /> <br /> <br />