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Enclosure #,, / <br /> <br />Martinsville <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />October 2I, 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 September 2003 <br /> <br />Attached arethe .... Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for <br />all funds as of September 30, 2003. The purpose of these schedules and the following comments are to reflect the financial <br />performance of the City as compared to the annual budget. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Overall revenues are $135,630 above expectations. Five funds are exceeding expectations while three are not. The <br />Electric Fund's positive revenue variances of $183,614 is by far the largest of the positive revenue variances. While this <br />amount appears impressive, it is considerably below the norm for this time of year. The average positive variance in the <br />Electric Fund at the end of September for the previous six years is $322,185. The actual revenues of $2,933,699 in the <br />Electric Fund is also the lowest amount of revenues over the last six years and is $174,216 less than at the same time last <br />year. It is too early in the fiscal year to determine if Electric Fund revenues will fail to meet expectations. We will keep <br />a close watch on this revenue source as the year progresses. The School Fund has the largest of the negative revenue <br />variances at $87,270. At the end of the first quarter, we have only received 10% of the revenue we expect from the <br />Federal Government ($465,564). This accounts for most of the shortfall in the School's revenues. <br /> <br />Overall expenditures are $843,067 less than anticipated. The General, Electric and School Funds are posting the largest of <br />the positive variances at this time. The General Fund's expenditure variance of $372,573 is composed of $167,000 in <br />Street Maintenance Funds (besides paving) which will be spent prior to the end of the year. An additional $52,000 of the <br />variance is attributed to funds from the Economic Development and Miscellaneous Development budgets after deducting the <br />$110,000 fur development planning. Together these account for $219,000 of the variance leaving a balance of $I53,000. <br />Additionally, $40,000 of the variance is in the Sheriff's budget due to less than expected purchases of food and medicine <br />for the inmates. This was the result of lower than normal jail populations in the first quarter. That population is now <br />exceeding normal limits and the variance could easily be expended in the near future. The Electric Fund's positive <br />expenditure variance of $169,187 is the result of less than expected expenditures in the Purchase Power of $72,000 and less <br />maintenance/repair costs due to weather related damage. <br /> <br />The School Fund's positive expenditure variance of almost of $213,816 is mainly due to less than expected spending on <br />building services of approximately $117,000. <br /> <br />Balance Sheet <br /> <br />Overall fund balances decreased by $678,471 in September. This decline was expected and is the result of seasonal cash <br />flow issues faced by all local Governments in Virginia caused by the inability to collect Real Estate and Personal Property <br />Taxes and several other local taxes. The General and School Funds experienced the largest declines falling $651,727 and <br />$987,094 respectively. <br /> <br />55 West Church Street FO. Box 1112 Martinsville, VA 24114-I112 540-656-5000 <br /> www.ci.martinsville.va.us <br /> <br /> <br />