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Enclosure <br /> <br />Martinsville <br /> A CITY WITHOUT LIHITS <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />May 19, 20O4 <br /> <br />City Council <br /> <br />W. W. Bartlett, Interim City Manager <br /> <br />Financial Report for the Month Ending April 2004 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for <br />all funds as of April 30, 2004. 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 />Combined revenues are almost $99,000 less than expectations. The largest negative variance is found in the Electric Fund <br />at almost $208,000. The mild winter and spring resulted in less electricity being sold thus decreasing revenues. But this <br />revenue shortfall was more than offset by the $916,343 in expenditure savings. Almost $718,000 of this savings was the <br />result of savings in the purchase of power. The Sewer Fund had the next highest negative revenue variance. This was the <br />result of reduced flow from the Upper Smith River Plant. <br /> <br />The expenditure variance of all funds is a positive $1,359,295. By far the fund with the greatest amount of savings is the <br />Electric Fund with a savings of $916,343 and the reason for this was mentioned above. <br /> <br />Balance Sheet <br /> <br />Since February, the overall Fund Balance has decreased by slightly more than $474,000 to fall to $3.8 million. The <br />largest decreases are found in the School and Electric Funds. The School Fund decreased by $932,137 while the Electric <br />Fund declined by almost $856,000. The decrease in the School Fund is normal and will be reversed when the semi-annual <br />transfer of over $3.5 million from the General Fund is accomplished. The decrease in the Electric Fund was the result of <br />the transfer of $1,144,329 to the General Fund. <br /> <br />Projected Fund Balance <br /> <br />1 am using the same projection I made when I submitted the budget. <br />total City Fund balance to $5,275,458 at the end of the fiscal year. <br />if not before. <br /> <br />This projects an increase of $1.5 million to bring the <br />will update this projection prior to our next meeting <br /> <br />This concludes my report and I would be pleased to answer any questions Council may have regarding this report. <br /> <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 /> <br /> <br />