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Martinsville <br /> <br />Agenda Item Number ~ <br />Department: Finance <br />Date: 3-8-05 <br /> <br />City Council <br />Agenda Summary <br /> <br />Agenda Item: Presentation of financial report for month ending 1/31/05. <br /> <br />Revenues of all funds were $425.328 or 1. I% greater than budget expectations. The Refuse fund and <br />Capital Reserve funds are the only funds with significant deviations from the budget. <br /> <br />Expenditures were almost $774,000 less than anticipated. The Electric fund reported the largest o! <br />the expenditure savings with $433,661. The savings in all funds are primarily the result of delays in <br />the purchase of large items and long lead times associated with our larger projects. As the fiscal year <br />ages these variances will shrink. <br /> <br />Total fund balances Increased by over $921,000 since June 2004. Total projected fund balances at <br />the end of FY05 are expected to decrease by $366,000. This amount is very close to the original <br />budget, which forecast a decrease of $320,000. <br /> <br />Recommended Cot~l~:l] Action: No acUon required. <br /> <br />ATTACHMENTS: Role Call Aye Nay <br /> <br /> Memo <br /> <br /> Bid Tabulatio~ <br /> P/C Recommeedation <br /> P~ Minutes <br /> Application <br /> <br />~ Cltize~l <br /> Consultant Report <br /> <br /> Council Minutes <br /> <br />__ Ntomey's Report <br />__Petition <br /> <br />Mayor & Vice Mayor <br />M__ S__ Cobbe <br />M__ S__ Reynolds <br /> <br />Council Membem <br />M__ S__ Roop <br />M~ S~ Fen'Ill <br />M~ S Clark <br /> <br /> <br />