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Martinsville <br />A CITY WITHOUT LIMITS <br /> <br />DATE: March 3, 2005 <br /> <br /> TO: Dan Collins, City Manager <br /> FROM: W.W. Bartlett, Assistant City Manager/Director of Financial & General Services <br /> <br /> SUIUECT: Financial Report for the Month Ending January 2005 <br /> <br /> Attached are the 'Comparison of Revenues and Expenditures" for Ihe major funds the 'Combined Balance Sheet" for <br /> all funds as of January 31, 2005 and the 'Projected Fund Balance.' The purpose of these schedules and the following <br /> comments are to reflect the financial performance of the City as compared to the annual budget for FY05. <br /> <br />Compur|son of Revenues and Expenditures <br /> <br />Combined revenues in all funds are $425,328 greater than bud9et expectations. This is only 1.1% more than what I <br />woulcl normally assume would be collected. While a lar9e dollar amount it is not significant in relation to the entire <br />budget. The one fund with si9nificant revenue growth is the Refuse fund. The revenues in that fund are running <br />almost 5.4% above budget projections. Local commercial and industrial companies account for the lion's share of all <br />revenues generated in the Refuse fund. This increase in revenues is a strong indication local business is operating al <br />higher levels than in the recent past. The Capital Reserve fund has also generated significantly more revenue than <br />originally budgeted. This is primarily due to the receipt of over $52,000 in grant funding used to help purchase our <br />ambulance. <br /> <br />Expenditures are almost $774,000 less than anticipated. The majority of Ihat amount can be found in the Electric <br />fund's positive variance of $433,661. All but the Sewer fund are posting positive expenditure variances lhrough <br />January. This is mainly the result of delays in the purchase of large capital items and the inability to complete various <br />projects. As these items are purchased and the projects completed this variance will shrink. <br /> <br />Balance Sheet <br /> <br />The total fund balance at the end of January is slightly more than $7.7M. This is an increase of over $921,000 since <br />the end of the last fiscal year. The Electric and Refuse funds have the largest increases in fund balance. This was a <br />planned event for the Refuse fund in anticipation of Ihe need to close the landfill. The Electric fund's increase is <br />temporary and will decline as the fiscal year winds down and capital items are purchased and projects completed. <br /> <br />Projected Fund Balance <br /> <br />I project the overall fund balance will be almost $6M on June 30, 2005. This is a decrease of $366,000 for the fiscal <br />year. The initial budgets would have resulted in a decrease of $320,000. Thus, at this time there are no significant <br />departures from either revenue or expenditure expectations. <br /> <br />This concludes my report and I would be pleased to a~wer any uo.F_~fions Council may have regarding this report. <br /> <br /> W. W. <br /> <br />Iltic <br />Al~achmcnts <br /> <br />55 West Church Street EO. Box I 112 Martinsvillc, VA 24114-1112 540-656-5000 <br /> www.ci.maninsville.va.us <br /> <br /> <br />