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<br />M <br /> <br />[ fi <br /> <br />City Council <br />Agenda Summary <br /> <br />Martinsville <br /> <br />Meeting Date: <br />Item No: <br />Department: <br /> <br />August 26, 2008 <br />11. <br /> <br />Finance <br /> <br />Issue: <br /> <br />Hear the monthly finance report. <br /> <br />Summary: Revenues of all major funds were $346,248 greater than <br />anticipated budget for FY08. The Meals Tax, General, Electric and Capital Reserve <br />funds are the only funds with deviations from the anticipated budget. <br />Overall expenditures were $3,994,266 less than anticipated. The <br />General fund reported the largest of the expenditure savings with $1,883,748. The <br />Electric fund also reported a large savings of $1, 183,872, due in part to the <br />implementation of load reduction through the SCADA system, reducing our costs <br />in purchasing power. <br />These figures are still incomplete due to the impending audit to <br />begin September 15 and will significantly change after additional budget <br />adjustments. <br /> <br />Attachments: <br /> <br />Detail memo <br />Revenue & Expenditures 6/30/08 <br />Combined Balance Sheet 6/30/08 <br /> <br />Recommendations: <br />