Agenda 09/23/2008 - Laserfiche WebLink

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August 26, 2008 city during year 2007-2008 with 6 of that number harvested during the Urban Archery season. Captain Cassady reminded citizens that they may contact Martinsville Police Department for a kill permit to take deer during a certain time period. Linda Conover presented the following monthly financial report to Council: Through the end of last year, FY08, revenues exceeded the mticipated budget by $346,248. Four of the mqjor funds fell short of their anticipated goals: General, by $60,200; Electric, by $40,414; Meals Tax by $29,800 and Capital Reserve by $33,269. Part of the General funds shortage was due to the incorporation of the Mustang, Indoor Plumbing, and Comprehcnsive Services funds into the General Fund. The Electric fund saw a reduction in revenues due in part to the reductions in usage resulting from the implementation of load reduction improvements. Overall expenditures were $3,994,266 less than anticipated for FY08. The savings in the Electric fund are again a result of the load reduction implementation, reducing our costs in purchasing power. The General fund's reduced costs were from multiple sources, including conservative purchasing across-the-board by all departments, and costs being less than originally anticipated. However, it should be noted that not all expenditures were completed before the end cfthe fiscal year, and re-appropriation requests arc currently being reviewed. All approved amounts will reduce the remaining funds listed above. Also, depreciation is not reflected in total expenditures and are currently being calmlated. As noted in the previous commentary, until all final audit adjustments arc completed, the ligures listed will still change, and they are not to be interpreted as final. Our auditors and I are working on the depreciation details, the liability reduction for the landfill closure, and other items that have not yet been calculated. The FY08 audit will begin Septermer 15'''. After the audit's completion, the final figures will be provided to Council. Council comments included: Council Member Teague asked for sales tax figures and Linda will email those figures to Council members; projected fund balance figures were also requested by Council Member Teague; the city manager explained what the fund balance is and that it is not to be confused as cash on hand. Ms. Conover stated the Octo ber financial report will be a clearer picture of the finances. On a motion by Gene Teague, seconded by Danny Turner, with a 5-0 vote, Council approved the following consent agenda: ORG OBJECT FY08 GENERAL FUND: 01101917 490110 01715213 503190 01715213 506007 Total General Fund: BUDGET ADDITIONS FOR 08/26/2008 DESCRIPTION DEBIT CREDIT Categorical Other State - National Guard Armory Armory - Prof. Services - Bldg/Ground Maint Armory - Repairs & Maintenance (Final Renovations to National Guard Armory) 53,976 18,714 35,262 53,976 53,976 2,041,405 465,095 2,000,000 500,000 6,500 2,506,500 2,506,500 MEALS TAX FUND: 02103936 407700 02103936 407701 02160270 509158 02160270 509159 02160270 509145 Total Meals Tax Fund: Indebtedness - VPSA Loan Proceeds Indebtedness - VPSA Subsidy Proceeds Meals Tax Admin - Prin - VPSA Loan Meals Tax Admin - Prin - VPSA Subsidy Loan Meals Tax Admin - Issuance Expense (bond issuance) FY09 GENERAL FUND 01100909 490104 01311085 505240 01321102 505240 01413149 505240 Advance/Recovered Costs Police Department - Radio Maintenance Fire Department - Radio Maintenance Street Construction - Radio Maintenance (Reimb from insurance co/lightning damage 7/8/08) 1,073 358 358 358