Agenda 11/24/1998 - Laserfiche WebLink

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CITY OF MARTINSVILLE DATE: November 17, 1998 Enclosure #1 55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 City Manager 656-5180 656-5280 FAX TO: FROM: SUBJECT: Earl B. Reynolds, Jr., City Manager W. W. Bartlett, Director of Finance Financial Report for the Month Ending October 31, 1998 Community Development 656-5173 656-5280 FAX Electric 656.5183 638-2449 FAX 656.5280 FAX Finance 656-5142 Director 656-5143 Accounting 656.5146 Billing 656-5118 FAX Fire 656-5325 656-5118 FAX Housing Services 656.5190 656-5118 FAX Human Resources 656-5181 656-5280 FAX Police 656-5300 656-5306 FAX Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined Balance Sheet" for all funds as of October 31, 1998. The purpose of these schedules and the following comments are to reflect the fmancial performance of the City as compared to the annual budget. Comparison of Revenues and Expenditures The School and General Funds are the only funds where the actual revenues collected are less than the anticipated amounts. As stated in last month's report, the inability to collect property taxes prior to November is the reason for the variance in the General Fund. This variance should diminish during November and then disappear altogether in December. The negative variance in the School Fund is not significant, but will be monitored. Revenue for the Water, Sewer and Refuse Funds normally exceed expectations slightly during the furst half of the fiscal year. Once again this pattern is unfolding. The Electric Fund revenues are greatly exceeding expectations. Revenues are more than $250,000 greater compared to the same time as last fiscal year, but expenditures are approximately $20,000 less. While it is too early to make accurate predictions, due to the influence climatic conditions have on electrical usage, if this trend continues the Electric Fund could experience a significant increase in net income. As was the case last month, only the Electric and Meals Tax Funds actual expenditures are exceeding anticipated amounts. The increased electrical demand is the cause for the increase in Electric expenditures and as stated in the last report, expenditures on technology are the cause for the increase in Meals Tax expenditures. Public Works 656-5 i 54 656-5280 FAX Purchasing 656-5354 656-5356 FAX Recreation 656-5 140 656-5280 FAX Senior Services 656-5260 656-5280 FAX Water Resources 656-5157 656-5280 FAX Other Inquires 656.5000 AREA CODEN0 Balance Sheet Fund balances decreased by $187,589 during October. The School, Capital Reserve and Street Maintenance Funds had the largest changes. The School Fund receives litfie revenue this time of year. Decreases in Fund Balance will continue until December when the semi-annual transfer from the General Fund is completed. The decrease in the Capital Reserve Fund is the result of expenditures on Clearview Business Park and the redevelopmerit of the property on Rives Road. The increase in the Street Maintenance Fund was caused by the receipt of the quarterly payment from the Commonwealth. In all nine funds improved, seven declined and two remained unchanged. I would be pleased to answer any questions you or Council may have regarding this report. W. W. Bartlett /lmh Mission Statement - It is our duty~~l~ants to create, in partnership with the citizemy, an innovative, responsive, and unified community where every citizen of Martinsvii!e, Henry County, and surrounding areas may have the opportunity to become self-sufficient, with a feeling of satisfaction and pride; and to be faithful stewards of the public trust in an effort to enhance the quality of life throughout the community .for this and future generations.