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Enclosure #5 <br /> <br />CITY OF MARTINSVILLE <br /> <br />55 West Church Street <br />P.O. Drawer 1112 <br />Martinsville, VA <br />24114-1112 <br /> <br />City Manager <br />656.5180 <br />656-5280 FAX <br /> <br />Community Development <br />656-5173 <br />656-5280 FAX <br /> <br />Electric <br />656-5 ! 83 <br />656-5280 FAX <br /> <br />Finance <br />656-5142 Director <br />656-5143 Accounting <br />656-5 i 46 Billing <br />656-5118 FAX <br /> <br />Fire <br />656-5325 <br />656-5118 FAX <br /> <br />Housing Services <br />656.5 i 90 <br />656-5118 FAX <br /> <br />Personnel <br />656-5181 <br />656.5280 FAX <br /> <br />Police <br />656-5300 <br />656-5306 FAX <br /> <br />Public Works <br />656-5154 <br />656-5280 FAX <br /> <br />Purchasing <br />656-5354 <br />656-5356 FAX <br /> <br />Recreation <br />656-5140 <br />656.5280 FAX <br /> <br />Water Resources <br />656.5157 <br />656.5280 FAX <br /> <br />Other Inquiries <br />656-5000 <br /> <br />AREA CODE 703 <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />January 5, 2000 <br /> <br />Earl B. Reynolds, Jr., City Manager <br /> <br />W. W. Bartlett, Director of Finance <br /> <br />Financial Report for the Month Ending November 30, 1999 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the <br />"Combined Balance Sheet" for all funds as of November 30, 1999. The purpose of these <br />schedules and the following comments are to reflect the financial performance of the City as <br />compared to the annual budget. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Actual revenues exceeded anticipated amounts in the Electric, Refuse, School and Meals Tax <br />Funds. The General, Water and Sewer Fund revenues did not meet expectations. The filing of <br />bankruptcy by Tultex is the reason these three funds have a negative variance in revenues. <br /> <br />Expenditures in all but the Sewer Fund are below expectations. As I have stated in the last few <br />financial reports, this variance in expenditures is mainly due to the timing associated with <br />purchasing capital equipment and completion of large projects. <br /> <br />Balance Sheet <br /> <br />Fund balances increased by $1,792,186. The majority of this increase was due to an increase of <br />$1,231,822 in the School Fund. This increase was caused by an adjustment of prior records and <br />is associated with transferring information from the old computer system to the new system. <br />Over the next two months, we will see more of these adjusting entries. The General Fund <br />increased by $665,851 mainly due to the distribution of the tax tickets. The only fund with a <br />large decrease was the Capital Reserve Fund. This fund decreased primarily because of costs <br />associated with the Albert Harris Project. <br /> <br />In all nine funds improved, five declined and two remained the same. <br /> <br />I would be pleased to answer any questions you or Council may have regarding this report. <br /> W. W. Bartlett <br /> <br />/lmh <br />Attachments <br /> <br /> <br />