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Enclosure #9 <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 />E;ectric <br />656-5183 <br />656-5280 FAX <br /> <br />Finance <br />656-5142 Director <br />656-5143 Accounting <br />656-5146 Billing <br />656-5118 FAX <br /> <br />Fire <br />656-5325 <br />656-5118 FAX <br /> <br />Bousing Services <br />656-5 t 90 <br />656-5118 FAX <br /> <br />Personnel <br />656-518 l <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 Inqulries <br />656-5000 <br /> <br />AREA CODE 703 <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />February 16, 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 January <br /> <br />31, 2000 <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 January 31, 2000. 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 />Revenues exceeded expectations in the Electric, Refuse, School and Meals Tax Funds. <br />Revenues for the General, Water and Sewer Funds once again did not meet expectations. The <br />negative variance in the General Fund decreased over $500,000 when compared to last month. <br />This was primarily due to the collection of $152,624 in delinquent property taxes and the receipt <br />of $222,457 from AEP. The funds from AEP resulted from the seulement of a lawsuit <br />regarding transmission charges. The $222,457 represents approximately one-half of the award. <br />The remainder should be received prior to the end of the fiscal year. Refuse collections continue <br />to remain strong with revenues exceeding anticipated amounts by almost $236,000. <br /> <br />Expenditures are below expectations by slightly more than $2,000,000 in all funds. The greatest <br />variances are found in the General, Schools and Electric Funds. These three funds account for <br />82% of the total variance. The positive variances in all three of these funds will decline as the <br />fiscal year progresses and various projects are completed. Currently, the difference between <br />expenditures and revenues in all funds is a positive $1,975,917. <br /> <br />Balance Sheet <br /> <br />Fund balances decreased by $658,737. A decrease is normal for January and was mainly due to <br />declines in the School and Capital Reserve Funds. Expenditures associated with the Albert <br />Harris project continue to. cause the decrease in the Capital Reserve Fund. The Electric and <br />Refuse Funds had the greatest increases. The Electric Fund increased by almost $350,000 while <br />the Refuse Fund increased by more than $214,200. <br /> <br />In all seven funds improved, seven declined and one remained unchanged. <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 />