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Enclosure #3 <br /> <br />Martinsville <br /> A CITY WITHOUT LIMITS <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />April 19, 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 March 31, 2000 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds and the "Combined <br />Balance Sheet" for all funds as of March 31, 2000. The purpose of these schedules and the following <br />comments are to reflect the financial performance of the City as compared to the annual budget. <br /> <br />Comparison of Revenues and Expendilures <br /> <br />Revenues only exceeded expectations in the Refuse Fund. All other funds did not meet budgeted <br />projections. As expected, the Water and Sewer Funds continue to fall further behind our budgeted <br />projections. Meals Tax collections continue to be below projections, but the negative variance only <br />increased slightly when compared to last month. Slower than anticipated collections in Real Estate and <br />Personal Property Taxes coupled with the loss of revenue from Tultex were the main causes of the <br />negative variance in the General Fund. <br /> <br />All but the refuse fund reported positive variances for expenditures. Steps taken to reduce <br />expenditures and the decrease in operational volume should allow the Water and Sewer Funds to <br />continue to add to their positive expenditure variances as the fiscal year progresses..The pined <br />purchase of a service truck and expenditures associated with placing lines underground caused the <br />decrease in the positive variance of the Electric Fund. <br /> <br />Balance Sheet <br /> <br />Fund balances decreased by $1,470,411. Decreases in the General Fund ($1,074,635) and Refuse <br />Fund ($1594,870) were the main causes of the decline. The decrease in both funds as well as the <br />large increases in the Capital Reserve ($1,551,374) and School Fund ($1,166,706) and the changes in <br />most of the other funds was the result of accounting adjustments associated with the migration of <br />information to the new accounting system. <br /> <br />In all, four funds improved, ten declined and two 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 />55 West Church Street P.O. Box 1112 Martinsville, VA 24114-1112 540-656-5000 <br /> www. ci .martinsville. va. us <br /> <br /> <br />