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History, Charm and Southern Hospitality

Financial Statements - March 31, 2014

Quarterly financial statements were presented to the Village Council on May 13, 2014. These statements were for the third quarter of the fiscal year ending March 31, 2014.
 
The statements show that the Village is in a very good financial position at this point in the fiscal year. Revenues exceeded expenditures by a larger margin than anticipated in our forecast for the third quarter. In addition, our operating expenditures are under control and our revenue outlook is stable. These results, in conjunction with our strong performance management system should position us well to carry out the objectives outlined in the FY 2014 Strategic Plan.

The Village’s General Fund is showing $2.7 million in income for the first nine months of the year compared to $3.0 million the prior year. In terms of fund balance, the Village’s fund balance is currently 57% of expenditures, which is approximately the same level seen the previous year at March 31.

As we look to the future, our revenue prospects are good. The 2014 US Open golf championships are anticipated to have a positive impact on Village revenues. The revenue forecast anticipates increases in local retail sales, ABC sales, and other tourism related revenues. The exact economic impact for the Village will not be known for some time, but the outlook is positive.
 
Our updated mid-year projection places ending fund balance for the fiscal year at $7,226,399, or 40% of budgeted expenditures. Currently we are still on target to reach this level by year end. This is slightly higher than our original projection and maintains ending fund balance at the top of our targeted range of between 30% and 40%.

As we begin preparing our budget for the upcoming year, Council and Village managers will need to ensure that operating expenditure growth is maintained within the modest levels of operating revenue growth we are experiencing. Overall, the Village continues to remain in a solid financial position as a result of our conservative financial policies, good financial planning, and diligent budget oversight.

To read the quarterly financial statements in their entirety, click here.

The Village of Pinehurst

is a charming, vibrant community which reflects our rich history and traditions, enhanced by a unique combination of cultural arts and recreational activities.

Village of Pinehurst
395 Magnolia Road
Pinehurst, NC 28374
910.295.1900
Business Hours: 8:30 am - 5:00 pm

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