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History, Charm and Southern Hospitality

Financial Statements - September 30, 2014

Quarterly financial statements were presented to the Village Council on October 28, 2014. These statements were for the first quarter of the fiscal year ending September 30, 2014.
The statements show that the Village is in a very good financial position as we begin the fiscal year. Revenues exceeded expenditures by a larger margin than anticipated in our forecast for the first quarter. In addition, our operating expenditures are under control and our revenue outlook is stable. These results should position us well to carry out the objectives outlined in the FY 2015 Strategic Operating Plan.

The Village’s General Fund is showing $4.2 million in income for the first three months of the year compared to $3.6 million the prior year. In terms of fund balance, the Village’s fund balance is currently 67% of expenditures, which is slightly higher than the 63% level seen the previous year at September 30.

General fund revenues were $402,000, or 5% above the quarterly budget projections. Most of this variance is due higher property tax collections. Property tax bills were sent out later last year by the County. This provided additional days this year for payments to be received in the month of September compared to last year. This timing difference is the most likely reason for the increased property tax revenues. This theory is also supported by the Village’s 74% collection rate for property taxes which is 2% higher than this time last year.
Local option sales tax revenues were also $55,000 higher than the revenue forecast. Revenues for the month of June and the impact of the 2014 U.S. Open Championships were estimated at the close of the previous fiscal year. The actual revenues, when received in September, were approximately $60,000 higher than anticipated and account for the majority of the quarterly budget variance.

General fund operating expenditures were $274,000 or 6.5% below the quarterly budget overall. This variance is just above the expected expenditure variance of 5%. Compared to the previous year, operating expenditures were up $189,000 for the quarter.

The amount of fund balance appropriated this fiscal year is $1,944,000. This is significantly higher than the $1,075,000 appropriated last year. If historical trends hold true, we anticipate the Village’s fund balance to decrease by $763,000 by the end of FY 2015. This would leave ending fund balance as a percentage of expenditures at 37% as originally planned in the FY 2015 Strategic Operating Plan.

At this point in the fiscal year, our financial results align with our expectations. Most variances in revenues, expenditures, and capital outlay timing will work their way out as the fiscal year progresses.

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
Business Hours: 8:30 am - 5:00 pm

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