History, Charm and Southern Hospitality
The statements show that the Village remains in a very favorable financial position through the first three quarters of the fiscal year. Revenues exceeded expenditures by a larger margin than anticipated in our forecast. 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 2016 Strategic Operating Plan.
The Village’s General Fund is showing $3.3 million in income for the first nine months of the year compared to $2.2 million the prior year. In terms of fund balance, the Village’s fund balance is currently 63% of expenditures, which is higher than the 55% level seen the previous year at March 31.
General fund revenues were $56,000, or 0.3% above the year-to-date budget projections. Property tax revenues were $103,000 above the quarterly revenue estimate. This increase is due to a slightly higher tax collection rate compared to the previous year and a slightly higher tax base.
You may recall that last year, Moore County projected the Village’s revalued tax base would decrease by 5.15%. After all valuation appeals were settled, the values only declined by 4.87%. This, in addition to normal growth and strong motor vehicle tax collections, has resulted in the higher than expected property tax revenues.
At the end of the third quarter, our financial results have exceeded our expectations. The Village Council and Village managers are to be commended for meeting or exceeding all of the Village’s financial targets. This positions the Village nicely for the upcoming adoption of our 5-year Strategic Operating Plan. To read the quarterly financial statements in their entirety, click here.
is a charming, vibrant community which reflects our rich history and traditions.
Village of Pinehurst
395 Magnolia Road
Pinehurst, NC 28374
Business Hours: 8:30 am - 5:00 pm
Copyright © 2016 by Village of Pinehurst