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History, Charm and Southern Hospitality

Financial Statements - December 31, 2013

Quarterly financial statements were presented to the Village Council on February 11, 2014. These statements were for the second quarter of the fiscal year ending December 31, 2013. 

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 second 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 $3.8 million in income for the first three months of the year compared to $4.3 million the prior year. In terms of fund balance, the Village’s fund balance is currently 64% of expenditures, which is slightly lower than the 66% level seen the previous year at December 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. This is slightly higher than our original projection of 37% and is at the top of our targeted range for fund balance of between 30% and 40%.

As we begin preparing our budget for the upcoming year, Council and Village managers will need to ensure that expenditure growth is maintained at sustainable levels. As I have said before, 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
Business Hours: 8:30 am - 5:00 pm

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