History, Charm and Southern Hospitality
Quarterly financial statements were presented to the Village Council on October 22, 2013. These statements were for the first quarter of the fiscal year ending September 30, 2013.
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, 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 $3.6 million in income for the first three months of the year compared to $4.4 million the prior year. In terms of fund balance, the Village’s fund balance is currently 63% of expenditures, which is slightly lower than the 65% level seen the previous year at September 30.
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.
The Village issued 24 residential building permits valued at $4,901,000 during the first quarter. Although the number of homes permitted this quarter is higher than the previous year, the taxable value of those homes is approximately equal to the same quarter last year.
The amount of fund balance appropriated this fiscal year is $1,075,000. This is significantly lower than the $2,021,000 appropriated at this point last year. If historical trends hold true, we anticipate the Village adding around $300,000 to fund balance in FY 2014. Any fund balance in excess of the Council’s adopted maximum level of 40% will be considered a revenue source when preparing next year’s budget.
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.
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
Copyright © 2013 by Village of Pinehurst