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Financial Statements - December 31, 2014

Quarterly financial statements were presented to the Village Council on February 10, 2015. These statements were for the second quarter of the fiscal year ending December 31, 2014.
The statements show that the Village is in a good financial position at the mid-point of 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 should position us well to carry out the objectives outlined in the FY 2015 Strategic Operating Plan.

The Village’s General Fund is showing $3.4 million in income for the first six months of the year compared to $3.8 million the prior year.  In terms of fund balance, the Village’s fund balance is currently 62% of expenditures, which is slightly lower than the 67% level seen the previous year at December 31.

General fund revenues were $322,000, or 2% above the quarterly budget projections. Property tax revenues were $160,000 above the quarterly revenue estimate. This increase is most likely due to the slightly higher collection rate of 91% compared to the previous year rate of 90%.
Local option sales tax revenues were $51,000 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 this variance.

General fund operating expenditures were $313,000 or 3.9% below the quarterly budget overall. This variance is just below the expected expenditure variance of 5%. Compared to the previous year, operating expenditures were up $790,000 for the quarter, mostly due to the early completion of the Village’s annual street resurfacing project.

The amount of fund balance appropriated this fiscal year is $1,987,000. This is significantly higher than the $1,075,000 appropriated last year. Based on our mid-year estimates, we anticipate the Village’s fund balance will decrease by approximately $700,000 by the end of FY 2015. This is positive compared to the $763,000 that was estimated when the budget was originally adopted in May of 2014. This estimate will leave the ending fund balance for the General Fund at 39% of expenditures, near the top of our policy target range. This is slightly higher than the 37% originally projected when the budget was adopted.

As we begin preparing our budget for the upcoming year, Village leaders 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.

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

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