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History, Charm and Southern Hospitality

Financial Statements - June 30, 2014

Financial statements were presented to the Village Council on September 9, 2013. These unaudited financial statements are for the fiscal year ended June 30, 2014.

For the fiscal year ended June 30, 2014, the Village’s General Fund revenues exceeded expenditures by $587,096. This increases the Village’s General Fund fund balance to $7,748,844. This result is better than our mid-year projection of breaking even. Most of variance from the mid-year estimate is the result of expenditures being lower than expected. By comparison, revenues were more in line with the mid-year forecast.
General fund revenues were only $207,000 or 1.2% above budget projections. This is within the normal range of variance.  Property taxes exceeded our budget estimate by approximately $90,000 due to increased construction of single-family homes. Also, at June 30, 99.91% of the 2014 property tax levy had been collected, which is slightly higher than the previous year’s collection rate. Unrestricted intergovernmental revenues were $55,000 above budget, primarily due to increased electricity franchises taxes. This may be due to the colder than normal winter heating season. Finally, sales and services revenues were $51,000 above budget. This is due to better than expected facility rental income at the Village’s Fair Barn, Harness Track, and Arboretum facilities.

General fund expenditures were $1,628,000 or 8.8% below budget overall. Expenditures were less than budgeted amounts for the following significant items: (1) contracted and professional services of $278,000 were lower than expected, including the $85,000 bicycle pedestrian plan that was not started until late in the fiscal year, (2) salaries and benefits were $306,000 lower due to employee vacancies related to turnover; and (3) capital expenditures were $393,000 below budget. Overall operating expenditures represented 87% of operating revenues, just within the balanced scorecard limit of 89%. This compares to 85% in the previous year.

For capital outlay, 84% of the capital outlay budget was expended at year’s end. The majority of this variance was due to a $175,000 automated solid waste vehicle that was ordered at the end of the fiscal year that will not delivered until December 2014. Also, a few other capital items were delayed for various reasons and have been re-appropriated in Fiscal Year 2015. Compared to the previous fiscal year, capital expenditures were down by $344,000 or 13.9%. This decline is due to several projects completed last fiscal year in advance of the U.S. Open Golf Championships.

The Village ended Fiscal Year 2014 very well. With our unassigned fund balance at 26% and total fund balance at 42%, we are well positioned to meet the needs of the Village and to capitalize on future opportunities. Our strategic planning model and performance management system should also enable us to accomplish the objectives developed in our strategic planning process.

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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