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History, Charm and Southern Hospitality

Financial Statements - March 31, 2016

Quarterly financial statements were presented to the Village Council on April 26, 2016. These statements were for the third quarter of the fiscal year ending March 31, 2016.

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. 

Local option sales tax revenues are in line with our quarterly projections. The budget, when adopted, forecast a 3% increase over the previous year.

General fund operating expenditures were $1,558,000 or 13% below the quarterly budget. This variance is well below the expected expenditure variance of 5%. Salaries and benefits are $710,000 lower than the quarterly budget due to employee turnover and related position vacancies. Also, compared to the previous year, operating expenditures were down $725,000 year to date, partly due to the early completion of our annual resurfacing work in the prior year.

For capital outlay, only 40% of the capital outlay budgeted in the first three quarters was actually expended. The variance is due to several projects that were planned for the first three quarters but not yet completed. These projects include, the Public Services redevelopment, splash pad, greenways, sidewalks, and two solid waste vehicles that are on order.

The amount of fund balance appropriated this fiscal year is $1,511,000. This is lower than the $1,888,000 appropriated last year. Based on available information, we anticipate the Village’s fund balance will decrease by approximately $63,000 by the end of FY 2016. This is highly dependent upon the completion of several major capital projects before the end of the fiscal year. This estimate will leave the projected ending fund balance for the General Fund at 47% of expenditures, or 7% above our policy target range.

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.

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
910.295.1900
Business Hours: 8:30 am - 5:00 pm

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