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History, Charm and Southern Hospitality

Financial Statements - June 30, 2015

Financial statements were presented to the Village Council on September 8, 2015. These unaudited financial statements are for the fiscal year ended June 30, 2015.

The Village’s General Fund revenues exceeded expenditures by $476,258, increasing the Village’s fund balance to $8,225,102. If the $435,000 in projects reappropriated from last fiscal year had been completed, the result would have been nearly break-even. This is positive compared to the mid-year estimate of a $700,000 reduction in fund balance. The reasons for this variance are detailed in the information provided below.
General fund revenues were $573,000 or 3.5% above budget projections. This is above the normal range of variance.  Property taxes exceeded our budget estimate by approximately $25,000 due to increased construction of single-family homes. Also, at June 30, 99.97% of the 2015 property tax levy had been collected. Sales taxes were $52,000, higher than budgeted most likely due to the impact of the 2014 U.S. Open and Women’s Open golf championships. Unrestricted intergovernmental revenues were $400,000 above budget, primarily due to increased electricity sales taxes taxes. This due to a change in the tax distribution formula at the state level and the colder than normal winter heating season. Finally, sales and services revenues were $77,000 above budget. This is due to better than expected facility rental income at the Village’s Fair Barn, Harness Track, and Arboretum facilities and increased recreation fees.

General fund expenditures were $1,846,000, or 10.2%, below budget overall. Expenditures were less than budgeted amounts for the following significant items: (1) contracted and professional services were $251,000 lower than expected, including the $50,000 Village center expansion study that was not undertaken, (2) salaries and benefits were $384,000 lower due to employee vacancies related to turnover; and (3) capital expenditures were $563,000 below budget. Overall operating expenditures represented 88% of operating revenues, just within the balanced scorecard limit of 89%. This compares to 87% in the previous year.

For capital outlay, 73% of the capital outlay budget was expended at year’s end. The majority of this variance was due to vehicles that were on order at the end of the fiscal year, a drainage project that was underway, and streetscape improvements that were not completed. Compared to the previous fiscal year, capital expenditures were down by $563,000 or 26.5%. This decline is due to the replacement of a fire engine in the previous fiscal year.

The Village ended Fiscal Year 2015 very well. With our unassigned fund balance at 31% and total fund balance at 45%, 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.

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

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