History, Charm and Southern Hospitality
Quarterly financial statements were presented to the Village Council on May 12, 2015. These statements were for the third quarter of the fiscal year ending March 31, 2015.
The statements show that the Village is in a good financial position at this point in the fiscal year. Revenues exceeded expenditures by a larger margin than anticipated in our forecast for the first three quarters. 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 $2.2 million in income for the first nine months of the year compared to $2.7 million the prior year. In terms of fund balance, the Village’s fund balance is currently 55% of expenditures, which is slightly lower than the 57% level seen the previous year at March 31.
General fund revenues were $170,000, or 1.2% above the year-to-date budget projections. Property tax revenues were $48,000, or 0.5% below the quarterly revenue estimate. This small variance is most likely due to a budgeting variance as the collection rate of 99% is the same as the previous year.
Local option sales tax revenues were $83,000 higher than the revenue forecast. Revenues for the month of June 2014 and the impact of the 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.
Unrestricted intergovernmental revenues were $146,000, or 15% above the quarterly revenue forecast. Of this amount, $86,000 can be attributed to an increase in the collection of electricity franchise taxes. In FY 2015, the distribution formula for these taxes changed and resulted in this unexpected increase.
General fund operating expenditures were $302,000 or 2.6% below the quarterly budget overall. This variance is below the expected expenditure variance of 5%. Compared to the previous year, operating expenditures were up $1,040,000 year-to-date. This is primarily due to the early completion of our annual resurfacing work and the purchase of yard debris carts for the “One & Done” project implementation.
The amount of fund balance appropriated this fiscal year is $1,888,000. This is significantly higher than the $882,000 appropriated at this time last year. At mid-year, we projected the Village’s fund balance would decrease by approximately $700,000 by the end of FY 2015. We have updated this forecast and estimate the reduction to only be $400,000 based on current revenue and expenditure patterns. This will leave the ending fund balance for the General Fund at $7.3 million or 40% of expenditures, the top of our policy target range. This is also 3% higher than the 37% originally projected when the budget was adopted in May 2014.
At this point in the fiscal year, I am very pleased with the Village’s financial condition and position. We project that fund balance will come in at the top of our target range and operating expenditures are coming in under budget. 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.
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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