8/11/2019 Danville - General Fund
1/3
ity of DanvilleVirginia
FINANCE DEPARTMENT P.O. Box 3300 _______________ Danville,
Virginia 24543
Michael L. Adkins Telephone (434) 799-5186 INTERIM DIRECTOR
[email protected]
To: Joseph C. King, City Manager
From: Michael L. Adkins, Interim Director of Finance
Date: August 21, 2014
Subject: Summary of Preliminary General Fund Financial Results
for July 31, 2014
After completing the first month of the new fiscal year,
revenues are very comparable tothe previous year. An exception
exists in Categorical Aid from the State because of atiming
difference. State funding for Social Services and Juvenile
Detention wasreceived in July of last year, but were not received
until August of this year, causing atiming difference of about
$850,000. As of July 31, General Fund revenues were$4,858,170. This
represents 5% of our FY 2015 budget. Last year, at this time, we
hadcollected $5,597,871, or 6% of budget. Adjusting for the timing
difference, revenueswould be at 6.85% of budget at July 31,
2014.
We continue to see good performance in the collection of
delinquent real estate taxesthis year with $179,781 realized in the
first month of this fiscal year. This accounts fornearly 20% of the
current years budget. Local taxes collected through July 31,
were$1,676,615, or 7% of budget. This is very comparable to FY
2014, showing a smallincrease of $1,153 from last year. Sales tax
collections in July amounted to $704,624,or 8.7% of budget. Meals
taxes collected for the first month of the fiscal year amountedto
$643,478, an increase of $24,107 from last year, running ahead of
budget at 9.6%.Business Licenses realized at the end of July were
$104,056, a decrease of $45,264from the prior year. Lodging taxes
received as of July 31, were $68,242, or 9% ofbudget, almost
identical to the prior year.
Another timing difference is noted in Charges for Services. The
first billing for JuvenileDetention services was delayed until
August this year, creating a $100,000 differencebetween the two
years This will correct itself next month All other revenue
categories
