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Stephens City reports stronger‑than‑expected February finances; net position $70,272
Summary
Town Treasurer Steve Rickards reported February was a "strong, healthy month," showing total revenue of $172,384.99, total expenditures of $102,112.85 and a reported net position of $70,272.14; the report included detailed utility receipts, deposits and bank balances.
Town Treasurer Steve Rickards told Stephens City Council on March 3 that February had been "a strong, healthy month," and that the town was expected to be in better fiscal shape at the end of the fiscal year than it had been in recent years.
The financial attachments in the minutes list total revenue of $172,384.99, total expenditures of $102,112.85 and a reported total net position of $70,272.14. Detailed line items include operating revenues and utilities: $39,090.24 in operating receipts and $40,685.46 in utilities receipts for the March 1–31, 2020 reporting period. The report lists utility availability fees and deposits totaling $74,756.00 and shows comparative year‑over‑year figures in the accompanying schedules.
The minutes include a comparative finance summary showing year‑to‑date and month‑to‑month changes and list total bank fund balances (cash on hand) of $889,133.86 as of the report. The Treasurer and committee chairs noted that legal bills have been paid and that a salary survey prepared by the Treasurer informed Personnel Committee recommendations to adjust salaries; committee leaders said budget adjustments will be required to implement salary changes.
Council received the financial reports and comparative schedules as part of its packet; the minutes refer to attached reports for detailed line items and percentages. The Treasurer's remarks were made during the regular meeting and are summarized in the minutes.
