Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financials topic
No spam. Unsubscribe anytime.
Old Works reports April revenue above budget; board approves financials
Summary
The Old Works board approved April financials showing $115,338 in revenue versus a $75,922 budget and net cash flow of ($53,261); board approval was unanimous. Operations subsidy and capital fund balances were reported.
The Old Works Golf Course Board reviewed and approved April financial statements showing month-end revenue of $115,338 versus a budgeted $75,922, a positive variance of $39,416. A staff member told the board operating expenses were $140,075 against a budget of $172,703, a variance of ($32,628) primarily because fertilizer, fuel and other payments were deferred into May or paid in advance in March.
The report showed total net cash flow of ($53,261) compared with a budgeted ($112,683). Board members also recorded fund balances as of June 1: Operations Subsidy Funds at $1,889,351.36 and Capital Improvements Fund at $92,636.74. Board member Ed Beaudette moved to approve the financials; Gary Carlson seconded and the motion passed 5-0.
Why it matters: the numbers indicate higher-than-expected revenue for April while expenses remained below budget in part because of timing differences, a combination that improved the board's near-term cash outlook relative to the budgeted shortfall. The board did not set follow-up directives at the June 1 meeting.
