December ‘09 WFPA Board Meeting
Treasurer’s Report
Current Accounts Summary:
| Last Month | This Month | Change | |
Checking |
$2,912 |
$11,500 |
$8,588 |
|
Savings |
$101,275 |
$96,288 |
$(4,987) |
|
Total |
$104,187 |
$107,788 |
$3,601 |
|
|
Monthly Comparisons |
Year to Date Comparisons |
||||
|
|
Budget |
Actual |
Actual |
Budget |
Actual |
Actual |
|
|
Nov. ‘09 |
Nov. ‘09 |
Nov. ‘08 |
Nov. ‘09 |
Nov. ‘09 |
Nov. ‘08 |
|
Revenues |
$8,757 |
$9,661 |
$7,256 |
$65,894 |
$66,405 |
$60,867 |
|
Expenses |
$4,519 |
$8,611 |
$6,359 |
$84,323 |
$84,850 |
$44,574 |
|
Net Income |
$4,238 |
$1,050 |
$896 |
-$18,429 |
-$18,445 |
$16,292 |
Notes:
- November reflected a net cash increase in the operating accounts of $3,600, partially due to late October income (pancake breakfast), slipping into November and a slight pick up of 2009 dues collections totaling $4,484 in November (versus $1,755 in October).
- This resulted in a favorable comparison to last November in terms of revenues, however, our quarterly insurance payment to VFIS of $2,880, semi annual newsletter expenses of $744, and gurney purchase of $800 reduced net income to roughly $1,000 and flat with last year. These expenses also drove the $4,100 variance to budget for the month.
- YOY November income reflects revenues are $6,000 ahead of last November, however, ’09 revenues include $7,800 in special purpose EMS truck donations, $7,900 in Club 100 grant dollars and $16,000 in non recurring Arts and Crafts Show revenue. Adjusting for one time revenues, reflects a $16,000 revenue variance from last YTD, mostly due to lower YTD dues collections.
- Primary drivers of the $40,000 in higher interim expenses at 11-09 are the Arts and Crafts Show expenses ($19,668 net of other fundraising expenses), legal ($10,244 difference), turnout expense ($7,946), vehicle repair ($5,800) and payroll expenses ($4,500).
- November month and YTD comparisions compare closely to budget which anticipated lower annual dues collections, and the known impact of the one time hits from the Club 100 grant, Arts and Crafts Show and higher legal expenses.
- The 2009 FY budget will begin to show signifcant divergence from actual during the remaining one half of the fiscal year unless dues and other income sources pick up substantially.
Material Financial Activity for November 2009
Income:
Donations $ 4,891
Merchandise $ 1,050
Calender Sales $ 640
Pancake Breakfast $ 1,122
EMS Donations $ 868
Newsletter Ads $ 190
Gain on sale of Bronco $ 900
Total $ 9,661
Expenses:
Equip, Repairs &Fuel $ 842
Insurance $ 2,880 P&C paid quarterly, 2 of 4
Payroll $ 431
Utilities & Communications $ 1,483 Qwest, APS and Dispatch
Medical $ 996 Gurney @ $800
Newsletter $ 741 Printing & postage
Merchandise $ 382
Fireman’s Shirts $ 730 Budget approved
Other $ 126
Total Expenses $ 8,611
Other Financial Activities/Discussion:
- Total income collected at the November Pancake Breakfast totaled $1,235 from merchandise sales ($392), EMS donations ($153) and breackfats donations.
- WFPA semi-annual dues drive began mid October with the mailing of over 670 dues requests directed to those that had not yet submitted 2009 dues. Annual dues remain significantly behind 2008 with collections of $13,945 collected through 11-09 versus $29,960 for the same period last year.
- The fall/winter newsletter was mailed in November.
Mid Year Budget Review
2009 budget was presented and accepted in the Board meeting of September 12, 2009.
Budget assumptions:
· 10% decline in fundraising and annual dues revenues from prior year
· $5,000 approved for building expense (exterior paint and floor coating)
· $0 budgeted for capital expenditures-any purchases would require Board approval
· $3,200 increase in communications expenses due to new regional dispatch
· $4,000 of remaining 2008 District budget $’s plus $1,000 approved for the 2009 budget.
· $1,500 in additional funds budgeted for firefighter shirts-backpacks
· $1,900 increase in newsletter related expenses
· $2,900 increase in legal expenses
· all other expenses budgeted with a 5% increase (including payroll at $9,156)
During the 9-12-09 Board meeting and subsequent to the acceptance of the budget, a resolution to purchase a new EMS truck was approved. The approval required a special fund to be established for $15,500 for EMS truck acquisition costs and $1,500 for the cost of a gurney or tire chains. The $15,500 was then added to the approved budget as excess cash balances were used for the purchase of the EMS truck (special fund raise to replentish).
|
($’s) |
Budget |
Budget |
Actual |
|
|
Revenues: |
June-November |
December-May |
FY 2009 |
June-November |
|
EMS fund |
9,500 |
6,000 |
15,500 |
7,958 |
|
Dues |
14,369 |
78,218 |
92,587 |
13,339 |
|
Fundraise/Gen. Fund |
42,025 |
7,665 |
49,690 |
45,108 |
|
Total Revenue |
65,894 |
91,883 |
157,777 |
66,405 |
|
Expenses: |
|
|
|
|
|
Arts & Crafts |
21,513 |
0 |
21,513 |
21,979 |
|
Building |
0 |
0 |
5,000 |
0 |
|
Comunications |
3,368 |
4,632 |
8,000 |
3,290 |
|
Equip./Firefighting |
10,355 |
2,310 |
11,789 |
13,042 |
|
Insurance |
5,062 |
6,292 |
11,354 |
7,786 |
|
Legal |
7,763 |
2,237 |
10,000 |
11,906 |
|
Medical |
1,140 |
2,580 |
3,720 |
1,606 |
|
Office |
1,085 |
1,092 |
2,177 |
1,130 |
|
Payroll |
11,492 |
0 |
11,492 |
11,612 |
|
Station |
1,444 |
924 |
2,368 |
0 |
|
Utilities |
1,759 |
2,676 |
4,435 |
1,321 |
|
Total Expenses |
84,323 |
35,769 |
120,092 |
84,850 |
|
Net Income |
-18,429 |
56,114 |
37,685 |
-18,445 |
· Mid-year results to budget are remarkably close with a negative variance not exceeding $530 in all revenue, expense and net income categories.
· Significant increase in revenue budget for the 2nd half of the FY needed ($91,883 must be raised).
· Remaining budgeted expenses afford very little to be trimmed if revenues do not improve
· Minimum level of revenues to reach breakeven based on mid-year losses and remaining expense budget of $35,759 is $54,200.