2010 Annual Meeting/Board Meeting

Treasurer’s Report

Preliminary Fiscal Year End Income Statement Report*
GO TO THE ANNUAL MEETING SUMMARY P&L

 

Current Accounts Summary:

 

                                                                                   

 

Last Month

This Month

Change

Checking

$2,712

$3,782

$1,070

Savings

$148,356

$151,356

$3,000

Total

$151,068

$155,138

$4,070

 

 

 

Monthly Comparisons

Year to Date Comparisons

 

Budget

Actual

Actual

Budget

Actual

Actual

 

May ‘10

May ‘10

May ‘09

FYE ‘10

FYE ‘10

FYE ‘09

Revenues

$22,171

$7,905

$18,533

$157,777

$142,502

$160,370

Expenses

$8,464

$9,471

$7,521

$120,092

$114,667

$85,979

Net Income

$13,707

-$1,566

$11,012

$37,685

$27,835

$74,391

 

Notes:

 

  1. May dues collections were $6,900 and off significantly from $20,534 in April.  This is a similar trend as compared with last year with $7,775 May ’09 dues collections, and reflective of the “burst” of donations received immediately following the 3-8-10 dues request.
  2. Dues collections of $56,528 from January to May 2010 are down 16.5% ($11,157) from the same period last year.  Number of donors are tracking at a 9% decline for the same period.  Average dues collected through 253 donations was $223 (versus 278 donations with an average of $243 for the comparable period last year).  The dues decline is split almost evenly between 25 fewer donors and the average dollar donation decline. 
  3. Expenses for the months were $1,007 over budget, due to the purchase of additional fire shelters and specialty shirts and pants for the firefighters.    
  4. The net loss of $1,566 resulted from lower than projected revenue and was significantly below the projected May net income level, the difference resulted entirely from the revenue miss.     
  5. Designated donations for the EMS truck of $16,500 helped offset lower revenues to bring total income to $142,502, however, that was still almost $18,000 lower than 2009  revenues. 
  6. Expenses were held to under $6,000 from budgeted levels, primarily due to the deferral of certain expenses such as station improvement and lower equipment maintenance expenses.           
  7. The WFPA missed budgeted revenues by $15,000 or approximately 10% and net income by $9,850 (26%).  
  8. Cash position remains strong at over $155,000 as of 5-25-10 and represents 1.29X curent year total budgeted expenses of $120,092.

 

 

 

*Preliminary month and FYE revenue and expense figures through 5-25-10.

 

 

 

Material Financial Activity for May 2010

 

Income:

Donations                                          $     6,900

Pancake Breakfast                           $        420

Mayorial Election                              $        197

Merchandise                                      $        388       $250 special donation for legal-Herrin

Total                                                    $     7,905

 

 

Expenses:

Utilities & Communications             $        822       Qwest, APS, Dispatch and propane

Insurance                                            $     2,723       VFIS

Dues & Membership                        $     1,246       Dues and newsletter

Payroll                                                $     1,235

Equipment                                         $     1,326

Firefighter Exp. & Gear                    $        934

Medical                                              $        610

Office                                                  $        205

Other                                                   $        370

Total Expenses                                 $     9,471      

 

 

Other Financial Activities/Discussion:

  • Board approval in April to obtain a fidelity bond at a cost not to exceed $600.  Fidelity bond binder in place as of 5-25-10.  Deductable of $5,000, maximum coverage of $110,000, approximate cost of $500 obtained through Charles Parrack, underwritten by Zurich.  Coverage insures the WFPA from theft of WFPA funds bu either the WFPA President or Treasurer, both which have authorized access to all WFPA funds. 
  • Present recommendation to new board for purchase of short term certificate of deposit for excess funds, review offer rates with various banking institutions.  Chase’s MMA rate is .15%, laddering several certificates of deposits could increase interest income by over $1,000 annually.