Agenda Item: Iii
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MEMORANDUM To: NRVRC Board Members From: Jessica Barrett, Finance Technician Date: October 16, 2019 Re: September 2019 Financial Statements The September 2019 Agencywide Revenue and Expenditure Report and Balance Sheet are enclosed for your review. Financial reports are reviewed by the Executive Committee prior to inclusion in the meeting packet. The Agencywide Revenue and Expense report compares actual year to date receipts and expenses to the FY19-20 budget adopted by the Commission at the June 27, 2019 meeting. The financial operations of the agency are somewhat fluid and projects, added and modified throughout the year, along with the high volume of Workforce program activities, impact the adopted budget. To provide clarity, Commission and Workforce Development Board activities are separated on the agencywide report. As of month-end September 2019 (25% of the fiscal year), Commission year to date revenues are 28.16% and expenses are 27.59% of adopted budget. The two largest budget expense lines, Salary and Fringe, are in line with budget at 26.42% and 28.11%, respectively. Looking at the balance sheet, Accounts Receivable is $581,739. Of this total, Workforce receivables are $265,206 (46%) and current. Fiscal year-end procedures require all outstanding projects at year-end be closed into accounts receivable, resulting in an above average balance at the beginning of the fiscal year, but should return to average levels as the year progresses. The Executive Committee reviews all aged receivables over 60 days and no receivables are deemed uncollectible. Net Projects ($114,156) represents project expenses, primarily benchmark projects, that cannot be invoiced yet and posted to receivables. Strengthening the Region through Collaboration Counties Towns Higher Education Floyd │ Giles Blacksburg │ Christiansburg Virginia Tech Montgomery │ Pulaski Floyd │ Narrows │ Pearisburg Radford University City Pembroke │ Pulaski New River Community College Radford Rich Creek New River Valley Regional Commission Balance Sheet 9/30/2019 Assets: Operating Account 170,038 Certificate of Deposit 104,875 Money Market Account 84,747 Accounts Receivable 581,739 Prepaid Item 5,311 Total Assets: 946,711 Liabilities: Accounts Payable 49,454 Accrued Annual Leave 81,071 Accrued Unemployment 26,016 Funds Held for Others 20,000 Unearned Revenue 10,563 Expense Reimbursement 1,342 Total Liabilities: 188,446 Projects: (Equity Accounts) Net Projects (114,156) Current Year Unrestricted 125,489 Unrestricted Net Assets 759,444 Total Projects (Equity) 770,777 Total Liabilities and Projects 959,223 Net Difference to be Reconciled (12,512) Total Adjustments to Post* 12,512 Unreconciled Balance (after adjustment) 0 *YTD adjustment to Accrued Leave. Final adjustment will be posted to general ledger at fiscal year end closeout. New River Valley Regional Commission Revenue and Expenditures - September 2019 FY19-20 Budget (25% of FY) Adopted 6/27/2019 September 2019 YTD Under/Over % Budget NRVRC Anticipated Revenues ARC 68,666 0 17,167 51,500 25.00% ARC - Prices Fork 2,950 0 0 2,950 0.00% ARC- Commerce Park Grading 8,000 0 0 8,000 0.00% ARC - James Hardy Construction 5,000 0 0 5,000 0.00% LOCAL ASSESSMENT 233,867 0 219,150 14,717 93.71% DHCD - Administrative Grant 75,971 0 0 75,971 0.00% DRPT RIDE Solutions NRV 65,649 16,852 16,852 48,797 25.67% EDA 70,000 0 17,500 52,500 25.00% Workforce Fiscal Agent 65,000 0 20,000 45,000 30.77% Workforce Pathways Fiscal Agent 50,000 0 12,500 37,500 25.00% VDOT 58,000 19,815 19,815 38,185 34.16% VDOT - Rocky Knob Project 73,000 462 462 72,538 0.63% Floyd County 15,000 5,389 5,389 9,611 35.93% Floyd Town 9,000 45 2,709 6,291 30.10% Giles County 18,000 4,306 4,306 13,694 0.00% Narrows Town 23,500 0 0 23,500 0.00% Pearisburg Town 30,250 0 0 30,250 0.00% Rich Creek Town 20,000 0 0 20,000 0.00% Montgomery County 44,850 1,131 5,200 39,650 11.59% Blacksburg Town 14,000 1,167 3,500 10,500 25.00% Christiansburg Town 24,250 9,227 9,227 15,023 38.05% Pulaski County 10,000 6,296 6,296 3,704 62.96% Pulaski Town 56,250 2,419 4,330 51,920 7.70% Radford City 70,000 0 0 70,000 0.00% Radford University 31,709 0 0 31,709 0.00% Virginia Tech 5,000 0 0 5,000 0.00% Miscellaneous (Meetings/Interest/Recovered Costs) 0 0 33 (33) 0.00% Virginia's First RIFA 27,500 2,292 6,875 20,625 25.00% NRV MPO 40,000 8,310 8,310 31,690 20.77% Anticipated Windshield Surveys 7,000 0 0 7,000 0.00% NRVRC Cash/Project Match 0 0 0 0 0.00% VHDA Regional Housing Local Support 6,828 0 0 6,828 0.00% Dept of Environmental Quality 7,500 6,962 6,962 538 92.83% VECF - Mixed Delivery 114,880 9,447 9,447 105,433 0.00% VA Housing Development Authority 30,065 0 0 30,065 0.00% VECF - Preschool Development 128,090 34,277 34,277 93,813 0.00% VECF - Systems Building 40,000 0 0 40,000 0.00% Southwest Virginia SWMA 2,000 0 0 2,000 0.00% New River Health District 25,000 5,562 5,562 19,438 22.25% New River Valley Development Corporation 21,700 1,808 5,425 16,275 25.00% United Way of Southwest Virginia 0 7,500 7,500 (7,500) 0.00% United Way of Roanoke Valley 0 1,000 1,000 (1,000) 0.00% Renew the New 0 300 300 (300) 0.00% Sub Total Revenues 1,598,474 144,566 450,092 1,148,382 28.16% Expenses Salaries 799,604 68,553 211,241 588,363 26.42% Fringe Benefits 200,381 18,699 56,320 144,061 28.11% Travel 21,480 2,067 10,127 11,353 47.14% Office Space 49,968 4,164 12,492 37,476 25.00% Communications 11,165 1,944 4,296 6,869 38.48% Office Supplies 30,120 10,483 16,783 13,337 55.72% Postage 2,075 19 57 2,018 2.75% Printing 4,500 2,995 2,995 1,505 66.56% Copier Usage/Maintenance 2,000 99 333 1,667 16.65% Outreach/Media Adv 10,400 229 2,351 8,049 22.61% Equipment Rent/Copier 4,219 352 1,055 3,164 25.00% Fleet Vehicles 7,983 187 470 7,513 5.89% Dues/Publications 16,861 1,195 7,741 9,120 45.91% Training/Staff Development 93,750 982 2,243 91,507 2.39% Insurance 3,250 256 767 2,483 23.60% Meeting Costs 10,250 1,550 2,190 8,060 21.36% Contractual Services 313,324 71,234 99,993 213,331 31.91% Professional Services Audit/Legal 4,540 0 0 4,540 0.00% Miscellaneous/Fees 4,700 369 1,154 3,546 24.56% Reimbursed Expenses 0 217 8,441 (8,441) 0.00% Unassigned Expenses 7,904 0 0 0 0.00% Sub Total Expenses 1,598,474 185,591 441,049 1,149,521 27.59% NRVRC Balance 0 (41,025) 9,044 New River/Mount Rogers Workforce Development Board Revenue and Expenditures - September 2019 (25% of FY) NR/MR WDB Anticipated Revenues September 2019 YTD Under/Over % Budget Workforce Development Area 2,038,827 131,762 362,440 1,676,387 17.78% Sub Total Revenues 2,038,827 131,762 362,440 1,676,387 Expenses Salaries 473,687 39,557 114,038 359,649 24.07% Fringe Benefits 136,054 10,906 31,113 104,941 22.87% Travel 15,000 1,971 4,559 10,441 30.40% Office Space 53,000 2,266 9,714 43,286 18.33% Communications 11,000 792 2,451 8,549 22.29% Office Supplies 6,600 316 1,229 5,371 18.63% Postage 250 0 0 250 0.00% Printing 750 179 179 571 23.89% Copier Usage/Maintenance 750 0 0 750 0.00% Outreach/Media Adv 7,500 5,466 5,829 1,671 77.73% Equipment Rent/Copier 1,600 228 447 1,153 27.96% Dues/Publications 0 0 2,000 (2,000) 0.00% Insurance 2,500 0 1,168 1,332 46.72% Meeting Costs 8,000 283 6,424 1,576 0.00% Contractual Services 1,310,786 69,661 180,934 1,129,852 13.80% Professional Services Audit/Legal 10,000 0 0 10,000 0.00% Miscellaneous/Fees 1,350 44 44 1,306 3.29% Workforce Grants Admin 0 91 2,308 (2,308) 0.00% Sub Total Expenses 2,038,827 131,762 362,440 1,676,387 17.78% NR/MR WDB Balance 0 0 0 Total Agency R&E September 2019 YTD Anticipated Revenue 3,637,301 276,327 812,533 22.34% Anticipated Expense 3,637,301 317,352 803,489 22.09% Balance 0 (41,025) 9,044 COMMONWEALTH INTERGOVERNMENTAL REVIEW MEMORANDUM TO: Regional Commission Board Members FROM: Kevin R. Byrd, Executive Director AGENDA ITEM: III. Intergovernmental Review Process, C. Environmental Project Review, Item #1 ______________________________________________________________________________________ CIRP Review October 15, 2019 ______________________________________________________________________________________ PROJECT: VA TECH Non-Permanent Gym DEQ# 19-119S SUBMITTED BY: DEQ PROJECT DESCRIPTION: The Department of Environmental Quality is requesting comments on an OEIR review.