September 2003 Treasurer’s Report

 

Significant variances from the budget for September are highlighted below:

 

1) Segregated cash of $56,561, and the related “Unearned Revenue”, relate to the HRDC project.  The variances from budget continue to arise due to the timing of the work performed.

 

2) Capital assets continue to be below budget, as some of the new equipment that was anticipated in the budget did not materialize.  For this same reason, deferred contributions are below budget (deferred contributions represent donated assets).

 

3) System access and telecommunications expenses are higher than budget for this month.  This arose when we switched from Bell to Telus, but inadvertently continued paying Bell.  As a result the expense was double counted.  Bell is aware of the error and will refund us the amounts that were overpaid.  Therefore, the expense will be corrected before year end when the actual refund is received.

 

4) Revenue from community projects (and the related expenses) continue to be below budget due to lower activity during the month.  The majority of vacation this summer was taken during August, and some during September.