For the month ended January 31, 2013
The budget report for January shows net income of $8,077, however, this is somewhat inflated since payroll was lower than normal; Tim being on Workers Compensation for the entire month due to an injury. As noted at the board meeting, legal costs are a concern since we have spent half the allotted annual budget in the month of January alone. Insurance premiums also appear to have increased beyond the budget set last December. In addition to snow removal costs (that will impact February), legal and insurance are two areas that have to be watched carefully.
Cash position-operating accounts
Total cash balances on hand at the end of January increased to $44,751 with the transfer of funds from reserve accounts to cover payment of $34,934 to New England Blacktop plus normal operating expenses. The social checking account balance remains at $984.15.
Cash position- reserve accounts
Reserve balances on hand (money market accounts) decreased to $465,931, a reduction of $27,015 (net of fund contributions and capital expenditures). The sidewalk paving project was recorded as a 2012 capital expenditure; funds were drawn on the bank in 2013, however, resulting in the reduction recorded in APM’s general ledger for January ending.
David Faxon