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Pinehurst Today

Wednesday, April 8, 2020

Latest mid-term financial report shows Pinehurst improving its financial health

Local Government

By Terry Davis | Mar 20, 2020

Budget 03
. With revenue being generated above the village’s projections and expenses were well below their outlined budget, the village of Pinehurst is much more financially sound than anyone expected | Stock Photo

Financial Services Director Brooke Hunter reported last month that the village of Pinehurst is expected to be in the black by the end of the fiscal year in June.

With revenue being generated above the village’s projections and expenses were well below their outlined budget, the village of Pinehurst is much more financially sound than expected, according to The Pilot.

Hunter addressed the current financial health of the village in a mid-year report at a February Village Council meeting. In her report, she projected that the village will complete its fiscal year on June 30 at $1.98 million, putting the village in the black regarding their funds. However, $1 million of that will be from a return of money by the Given Memorial Library expansion campaign that never took off more than five years ago.

In regards to the $1 million return, the Village Council has not come to any conclusions regarding what the money will be used for; however, the village is currently conducting a library needs assessment study that is expected to be concluded in June. That still leaves nearly a million dollars that the council could appropriate towards other projects within the village.

“As we enter the strategic planning and budgeting season, the village is well positioned to carry out the objectives in our Strategic Operating Plan,” said Hunter in her report. “As I have said before, the village continues to remain in a solid financial position because of our conservative financial policies, good financial planning, and diligent budget oversight.”

Hunter’s report states that revenues in the operating budget were $714,000 above the year-to-date budget projections.

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