August 2003 Treasurer’s Report


Significant variances from the budget for August are highlighted below:


1) Segregated cash of $57,146, and the related “Unearned Revenue”, relate to the HRDC project.  The variance from budget arises from the timing of the work performed.


2) Accounts receivable are lower due to significant decrease in activity – see explanations under Community projects revenue.


3) 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).


4) Revenue from Community projects was impacted by vacation time taken by our staff.  The majority of our staff members took vacation during August, with the result being lower project activity, and hence lower revenue.  The related project expenses were also lower for the same reason.