September ‘09 WFPA Board Meeting

Treasurer’s Report

Current Accounts Summary:

	Last Month	This Month	Change
Checking	$(4,594)	$15,175	$19,769
Savings	$140,077	$116,752	$(23,325)
Total	$135,483	$131,927	$(3,556)

Monthly/YTD P&L:

			YTD August '09	YTD August '08
	August '09	August "08	3 mos.	3 mos.
Total Revenues	$5,786	$5,871	$44,046	$31,372
Total Expenses	$13,197	$6,690	$65,104	$27,979
Net Income	-$7,411	-820	-$21,057	$3,388

Notes:

1. August EOM Chase DDA balance declined by $9,534 on 9-4-09 with encashment of the WVFD check.  Register balance at 8-31-09 was $123,503.
2. August 2009 P&L actuals include a periodic insurance payment of $5,063 accrued but unpaid to VFIS (due 9-15-09), versus  $2,027 paid last August.  Legal fees paid of $3,630 was an unfavorable variance to last August ’08.  Absent these variances, income and expenses for the month were comparable (breakeven to small loss). 
3. Significant difference in YOY expenses (approximately $37,125), due to Arts and Crafts expenses ($21,594), legal ($6,526), insurance ($3,036) and equipment ($4,909), expenses.  Turnout expense was offset by a grant from the 100 Club ($7,554), and increased both sides of the P&L for the current YTD.  Continuing  variance resulting from the Arts and Crafts expenses will be notable throughout the year as a majority of the Arts and Crafts income was taken during FY 2008 and a majority of the expense taken during the current year.
4. WFPA semi-annual dues drive to begin late September to create fall/winter revenue flow.  Review of donation letter format and giving approaches underway. 

Material Financial Activity for August 2009

Income:

Donations                              $     1,760

Merchandise Sales               $        594

Mayoral Election                   $        602

Ice Cream Social                  $        762

Pancake Breakfast               $     1,074      

CVS Pancakes and Dogs   $        994

Total                                        $     5,786

Expenses:

Arts and Crafts Expenses    $        313      

Equip & Repairs                   $        217      

Legal Services                      $     3,630      

Payroll                                    $     1,703       Severity payroll and taxes

Merchandise                          $        290      

Insurance (periodic)              $     5,063       Accident /sicness-annual, P&C/lia.-quarterly        

Utilities & Communications $        908       Qwest, APS and communications

Medical Supplies                  $        202

Other                                       $        871       Dues, district, fuel, supplies, fundraising

Total Expenses                     $   13,197      

Other Financial Activities/Discussion:

• Food fundraisers did well in August with over $2,800 raised via the Ice Cream Social, the Pancake Breakfast and the CVS special event. 
• Semi-annual WFPA insurance premium expensed in August, payable by September 15^th.  Overall costs reduced $450 annually by increasing deductables by $500 to $1,000 each but increasing contents insurance at the Fire Station by $30,000.
• Mary Dalton, assistant fire chief of the Central Yavapai Fire District confirmed on 8-28-09, that there are no pre-district requirements relating to WFPA financial reporting.  This was the final outstanding item relating to the Audit Committee dissolution in August.
• Federal tax return completed and remitted to IRS.
• Budget committee completed the final draft of the FY 2009 Budget and presented to the Board for Review.