Financials have been revised to include 2/24/2020 accrual and payment of final HVAC retainage for $42,085 from 2019, which was not previously reported. Items that have been updated are highlighted in yellow.
Report Layout Changes
The program summary pages were re-formatted and reorganized to be more in line with the way the budget is presented, with subtotals for groups of related programs, such as Solid and Hazardous Waste and Tuberculosis. Revenue for related activities originally recorded in a single program can often be re-allocated between a number of programs at year-end.
Estimates for year-end overhead allocations to programs in also included.
Cash and Investments at December 31, 2019
Cash $1,857,544
Investments $7,886,075
Comprised of:
Unrealized Gain or Loss on Investments $8,067
At the end of each year, Snohomish County provides the District with an analysis of unrealized gain or loss for the County’s investment pool. The inception-to-date unrealized gain is $8,067 for the pool as of December 31, 2019, and is included in the Investments.
Calendar Year Operations through December 31, 2019
The District’s draft December 31, 2019, financials reflect a deficit of ($358,395), which is $81,033 less than the budgeted deficit of ($439,428).
Revenues – Actual revenues District-wide are slightly below projections at 97.05%, with 100.0% of the year elapsed.
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In Administration, Rucker Building revenue is significantly ahead of budget as the IRS did not vacate space mid-year as budgeted and the receipt of approximately $43,000 in Snohomish PUD rebates for the HVAC repair/replacement project. In addition, held-back funds from Snohomish County of $125,000 were received after the budget amendment for 2019 was approved. Offsetting these gains, approximately $266,000 of previously reported revenues were unspent at year-end and reclassified to the liability Revenue Collected in Advance. 97% of those revenues are from the North Sound ACH program.
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Prevention Services continues to be slightly behind budgeted revenue. Contributing factors include the lag of the unrecorded Medicaid Administrative Match invoices for the 4th quarter of 2019, averaging $24,000 each quarter, which take a number of months to pass through the approval process at the Health Care Authority. WIC revenues also continue to lag at only 90% of budget.
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Environmental Health revenues were somewhat under budget as volumes in some programs were lower than expected. The bulk of the Revenue Collected in Advance liability of $2.034M consists of 2019 payments of 2020 Food Establishment and other annual permits. The revenue would be reflected in 2020 revenue.
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Administration
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100.98% of budget
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Prevention
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94.27% of budget
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Environmental Health
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96.88% of budget
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PHEPR
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99.56% of budget
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Expenditures – Actual expenditures District-wide are tracking close to budget and are 3.6% below projections at 96.4%, with 100.00% of the year elapsed. Contributing factors in the reduced expenditures include two nurses who were on unpaid leave status at various times in the year and retirees in Environmental Health who were replaced with lower-compensation staff.
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Administration
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100.31% of budget
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Prevention
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94.28% of budget
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Environmental Health
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93.09% of budget
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PHEPR
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103.33% of budget
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Fund Balance
SHD’s Fund Balance is comprised of the following amounts as of December 31, 2019.
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Fund Balance
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Non-Spendable
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$151,438
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Board-Approved Reserves:
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Working Capital
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2,140,019
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Compensated Absences
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1,700,000
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Capital Improvements
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500,000
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Emergency
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500,000
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Rucker Building - Reserve from 2015 Water Damage
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134,822
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Unreserved
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3,308,583
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Total Fund Balance
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$11,023,849
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Non-spendable items are comprised of Vital Statistics Fees due to the State of Washington that are remitted quarterly and some payroll-related accruals.