Financial Statement Format Change

This is the first report with the new Agency-wide format where revenues and expenditures are shown by type instead of by program.

Cash and Investments at March 31, 2020

Cash                                 $963,178 

Investments                 $9,565,668

Comprised of:

• $7.1 million – State of Washington Local Government Investment Pool

• $2.5 million – Snohomish County Investment Pool

Unrealized Gain or Loss on Investments

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 $8,457 for the pool as of December 31, 2019.   

Calendar Year Operations through March 31, 2020

Revenues – Actual revenues District-wide are 15.2% above projections at 40.2% with 25% of the year elapsed. This can be seen in the high percentages of actuals to budget in Licenses & Permits and State Grants. This is typical of this time of year, as we receive 50% of the annual budgeted state Public Health Funding in January as well as the billing of the annual food establish permits in the same month. In addition, we received an unbudgeted $109,341 from the Community Foundation of Snohomish County Coronavirus Response Fund, which is intended to cover the original mobile testing site costs and food for volunteers and staff during the response, which cannot be covered by other funding. That revenue is included in Miscellaneous Revenues in the Agency-wide section of the report.

Expenditures – Actual expenditures District-wide are 2% above projections at 27.0% with 25% of the year elapsed. The notable higher percentage of actuals to budget noted in red include increased costs associated with coronavirus response in Communication, Board Per Diem for additional meetings, Rents & Leases for mobile testing site, and Printing & Binding. It should be noted that there is a significant underspending in Mileage & Travel as well as Tuition & Registration also as a result of the coronavirus response. General Insurance and Software Licenses costs highlighted in blue have historically been moved from the Prepaid Expenditure asset at the end of the prior year, into expense in January, so it is front-loaded until the renewal occurs late in the year. Also highlighted in blue are Dues & Memberships and Subscriptions, which are typically paid in the beginning of the year and front-loaded. Travel and Tuition are lower than expected, also to the coronavirus response.

Fund Balance

SHD’s General Fund Balance is comprised of the following amounts as of March 31, 2020:

Non-spendable items are comprised of Vital Statistics fees due to the State of Washington that are remitted quarterly and some payroll-related accruals.

Pursuant to Board Resolution 20-06 Declaration of Emergency in March, the Emergency Fund of $500,000 was transfered to Unreserved Funds.

N/A

Written report only.