Cash and Investments at June 30, 2020
Cash $589,279
Investments $10,176,600
Comprised of:
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 June 30, 2020
Revenues – Actual revenues District-wide are 16.2% above projections at 66.2% with 50.0% of the year elapsed. The effect of the receipt of 50% of the annual budgeted state Public Health Funding in January as well as the billing of the annual food permits in the same month is diminishing as the year progresses. Additional unbudgeted revenues include $109,341 from the Community Foundation of Snohomish County Coronavirus Response Fund included in Miscellaneous Revenues and $1.5M from the State, both for Coronavirus response activities. See Exhibit A – Revenue for further comments.
Expenditures – Actual expenditures District-wide are 1.3% above projections at 51.3% with 50.0% of the year elapsed. Explanations for significant variances are shown in Exhibit A – Expenditures.
Fund Balance
SHD’s General Fund Balance is comprised of the following amounts as of June 30, 2020:
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Fund Balance
|
|
|
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Non-Spendable
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$175,164
|
|
Board-Approved Reserves:
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|
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Working Capital
|
2,094,251
|
|
Compensated Absences
|
1,109,000
|
|
Capital Improvements
|
70,000
|
|
Emergency
|
0
|
|
Rucker Building - Reserve from 2015 Water Damage
|
134,822
|
|
Unreserved
|
6,941,454
|
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Total Fund Balance
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$10,524,691
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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.
Pursuant to Board Resolution 20-06 Declaration of Emergency in March, the Emergency Fund of $500,000 was transferred to Unreserved Funds.