Cash and Investments at August 31, 2020
Cash $417,801
Investments $10,930,221
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 August 31, 2020
Revenues – Actual revenues District-wide are 22.4% above projections at 89.1% with 66.7% of the year elapsed. The District received the second half of the annual state public health funding of ~1.7 million on July 31, 2020. 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 3.1% above projections at 69.8% with 66.7% of the year elapsed. Activities funded by County CARES Act dollars ramped up mid-July. 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 August 31, 2020:
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Fund Balance
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|
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Non-Spendable
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$87,836
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Board-Approved Reserves:
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Working Capital
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2,094,251
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Compensated Absences***
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1,109,000
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Capital Improvements
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70,000
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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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7,255,385
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Total Fund Balance
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$11,251,294
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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 transfered to Unreserved Funds. In July, we reinstated that reserve as we have received sufficient funding to cover present Covid19 activities to date.