Budget Amendment
The 2020 budget amendment approved by the Board in October is now reflected in the financial statements.
Cash and Investments at October 31, 2020
Cash $227,634
Investments $9,332,585
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 October 31, 2020
Revenues – Actual revenues District-wide are 16.6% below projections at 66.7% with 83.3% of the year elapsed. We are working on requested special reporting for County CARES funding billed through September and have not yet completed billing for October. See Exhibit A – Revenue for further comments.
Expenditures – Actual expenditures District-wide are 25.9% below projections at 57.4% with 83.3% 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 October 31, 2020:
|
Fund Balance
|
|
|
|
Non-Spendable
|
$44,687
|
|
Board-Approved Reserves:
|
|
|
Working Capital
|
2,094,251
|
|
Compensated Absences
|
1,109,000
|
|
Capital Improvements
|
70,000
|
|
Emergency
|
500,000
|
|
Rucker Building - Reserve from 2015 Water Damage
|
134,822
|
|
Unreserved
|
7,879,947
|
|
Total Fund Balance
|
$11,832,707
|
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 the present Covid19 activities to date.