Budget Amendment
The 2020 budget amendment approved by the Board in November is now reflected in the financial statements.
Cash and Investments at November 30, 2020
Cash $618,983
Investments $8,433,365
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 November 30, 2020
Revenues – Actual revenues District-wide are 24.1% below projections at 67.6% with 91.7% of the year elapsed. The requested special reporting for County CARES funding billed through September was submitted on January 15, 2021. County CARES invoices for October & November 2020, estimated at $2.03M, are in process as of the report date and not reflected in revenue. See Exhibit A – Revenue for further comments.
Expenditures – Actual expenditures District-wide are 26.6% below projections at 65.1% with 91.7% 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 November 30, 2020:
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Fund Balance
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Non-Spendable
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$245,084
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Board-Approved Reserves:
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Working Capital
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3,345,113
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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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4,624,625
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Total Fund Balance
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$10,028,644
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Non-spendable items are comprised of Vital Statistics Fees due to the State of Washington that are remitted quarterly, payroll-related accruals and revenue collected in advance for 2021 EH annual permits.
Pursuant to Board Resolution 20-06 Declaration of Emergency in March, the Emergency Fund of $500,000 was transferred to Unreserved Funds. In July, we reinstated that reserve as we have received sufficient funding to cover the present COVID-19 activities to date.