Cash and Investments at December 31, 2020
Cash $1,108,555
Investments $7,404,029
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 $24,961 for the pool as of December 31, 2020.
Calendar Year Operations through December 30, 2020
Revenues – Actual revenues District-wide are 18.5% below projections at 81.5% with 100.0% of the year elapsed. County CARES funding has been completed through December 31, although some supplemental billings may be required. See Exhibit A – Revenue for further comments.
Recent invoices prepared the week of February 22, 2021 that are not reflected in this report’s revenue include December Department of Health Consolidated Contract (ConCon) billing of $176k and approximately $448k of indirect staff which can be charged to the ConCon CARES. This authorization to bill indirect staff, such as the Health Officer, Administrative Officer, and other support staff in lieu of billing an indirect rate was confirmed this week by the Department of Health. This guidance overrides the Uniform Grant Guidance, which states that staff billed as indirect to one Federal program cannot be billed directly to another Federal program.
Expenditures – Actual expenditures District-wide are 25.2% below projections at 74.8% with 100.0% of the year elapsed. Explanations for significant variances are shown in Exhibit A – Expenditures for further comments.
Year-End Surplus – Please note that the December statements are draft as the year-end close for 2020 has not been finalized. The amended 2020 budget reported an expected $1.9M surplus. That surplus did not include the impact of programmatic surpluses that must be reserved for programmatic use in 2021. Of the current $3.4M projected surplus, only approximately $1.4M is unrestricted. It is expected that the additional revenue not included in this report will increase the unrestricted surplus accordingly. A discussion of program surpluses and their availability for general use is included in Exhibit B.
Fund Balance
SHD’s General Fund Balance is comprised of the following amounts as of December 30, 2020.
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Fund Balance
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Non-Spendable
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$1,474,891
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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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Estimated Programmatic Restricted Funds
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1,930,252
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Unreserved
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2,710,775
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Total Fund Balance
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$11,382,726
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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.
Restricted Programmatic Funds were added based on analysis in Exhibit B.