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 – as updated 03/19/2021
Revenues – Actual revenues District-wide are 15.5% below projections at 84.5% with 100.0% of the year elapsed. We billed approximately 51%, or $5.6M, of the budgeted $10.9M of County CARES funding. County CARES funding has been completed through December 31, although some supplemental billings may be required. See Exhibit A – Revenue for further comments.
Expenditures – Actual expenditures District-wide are 26.3% below projections at 73.7% with 100.0% of the year elapsed. County CARES funds expenditures were significantly below expectations at 57% of budget. 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 $4.5M projected surplus, only approximately $2.6M is unrestricted. 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 31, 2020.
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Fund Balance
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Non-Spendable
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$1,582,764
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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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3,848,222
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Total Fund Balance
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$12,520,173
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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 Programatic Funds were added based on analysis in Exhibit B.