2021 Budget Amendment 1

The 2021 Budget Amendment 1 approved July 29, 2021, with a surplus of $7.87 million replaces the original approved balanced budget in these reports.

Cash and Investments at July 31, 2021

Cash                                      $3,547,590

Investments                        $10,563,660

Comprised of:

• $8.0 million – State of Washington Local Government Investment Pool

• $2.5 million – Snohomish County Investment Pool

Cash flow remains strong despite the increased costs of the COVID-19 response.

Calendar Year Operations through July 31, 2021

Surplus – The District is reporting a surplus of $3.5 million as of the report date.  This is in line with amended budget’s expected surplus of $7.8 million expected.  Revenue and expenditures continue to change as the pandemic response meetings changing conditions.

Revenues – Actual revenues District-wide are 0.8% below projections at 57.5% with 58.3% of the year elapsed.  This tracks closely with the 2021 Amended Budget despite the lag in FEMA funding billings.

The billing to recover approximately $1.7M of FEMA-funded costs has not been completed as of the report date as contracts between the District and Snohomish County Department of Emergency Management (DEM) as well as interlocal agreements with subcontractors had not yet been completed.  That revenue will be recorded when the contracts are executed and billing is completed.   

The major Department of Health consolidated contract billings through July for COVID-19 response have been completed and posted to revenue. 

Expenditures – Actual expenditures District-wide are 3.0% above projections at 61.3% with 58.3% of the year elapsed.

Rents and Lease costs already exceed the amended budget amount by approximately $38,4000 (114.4% of budget).  This is a result of ongoing changes in testing & vaccine sites that were not known at the time of the amended budget preparation.

Fund Balance

The District’s General Fund Balance is comprised of the following amounts as of July 31, 2021. 

Consistent with Resolution 19-20 and the revised Division of Responsibilities (10/8/19), the Board of Health has authority over the Health District budget.

MOVE TO approve Finance Manager’s report for July 2021.