Cash and Investments at August 31, 2021

Cash   $1,199,310

Investments $12,564,288

Comprised of:

• $10.1 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 August 31, 2021

Surplus – The District is reporting a surplus of $3.2 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 4.9% below projections at 61.8% with 66.7% of the year elapsed. This is due to a lag in the 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 have not yet been completed. That revenue will be recorded when the contracts are executed and billing is completed.

Expenditures – Actual expenditures District-wide are 1.6% above projections at 68.3% with 66.7% of the year elapsed.

Rents and lease costs already exceed the amended budget amount by approximately $63K (123.7% 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 August 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.

No motion required. Written report only.