Cash and Investments at October 31, 2021

Cash $  1,362,758

Investments $10,565,624

Comprised of:

• $8.1 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 October 31, 2021

Surplus – The Health District is reporting a surplus of $3.3 million as of the report date. This is in line with first amended budget’s expected surplus of $7.8 million. Revenue and expenditures continue to change with the evolving conditions of the pandemic response.

Revenues – Actual revenues District-wide are 7.6% below projections at 75.7% with 83.3% of the year elapsed. This is due, in part, to a lag in the FEMA funding billings. In addition, the posting of $1.46M of ConCon revenues were pending as of the reporting date and should be reflected in November’s financials.

The billing to recover approximately $1.7M of FEMA-funded costs has not been completed as of the report date, but invoices and reviews are in process by Snohomish County’s Department of Emergency Management (DEM). That revenue will be recorded when the contracts are executed and billing is completed.   

Expenditures – Actual expenditures District-wide are 2.8% above projections at 86.1% with 83.3% of the year elapsed.

Rents and Lease costs already exceed the amended budget amount by approximately $175K (165.5% of budget).  This is a result of ongoing changes in testing and 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 October 31, 2021.