2019 Approved Budget Amendment

The financial statements have been updated for the budget amendment approved in the October 2019 Board of Health meeting.

Reserve Changes Needed:

The Working Capital Reserve should be adjusted from $2,042,043 to $2,140,019, an increase of $97,976, to conform Resolution 16-020 Revising the Financial Policies – Reserves so that it reflects 45 days of expenditures based on the 2019 budget amendment approved by the Board of Health in October 2019.

The Compensated Absences Reserve should be adjusted from $2,000,000 to $1,700,000, a decrease of $300,000, per the Financial Policy adopted in Resolution 13-11 to equal the liability reflected in the most recent (2018) audited financial statements to the nearest $100,000.

Cash and Investments at August 31, 2019

Cash                  $2,167,870

Investments      $7,533,587

Comprised of:

• $5.0 million – State of Washington Local Government Investment Pool

• $2.5 million – Snohomish County Investment Pool

Unrealized Gain or Loss on Investments ($16,524)

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 loss is $16,524 for the pool as of December 31, 2018 and is included in the Investments.   

Calendar Year Operations through August 31, 2019

Revenues – Actual revenues District-wide are 10.4% above projections at 77.1% with 66.7% of the year elapsed. The collection of the second payment of the annual budgeted State Public Health Funding in July pushes Administration Revenues up as in prior years. Food and other permit fees billed in January for 2019 also keep EH revenue ahead of budget.  Prevention Services is slightly behind budgeted revenue.  Medicaid Administrative Match invoice for the first quarter of 2019 of approximately $24,000 was not approved by the Health Care Authority until October 2019 which impacts Prevention Services revenue. 

Expenditures – Actual expenditures District-wide are .4% above projections at 67.1% with 66.7% of the year elapsed.    

Fund Balance

SHD’s Fund Balance is comprised of the following amounts as of August 31, 2019. 

Non-spendable items are comprised of Vital Statistics Fees due to the State of Washington that are remitted quarterly and some payroll-related accruals.