by Michael Kennedy, Treasurer
The balance of unrestricted funds as of December 31, 2015 was $9,894,266 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of December 31, 2015, PIF had a balance of $4,485,846 plus $649,313 collected in December that was transferred into the PIF account the first part of January 2016. The Capital Reserve Fund had a balance of $5,000,044 as of December month end.
The corporation has operated within its budget for the 2015 fiscal year.
Investment Report 4th Quarter 2015:
RCSC’s Investment Policy (Board Policy 33) is stringent in its requirements with the priority of investment objectives to be placed in this order: 1) safety, 2) liquidity, and 3) yield.
At the end of the fourth quarter, $2,489,501.27 of the $2.5M unrestricted cash reserve has been invested in various FDIC insured certificates of deposit.
As of December 31, 2015, RCSC had invested $4,960,500.00 of the $5,000,044 in the restricted capital reserve in various FDIC insured certificates of deposit.
