April 29, 2010
The balance of unrestricted funds as of March 31, 2010 was $9,805,770 which includes a $2.5 million cash reserve. Restricted funds, otherwise known as the Preservation and Improvement Fund (“PIF”), had a balance of $1,664,813 as of quarter end. During our quarterly review with the Budget & Finance Committee, it was requested that the $538,900 PIF paid in March, which is currently reflected in Accounts Receivable, be recorded as PIF pending in the future. It is not until after month end reconciliations that the PIF paid for the previous month is transferred from unrestricted funds into restricted funds.
We have collected 105 Preservation & Improvement Fees more than budget year-to-date; providing RCSC with an overall $210,000 positive variance from budget for the first quarter of 2010.
The corporation has operated within its budget year-to-date.