The balance of unrestricted funds as of March 31, 2012 was $11,195,965 which includes a $2.5M cash reserve. Restricted funds includes the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of March 31, 2012 PIF had a balance of $6,231,384 plus $838,100 collected in March that was transferred into the PIF account the first part of April 2012. The Capital Reserve Fund had a balance of $500,000 as of March month end.
The corporation has operated within its budget year-to-date.
Investment Report 1st Quarter 2012:
The first quarter of 2012 had very little activity regarding RCSC’s investments. The new investment policy that will be voted on today by the Board of Directors will be utilized by our bankers/brokers to increase our investment earnings while still protecting our principal.
For the first quarter, our UBS account had an ending balance of $7,213,032.40. This money market account had earned a total of $168.27 in interest.
The Preservation Improvement Fund and Capital Reserve Fund had a balance of $6,731,384.25 with a total of $435.66 interest earned year to date.
On March 29, 2012 the Investment Commission agreed to close the PIF account that is currently invested with Wells Fargo, and transfer all funds into a new account with UBS.