The balance of unrestricted funds as of March 31, 2016 was $12,410,881 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of March 31, 2016, PIF had a balance of $6,031,910 plus $809,000 collected in March that was transferred into the PIF account the first part of April 2016. The Capital Reserve Fund had a balance of $5,000,044 as of March month end.
The corporation has operated within its budget for the 2016 fiscal year.
Investment Report 1st Quarter 2016:
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 first quarter, $2,488,688.14 of the $2.5M unrestricted cash reserve has been invested in various FDIC insured certificates of deposit.
As of March 31, 2016, RCSC had invested $4,960,500.00 of the $5,000,044 in the restricted capital reserve in various FDIC insured certificates of deposit.