By Michael Kennedy, Treasurer
The balance of unrestricted funds as of December 31, 2014 was $11,510,248 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, 2014, PIF had a balance of $7,597,802 plus $551,500 collected in December that was transferred into the PIF account the first part of January 2015. The Capital Reserve Fund had a balance of $1,500,044 as of December month end.
The corporation has operated within its budget for the 2014 fiscal year.
Investment Report 4th Quarter 2014:
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, the Franklin Templeton unrestricted money market fund had an ending balance of $7,531,629.37 and the restricted Franklin Templeton money market fund had an ending balance of $9,097,845.70.