by Sue Wilson, Treasurer
The balance of unrestricted funds as of April 30, 2018 was $5,303,488 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of April 30, 2018, PIF had a balance of $17,789,543 plus $857,500 collected in April that was transferred into the PIF account the first part of May 2018. The Capital Reserve Fund had a balance of $5,161,662 as of month end.
Due to a miscalculation in budgeting annual property assessment income by approximately $600,000 year-to-date, the corporation has not operated within its 2018 budget year to date. This miscalculation will balance itself out by year end and the negative variance from budget will not remain.