by Dave Wieland, Treasurer
The balance of unrestricted funds as of September 30, 2014 was $10,240,755 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of September 30, 2014, PIF had a balance of $11,106,347 plus $626,100 collected in September that was transferred into the PIF account the first part of October 2014. The Capital Reserve Fund had a balance of $1,500,044 as of August month end.
The corporation has operated within its budget for the 2014 fiscal year.
Investment Report 3rd 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.
On September 11, 2014, the RCSC Board of Directors sold both restricted and unrestricted investments in three fixed income funds: Franklin Adjustable U.S. Government Securities Fund Class A, Franklin Low Duration Total Return Fund Class A, and Franklin U.S. Government Securities Series Class A.
• Restricted funds invested were $5,000,000 and were sold for $5,031,264.79.
• Unrestricted funds invested were $2,500,000 and were sold for $2,517,785.39.
At the end of the third 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 $12,606,390.61.