The balance of unrestricted funds as of September 30, 2015 was $8,770,153 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, 2015, PIF had a balance of $3,449,344 plus $498,000 collected in September that was transferred into the PIF account the first part of October 2015. The Capital Reserve Fund had a balance of $5,000,044 as of September month end.
The corporation has operated within its budget for the 2015 fiscal year.
Investment Report 3rd Quarter 2015:
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 third quarter, $2,490,341.77 of the $2.5M unrestricted cash reserve has been invested in various FDIC insured certificates of deposit.
As of September 30, 2015, RCSC had invested $4,960,500.00 of the $5,000,044 in the restricted capital reserve in various FDIC insured certificates of deposit.