Wasco County presented its preliminary June financial report at the July 16 board meeting, with staff warning the numbers are subject to accrual adjustments in July and August.
Finance Director Mike (Finance Director) told commissioners the June figures are preliminary but highlighted three items: investment earnings reported lower than the prior year, an intentional drawdown of the beginning general fund balance, and an administration fund expense execution slightly above the county's legal control level. "We value those each month. That all gets put into the general fund, and that's the discrepancy," Mike said, explaining that the year‑over‑year variance in investment income was driven largely by mark‑to‑market adjustments.
The director said investment earnings were down about 27% from the prior year and attributed roughly $380,000 of that decline to differences in mark‑to‑market valuation for the county's securities portfolio; he added the county holds securities to maturity and does not sell early except when called. Mike also said the county intentionally drew down the beginning general fund balance by about $1,259,000 to move money into reserve funds.
On departmental performance, Mike told the board that most funds and departments finished within their legal levels of control. The administration fund was an exception: expenditures were about $35,000 over the legal control amount, driven primarily by contracted legal and administrative review work. He said one vendor billed approximately $182,000 for administrative contract review work charged to the general fund.
Commissioners asked whether union negotiations or other departmental legal work were included; Mike said the majority of the legal charges reflected administration work but that some legal expenses are booked in other departments. He said staff will use the general governmental operating reserve to cover the overrun and that the budgeting process for next year will better align legal expense estimates with actuals.
The presentation emphasized that final fiscal‑year entries will include accruals through July and August and that the audit work is ongoing. "There'll be some accruals we'll put in through July and August," Mike said, noting the county expects subsequent minimal adjustments when the final audit and allocations are complete.
No formal action was taken at the meeting on the financial report; commissioners asked for continued updates as accruals and the audit proceed.