Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Report March 2020 topic
No spam. Unsubscribe anytime.
CCRPC reports positive first-quarter results, maintains reserves amid COVID uncertainty
Summary
The CCRPC reported $55,185 net positive income for January—through-March 2020, a checking balance of $366,979 and a money market reserve of $202,121; staff said cash flow is approximately $50,000 below initial projections but adequate for operations.
Forest Cohen, CCRPC senior business manager, briefed the Joint Executive & Finance Committee on financial results through March 31, 2020 at the May 6 remote meeting.
Cohen reported $366,979 in checking, $202,121 in the money market reserve and $124,641 in deferred income designated for communities (match). The January—through-March quarter generated $55,185 of positive income, bringing the fiscal year to within $14,373 of breaking even. Cohen said March produced the largest transportation billing and the largest consultant billing month to date.
Cohen told members the cash-flow projection is running about $50,000 lower than initially projected but remains adequate for operations; he noted that FY2021 will be the real test given COVID-19 uncertainty. Treasurer John Zicconi said the committee prepared well for a down year and expressed general satisfaction with the current figures.
The report was accepted and the Finance Committee portion concluded at 6:01 PM; members had no further questions during the review.
