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CCRPC mid‑year review: cash, reserves and a small year‑to‑date deficit; journal entries approved
Summary
CCRPC staff reported a mid‑year FY21 snapshot with $171,510 in checking, $253,493 in reserves, current assets over liabilities of $717,399 and an unaudited year‑to‑date deficit of $9,417; the committee approved quarterly journal entries and discussed a reduced indirect rate for Jan–June 2021.
Forest Cohen, CCRPC senior business manager, presented the mid‑year FY21 financial review (July 1–Dec. 31, 2020) at the Feb. 3 meeting, reporting $171,510 in operating checking, $253,493 in the money market reserve, current assets over liabilities of $717,399, deferred income for communities/match of $166,301, and a year‑to‑date unaudited deficit of ($9,417).
Cohen said staff expects the second half of FY21 to outperform the first and that the organization is on track for a modest surplus by year‑end. He explained staff will request a reduced indirect rate reimbursement for Jan–June to reduce over‑collection and avoid potential penalties later. "Over‑collecting can result in a penalty two years later, and we want to avoid any future potential penalty," Cohen said.
Committee members discussed interest earnings after moving accounts to Opportunities Credit Union and billing patterns while staff worked remotely; Cohen and Executive Director Charlie Baker noted billing increased as staff took less vacation time. The committee approved quarterly journal entries dated July–December 2020 (motion carried unanimously).
Ending: staff will monitor billing and cash flow and report back as FY21 progresses; the committee concluded the financial portion of the meeting at 6:06 PM.
