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Finance staff reports $567.1 million cash-basis balance; $2 million bond repayment made in June
Summary
Finance staff reported cash-basis year-end results: $567.1 million available on a cash basis, month operating activity of $1.2 million, year-to-date negative contribution activity driven by benefits, and an annual $2 million bond repayment to the state of Connecticut.
Dave, the finance staff presenter, reviewed cash-basis results through June and contrasted them with the actuarial (incurred) figures. He said the operating account activity for June was $1.2 million (about $200,000 better than budget), year-to-date operating activity was negative $11.4 million, and the cash-basis fund balance was $567,100,000.
Dave explained the difference between his cash-basis numbers and the actuarial incurred-basis figures (Harindra's $618.9 million) is driven by noncash items such as contributions receivable and the reserve for benefits. He also told the committee the authority made its annual $2,000,000 bond repayment to the state in June and noted remaining bond funds available for next fiscal year activity.
