HomeMy WebLinkAbout20133099.tiffSUSIE VELASQUEZ
WELD COUNTY PUBLIC TRUSTEE
1701 23th AVENUE, SUITE 250
GREELEY, COLORADO 80634
PHONE: (970) 352-4365
FAX: (970) 352-5091
WEBSITE: www.wcpto.com
MEMORANDUM
To: Barbara Connolly, Controller From: Susie Velasquez, Public Trustee
Re: 3'd Quarter Reports Date: October 29, 2013
Excess Funds
Enclosed are the third quarter 2013 Profit & Loss statement and Summary of Accounts along
with the signed and notarized acknowledgement. The amount of excess funds for third quarter
2013 is $2,309.08.
According to statute [CRS 38-37-104(3)], the Public Trustee must pay to the Weld County
Treasurer any excess funds for that quarter. However, before remitting such excess funds, the
Public Trustee must retain excess funds in the special reserve fund until the reserve fund reaches
an amount equal to the previous year's operating expenses. Therefore, the excess funds of
$2,309.08 must be retained in the public trustee's reserve fund.
Reserve Fund
The 2012 independent audit reduced the reserve from $432,084.11 to $417,494.00 and that
necessitated a payment in the amount of $18,826.05 to the Weld County Treasurer. That
payment was issued with the tad quarter report. Also, based on the independent audit, there was
a balance payable of $78,681.59 and that amount was also paid to the Weld County Treasurer
with the 2nd quarter report.
Because the reserve fund is now below the amount of the 2012 operating expenses, the reserve
fund must be increased to the 2012 operating expenses of $417,494.00 in order to comply with
statute [CRS 38-37-104(3)].
I 1-4-2O13
2013-3099
Weld County Public Trustee
Profit & Loss
July to September 2013
Ordinary Income/Expense
Income
Total Income
Total Cost
Gross Profit
Expense
Profit and Loss
4000 Foreclosure Revenues
4012 Release Revenues
4022 Miscellaneous Revenues/Fees
4300 Interest Revenues
6300 Cost of Foreclosures
6302 Cost of Releases
6200 Charges for Service
5200 Personnel expenditures
6280 Operating and Maintenance
Total Expense
Net Ordinary Income Second Quarter
July - Sept 13
55,803.94
72,150.00
6,551.87
377.50
134,883.31
13,748.59
0.00
13,748.59
121,134.72
8,445.15
93,935.50
16,444.99
118,825.64
2,309.08
Other Income/Expense
6875 • Excess Funds to Reserve 2,309.08
Total Other Expense
0.00
Net Other Income 0.00
SUMMARY OF ACCOUNTS
WELD COUNTY PUBLIC TRUSTEE
THIRD QUARTER - JULY TO SEPTEMBER 2013
OPERATING ACCOUNT
June 30, 2013 BEGINNING BALANCE $ 100,111.34
Excess cash over expenses $ (50,698.72)
September 30, 2013 ENDING BALANCE $ 49,412.62
ESCROW ACCOUNT
June 30, 2013 BEGINNING BALANCE $ 685,041.57
Excess cash over expenses $ (475,766.95)
September 30, 2013
June 30, 2013
September 30, 2013
*Adjusted to reflect Audit
ENDING BALANCE $ 209,274.62
SPECIAL RESERVE FUND
BEGINNING BALANCE $ 419,681.09
Excess cash over expenses $ (49,740.77)
ENDING BALANCE $ 369,940.32
*Reserve (2012 Operating Exp.) $417,494.00
3nd Quarter 2013 Interest earned on Reserve
$ 377.50
WELD COUNTY PUBLIC TRUSTEE
Weld County, Colorado
Third Quarter Report of Receipts & Expenditures
July to September 2013
I, Susie Velasquez, upon oath duly sworn, state that the information contained herein is
true and correct_ta.the best of my knowledge and belief.
Respeetiiilly submitted,
ssquez, Public Trustee
STATE OF COLORADO )
COUNTY OF WELD )
This instrument was acknowledged before me this
Velasquez as the Public Trustee for the County of
Witness my hand and seal
JULIE COLE
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20134016881
MY COMMISSION EXPIREC MARCH 15, 2017
Acknowledgement
I
fi1
day of October 2013 by Susie
of Colorado.-,
Notary Public
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