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SUSIE VELASQUEZ
WELD COUNTY PUBLIC TRUSTEE
809 9th STREET, SUITE 1
GREELEY, COLORADO 80631
PHONE: (970) 352-4365
F X: (970)Ci WEBSITE:
www.wcpto.com
9
COLORADO
April 28, 2011
Barbara Connolly, Controller
Weld County Accounting Department
915 10th Street
Greeley, CO 80631
Dear Barb:
Enclosed are the first quarter 2011 Profit&Loss statement and Summary of accounts along with
the signed and notarized acknowledgement. The amount of excess funds for first quarter 2011 is
$26,466.31.
According to statute, the Public Trustee must pay to the Weld County Treasurer any excess funds
upon approval by the commissioners. Therefore, a check in the amount of$26,466.31 will be
issued to the Weld County Treasurer as soon as the Commissioners' approval is received. The
excess funds check will be issued to the County Treasurer for deposit into the Public Trustee
Salary Fund. At the expiration of the year, the County Treasurer shall then transfer the balance
of the Public Trustee Salary Fund(except any funds in that account that may be needed for the
4th quarter Public Trustee expenses) to the County General Fund as required by statute.
As mandated by statute, the Public Trustee will keep a separate reserve fund in an amount equal
to total operating costs of the previous year. The total operating costs for 2010 were
$481,109.40. This is the amount that must be held in a separate interest-bearing account.
Because the actual expenses for 2010 were less than 2009, the reserve fund is reduced by
$73,353.03 to bring the balance in the reserve fund to $481,109.40. Therefore, a check payable
to the Weld County Treasurer in the amount of$73,353.03 will be issued and included with the
excess funds check to the Treasurer.
Please let me know if you have any questions.
Susie Velasquez
Public Trustee
Enclosures
2011-1121
WELD COUNTY PUBLIC TRUSTEE
Weld County, Colorado
First Quarter Report of Receipts & Expenditures
January 1, 2011 through March 31, 2011
I, Susie Velasquez, upon oath duly sworn, state that the information contained herein is
true and correct to the best of my knowledge and belief.
Respect ad _
Su , e d County Public Trustee
STATE OF COLORADO )
COUNTY OF WELD )
This instrument was acknowledged before me this ) D day of April 2011 by Susie Velasquez
as the Public Trustee for the County of Weld, State of Colorado.
Witness my hand and seal
0 MONO � 99
-sP 0TAR99 Notary u is
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My Commission Expires 04/0'2/2013
SUMMARY
WELD COUNTY PUBLIC TRUSTEE ACCOUNTS
FIRST QUARTER-JANUARY TO MARCH 2011
OPERATING ACCOUNT
January 1.2011 BEGINNING BALANCE $ 216,944.46
Excess cash over expenses $ (104,685.29)
March 31,2011 ENDING BALANCE $ 112,259.17
ESCROW ACCOUNT
January 1.2011 BEGINNING BALANCE $ 687,719.87
Excess cash over expenses $ (575,755.59)
March 31,2011 ENDING BALANCE $ 111,964.28
SPECIAL RESERVE FUND
January 1.2011 BEGINNING BALANCE $ 555,996.92
Excess cash over expenses $ (1,534.49)
March 31,2011 ENDING BALANCE $ 554,462.43
New reserve $481,109.40
Due to Weld County $73,353.03
5:20 PM Weld County Public Trustee
04/16/11
Accrual Basis Profit & Loss
January through March 2011
Jan-Mar 11
Ordinary Income/Expense
Income
1-1000• Foreclosure Revenues 255,068.96
1-2000-Release Revenues 60,534.75
1-6000-Interest Revenues 657.65
Total Income 316,261.36
Cost of Goods Sold
2-1000•Cost of Foreclosures 129,349.55
2-2000•Cost of Releases 38,073.00
Total COGS 167,422.55
Gross Profit 148,838.81
Expense
5-0000•Charges for service 8,278.97
3-1000•Personnel Expenditures 91,311.01
4.0000•Operating and Maintenance 22,782.52
Total Expense 122,372.50
Net Ordinary Income 26,466.31
Other Income/Expense
Other Expense
4-1899• Excess Funds to Weld County 132,011.24
Total Other Expense 132,011.24
Net Other Income -132,011.24
Net Income -105,544.93
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