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May 29 , 2020
Barbara Connolly , Controller
Weld County Accounting Dept .
PO Box 758
Greeley, C0 80631
Email : bconnolly@co . weld . co . us
Dear Barb :
Attached are the first quarter 2020 Profit & Loss statement and Summary of Accounts. The
amount of excess funds for first quarter 2020 is $41 ; 896 . 23 . This office processed 85
foreclosures and 5,986 releases first quarter 2020 .
As mandated by statute, the Public Trustee must keep a separate reserve fund in an amount
equal to total operating costs of the previous year. The operating expenses for 2019 totaled
$316 , 825 . 80 . Operating expenses for 2018 were $305 ,300 . 38 . Because 2019 total operating
expense were higher than 2018 , the reserve fund must be increased by $ 8 , 177. 79 to bring the
balance in the reserve fund to 316, 825 . 80 . The amount of excess funds to the County is
decreased by $8, 177 . 79 for a total of $33 ,718 . 44 _
A check in the amount of $33 ,718 .44 will be mailed to the Weld County Treasurer for deposit
into the Public Trustee Salary Fund. Please let me know if you have any questions .
incetely, �•.
ie Velasquez
P
Susie Velasquez, Public Trustee
1701 28' Avenuc, Suite 250, Grccicv, CO 6063-1
(970) 3524365
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Weld County Public Trustee
Profit & Loss
January through March 2020
Profit and Loss January - March 2020
Ordinary Income/Expense
Income
4000 Foreclosure Revenues 24,983. 13
4012 Release Revenues 91 , 129.00
4022 Miscellaneous Revenues/Fees 2, 668.64
4300 Interest Revenues 579.65
Total Income 119 ,360.42
6300 Cost of Foreclosures 10,434.31
6302 Cost of Releases 56.53
Total Cost 10,490.84
Gross Profit 108,869.58
Expense
6200 Charges for Service 987/0
5200 Personnel expenditures 55,894. 58
6280 Operating and Maintenance 10,091 .07
Total Expense 66,973.35
Net Ordinary Income Fourth Quarter 41 ,896.23
Other Income/Expense
6875 • Net Income 41 ,896.23
SUMMARY OF ACCOUNTS
WELD COUNTY PUBLIC TRUSTEE.
FIRST QUARTER JANUARY THROUGH MARCH 2020
OPERATING ACCOUNT
December 31,2019 BEGINNING BALANCE $ 60,168.29
Excess cash over expen: $ (7,231.60)
March 31,2020 ENDING BALANCE $ 52,936.69
ESCROW ACCOUNT
December 31,2019 BEGINNING BALANCE $ 530,137.45
Excess cash over expert! $ (163,301.13)
March 31,2020 ENDING BALANCE $ 366,836.32
SPECIAL RESERVE FUND
December 31,2019 BEGINNING BALANCE $ 308,648.01
Excess cash over expen: $ 521.60
March 31,2020 ENDING BALANCE $ 309.169.61
4th Quarter 2019 Interest Earned on Reserve $ 521.60
2019 Operating Exp. 316,825.80
To Public Trustee Salary Fund $ (7,656.19)
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