HomeMy WebLinkAbout20151253.tiff OFFICE OF THE PUBLIC TRUS FEE av,
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WELD COUNTY, COLORADO r
CO .wTY -
April 22, 2015
RECEIVED
Barbara Connolly, Controller 4f.
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Weld County Accounting Dept.
PO Box 758 �+Wq-�ELD COUNTY
Greeley, CO 80631 COMMASSIONFRS
Dear Barb:
Enclosed are the first quarter 2015 Profit&Loss statement and Summary of Accounts along
with the signed and notarized Acknowledgement. First quarter 2015 net income totaled a
negative $1,963.37. Consequently,there are no excess funds for first quarter 2015.
As reported by the Division of Housing, foreclosure filings statewide were down. For the full
year of 2014, foreclosure filings were down 26.7 percent compared to the full year of 2013,
dropping from 15,333 in 2013 to 11,234 in 2014. In Weld County, 2013 foreclosure filings
totaled 820 and 2014 foreclosure filings totaled 602 for a decrease of 27 percent.
According to CRS 38-37-104(3), if, in any particular quarter,the Public Trustee's operating
expenses exceed the fees collected in the quarter, the Public Trustee may draw on the special
reserve fund to cover operating expenses for that quarter.
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 2014 totaled
$368,166.21. This is the amount that the Public Trustee must hold in a separate interest-bearing
account. The balance in the Reserve Fund is $368,133.00 just a few dollars less than the 2014
operating expenses of$368,166.21 so any excess funds will be deposited into the reserve to
bring the total up to $368,166.21.
Let me know if you have any questions.
S. e1y,
N quez
Public Trustee
Susie Velasquez,Public Trustee
1701 23"Avenue,Suite 2.50,Greeley, CO 80634
Q,pdrt5 (970) 352-4365
www.wcpto.com
2015-1253
Weld County Public Trustee
Profit& Loss
January to March 2015
Profit and Loss Jan - Mar
Ordinary Income/Expense
Income
4000 Foreclosure Revenues 30,155.51
4012 Release Revenues 56,415.00
4022 Miscellaneous Revenues/Fees 2,556.39
4300 Interest Revenues 239.07
Total Income 89,365.97
6300 Cost of Foreclosures 11,913.90
6302 Cost of Releases 77.86
Total Cost 11,991.76
Gross Profit 77,374.21
Expense
6200 Charges for Service 1,697.09
5200 Personnel expenditures 65,607.76
6280 Operating and Maintenance 12,032.73
Total Expense 79,337.58
Net Ordinary Income Second Quarter -1,963.37
Other Income/Expense
6875 • Net Income -1,963.37
SUMMARY OF ACCOUNTS
WELD COUNTY PUBLIC TRUSTEE
FIRST QUARTER-JANUARY TO MARCH 2015
OPERATING ACCOUNT
December 31, 2014 BEGINNING BALANCE $ 15,901.36
Excess cash over expense: $ 2,505.68
March 31, 2015 ENDING BALANCE $ 18,407.04
ESCROW ACCOUNT
December 31, 2014 BEGINNING BALANCE $ 120,765.36
Excess cash over expense: $ 86,723.95
March 31, 2015 ENDING BALANCE $ 207,489.31
SPECIAL RESERVE FUND
December 31, 2014 BEGINNING BALANCE $ 370,639.00
Excess cash over expense: $ (2,506.00)
March 31, 2015 ENDING BALANCE $ 368,133.00
1st Quarter 2015 Interest Earned on Reserve $ 94.00
2014 Operating Exp. 368,166.21
WELD COUNTY PUBLIC TRUSTEE
Weld County, Colorado
First Quarter Report of Receipts & Expenditures
January to March 2015
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.
R ectfully submitted,
tkasquez,$ibliz stee
STATE OF COLORADO )
COUNTY OF WELD )
This instrument was acknowledged before me this 22nd day of April 2015 by Susie Velasquez
as the Public Trustee for the County of Weld, State of Colorado.
Witness my hand and seal
E M' ST Notuy Public
My Commission Expires 04/20/2016
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Acknowledgement
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