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HealthWest reports $9.3 million cash balance, positive variance through November
Summary
HealthWest Chief Financial Officer Allison Carlson presented a preliminary financial summary to the Muskegon County Human Services Committee showing a $9.3 million cash balance as of Nov. 30 and a positive net variance through November despite revenue shortfalls matched by lower expenses.
MUSKEGON, Mich. — Allison Carlson, chief financial officer for HealthWest, told the Muskegon County Human Services Committee on Feb. 11 that the agency’s preliminary financial statement through Nov. 30 shows a $9.3 million cash balance and a positive net variance.
Carlson reported HealthWest’s cash balance at $9,300,000 and noted approximately $8,000 in deferred fee-for-service receipts and just under $500,000 in other liabilities. She said the agency’s net revenues versus expenditures were a positive $12,200,000 and that roughly $2,500,000 is held in an equipment revolving fund earmarked for future building or equipment needs.
Carlson also said the agency had received about $3,600,000 less in revenue than anticipated through November but had spent about $3,700,000 less in expenses, a variance that includes timing differences for services invoiced but not yet paid.
She told the committee that the client funds balance sheet and the statement of revenues, expenditures and changes in fund balance show nothing unusual and that the organization is generally “doing very well.” Committee members asked clarifying questions and moved on to the single item for consideration on the agenda.
No formal committee action was recorded for the financial presentation; Carlson’s report was delivered as an informational item.
