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April P&L shows roughly $136,000 net income; AR and cash flow reviewed
Summary
Staff reported April profit-and-loss showing about $136,000 net income driven by a fourth-quarter ACCD invoice; accounts receivable and updated cashflow projections were discussed and staff said FY25 is expected to end in the black.
Mary Kate Gazzer, staff, presented the April profit-and-loss and accounts-receivable report to the commission on June 9. Gazzer said the April P&L "reflects the net income of roughly a $136,000," primarily because the fourth-quarter ACCD payment invoice was sent in March.
Gazzer walked commissioners through revenue-line variations: several state and federal grant lines (Vermont Agency of Transportation, Vermont Department of Environmental Conservation, US Department of Energy and EPA) were lower than budgeted because projects remain in development or grants were canceled (she said an anticipated EECBG grant was canceled). Gazzer stressed that consultant expenditures are reimbursed and therefore do not materially change net income.
On receivables, Gazzer reported that as of April 30 accounts receivable totaled roughly $304,000, of which about $34,500 are funds to be transferred between internal accounts. She later said the accounts-receivable tally had decreased to roughly $165,000 as of the meeting due to collections and adjustments. Gazzer said staff "completed an updated cash flow and hours projection in May, and, we're anticipating that the FY25 will end in the black." She added the budgeted $18,000 draw from the fund balance reserve is now expected to be unnecessary due to projected cash flows.
Gazzer invited questions and then handed the meeting back to the director. No formal motions or votes on financial policy were taken at the meeting.
