Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Rutland RPC reports $162,000 net income in December P&L; accounts receivable falls to ~$371,000 by Feb. 11
Summary
Finance staff presented the December 2024 profit-and-loss statement showing roughly $162,000 net income due to a captured state invoice and described revenues and receivables; staff noted certain grants are pending agreements.
At its Feb. 18 meeting the Rutland Regional Planning Commission received its December 2024 financial report, which showed net income of roughly $162,000, finance staff reported.
“Net income of roughly a hundred and 62,000,” said Mary Kaye, staff member, summarizing the December profit‑and‑loss. The finance presentation said the high net income was primarily due to capturing a third‑quarter invoice from the state Agency of Commerce and Community Development (ACCD) of a little more than $161,000.
Mary Kaye summarized the line items and account status: local income is high because towns were invoiced for FY25 dues; the Vermont Department of Environmental Conservation grant line was low because several projects remain in development rather than construction; and a neighborhood development area planning grant uses percentage‑based invoicing rather than reimbursement, producing front‑loaded revenue. The report noted no activity yet on a U.S. Department of Energy EECBG agreement and that the U.S. Department of Labor Work6 grant had low reported revenue, with staff expecting to submit an invoice of roughly $4,600 for October–December expenses.
On expenses, Kaye said audit/accounting costs were high due to payment for the FY24 audit and that insurance had been paid in full. She also said the RPC received about $2,200 from consolidated credit‑card reward points; staff intend to post that revenue to miscellaneous revenue on the January financials rather than the town and organizational support line.
Accounts receivable totaled almost $468,000 as of Dec. 31, Kaye said, which included nearly $37,000 due from the Clean Water Service Provider account. As of Feb. 11, accounts receivable totaled almost $371,000, the report said. The executive finance committee reviewed the report on Feb. 11 and took no action.
Why it matters: the December financials reflect near‑term cash flows, invoicing practices for state grants, and receivables that will affect short‑term operations and cash management. Staff noted several grants and agreements are still pending and will affect future revenue recognition.
No formal motions or roll‑call votes were recorded on the financial report; staff indicated no motion to accept was required.
The commission moved on to subsequent agenda items after the financial presentation.
