Tucana board approves agenda, August minutes and financial report after finance briefing

The Tucana board approved the meeting agenda, adopted the August minutes and accepted the financial report during its regular meeting. The approvals were carried by roll call votes following a detailed finance briefing.

The finance presenter, identified in the meeting as Mister Marsh, summarized the board’s balance sheet and profit-and-loss figures. Marsh reported “total bank accounts, $685,226.19,” and said that cash was down roughly $132,000 from the prior month because multiple federal payments that had arrived in July were absent in August. He added that the shortfall appears to be timing-related: “they haven't paid us for our month yet.”

Marsh told the board that receivables included a “due from federal” of $385,147.95 and a “due from state” of $275,845.93. He also reported prepaid expenses of $112,173.92 and accounts payable of $195,556.97. Marsh said the liability “due to state” had fallen to $105,059.48 from the prior month’s roughly $224,000.

On revenue, Marsh said passenger fares were $167,596 for the period, up about $19,700 from the prior month, and local contributions (primarily property tax from the city of Benton Harbor) were $170,942. He reported state operating grants at $1,113,649 and federal operating grants at $1,308,665.14. Marsh noted that federal capital grants that had previously funded bus purchases were lower compared with the prior year, saying federal operating grants were down about $1.7 million year over year because of prior-year capital receipts.

On expenses, Marsh identified labor and fleet repair as major drivers and said depreciation was the single largest item under “other expenses.” He reported total operating expenses of $2,912,404, depreciation of $594,357 and a net loss of $566,963 for the period. “That is due to the decrease in the federal capital grants and then the increase in expenditures that we’ve seen in fleet repair, insurance,” Marsh said.

Board action: The board voted on routine procedural items and the finance report as follows.

Votes at a glance: - Motion to approve the meeting agenda. Mover: Mister Nesbitt; second: Mister Singleton. Roll call: Mister Singleton — yes; Mister Nesbitt — yes; Jackson — yes. Outcome: approved. - Motion to approve the August minutes. Mover: not specified in the transcript; second: not specified. Roll call: Mister Singleton — yes; Mister Nesbitt — yes; Jackson — yes. Outcome: approved. - Motion to approve the financial report as presented. Mover: not specified in the transcript; second: not specified. Roll call: Mister Singleton — yes; Mister Spencer — yes; Jackson — yes. Outcome: approved. - Motion to accept the director’s report as presented. Mover: not specified in the transcript; second: not specified. Roll call: Mister Singleton — yes; Mister Nesbitt — yes; Jackson — yes. Outcome: approved.

The finance presenter offered to answer questions after the briefing; board members asked none that were recorded in the transcript. Marsh cautioned that federal payment timing remained irregular and said he expected several months’ payments might arrive together in September, which would alter cash balances.

Ending: Board members proceeded to the director’s update and other agenda items after approving the financial report and procedural motions.