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Le Mars council accepts Floyd Valley Healthcare audit showing revenue growth
Summary
The council accepted Floyd Valley Healthcare's audited financial report for the year ending June 30, 2025; CFO Daryl Friedenbach reported $65.5 million in operating revenues, about a 15% increase year-over-year, and a net position near $51.8 million.
The Le Mars City Council accepted the Floyd Valley Healthcare audit for the year ending June 30, 2025 after a presentation by Daryl Friedenbach, identified in the meeting as the healthcare system's chief financial officer.
Friedenbach summarized key figures from the audit: net operating revenues of $65,500,000 (about a 15% increase over the prior year), total expenses of roughly $58,200,000 (about a 12% increase), and payroll totaling about $30,000,000 supporting more than 360 employees. He said total assets were reported just under $91 million and the system's net position was approximately $51,800,000.
Council members praised the hospital's financial trends as notable for a rural provider. Friedenbach and other hospital representatives said expansions in services, including a growth in maternity deliveries and an expanding ZIP-code footprint for patients, contributed to the revenue increases.
A council member moved to accept the audit report; the motion was seconded and carried on voice vote.
The acceptance places the audit on the record and concludes the city's routine review of the hospital's annual financial statements.
Quote: "So net operating revenues of $65,500,000... That's about a 15% increase over a year ago," said Daryl Friedenbach, CFO of Floyd Valley Healthcare.
The council then proceeded to consider a separate wastewater project bid recommendation.
