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Le Mars council accepts Floyd Valley Healthcare audit showing revenue growth
Summary
The council accepted Floyd Valley Healthcare's year-ending 6/30/2025 audit, which reports $65.5 million in operating revenue (about +15% year over year), expenses of about $58.2 million, payroll near $30 million, and a net position of about $51.8 million.
The Le Mars City Council accepted a condensed presentation of Floyd Valley Healthcare's audit for the fiscal year ending June 30, 2025.
Daryl Friedenbach, identified in the meeting as the chief financial officer of Floyd Valley Healthcare, told the council total operating revenues for the year were about $65.5 million, roughly a 15% increase year over year, while total expenses were about $58.2 million, roughly a 12% increase. Friedenbach noted payroll totaled about $30,000,000 and that total assets as of June 30 were approximately $98,600,000 (about a 9% increase year over year). He said outstanding revenue bonds were about $26,100,000 and estimated net position at roughly $51,800,000.
Council members praised the hospital for trends that are uncommon among rural hospitals and noted that growing service lines and specialist recruitment were contributing to the positive financial picture. After the presentation, Speaker 10 moved to accept the audit report for the year ending 06/30/2025; another speaker seconded, those present voted in favor and the motion carried.
No substantive qualifications or audit exceptions were reported in the council presentation; Friedenbach said the audit had been presented in full to the hospital board prior to the council meeting and that the condensed report showed operations and balance-sheet strength. The council did not attach any conditions to acceptance; the acceptance was a formal vote on the council docket.
