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CFO reports December loan close, revenue highs and Medicare clawback at Alva authority meeting
Summary
The authority's CFO reported that the December cash balance rose to $3,091,548 after a loan closed Dec. 10, noted a Medicare cost‑report clawback affecting results, and highlighted December as the highest revenue month with gross patient revenue of about $2.6 million; trustees heard the Trane construction scope but did not vote on it in the provided transcript.
Kelly, the authority's chief financial officer, briefed trustees on November and December financials and highlighted a loan closing and a Medicare cost‑report clawback.
"The cash balance for December was $3,091,548," Kelly said, explaining that the authority closed on a loan Dec. 10 and the funds were reflected in the Dec. 11 bank balance. Kelly described November as a month with an operating loss (net operating loss $365,903; net after sales tax $247,957) and said December was the highest revenue month of the fiscal year with gross patient revenue of about $2.6 million. Kelly also reported that accounts receivable totaled $3,385,354 and AR days improved to about 39.7; the CFO noted a Medicare cost‑report clawback that reduced reported results for the month.
Kelly provided additional detail about operating and nonoperating items: December net operating loss after nonoperating income and adjustments was reported near $621,341 and year‑to‑date loss near $583,338 in the packet discussion; wages and expense timing (quarterly lease payments and cost report items) were cited as drivers of month‑to‑month variation. Kelly said the organization would pursue energy rebates tied to planned facilities projects to recoup costs where possible.
Trustees heard a presentation on a proposed construction agreement with Trane (phase 1, project no. 8088875) that would replace key HVAC equipment, upgrade LED lighting and install a building automation system. Staff said rebates and other energy incentive programs would be pursued; the transcript does not record a formal motion or vote on the Trane agreement in the provided segment.
The CFO said she expects January revenue to come in stronger and described ongoing efforts to reduce AR days and manage payables. The board moved on to subsequent agenda items following the presentation.
