CCRPC committee approves Q2 journal entries, reviews healthy balance sheet and reserve transfer plan

The Chittenden County Regional Planning Commission’s Joint Executive and Finance Committee approved quarterly journal entries for October–December 2022 and reviewed FY23 second-quarter financial results at its March 1, 2023, meeting.

Forest Cohen, senior business manager, presented the financial report for July–December 2022 and said the agency is “slightly under-recovering” on indirect costs, estimating an actual indirect rate around 80 percent compared with the approved 76.8 percent. Cohen attributed part of the variance to staff taking more paid time off in the first half of the fiscal year, which reduced billable hours.

The committee reviewed balance-sheet figures as of Dec. 31, 2022: cash in checking $308,058; cash in money market (reserve) $308,464; and current assets over current liabilities $944,653. Members also noted deferred income for communities/match totaled $194,862 and that $98,151 of ACCD funds had been used toward MPO match through Dec. 31, 2022.

Forest Cohen said that before allocating local dues to match expenses, the organization showed expenses exceeding revenues by about $58,000, driven largely by indirect-cost differences and the seasonal mix of billable versus non-billable hours. To smooth cash flows, staff allocated $57,850 of local dues to match the first half of FY23 expenses and said further allocations would occur in March and June.

Committee members discussed moving funds from the operating account into the money-market reserve to earn higher interest. Charlie Baker, executive director, and Forest Cohen said they planned to transfer funds soon and that the cash-flow targets indicate potential to move more than $75,000 into reserves.

Jeff Carr moved and Chris Shaw seconded a motion to approve the quarterly journal entries; the motion carried unanimously.