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Transit commission hears June financial report showing $830,044 in bank accounts
Summary
Commissioners reviewed the June balance sheet and profit‑and‑loss: total bank accounts $830,044.21, receivables about $887,159.72, passenger fares $24,275 for June, and a small fiscal‑year net loss driven by depreciation.
The Benton Harbor Transit Commission reviewed its June financial report, with the finance presenter saying, "So total bank accounts were $830,044.21." The presenter told the commission accounts receivable included roughly $887,159.72 due from other institutions, mainly federal and state sources, and about $103,000 in other receivables related to reimbursements and insurance refunds.
The presenter outlined liabilities and operating results: accounts payable for June were $258,353.68 and payroll liabilities about $5,153.64. Passenger fares for June were $24,275 and the presenter noted a $31,896 tax receipt that month. After recognizing monthly depreciation, the commission's net operating income for June was $20,685.97 but a small net loss of $4,828 remained for the fiscal year. The presenter said the board had reclassified a small insurance‑proceeds balance into a restricted net position for vehicle replacement after discussion with the FTA.
The commission asked to receive either the single‑month packet or the full monthly packet for future meetings; staff agreed to follow up on the preferred print format. No formal action on the budget or millage was taken during the presentation.
