Audit shows equity rises for Pinecare centers
LITTLE VALLEY — The Pines Healthcare and Rehabilitation Centers in Olean and Machias saw increased equity over the 2007-08 audit period of the county’s two Enterprise Funds, according to a draft audit provided to legislators Wednesday.
Operating revenues increased by about $4 million to $11.8 million during the period for the Olean campus Enterprise Fund, bringing the facility’s $2 million operations loss in 2007 to a $1.5 million income by the end of 2008. The fund equity also increased from $3 million in 2007 to $5.9 million at the end of 2008.
Less dramatic revenue and fund equity increases were also seen at the Machias campus Enterprise Fund, with revenues increasing about $3.5 million to $13.1 million by Dec. 31, 2008, and a loss of $1.9 million in 2007 converted to income of $1.4 million by Dec. 31, 2008. The Machias Campus fund equity saw improvement of about $2.3 million, for a total $4.4 million at the close of 2008.
According to Michael J. Mc- Carthy, a CPA with the McCarthy & Conlon consulting firm, the national and state fiscal crisis could cause further unpredictability for Medicaid reimbursements and other state budgetary changes. “Stay alert to all changes,” McCarthy said in his report.
The cash flow saw significant fluctuations, but much of the additional cash can be traced to an influx of about $1.2 million to each fund from the Intergovernmental Transfer Program, he said. The payment in 2008 provided increased Medicaid reimbursements for public nursing facilities in New York and additional funding is expected in 2009. The audit reports were provided in draft format due to pending litigation.
In another matter, lawmakers were on hand Wednesday for the Cattaraugus County Business Development Corp.’s open house and ribbon-cutting for new offices at 214 Main St. The agency recently moved to the independent location from the Little Valley County Center on Court Street.
Executive Director Daniel P. Harris, Associate Director Matthew J. Keller and Assistant Director Laurie C. Andrews staff the facility, which aims to eventually become self-supporting and now has an operations budget of about $23,000. The agency in 2009 receives an $82,000 sum from the county budget.
A range of services are provided at the new office, including loans under the agency’s Microenterprise Development Fund, business counseling and basic training sessions, assistance with business start-up for entrepreneurs, and other help.
According to Harris, the most recent business development class started Tuesday in Olean with 30 beginning entrepreneurs.
“We put the organization back on track and we appreciate the support from the county for the operating budget,” said Matthew J. Keller in remarks he delivered at the ribbon-cutting ceremony.
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