Village budget workshop finds Wauneta Care & Therapy Center fiscally sound for upcoming year

The Village of Wauneta Board of Trustees met Aug. 30 to go over Wauneta Care & Therapy’s budget report. Marcy Luth with Almquist Maltzah Galloway & Luth Certified Public Accountants was present  for the workshop.
    In spite of continued lagging Medicaid reimbursements during the past fiscal year at Wauneta Care & Therapy Center creating operation losses, the village-owned facility continues to remain sound.
    Luth explained that everyone in the business currently has higher costs due to the lack of funds within Medicaid. She also noted that all of Nebraska’s economy is currently struggling which ultimately affects everything.
    One of the financial highlights that was brought to the boards attention was the home’s net position decrease of $56,148 as a result of the year’s operations. The assets of the facility also exceeded its liabilities at the close of the most recent fiscal year by $684,321 (net position). Of that amount $429,197 is unrestricted.
    Operating revenues have increased $220,758, a 10 percent increase, and operating expenses have increased $193,239, 8.6 percent. As a result, the operating loss was $5,705 compared to an operating loss of $33,224 the prior year.
    At the end of the year, the nursing home has $361,931 of revenue bonds outstanding. On June 22, 2012 the Village issued a $500,000 of Nursing Home Revenue Bonds to help purchase and continue operations.
    The Village of Wauneta established a $43,000 bond reserve fund when the bonds were issued in 2012. At June 30, 2017 and 2016, the balance in the bond reserve fund was $43,406 and $43,340, respectively, in compliance with the bond covenants.
    The board discussed concern with the rise in nurse salary. Luth noted that rural health care does a good job in shifting around staff during times of fluctuation. She also said that she doesn’t believe the nursing home is out of line with other facilities.

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