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GLH first quarter operating loss was $4.93 million, but total profit was $3.08 million

Tuesday, January 18, 2022, 4:13 pm News Flash Archive

Today, the Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting.

Board member Tracy Shelton requested that the Board amend the agenda to add an item for the election of officers. The Board did so.

But according to the Hospital Bylaws, officers serve for a period of 3 years, so the terms of the current officers have not yet expired. Ms. Shelton then requested that the action item be removed from the agenda, and the Board did so.

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an operating loss of $1.88 million in December.

However, due to receipt of $2.39 million in additional America Rescue Plan Act (ARPA) funds, the overall profit was $504 thousand for December.

At the end of December, the usable cash reserves, after netting out the Medicare short term loan which must be paid back, is $14.86 million.

For the first quarter of FY 2021-22, GLH had a net operating loss of $4.93 million, but because of the receipt of $7.90 million in ARPA and other grants, along with other revenue from the sale of assets, the overall profit was $3.08 million.

The Board went into executive session and excluded the media and the public for 68 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, January 18, 2022

John Pittman Hey
The Taxpayers Channel

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