MAYVILLE – The Chautauqua County Home will deplete its fund balance and run out of cash by the end of 2013 without financial assistance. That’s according to a report in today’s Jamestown Post-Journal and based on projections released by the Dunkirk skilled nursing facility.
The financial report was commissioned last month by the legislature’s Audit and Control Committee after a resolution to appropriate $500,000 from the county’s fund balance to match a federal grant was drafted. The intergovernmental transfer (IGT) program – could provide the County Home with a multi-million dollar revenue stream, and is dependent on a local share payment from Chautauqua County. The committee and legislature voted to table the resolution until the projection report could be drafted.
The report shows the County Home will run a projected deficit of $3.7 million this year. The home is also expected to use all but $1.6 million of its fund balance this year, which stood at $5.3 million last year. County Home officials stressed the fund balance and cash flow projections are rough estimates and are subject to change.
The financial report will be discussed during an upcoming Audit and Control Committee meeting later this month.
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