Financial Snapshot from June 25, 2025 Board Meeting

RCMS Treasurer’s Financial Snapshot by Drew McCalley
 
As of the end of May, with one month remaining in our fiscal year, our financial condition remains strong.  Primary Care visits and patient service revenue continued to improve in May, though still below budgeted amounts.  Expenses were a bit over budget, due to some timing differences, but the bottom line turned positive for the month, due to receipt of an Employee Retention Credit (ERC) from IRS as a delayed reward for the fact that RCMS retained all employees throughout the pandemic, even as revenues took a dive during that period.  The ERC is a partial refund of employer payroll taxes for that period.  We received another substantial ERC payment in June, which will fill in all of our bottom line deficit year to date.  All of our other revenue sources remained stable, for now, including federal grants and Medi-Cal payment levels.  Despite all of the news about potential cutbacks in federal funding for healthcare, we have ample cash reserves to withstand any funding cuts for an extended period of time.
 
Details on the latest financial results can be found in the board meeting packet for June 25, 2025, on the RCMS website:
Board Agenda and Packet