Benzie County Administrator Chris Olson provided the following information about the Maples nursing home’s financial situation to the Benzie County Board of Commissioners on Tuesday:
- Monthly cash flow at the Maples is approximately $450,000. Monthly expenses are estimated at $500,000. The Maples owes the county $484,000 for loans to help cover payroll.
- The Maples is unlikely to secure loans in the private sector.
- Operating accounts are at a low point, with no fund balance to rely on to tide the facility over.
- The Maples’ financial hardships is not tied to the proposed construction of a new facility that is scheduled to break ground in June.
- The Maples has witnessed some positive upticks in business, but the scope of those improvements is not large enough to overcome current financial conditions.
- The Benzie County Department of Human Services needs to make a business case for repayment of $484,000 to the county, as well as offer a plan for long-term stability.
- Accountability measures need to be built in to the facility’s regular reports to the county.