Commissioner Terry Tomassetti says the report reviewed pension contributions since 2002 and the impact on the Home's pension obligation and says the Home's total unfunded pension obligation for its employees from 2002 through 2012 was listed at $9.9 million, while the average annual operating loss from 2005 through 2011 after factoring in the unpaid annual pension contribution was $1.1 million.
Tomassetti says the report also shows that liabilities and expenses arising from selling the facility range from $13.4 million to $16.5 million leaving little or no profit at the list price of $13.5 million.
Tomassetti says he anticipates the actual conditions of sale to be approved on Thursday.
Tomassetti says despite significant improvement under the management of Affinity Health Services since it was hired in 2008, the Valley View Home continues to operate at a loss since it cannot make the required defined benefit pension contributions.
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