March 22nd, 2018 by WCBC Radio
After hearing a budget request from Western Maryland Scenic Railroad officials requesting an increase in funding earlier this month- Allegany County Commissioner Bill Valentine is proposing that a business manager be retained to oversee fiscal operations for the tourist train. There are a number of financial red flags: according to the budget, WMSR’s total liabilities come in at $1,342,905.84, with $1,216,953.05 in net assets. Another concern is the organization’s revenue versus liabilities. The WMSR recorded $3,202,757.36 in revenue in fiscal 2017, which includes more than $1 million in state funding for the restoration of steam locomotive No. 1309. Valentine says that while it appears there are solid people in place when it comes to the railroad aspect of the operation- it might be time to bring in a professional to get a better handle on the financial picture…
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