Our Financial Performance
Niagara Health System Annual Report 2008-2009
Browse the report through the links below, or download the PDF version.
Our Financial Performance
The Niagara Health System publishes its audited financial statements every year as part of our financial accountability and responsibility to the community. The complete set of financial statements for fiscal 2008-09 is posted on the NHS website at www.niagarahealth.on.ca.
The NHS ended the year with an operating deficit of $18.4 million, or a negative operating margin of 4.77 per cent, on an annual budget of $370 million.
The auditors expressed no major issues or concerns during the course of the audit.
CONDENSED STATEMENT OF FINANCIAL POSITION as at March 31
|
2009
(000’s) |
2008
(000’s) |
|
|---|---|---|
| ASSETS | ||
| Current assets |
$31,541
|
$24,996
|
| Capital assets |
155,880
|
160,052
|
| Investments |
70,186
|
49,014
|
| Endowment and trust funds |
3,981
|
3,981
|
|
$261,588
|
$238,043
|
|
| LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS | ||
| Current liabilities |
$167,179
|
$149,021
|
| Long term liabilities |
9,736
|
13,784
|
| Employee future benefits |
14,330
|
14,107
|
| Deferred contributions |
163,299
|
134,864
|
| Net assets |
(92,956)
|
(73,733)
|
|
$261,588
|
$238,043
|
|
CONDENSED STATEMENT OF OPERATIONS year ended March 31
| 2009
(000’s) |
2008
(000’s) |
|
|---|---|---|
| REVENUES | ||
| Ministry of Health and Long-Term Care and
Local Health Integration Network – base funding |
$291,798
|
$284,040
|
|
- One time and other funding
|
27,963
|
30,873
|
| Patient revenue from other payers |
32,483
|
33,121
|
| Preferred accommodation |
6,533
|
6,660
|
| Recoveries and miscellaneous |
11,977
|
11,650
|
| Amortization of equipment grants/donations |
7,714
|
5,149
|
|
$378,468
|
$371,493
|
|
| EXPENSES | ||
| Salaries and benefits |
$249,585
|
$244,169
|
| Medical staff remuneration |
34,833
|
35,173
|
| Supplies and other expenses |
55,150
|
54,096
|
| Medical/surgical supplies and drugs |
46,899
|
45,618
|
| Amortization of equipment and software licenses |
10,370
|
10,293
|
|
$261,588
|
$238,043
|
|
| DEFICIT FROM OPERATIONS |
$(18,369)
|
$(17,856)
|
