Our financial position
Condensed Statement of Financial Position as at March 31
| 2010 | 2009 | |
| ASSETS | ||
| Current assets | $36,299 | $31,541 |
| Capital assets | 156,834 | 155,880 |
| Investments | 67,769 | 70,186 |
| Endowment and Trust Funds | 3,981 | 3,981 |
| $264,883 | $261,588 | |
| LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS | ||
| Current liabilities | $148,868 | $167,179 |
| Long-term liabilities | 8,118 | 9,736 |
| Employee future benefits | 14,851 | 14,330 |
| Deferred contributions | 166,971 | 163,299 |
| Net assets | (73,925) | (92,956) |
| $264,883 | $261,588 | |
Condensed Statement of Operations year ended March 31
| 2010 | 2009 | |
| REVENUES | ||
| Ministry of Health and Long-Term Care and Local Health Integration Network – base funding |
$313,078 | $291,798 |
| - One-time and other funding | 24,491 | 19,517 |
| Cancer Care Ontario | 8,112 | 8,446 |
| Patient | 32,877 | 32,483 |
| Preferred accommodation | 6,126 | 6,533 |
| Non-patient | 12,531 | 11,977 |
| Amortization of equipment grants/donations | 5,422 | 7,714 |
| $402,637 | $378,468 | |
| EXPENSES | ||
| Salaries and benefits | $257,869 | $249,586 |
| Medical staff remuneration | 35,962 | 34,833 |
| Supplies and other expenses | 54,547 | 55,150 |
| Medical/surgical supplies and drugs | 47,600 | 46,899 |
| Amortization of equipment and software licenses | 10,081 | 10,370 |
| $406,059 | $396,838 | |
| Deficit from Operations before Other Votes | $(3,422) | $(18,370) |
| Deficit from Other Votes | $(78) | $(68) |
| Deficit before Other Items | $(3,500) | $(18,438) |
| Other Items | $(2,367) | $(835) |
| Deficit before One-Time Payments | $(5,867) | $(19,273) |
| One-Time Funding, Previous Years’ Restructuring | $25,000 | |
| Surplus/Deficit for the Year after One-Time Funding | $19,133 | $(19,273) |
Financial Report 2009-10
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 2009-10 (April 1, 2009 to March 31, 2010) is posted on the NHS website.
The NHS received $25 million in one-time funding to assist with expenses that occurred with the 2008/09 implementation of early opportunities in the Hospital Improvement Plan (HIP) and also to address financial expenditures arising from previous years’ restructuring activities.
The NHS also received an additional $14 million in base funding for the year. The annual base funding increase is in recognition and support of the ongoing implementation of the HIP and addresses the acknowledged base funding shortfalls.
The NHS ended the year with a deficit from operations of $3.4 million, or a negative operating margin of 0.85%, on an annual budget of $400 million.
Our staff’s commitment to managing within available resources, plus a combination of cost savings, debt repayment, and new funding support, has made this improvement in our financial position possible.
The auditors expressed no major issues or concerns during the course of the audit. «
