Our financial position
Condensed Statement of Financial Position as at March 31
| 2011 | 2010 | |
| ASSETS | ||
| Current assets | $60,479 | $36,299 |
| Capital assets | 156,533 | 156,834 |
| Investments | 247,561 | 67,769 |
| Endowment and Trust Funds | 3,981 | 3,981 |
| $468,554 | $264,883 | |
| LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS | ||
| Current liabilities | $181,830 | $148,868 |
| Long-term liabilities | 5,042 | 8,118 |
| Employee future benefits | 15,449 | 14,851 |
| Deferred contributions | 348,357 | 166,971 |
| Net assets | (82,124) | (73,925) |
| $468,554 | $264,883 | |
Condensed Statement of Operations year ended March 31
| 2011 | 2010 | |
| REVENUES | ||
| Ministry of Health and Long-Term Care and Local Health Integration Network – base funding |
$322,090 | $313,078 |
| - One-time and other funding | 22,288 | 24,491 |
| Cancer Care Ontario | 9,728 | 8,112 |
| Patient | 34,425 | 32,877 |
| Preferred accommodation | 4,775 | 6,126 |
| Non-patient | 12,780 | 12,531 |
| Amortization of equipment grants/donations | 4,748 | 5,422 |
| $410,834 | $402,637 | |
| EXPENSES | ||
| Salaries and benefits | $263,974 | $257,869 |
| Medical staff remuneration | 37,988 | 35,962 |
| Supplies and other expenses | 55,802 | 54,547 |
| Medical/surgical supplies and drugs | 48,963 | 47,600 |
| Amortization of equipment and software licenses | 9,153 | 10,081 |
| $415,880 | $406,059 | |
| Deficit from Operations before Other Votes | $(5,046) | $(3,422) |
| Deficit from Other Votes | $(77) | $(78) |
| Deficit before Other Items | $(5,123) | $(3,500) |
| Other Items | $(2,981) | $(2,367) |
| One-Time Funding, Previous Years’ Restructuring | $25,000 | |
| Surplus/Deficit for the Year after One-Time Funding | $(8,104) | $19,133 |
Financial Report – Fiscal 2010-11
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 2010-11 (April 1, 2010 to March 31, 2011) is posted on the NHS website.
The hospital has made significant progress in improving its financial health this past fiscal year.
Our deficit position on our $410-million operating budget at 2010-11 year-end is $5 million. This includes one-time costs of approximately $4 million related to restructuring and the implementation of the Hospital Improvement Plan.
Our financial position is a tremendous improvement since 2008, when our deficit exceeded $18 million, especially given the fact that our annual funding increases have not kept pace with inflation due to the recent economic slowdown.
We continue to use our financial resources effectively and wisely. As planned, we are forecasting a $2.5-million deficit for fiscal year 2011-12 and a balanced budget by 2012-13.
Our staff’s ongoing commitment is to find efficiencies while maintaining service levels, and they are focused on finding new innovative approaches to delivering quality care. «
