STEGH 2014/2015 Annual Report

FINANCIAL STEWARDSHIP

View our financial statement

Condensed Financial Statements Management’s Summary of Financial Results – March 31, 2015
Prepared by Tonya Sheldon, Chief Financial Officer

Summary Statement of Financial Position

STEGH continued its strong financial performance during the past fiscal year. Our current ratio is sitting at 0.90% and we continue to invest in our infrastructure with more than $8.9 million in capital asset additions for the year.

SUMMARY STATEMENT OF FINANCIAL POSITION  
as atMarch 31, 2015 (000's)March 31, 2014 (000's)
ASSETS
Current Assets11,20414,484
Restricted Assets4268
Capital Assets58,31153,795
Total69,55768,347
LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS
Current Liabilities12,32412,233
Long term liabilities and deferred contributions42,95940,323
Unrestricted Net Assets14,23215,723
Restricted Net Assets4268
Total69,55768,347

 

Summary Statement of Operations

STEGH ended the year with a surplus from operations of $207,000 or an operating margin of 0.2% of total revenues. This financial performance is a result of our ongoing transforming care journey, where we strive to improve efficiencies by a continuous improvement mindset at all levels of the organization. This focus on continuous improvement allows STEGH to absorb fluctuations in our HSFR funding.  

SUMMARY STATEMENT OF OPERATIONS  
Year EndedMarch 31, 2015 (000's)March 31, 2014 (000's)
REVENUES
Ministry of Health and Long-Term Care and South West Local Health Integration Networy71,36968,429
Other19,10718,547
Total90,47686,976
EXPENSES
Salaries and benefits53,74750,416
Other36,52235,975
Total90,26986,391
Excess of revenues over expenses from operations207585
Other revenue (expenses)(1,724)5,895
Excess of revenues over expenses(1,517)6,480

 

Summary Statement of Cash Flows

STEGH has invested more than $5.5 million dollars in clinical equipment, building service equipment, information systems and buildings during the past fiscal year. In addition, STEGH has spent $3.4 million in redevelopment costs this fiscal year, which is funded on a cost share basis with the Ministry of Health and Long-Term Care. Capital spending is financed through a combination of cash generated from hospital operations, deferred contributions from both levels of government, and $653,672 from the STEGH Foundation.

SUMMARY STATEMENT OF CASH FLOWS  
Year EndedMarch 31, 2015 (000's)March 31, 2014 (000's)
CASH PROVIDED BY (USED IN):
Operating Activities511,110
Financing Activities5,5759,771
Investing Activities(8,935)(9,976)
Net decrease in cash(3,355)10,905
Cash, beginning of year$10,367$537
Cash, end of year$7,012$10,367

 

Basis of Presentation

The information contained in the summary financial statements is in agreement with the related information in the complete audited financial statements. The summary financial statements contain major subtotals and totals from the complete audited financial statements.

STEGH Operating Expenses

  • Compensation – 59.6%
  • General Supplies – 14.9%
  • Medical Staff Remuneration – 14.8%
  • Medical and Surgical Supplies – 4.5%
  • Amortization of Equipment – 2.9%
  • Drugs – 3.0%
  • Short Term Interest – 0.0%
  • Bad Debts – 0.1%

Total Revenue by Type

  • MOHLTC and SW-LHIN – 78.88%
  • Patient – 12.44%
  • Non-Patient – 6.56%
  • Preferred Accomodation – 0.98%
  • Amortization of Deferred Captial Contributions – 1.15%