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FINANCIAL STEWARDSHIP

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The healthcare funding environment was, once again, extremely challenging this past fiscal year as the hospital dealt with overall funding reduction culminating over the past four years due to the Health System Funding Reform by the Province. Strategically, STEGH continued on its Lean transformation journey which was launched in 2011. This approach shifts focus to designing safe, quality-driven care and service around the patient experience, and enabled STEGH to meet our increased funding pressures by reducing waste.  From a financial perspective, this change in thinking and in practice at STEGH has helped us to do more with less, but also to receive additional ‘incentive’ funding as we exceeded the targets set by the Southwest LHIN.

Although the hospital ended the year in a deficit position, we met our debt obligations and reduced our long-term debt by $1 million while also investing $4 million in capital equipment and building enhancements.

I would like to take this opportunity to thank all of the staff, physicians, volunteers and auxillians who contribute every day to support the operations of the hospital. Also, thank you to our many donors and volunteers who have contributed over $622,000 towards patient care equipment and over 28,664 hours of volunteer time.  Together we make STEGH strong.

Summary Statement of Financial Position

SUMMARY STATEMENT OF FINANCIAL POSITION  
as atMarch 31, 2016 (000's)March 31, 2015 (000's)
ASSETS
Current Assets8,23411,204
Restricted Assets2542
Capital Assets61,08358,311
Total69,34269,557
LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS
Current Liabilities13,30612,324
Long term liabilities and deferred contributions44,09742,959
Unrestricted Net Assets11,91414,232
Restricted Net Assets2542
Total69,34269,557

 

Summary Statement of Operations

SUMMARY STATEMENT OF OPERATIONS  
Year EndedMarch 31, 2016 (000's)March 31, 2015 (000's)
REVENUES
Ministry of Health and Long-Term Care and South West Local Health Integration Network71,10671,369
Other19,18419,107
Total90,29090,476
EXPENSES
Salaries and benefits54,19153,747
Other36,88236,522
Total91,07390,269
Excess of revenues over expenses from operations(783)207
Other revenue (expenses)(1,553)(1,724)
Excess of revenues over expenses(2,336)(1,517)

 

Summary Statement of Cash Flows

SUMMARY STATEMENT OF CASH FLOWS  
Year EndedMarch 31, 2016 (000's)March 31, 2015 (000's)
CASH PROVIDED BY (USED IN):
Operating Activities5405
Financing Activities2,7035,575
Investing Activities(6,737)(8,935)
Net decrease in cash(3,494)(3,355)
Cash, beginning of year$7,012$10,367
Cash, end of year$3,518$7,012

 

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.

Total Revenue by Type

  • MOHLTC and SW-LHIN – 78.75%
  • Patient – 12.32%
  • Non-Patient – 7.31%
  • Preferred Accomodation – 0.93%
  • Amortization of Deferred Captial Contributions – 0.69%

STEGH Operating Expenses

  • Compensation – 59.5%
  • General Supplies – 15.4%
  • Medical Staff Remuneration – 14.4%
  • Medical and Surgical Supplies – 4.6%
  • Amortization of Equipment – 2.7%
  • Drugs – 3.1%
  • Short Term Interest – 0.1%
  • Bad Debts – 0.1%