qathet Regional Hospital District’s finances are on track for this time of year, hospital board members were told.
At the August 25 hospital board meeting, directors were provided a staff report on the interim financial statements to June 30. According to the staff report, when budgeted costs occur uniformly throughout the year, it is reasonable to expect that 50 percent of the budget will be spent by the end of June. The report stated the only item that is received on a uniform basis in the regional hospital district is the Willingdon Creek Village lease revenue, which is on track.
“Staff do not have any concerns with the financial statements for the period ended June 30,” the report stated.
General manager of financial administration Linda Greenan said one item to note is that the hospital district thought it would be receiving an increase in insurance costs, and it turns out that the hospital district received a considerable decrease.
“The market has softened quite a bit, so we will be under budget with the insurance premiums,” said Greenan. According to a spreadsheet prepared by Greenan, costs, year-to-date, are $45,315.13, but the hospital district had budgeted $165,917.40, for a variance of $120,602.27.
Electoral Area B director Mark Gisborne said that a $50,000 grant to Foundry qathet was showing in the financial statements, but the hospital board had not paid out anything yet because a response is being awaited from the Minister of Health regarding designation of Foundry qathet as a healthcare facility.
Corporate officer Michelle Jones said the hospital district was awaiting a decision.
Electoral Area E director Andrew Fall moved acceptance of the financial report and said he appreciated the information from staff.
“The midway point in the year is always a little bit tricky to interpret,” said Fall. “I appreciate the conciseness in identifying where things are a little bit unexpected.”
He pointed to the financial report indicating that staff had no concerns with the financial statements, so he appreciated it.
Acting chair and City of Powell River director Cindy Elliott asked about the insurance premium being lower than expected. Greenan said the hospital district has not had any claims, and that the market has softened significantly.
“The rates are decreasing in most sectors,” said Greenan.
The board unanimously carried the motion to accept the financial report.
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