MAHC Posts Surplus For 2017/2018

Posted: 2018-06-26 07:24:23 By: hbr

Muskoka Algonquin Healthcare (MAHC) says they realized a modest operating surplus for the 2017-2018 budget year, achieving its sixth balanced budget in the last seven years.

Incoming Board Chair Phil Matthews says “The Board of Directors and Administration have worked very hard to reduce and eliminate operating shortfalls despite unique challenges we face under the funding formula,”

To balance and post an operating surplus, MAHC had to overcome a $4.6-million budgeted operating deficit by reducing costs where possible and by advocating for additional funding.

The positive year-end position is thanks to over $3 million in additional funding from the province, $740,000 in increased patient-related revenues, and approximately $735,000 in cost savings.

On the heels of receiving the 2017-2018 audited financial statements, the Board of Directors approved a $79.5 million operating budget for 2018-2019, which because of the current funding formula and without additional funding equates to a budgeted operating shortfall of $2.5 million at this time.