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Northern Health to Finish Year with Surplus

By 250 News

Northern Health is just days away from finishing its fiscal year with a surplus. 

Chief Financial Officer Barry Cheal has advised the Northern Health Board that as of January 26th , the eleventh reporting period for the year, Northern Health had a surplus of $3.5 million.

The surplus is due to a couple of factors. There was one time funding from the Ministry of Health to reduce wait lists, funding to improve home and community care projects and there was increased revenue from the Workers Compensation Board and treatment of out of province residents.

However, Cheal says when the dust settles at the end of the fiscal year (March 31st), the surplus will be reduced to about $500 thousand dollars.

Cheal says over budget situations with acute care and continued budgetary challenges for home and community care operations are the reason the surplus will be reduced.

There has been a great deal of activity in Northern Health, with surgical cases increased by 10% over the past fiscal year, and expected to increase by another 12 percent in the year ahead.

As for the financial plan for the year ahead, Cheal says the Ministry of Health has confirmed funding will be increased by $25 million dollars, which works out to a 7.5% increase in funding. Cheal says the operating budget being developed will provide for a $2 million dollar contingency fund for 2006/2007

Northern Health CEO Malcolm Maxwell says 25,400 surgeries were performed throughout 05/06 and the new budget is set to handle 29 thousand surgeries.

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