Third quarter 2009-2010 financial results released

EDMONTON, AB – Alberta Health Services on February 18th released third quarter financial results for the 2009-2010 fiscal year reflecting Alberta Health Services’ commitment to transparency and accountability.

The actual operating deficit for the nine months ending December 31, 2009, was $378M, compared to the year-to-date budgeted deficit of $450M.

Total actual revenues of $7,168M and total actual expenses of $7,546M to December 31, 2009, were both slightly better than budget, primarily due to reductions in discretionary spending and administrative savings, which include vacancy management and centralized procurement strategies.

The operating deficit projected for this fiscal year is $812M, compared to the budgeted deficit of $885M. The forecast may change due to, among other things, the benefits actually realized on savings initiatives for the remainder of this fiscal year.

The accumulated deficit at December 31, 2009, was $767M, compared to $343M at the beginning of the year. The budgeted accumulated deficit at March 31, 2010 is $1,273M; the forecast accumulated deficit is $1,238M.

Alberta Health Services is managing operational and financial risks while continuing to balance access, quality and sustainability.

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Summary

Third quarter results compared to budget on December 31, 2009

• Current operating deficit is $378 million ($72 million better than budgeted $450 million)
• Total current revenues of $7,168 million ($47 million better than budgeted $7,121 million)
• Total current expenses of $7,546 million ($25 million better than budgeted $7,571 million)

Year-end forecast compared to budget

• Current forecasted operating deficit for the fiscal year is $812 million ($73 million better than projected $885 million)

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