Present:Kenny Walters Also Present:Lynn Stambaugh

Finance Committee

Thursday

January 28, 2016

Dave HesterAlan Palo Joann Billingsley Tammy Gadberry

Bill Tolle

Ron Peters

I. Call to Order

The meeting was called to order at 5:30 p.m.

II. Approval of Minutes

The committee reviewed the minutes from the regular meeting of November 19, 2015, and approved them.

III. Monthly Financial Reports for November 2015

The gross operating revenue for the month was $2,652,458. Contractuals were down considerably from previous month. The net patient revenue for the month was $1,824,176. Other operating revenue was $19,971 for the month. The total operating revenue for November was $1,844,147. The total operating expenses for the month was $1,673,110. The operating profit for the month was $171,037. The operating profit for the year was $483,058. The total non operating revenue for the month was $452,386, which included the annual tax levy. The net income for the month was $623,423 and $1,139,507 for the year.

Cash was up $75,000 from the previous month. Gross accounts receivable was down $1.2 million from previous month. Due from third parties was up from last month, as well as tax funds receivable, which included the annual tax levy. Assets whose use is limited was down $140,000 from the previous month.

Monthly Financial Reports for December 2015

The total operating revenue for the month was $2,986,961. Contractuals were up from the previous month. The net patient revenue for December was $1,908,442. The total operating revenue for the month was $1,926,780. The total operating expenses for the month was $1,782,321. The operating profit for the month was $144,460. The operating profit for the year was $627,517. The total non operating revenue for the month was $23,524. Net income for the month was $167,984, and for the year was $1,307,491.

Cash was down $415,000 from the previous month. Gross accounts receivable was up $278,000 from the previous month. Due from third parties was down slightly from previous month. Assets whose use is limited was up slightly from the previous month.

IV. Transfer of Funds from Assets Whose Use is Limited

Alan Palo requested $239,289.30 to be transferred for the payment to Entec. The committee will recommend to the Board.

V. Telemetry Monitoring System

Lynn Stambaugh requested approval to purchase a telemetry monitoring system of $69,007.64. The committee will recommend to the Board.

VI. FY17 Budget

Alan Palo presented the FY2017 budget. The budget shows a small operating profit, and does not reflect additional providers.

The budget included the following:

2% pay increase for all non-bargaining employees.

3% charge increase for hospital and clinic services.

1% increase for Culbertson Gardens.

The committee will recommend to the Board.

VII. Other

Alan Palo discussed current issues relating to the exchange.

Lynn Stambaugh reported the damage from the power outage was approximately $58,000.

VIII. Adjournment

Having no further business to discuss, the committee adjourned at 6:25.