Audited Financial Statements for the year ended 30 June 2013 Director, Finance Report
Western NSW Local Health District 2012 ‐ 13 Year in Review • Increase in Equity of $22.5M to $578.6M • Operating Result $19.5M unfavourable to budget • Need to “Live within our means” This year’s Key Financial Activities • Fixed Asset revaluation • Significant accounting systems changes
Independent Audit Report for the year ended 30 June 2013 The Independent Auditor’s Report by the Auditor General of NSW expressed the following opinion on the District’s financial statements for the year ended 30 June 2013: • Give a true and fair view of financial position, performance and cash flows. • Are in accordance with relevant Legislation and Regulations. The report confirmed that there were no significant matters since the previous year’s report.
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Actual Budget Var. to ‘000 ‘000 Budget F/ (UF) ‘000 Total Expenses 775,203 748,156 (27,047) Total Revenue 776,277 742,718 33,559 Gain/(Loss) on Disposal or Other (1,974) (1,196) (778) Asset Revaluation Surplus 23,740 0 23,740 TOTAL COMPREHENSIVE INCOME 22,840 (6,634) 29,474
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Expenses Actual % ‘000 Employee Related 435,009 56.12% Visiting Medical Officers 57,788 7.45% Other Operating Expense 215,493 27.80% Depreciation & Amortisation 35,195 4.54% Grants 3,651 0.47% Financial Costs 15,238 1.97% Payments to Affiliates 12,829 1.65% Total Expenses 775,203 100.0%
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Other Operating Expenses ‐ Significant items Actual ‘000 Drugs & Blood Products 20,828 Food & Domestic Supplies 16,952 9,614 Fuel Light & Power 19,819 Hospital Ambulance Transport Costs 12,638 Maintenance Goods & Services 23,885 Public Private Partnership Payments 30,738 Special Service Departments
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 • There is an alarming continuing trend of increased and unfunded staffing levels and increased expenditure • Healthcare costs continue to grow at an unaffordable rate • 500 Full time equivalent staff were employed over the last 3 years, of which, 30% did not have funding to support this investment • Services have expanded scope without funding approval. • Acute Care activity exceeded target by 5.3% in ABF funded Hospitals
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Actions commenced to live within our means included r educing premium labour costs for agency doctors and nurses and through permanent recruitment. Achieved to date: • 23% reduction in nursing hours per patient day since a monitoring mechanism was established in January 2013 • 75% reduction in agency nurses from 83FTE to 24FTE. • 32% reduction in overtime from 123FTE to 83FTE
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Revenue Actual % ‘000 Ministry Recurrent Allocations 621,514 80.07% Ministry Capital Allocations 34,491 4.44% Crown Acceptance of Employee 11,492 1.48% benefits Sale of Goods & Services 83,074 10.70% Grants 16,399 2.11% Other 9,307 1.20% Total Revenue 776,277 100.0%
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Sale of Goods & Services – Significant items Actual ‘000 Patient Fees 40,328 Department of Veterans’ Affairs 12,188 Use of Hospital Facilities 9,270 High Cost Drugs 7,506 Motor Accident Authority 2,549 Multi Purpose Service Centre Fees 6,255
Western NSW LHD Statement of Comprehensive Income for the year ended 30 June 2013 Fees Revenue Increases Achieved 16% improvement across all Patients fees 19% improvement in Private Single room 90% increased Medical Specialists fees. A sustained increase over last 3 years. Other New billing system (PBRC) On line claiming system for clinic billing Electronic extract/interface of billing data
Western NSW LHD Statement of Financial Position for the year ended 30 June 2013 2013 2012 Inc /(Dec) ‘000 ‘000 ‘000 Current Assets 42,112 40,998 1,114 Non Current Assets 802,078 781,075 21,003 Total Assets 844,190 822,073 22,117 Current Liabilities 103,105 103,431 (326) Non ‐ current Liabilities 162,440 162,473 (33) Total Liabilities 265,545 265,904 (359 ) Net Assets/ Total Equity 578,645 556,169 22,476
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