AMA Operations:
|
Budget ($ 000’s) |
Projected Actual ($ 000’s) |
Projected Actual ($ 000’s) |
|
|---|---|---|---|
|
Revenue |
|
|
|
|
- Dues |
16,173 |
19,435 |
19,600 |
|
- Other |
4,793 |
4,248 |
4,793 |
|
|
20,966 |
23,683 |
24,393 |
|
Operating Expenditures |
|
|
|
|
- Executive Office |
3,993 |
4,116 |
4,116 |
|
- Southern Alberta Office |
789 |
853 |
853 |
|
- Operations and Member Services |
10,071 |
10,117 |
10,000 |
|
- Public Affairs |
2,305 |
2,305 |
2,305 |
|
- Health Economics |
2,425 |
3,032 |
2,950 |
|
- Professional Affairs |
2,084 |
2,084 |
2,000 |
|
- Health System Transformation |
1,122 |
1,122 |
1,122 |
|
- Priority Projects |
4,139 |
2,044 |
1,800 |
|
|
26,928 |
25,673 |
25,146 |
|
Transfer to (from) Reserves |
(5,962) |
(1,990) |
(753) |
The summarized budget is presented in the table above (the detailed budget is available on the website here). The budget was based on the Board’s plan to ensure the necessary resources were available to sustain the association and support members while an agreement was being negotiated, and included a balanced use of savings and reserves. The revised budget forecast reflected the more stable environment brought about by an agreement, and the initial steps taken to move toward a long-term balanced budget. The projected actual reflects our best estimate of the financial results to the end of the fiscal year September 30, 3023.
- The original budget was based on a conservative estimate of membership revenue, and we will substantially exceed that mark, with full membership currently exceeding the levels reached prior to the termination of the agreement in 2019 and expected to climb further.
- Operating expenditures are comprised primarily of workforce (staff and physician volunteers) and facility costs. With the new agreement mandates in place, there will be some shift in labor capacity from one-time (contractors) to ongoing (employees), which will reduce overall cost and ensure the necessary workforce to achieve the deliverables set out in the AMA Agreement. There are also new committees and working groups arising from the Agreement (e.g., rates and management committee),
- Budget provisions are made in the Priority Projects line to pursue one-time investment in key areas. The original budget included some provisions that will no longer be required now that an agreement is in place (e.g., legal case, negotiations). These have been removed in the revised budget forecast. The revised budget forecast also incorporates savings derived from the provincial mechanisms in place under the AMA Agreement for negotiating compensation matters and resolving disputes (e.g., stipends, ARPs, etc.). Offsetting a portion of those savings is some additional spending to support physician leaders representing the profession in MAPS and ASI planning, proposal preparation and implementation.
Board Reserves
|
Projected Actual ($ 000’s) |
Budget ($ 000’s) |
|
|---|---|---|
|
Emergency |
10,213 |
10,213 |
|
Capital |
3,508 |
3,508 |
|
Strategic |
1,000 |
1,000 |
|
14,721 |
14,721 |
AMA Contingency Reserve
|
Projected Actual ($ 000’s) |
Budget ($ 000’s) |
|
|---|---|---|
|
Opening balance |
16,339 |
17,001 |
|
Net income |
490 |
500 |
|
Operating deficit |
(5,962) |
(753) |
|
|
10,867 |
16,748 |
- Board Reserves – This is the minimum reserve holdings established by the Board for the specified purposes. The Board reserves are fully funded at required levels.
- AMA Contingency Reserve – This is the reserve available to fund key activities that are cyclical or one-time in nature. A sizable draw from the contingency reserve was planned for 2022-23 in the original budget. However, with the stability provide by the AMA Agreement, we anticipate the draw from the reserve to be much less than budgeted, and the reserves remain at a healthy level.