2017-18 Financial forecast

The financial forecast for 2017-18 was based on the most current financial results and a review of the status of AMA activities.

AMA Operations:

 

Projected Actual ($ 000’s)

Budget ($ 000’s)

Variance ($ 000’s)

Revenue

Dues

Other

 

17,021

3,685

  

16,931

3,435

 

90

250

Total Revenue

 20,706

 20,366

340

Operating Expenditures

Executive Office

Southern Alberta Office

Corporate Affairs

Public Affairs

Health Economics

Professional Affairs

Priority Projects

 

5,417

751

6,326

2,165

2,424

1,183

1,475

 

5,418

801

6,396

2,165

2,424

1,183

1,975 

 

 

50

70

 

 

 

500

 

19,741

20,361

 620

Transfer to Reserves

965

5

 960

1. Membership was slightly greater than budgeted and the sale of group insurance products exceeded our growth projections.

2. Operating expenditures are primarily comprised of workforce (staff and volunteers) and facility costs. Actual expenditures in these areas are expected to closely match the budget.

3. Priority Projects include activities such as implementation of the governance review recommendations, the insight and engagement project, representation of AHS contracted physicians under the Strategic Agreement and IMIT strategies. We expect roughly $.5 million of the total provision to go unspent this year including a provision of $200,000 for the work of the physician resource plan committee.

Board Reserves:

 

Projected Actual ($ 000's)

Budget ($ 000’s) 

Variance ($ 000's)

Emergency

9,078

9,078

Capital

3,604

3,604

 

Strategic

1,000

1,000

 

 

13,682

13,682

AMA Contingency Reserve

 

Projected Actual
($ 000's)

Budget
($ 000’s)

Variance
($ 000's)

Opening Balance

10,213

11,801

1,588

Net income

472

472 

 

Operating surplus

960

5

955

Negotiations

 (830)

(1,000) 

170

Health System Change

(15)

(150)

135

Strategic Agreement

(150)

(200) 

50 

Income Equity

(400)

(800)

 400

Representation

0

(300)

300

PCN Provincial Framework

(500)

(700)

200

   

9,750

 

9,128

 

622

AMA Agreement

 

Projected Actual
($ 000's)

Budget
($ 000’s)

Variance
($ 000's)

Opening Balance

2,603

2,700

(97)

Net income

40

40

 

Other Agreement
implementation activity

(100)

(280)

180

Section Grants

(298)

(298)

 

System Integration

(645)

(777)

 132

1,600

1,385

215

1. Board Reserves – This is the minimum reserve holdings established by the board for the specified purposes. The board reserves are currently funded at required levels.

2. AMA Contingency Reserve – The opening balance includes a reduction in market value of the building determined in the most recent appraisal. There was underspending against the provisions made for the listed one-time initiatives and the overall contingency is therefore greater than budgeted at the end of the year.

3. AMA Agreement – These one-time funds were provided through the 2013 AMA Agreement and are used to support physicians’ involved in agreement related implementation activity. Some activity was delayed during negotiations which generated one-time savings that will be available for future years.

The AMA advances patient-centered, quality care by advocating for and supporting physician leadership and wellness.