Financial Forecast
AMA Operations:
|
Projected Actual ($ 000’s) |
Budget ($ 000’s) |
Projected Variance ($ 000’s) |
|
|---|---|---|---|
|
Revenue |
|
|
|
|
- Dues |
18,440 |
15,529 |
2,911 |
|
- Other |
5,847 |
5,847 |
|
|
Total revenue |
24,287 |
21,376 |
2,911 |
|
Operating Expenditures |
|
|
|
|
- Executive Office |
5,565 |
5,515 |
(50) |
|
- Southern Alberta Office |
850 |
850 |
|
|
- Corporate Affairs |
7,302 |
7,302 |
|
|
- Public Affairs |
1,891 |
1,891 |
|
|
- Health Economics |
2,302 |
2,302 |
|
|
- Professional Affairs |
700 |
700 |
|
|
- Health System Transformation |
895 |
895 |
|
|
- Priority Projects |
5,906 |
5,906 |
|
|
|
25,411 |
25,361 |
(50) |
|
Transfer to Reserves |
(1,124) |
(3,985) |
2,861 |
1. The membership has shown strong support for the AMA with retention rates across all member categories ranging from 98% - 109%. As a result, we will substantially exceed our conservative membership budget for the year.
2. Operating expenditures are comprised primarily of workforce (staff and physician volunteers) and facility costs. The operating budget incorporated roughly $3 million in direct savings including reductions in staff salaries, committee honoraria rates and travel and facility costs. Actual expenditures in these areas are expected to closely match the budget.
3. Budget provisions were made under Priority Projects to advance in key areas including:
- Physician representation - In the current environment and without an agreement with government or AHS, negotiations are more local versus provincial and the AMA has needed more assertive approaches.
- Income Equity – Resources are included to complete the overhead, hours of work, training, and market assessment studies this year.
- Advocacy - Resources were included to support a broad range of activity, including social media, earned and paid media and grass roots activity coordinated through the Joint Task Force, to achieve a negotiated agreement with government.
Board Reserves
|
Projected Actual ($ 000’s) |
Budget ($ 000’s) |
|
|---|---|---|
|
Emergency |
10,213 |
10,213 |
|
Capital |
3,508 |
3,508 |
|
Strategic |
1,000 |
1,000 |
|
ACTT RFP |
(250) |
(250) |
|
14,470 |
14,470 |
AMA Contingency Reserve
|
Projected Actual ($ 000’s) |
Budget ($ 000’s) |
|
|---|---|---|
|
Opening balance |
13,660 |
13,120 |
|
Net income |
394 |
394 |
|
Operating deficit |
(1,124) |
(3,735) |
|
|
12,930 |
9,779 |
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 – This is the reserve available to fund key activities that are cyclical or one-time in nature. With the termination of the Agreement and loss of key programs, a sizable draw from the contingency reserve was planned. However, the strong membership retention will result in a much smaller deficit than budgeted and the existing reserve will largely be maintained.
