Muskoka Algonquin Healthcare (MAHC), together with the North Simcoe Muskoka Local Health Integration Network (NSM LHIN), is pleased to announce that the Ministry of Health and Long-Term Care has provided MAHC with $2.3 million in one-time funding for the current year that ends March 31, 2017.
The one-time funding will address MAHC’s operating shortfall and will be used to achieve a balanced budget for fiscal year 2016-17. Without this funding announcement, MAHC was projecting a $2.3 million operating deficit.
“On behalf of the Board of Directors, I want to thank the Ministry for recognizing our financial challenges and the NSM LHIN for their support in helping us avoid another deficit year, and MAHC’s Senior Leadership Team for their diligence in addressing our budget challenges,” says Evelyn Brown, Board Chair. “Last year was our first deficit year after five consecutive balanced budgets and these funds are critical to ensuring we can balance the 2016-17 budget at the end of March.”
With this announcement of one-time funding only, MAHC anticipates our budget challenges will continue next fiscal year, says Natalie Bubela, Chief Executive Officer at MAHC.
“We are so very pleased to be receiving this one-time funding, but we also recognize it is not a long-term solution to MAHC’s ongoing financial challenges,” says Bubela. “In other words, the $2.3 million in operating shortfall that this one-time funding will address will continue forward in future budgets along with any other inflationary cost increases through labour, drug and supply costs, utilities, etc.”
“I would also like to recognize our staff, physicians and volunteers for their dedication to patient care despite ongoing operating challenges,” says Bubela. “We have all worked very hard to try to reduce our costs and I want to acknowledge our teams for their efforts despite the uncertainty generally associated with projected deficits.”
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