ITEM TITLE:
Approval of Providence Valdez Medical Center 2022 Budget
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $21.4MM
Unencumbered Balance: n/a
Funding Source: Operating Revenues
RECOMMENDATION:
Review and provide consensus approval and/or direction to Providence management
SUMMARY STATEMENT:
• This agenda item presents the proposed 2022 Providence Valdez budget. It is comprised of:
o Medical Center: $18.4MM
o Counseling Center; $1.2MM
o Capital Equipment: $1.8MM
• The management contract between Providence and the City stipulates that budgets will be presented annually by 9/30. This has been a “soft” deadline to facilitate budgeting processes for both entities, and to enable coordination around the City’s annual budget workshops.
• The 2022 budget includes no cash contributions from the City. Historically the City provides cash for operation of the counseling center. As Prov has historically operated at a profit, and has subsequently added to its fund balance, management proposes no such contribution from the City in 2022.
• Prov will continue to provide a cash-transfer for all requested capital projects, which are budgeted in February/March.
• Prov will also provide a cash transfer for the ongoing physicians’ assistance program, which is reflected in the City’s 2022 budget.
• CFO Lindsie King will join the meeting remotely to present the budget and to field questions.