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Our Island Home 2014TOWN OF NANTUCKET OUR ISLAND HOME - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE 4,611,940$ 4,341,289$ 4,358,260$ EXPENSES 7,258,704$ 7,077,124$ 7,389,471$ NET EARNINGS (2,646,763)$ (2,735,835)$ (3,031,211)$ Transfer from Retained Earnings 351,763$ 474,275$ 620,700$ NET EARNINGS (2,295,000)$ (2,261,560)$ (2,410,511)$ Retained Earnings NET SOURCES/USES: Article 2 - GF Subsidy (Unpaid Bills 2011) Article 16 - Spec Rev Subsidy (settlement) Article 16 - GF Free Cash Subsidy Article 1- GF Free Cash Subsidy (STM 10/2012) Article #- GF Subsidy 2,295,000$ 2,261,560$ 2,295,000$ FY2013 Encumbrance Carryforwards 115,511$ FinCom GF Reserve Fund Transfer Surplus(Deficit)-$ -$ 0$ Certified Retained Earnings For Use in FY2015 2,054,350$ Plus Current Surplus(Less Current Deficit) as of 03/31/2014 -$ Less Voted Use of RE for FY2014 Budget at STM 2013 (348,180)$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)(534,237)$ Projected Balance as of 06/30/2014*1,171,933$ *Revenues remain a projection, until certified by the the Department of Revenue, therefore this is only a projection as of this point in time, until Retained Earnings go through the Certification process. Operating Revenue and Expenditures As of June 30, 2014 FY2014 FY2014 FY2013REVENUEBudget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LYMedicaid Patient Revenue 1,615,820$ 1,604,888$ 1,696,473$ (10,932)$ (91,585)$ 99%-5%Medicare Revenue 259,870$ 159,075$ 259,582$ (100,795)$ (100,507)$ 61%-39%Private Patient Income 1,644,500$ 1,319,864$ 1,879,191$ (324,636)$ (559,327)$ 80%-30%Patient Paid Amount 671,700$ 501,792$ 440,031$ (169,908)$ 61,761$ 75%14%Secondary Insurance 154,020$ 9,283$ 68,713$ (144,737)$ (59,430)$ 6%-86%Prior Year CPE Receipts -$ 1,017,038$ -$ 1,017,038$ 1,017,038$ 100%100%Interest Earned 12,350$ -$ (2,701)$ (12,350)$ 2,701$ 0%-100% Total Revenue*4,358,260$ 4,611,940$ 4,341,289$ 253,680$ 270,651$ 106%6% OPERATING EXPENDITURES WITHOUT DEBT Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LYPayroll - Salary 4,126,409$ 4,141,563$ 3,955,307$ 15,154$ 186,256$ 100%5%Medicare P/R Tax Expense 62,851$ 59,762$ 57,536$ (3,089)$ 2,226$ 95%4%Medical Insurance 828,680$ 935,128$ 800,759$ 106,448$ 134,369$ 113%17%Barnstable County Retirement 648,986$ 645,058$ 597,542$ (3,928)$ 47,515$ 99%8%Contractual Obligations 150,000$ -$ 30,851$ (150,000)$ (30,851)$ 0%0%Utilities 231,110$ 194,071$ 184,984$ (37,039)$ 9,087$ 84%5%Repairs & Maintenance 34,740$ 48,846$ 60,815$ 14,105$ (11,969)$ 141%-20%Food 135,000$ 146,589$ 158,408$ 11,589$ (11,820)$ 109%-7%Professional Services 634,625$ 497,719$ 521,054$ (136,906)$ (23,335)$ 78%-4%Medical Supplies 112,838$ 97,933$ 97,217$ (14,905)$ 716$ 87%1%General Insurance 101,118$ 80,528$ 46,818$ (20,590)$ 33,710$ 80%72%Other Supplies 56,729$ 53,714$ 71,970$ (3,015)$ (18,256)$ 95%-25%Indirect Costs 190,584$ 188,451$ 92,300$ (2,133)$ 96,151$ 99%104%Other 75,802$ 12,807$ 10,746$ (62,994)$ 2,061$ 17%19%Current Year Encumbrances as of June 30 -$ 79,486$ 215,816$ 79,486$ (136,330)$ 100%-63%Transfer to Capital -$ 77,050$ 175,000$ 77,050$ (97,950)$ 0%0%Total Expenditures excluding debt 7,389,471$ 7,258,704$ 7,077,124$ (130,768)$ 181,580$ 98%3% Surplus (Deficit) of Revenue Over Expenditures Excluding Debt (3,031,211)$ (2,646,763)$ (2,735,835)$ 384,448$ 89,071$ 87%-3% DEBT SERVICE Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Principal -$ -$ -$ -$ -$ 0%0%Interest -$ -$ -$ -$ -$ 0%0%NOTES:Issuance Costs -$ -$ -$ -$ -$ 0%0%BAN Costs, Principal, Interest -$ -$ -$ -$ -$ 0%0%Other -$ -$ -$ -$ -$ 0%0%Total Debt Service -$ -$ -$ -$ -$ 0%0% Total - Surplus (Deficit) of Revenue Over all Operating Expenditures*(3,031,211)$ (2,646,763)$ (2,735,835)$ 384,448$ 89,071$ 87%-3% OTHER FINANCING SOURCES Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY General Fund Subsidy 2,295,000$ 2,295,000$ 2,261,560$ -$ 33,440$ 100%1%Voted Use of Certified Retained Earnings 620,700$ 351,763$ 474,275$ (268,937)$ (122,511)$ 57%0%FY2013 Encumbrance Carryforward 115,511$ Total Other Financing Source 3,031,211$ 2,646,763$ 2,735,835$ (384,448)$ (89,071)$ 87%-3% -$ -$ -$ -$ -$ 0%0% BENCHMARKS % of Debt to Operating Expense Policy 0$ 0$ 0$ % of Actual Debt to Operating Expense -$ -$ -$ Certified Retained Earnings 3,411,372$ % of Certified Retained Earnings Used for Operations 18%% of Certified Retained Earnings Used for One Time or Capital Expenditures -$ Gift Funds utilized within 1st quarter: Van donation: $277.58 (handicap lift parts) Other uses not yet paid: Newspaper/magazine subscription, Art and Music therapy programming Other Gift Funds:Kuckowski, Salt Water fish tank maintenance: $5,109.95 *Note: Governments operate on a budgetary basis; therefore revenue earned in excess of the certified budget is not available to offset expenditures in the current fiscal year. Excess revenue and expenditure turnbacks must go through the State of Massachusetts retained earnings certification process before they can be appropriated at a subsequent annual and/or special town meeting. Once certified, retained earnings can only be appropriated at an annual and/or special town meeting. FY2014 Our Island Home Enterprise Budget Update Surplus (Deficit) of Revenue Plus Other Financing Sources Over Expenditures* Financial Highlights As of June 30, 2014 STATISTICS Actual Revenue % Breakdown As of June 30, 2014 Actual Census % As of of June 30, 2014 Current Cost Per Day: $432/day Average Medicaid Reimb: $ 208.06 Private Patient Reimbursement: $420.00 Average Medicare A Reimbursement: $591.33 Average Occupancy Rate: 43 of 45 beds (96%) General: Art program, Music entertainment, Resident Christmas gift: $7,298.87 35% 3% 29% 11% 0% 22% 0% Medicaid Patient Revenue Medicare Revenue Private Patient Income Patient Paid Amount Secondary Insurance Prior Year CPE Receipts Interest Earned 73% 5% 20% 2% Medicaid Patient Revenue Medicare Revenue Private Patient Income Medicaid Pending