HDMHCD 2009 Audit

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HI-DESERT MEMORIAL HEALTH CARE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008 THOMAS L. CAMP Certified Public Accountant HI-DESERT MEMORIAL HEALTH CARE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008 INDEX PAGES MANAGEMENT’S DISCUSSION AND ANALYSIS 1 – 8 INDEPENDENT AUDITOR'S REPORT 9 FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2009 AND 2008 Balance Sheets 10 Statements of Operations and Changes in Net Assets 11 Statements of Cash Flows 12 Notes to Financial Statements 13 – 31 Management Discussion and Analysis Hi-Desert Memorial Health Care District June 30, 2009 and 2008 Management’s Discussion and Analysis and Financial Statements This discussion and analysis of Hi-Desert Memorial Health Care District’s financial performance provides an overview of the District’s financial activities for the fiscal years ended June 30, 2009 and 2008. Please read it in conjunction with the District’s financial statements and footnotes, which begin on page 9 of this annual financial report. Unless otherwise indicated dollar amounts are rounded to the nearest thousand. Financial Highlights  The District’s net assets increased by $8,763,000 in 2009 and increased by $187,000 in 2008.  The District reported a gain from operations of $3,454,000 in 2009 and a loss from operations of $828,000 in 2008.  The District received a ...

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• Publié par: Ontea
• Nombre de lectures: 39
• Langue: English

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HI-DESERT MEMORIAL HEALTH CARE DISTRICT   ANNUAL FINANCIAL REPORT   JUNE 30, 2009 and 2008

THOMAS L. CAMP

  Certified Public Accountant

           

HI-DESERT MEMORIAL HEALTH CARE DISTRICT   ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008       INDEX

              MANAGEMENT’S DISCUSSION AND ANALYSIS   INDEPENDENT AUDITOR'S REPORT   FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2009 AND 2008    Balance Sheets    Statements of Operations and Changes in Net Assets    Statements of Cash Flows    Notes to Financial Statements

P AGES   1 – 8 9 10 11 12 13 – 31

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    Management’s Discussion and Analysis and Financial Statements   This discussion and analysis of Hi-Desert Memorial Health Care District’s financial performance provides an overview of the District’s financial activities for the fiscal years ended June 30, 2009 and 2008. Please read it in conjunction with the District’s financial statements and footnotes, which begin on page 9 of this annual financial report. Unless otherwise indicated dollar amounts are rounded to the nearest thousand.   Financial Highlights        The District’s net assets increased by $8,763,000 in 2009 and increased by $187,000 in 2008.      The District reported a gain from operations of $3,454,000 in 2009 and a loss from operations of $828,000 in 2008.       The District received a $4.25 million donation in 2009 from the liquidation of a trust benefiting Hi-Desert Memorial Hospital, Inc., an unrelated charity.      Investments increased by $10.7 million during 2009 and declined by $3.3 million in 2008.      Investment income amounted to $1.4 million in 2009 and $1.3 million in 2008.      Total cash and cash equivalents increased by $531,000 in 2009 and by $245,000 in 2008.   Net patient accounts receivable increased to $8,297,000 in 2009 compared to $8,003,000 in 2008, a 3.7%   increase in 2009 and a 23.5% increase in 2008.      Debt service coverage on outstanding indebtedness increased in 2009 to 7.4x compared to 2.9x in 2008. This is well above the minimum 1.25x required by the Bond indentures.      and by $414,000 in 2008 due to bondNet long term debt decreased in fiscal year 2009 by $634,000 principle payments made on the 1998 and 2002 bond series, amortization of the deferred loss on refunding the 1994 bonds and payments on a capitalized lease for equipment.      The volume of services provided at the Medical Center showed significant increase from 2008, with a 7% increase in acute patient days, and a 15% increase in outpatient visits. Only modest volume increases occurred in 2008 when compared with 2007 service volume.   Annual Report   The District’s financial statements consist of three statements – a Balance Sheet; a Statement of Operations and Changes in Net Assets; and a Statement of Cash Flows. These financial statements and related notes provide information about the activities of the District, including resources held by the District but restricted for specific purposes by contributors, grantors, or enabling legislation.            

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