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Financial Statements Confirm PRHC Remains in a Stable Fiscal Position

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Financial Statements Confirm PRHC Remains in a Stable Fiscal Position

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Published: 12/17/2014 8:34 PM by  PRHC

  Financial Statements Confirm PRHC Remains in a Stable Fiscal Position

(Peterborough, ON) - Peterborough Regional Health Centre (PRHC) today released restated financial statements for the year ended March 31, 2014.

The restated financial statements include $57 million in previously unrecognized income. When applied against existing liabilities, the result is $32 million in accessible working capital which will go toward partially funding technology and infrastructure needs in support of patient care. The majority of unrecognized income stems from changes to the 2013/14 comparative financial statements.

“Our financial review uncovered accounting errors. While these errors are unacceptable, our review has further confirmed that PRHC remains in a stable financial position,” said Dr. Peter McLaughlin, Interim President and CEO. “This review has also led us to institute stronger financial controls,” he added. One example is the plan to provide independent, internal audit reports to senior leadership and the Board.

The restated financial statements have been examined by independent auditors, and have been reviewed with the Central East Local Health Integration Network (LHIN). The corrections are being accounted for on a retroactive basis, with prior period restatement, in accordance with the Public Sector Accounting Handbook.

Despite the recognition of this income, more than $70 million in unmet medical equipment needs remain outstanding. Fundraising will continue to be critical to the ongoing success of PRHC.

“The PRHC Foundation and our community will continue to play a crucial role in funding the medical equipment and technology that is pivotal to our 2014/17 Strategic Plan,” said Dr. McLaughlin. “Our goal is to provide high-quality care to our patients and their families.
A stable financial position allows us to continue to achieve that goal.”

The restated financial statements can be found on the PRHC website here.

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For more information:
Michelene Ough
mough@prhc.on.ca
705-743-2121 x. 4259

 

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