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2023-24 Budget year-end update

Year-end update on the 2023-24 business plan budget.

AMA Operations:

 

Budget
($ 000’s)

Revised
Budget
($ 000’s)

Projected Actual
($ 000’s)

Revenue

Dues

Other

 

21,178

4,477

  

21,923

4,647

 

745

170

 

25,655

26,570

915

Operating Expenditures*

Executive Office

Southern Alberta Office

Operations and Member Services

Public Affairs

Health Economics

Professional Affairs

Health System Transformation

Priority Projects

 

4,444

1,015

10,131

2,383

3,134

2,058

1,212

2,560

 

4,623

970

9,836

2,371

3,184

1,808

1,106

1,268

 

(179)

45

295

12

(50)

250

106

1,292

 

26,937

25,161

 1,771

Operating surplus (deficit) 

(1,283)

1,409

2,686

Revenues

  1. Membership growth was strong in all categories, with total membership exceeding budget by roughly 675 members.
  2. Other revenue also exceeded budget, led by ADIUM insurance, which saw a growth in member participation beyond budgeted levels.

Expenditures

  1. Operating expenditures are comprised primarily of workforce (staff and physician volunteers) and facility costs. Expenditures in these areas were generally aligned with the budget with some overall savings for the year.
  2. Budget provisions were made under Priority Projects to support business plan priorities detailed in this report. Spending in this area is generally one-time in nature and includes: 
    1. Physician Representation – Representation of members in compensation discussions with AH, AHS and other system partners.
    2. Income Equity – Completion of the IEI measure including the dispute resolution process. 
    3. Rates Review – The formal process outlined in the AMA Agreement. 
    4. Policy Opportunities – System policy work pursued both inside and outside the AMA agreement. The development of the PCCM, implementation of the MAPS initiative and the re-focusing of the Alberta health care system are examples. 
    5. Social Media and Member Engagement - The scale-up of the machinery to support AMA advocacy. 

Overall spending in these areas was less than budgeted for the year.

Reserves

Board Reserves:

 

Budget
($ 000’s)

Projected Actual
($ 000’s)

Emergency

11,213

11,213

Capital

4,036

4,036

Strategic

1,000

1,000
 

16,249

16,249

AMA Contingency Reserve:

 

Budget
($ 000’s)

Projected Actual
($ 000’s)

Opening Balance

17,075

18,211

Net investment income

683

728

Transfer to Operations

(1,283)

1,409
Ending Balance

16,476

20,348
  1. Board Reserves – This is the minimum reserve holdings established by the Board for the specified purposes. The Board reserves are fully funded at required levels.  

  2. AMA Contingency Reserve – This is the reserve available to fund key activities that are cyclical or one-time in nature. The operating surplus for the year was transferred to the reserve, leaving it at a healthy level at the close of the year.