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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

Budget
($ 000’s)

 

21,178

4,477

Revised
Budget
($ 000’s)

  

21,923

4,647

Projected Actual
($ 000’s)

 

745

170
 

 

Budget
($ 000’s)

25,655

Revised
Budget
($ 000’s)

26,570

Projected Actual
($ 000’s)

915
 

Operating Expenditures*

Executive Office

Southern Alberta Office

Operations and Member Services

Public Affairs

Health Economics

Professional Affairs

Health System Transformation

Priority Projects

Budget
($ 000’s)

 

4,444

1,015

10,131

2,383

3,134

2,058

1,212

2,560

Revised
Budget
($ 000’s)

 

4,623

970

9,836

2,371

3,184

1,808

1,106

1,268

Projected Actual
($ 000’s)

 

(179)

45

295

12

(50)

250

106

1,292
 

 

Budget
($ 000’s)

26,937

Revised
Budget
($ 000’s)

25,161

Projected Actual
($ 000’s)

 1,771
 

Operating surplus (deficit) 

Budget
($ 000’s)

(1,283)

Revised
Budget
($ 000’s)

1,409

Projected Actual
($ 000’s)

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

Budget
($ 000’s)

11,213

Projected Actual
($ 000’s)

11,213

 

Capital

Budget
($ 000’s)

4,036

Projected Actual
($ 000’s)

4,036

 

Strategic

Budget
($ 000’s)

1,000

Projected Actual
($ 000’s)

1,000

 

 

Budget
($ 000’s)

16,249

Projected Actual
($ 000’s)

16,249

AMA Contingency Reserve:

 

Budget
($ 000’s)

Projected Actual
($ 000’s)

 

Opening Balance

Budget
($ 000’s)

17,075

Projected Actual
($ 000’s)

18,211

 

Net investment income

Budget
($ 000’s)

683

Projected Actual
($ 000’s)

728

 

Transfer to Operations

Budget
($ 000’s)

(1,283)

Projected Actual
($ 000’s)

1,409

 

Ending Balance

Budget
($ 000’s)

16,476

Projected Actual
($ 000’s)

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.