Petersburg Medical Center had the presentation of its financial audit during the regular meeting of the PMC Hospital Board Thursday evening.
Eric Campbell of Mikunda, Cottrell & Co., Inc. Certified Public Accountants & Consultants of Anchorage presented the audit.
“You have a clean financial opinion for this audit,” Campbell stated. “The total assets were up $1.1 million higher than the previous year and that is cash and receivables.”
Campbell also explained that PMC has $700,000 more cash and liabilities were $2.3 million and that is up by $500,000 from the prior year.
Total assets are $12.6 million and liabilities are $2.3 million. The net assets are $10.3 million this year.
“This is a $600,000 increase from the prior year,” Campbell said. “Net patient service revenues were $11.4 million which is up from $9.3 million the previous year which is pretty phenomenal.”
One main concern for the board were the investments which lost $63,000 this year.
“Last year $530,000 was made by investments,” Campbell stated. “This is something you may want to change in the future.”
The previous year there were $840,000 in grants and this inflates the bottom line from one year to the next, Campbell explained.
Members of the board stated concern regarding the investment portfolio that is only earning an average of 3.4 percent.
“Your total earnings on investments is only $107,000 for over $3 million,” Campbell stated. “That may be something you can change.”
PMC Hospital Board President Tom Abbott explained that next month the board will discuss investment policies and think about possible changes.