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8A Wednesday, Jan. 12, 2011 Indian Valley Record
Mona Hill finance committee; Kathy on the matter at a specialtalofnine. Plumas County residency,
Staff Writer Price and Bill Wickman will meeting set for Jan. 13. Flanigan, Price and Chief appreciation of rural life,
mhill@plumasnews.com sit on the medical policy The special meeting will Financial Officer John and a vision for cost contain-
committee, primarily be a closed meet- Nadone will review the CEOment and new revenue op-
At their first regular meet- Board members also dis- ing, related to the ongoing job description and reportportunities.
ing of the new year, Thurs- cussed a change of time for search for a permanent chief back at the next meeting.
day, Jan. 6, Plumas District regular board meetings to 5 executive officer. Directors also discussed aAudit report
Hospital (PDH) board mere- p.m. instead of 4:30. The lo- Satterfield reported the variety of desirable qualifi- The board also heard an
bers elected Valerie Flani- cation and date adminis- current field of CEO candi- cations for the position, as audit report for fiscal years
gan president of the board trative conference room and dates included two internal opposed to requirements. 2009 and 2010 from Bill Pe-
and Kathy Price secret~ry, the first Thursday of the candidates, four out-of-state Among those qualificationsterson, CPA, Matson and
Dr. Mark Satterfield and month -- remain the same. candidates and several oth- were five years in a health- Isom. Peterson's verbal re-
John Kimmel will sit on the The board will take actioners from California for a to- care administrative role, port detailed a great deal of
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positive financial news for
the district.
The district's operating
revenue, derived from pa-
tient services and other op-
erating revenue, decreased
slightly from $19.9 million in
2009 to $19.5 million in 2010.
Substantial decreases in
the cost of employees' health
insurance and pension and
in the district's liability in-
surance more than offset the
drop in operating revenue
for an operating income of
$148,716.
While modest, that figure
represents an income in-
crease of about $340,000 over
2009's operating loss of
$195,274. Peterson told the
board breakeven operating
income for a hospital the
size of PDH is a significant
achievement.
Kimmel noted that in
eight of the last 11 years,
PDH has been in the black,
however modestly.
The district's regular tax
revenues were down about
$10,000 in 2010, over 2009.
Measure A assessments
jumped to $781,516 in 2010,
from $155,947 in 2009.
As a result, the district's
nonoperating revenues in-
creased to $11.0 million in
2010, from $9.9 million in
2009.
Peterson also provided the
board with a report on the
hospital's financial ratios,
tools analysts use to mea-
sure the fiscal health of an
organization, and compared
them to industry medians
nationally and within Cali-
fornia from 2007 through
2010.
By nearly every measure,
the district has performed as
well as or better than indus-
try standards. For small rur-
al hospitals (one - 49 beds) in
California, the standard is
65.6 days in accounts receiv-
able; the district is at 85.9
days. In general, the fewer
accounts receivable days a
hospital district has, the bet-
ter the financial position.
Peterson said the ratios in-
dicate the hospital district
has a healthy borrowing ca-
pacity that lenders would
probably consider more fa-
vorably.
Bond repayment
Following Peterson's re-
porL Nadone reported that
Measure A bondholder Unit-
ed Healthcare had proposed
generous repayment terms
of the Measure A bonds, a
$3.2 million obligation.
Resident Skip Alexander
summed up Nadone's de-
tailed report on the deal: The
hospital will close the pro-
ject accoun(and give back
$2.3 million, which leaves a
$900,000 balance to be repaid
over five-and-a-half years at
3.37 percent. The district
spent $1.2 million on plans,
permits and other "soft" pro-
ject costs.
The first payment is due
Aug. 1, 2011 and semi-annu-
ally thereafter in February
and August until 2016.
Nadone concurred with
Alexander's summary and
added that United Health-
care did not even ask for
closing costs back.
Directors unanimously ap-
proved Resolution 2011-01 by
roll call vote, authorizing re-
payment on those terms.
Kimmel said the board
hoped that by 2016, when fi-
nal payment was due, the
hospital would be in a posi-
tion to continue its facility
improvements.
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