Title
Financial Report - Memorial Health System Enterprise
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From:
Kara Skinner, Chief Financial Officer
Summary:
On October 1, 2012, the City of Colorado Springs executed the Memorial Health System (MHS) Operating Lease Agreement and the Integration and Affiliation Agreement by and among the City of Colorado Springs, University of Colorado Health, Poudre Valley Health Care, Inc., and UCH-MHS. The MHS Enterprise endures and is primarily a leasing enterprise.
On September 23, 2014, the City and the Public Employees' Retirement Association executed a settlement agreement resolving pending litigation. Escrow funds were released pursuant to this agreement and residual funds were sent to the Colorado Springs Health Foundation (CSHF) on October 3, 2014. City Finance provided accounting assistance to CSHF through May 31, 2015, including establishing bank accounts, and subsequently transferred $10 million from the MHS Enterprise Fund to CSHF in 2014 per Resolution No. 99-14.
On February 10, 2015, City Council approved the CSHF Board of Trustees' nomination of Cari Davis as the CSHF Executive Director. City Finance will provide support to the Executive Director as she determines the path for financial reporting in 2015. As such, only the monthly cash flow report of revenue and expenditures for the MHS Enterprise is attached.
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