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File #: 16-00051    Version: Name:
Type: Informational Report Status: Filed
File created: 1/13/2016 In control: Council Work Session
On agenda: 2/22/2016 Final action: 2/22/2016
Title: Financial Report - Memorial Health System Enterprise Presenter: Kara Skinner, Chief Financial Officer
Attachments: 1. MHS Enterprise Financial Report_02 22 16

 

 

Title

Financial Report - Memorial Health System Enterprise

 

  Presenter: 

Kara Skinner, Chief Financial Officer

 

Body

  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 has subsequently made the following transfers from the MHS Enterprise Fund to CSHF:

                     $10 million in October 2014 per Resolution No. 99-14
                     $1,345,000 in January 2016 per Ordinance No. 15-101

On November 11, 2015, City Council adopted Resolution No. 109-15 approving a Funds Management Agreement between MHS Enterprise Fund and CSHF.  This agreement provides greater clarity to how lease proceeds will be transferred to CSHF and how CSHF will invest funds.  Transfers will be presented to Council on this monthly cash flow report.

The monthly cash flow report of revenue and expenditures for the MHS Enterprise is attached.

 

  Previous Council Action: 

N/A

 

  Background:

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  Financial Implications:

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  Board/Commission Recommendation:

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  Stakeholder Process:

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  Alternatives:

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Recommended Action

  Proposed Motion:

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Summary of Ordinance Language

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