FY2024 Audit

Description

Audited Financial Statements SAN BENITO HEALTH CARE DISTRICT dba: HAZEL HAWKINS MEMORIAL HOSPITAL June 30, 2024 and 2023 Audited Financial Statements SAN BENITO HEALTH CARE DISTRICT June 30, 2024 Management’s Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Audited Financial Statements Statements of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Statements of Revenues, Expenses, and Changes in Net Position . . . . . . . . . . . . . . . 11 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Supplemental Schedule Bond Covenant Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Independent Auditors Report on Internal Control . . . . . . . . . . . . . . . . . . . . . . 37 38 Management’s Discussion and Analysis SAN BENITO HEALTH CARE DISTRICT June 30, 2024 The management of the San Benito Health Care District (the Hospital) has prepared this annual discussion and analysis in order to provide an overview of the Hospital’s performance for the fiscal year ended June 30, 2024 in accordance with the Governmental Accounting Standards Board Statement No. 34, Basic Financials Statements; Management’s Discussion and Analysis for State and Local Governments. The intent of this document is to provide additional information on the Hospital’s historical financial performance as a whole in addition to providing a prospective look at revenue growth, operating expenses, and capital development plans. This discussion should be reviewed in conjunction with the audited financial statements for the fiscal year ended June 30, 2024 and accompanying notes to the financial statements to enhance one’s understanding of the Hospital’s financial performance. Financial Highlights • Total assets and deferred outflows of resources increased by $5,544,985 over the prior fiscal year due mainly to the increase in cash. Total operating cash and cash equivalents increased by $21,492,104 over the prior year (see the Statements of Cash Flows for changes). Net patient accounts receivable decreased by $1,657,749 which resulted in net days in patient accounts receivable of 29.42 at June 30, 2024 as compared to 32.88 in the prior year.