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13 > Image 13 of Minutes of the University of Kentucky Board of Trustees, 2011-02-22

Part of Minutes of the University of Kentucky Board of Trustees

-13- approximately $230 million to $250 million will also be funded by UK HealthCare. The project has generated $72+ million in private sector payroll for the onsite construction and management ofthe project. This translates into construction employment of the equivalent of 300+ full-time people. The estimated vendor impact for the state of Kentucky is approximately $88.6 million. Finally, Dr. Karpf discussed the need for expanded research space and a push for research building #2. Mr. Murray Clark presented the building project update, indicating that Pavilion A will open in May 2011. A ribbon-cutting ceremony is scheduled for May 15. The components of phase 1A, 1B, and 1C are on schedule and under budget. This includes but is not limited to the infrastructure central utilities, building core and shell, first phase of surgery, and the computer servers room. Mr. Sergio Melgar presented the financial report. Comparing the balance sheet at December fiscal 2011 and 2010, cash has decreased by $107.6 million due to the use of cash reserves for the remainder of Phase 1A of the Patient Care Facility project. Accounts receivable have increased $14 million compared to last year, and net patient service revenue increased $20.8 million. The value of board-designated investments totals $201.9 million, which is a $19 million increase from December of last year. Net capital assets have increased $146.9 million due to the planning for the patient care towers, the groundwork on the new site, and the construction ofthe Patient Care Facility. Accounts payable have increased by $5.3 million. Net assets have increased $614.5 million from December 2010, and total assets are at $1.2 billion. UK Hospital shows an operating profit of $670,300 for the month of December and a year-to- date income from operations of $17.2 million. Mr. Melgar also reported that, running counter to national trends, patient numbers for the UK Hospital System are up for the month of January and are moving in that direction for the current month of February. Dr. Kevin Nelson presented for approval the privileges and credentials for Chandler and Good Samaritan Hospitals. The committee made a motion and all privileges and credentials were approved. He also presented a short report on the process for approval of appointments and privileges for medical staff members and other licensed providers. Dr. Brockman commented that this was a very impressive report. He next requested the report from the University Relations Committee. W. University Relations Committee Report Ms. May, chair ofthe University Relations Committee, reported that URCR 1 was the topic of discussion at the moming meeting.