HOSPITAL
Financials
SickKids is committed to the highest standards of operational efficiency, transparency and accountability. We support evidence-based decisions to enhance our financial health, conduct business under the principle of fiscal prudence and act with integrity and good judgment when allocating resources.
For 2022-23 the Hospital had an operating deficit of ($7.6 million). Included in the deficit was $14.3 million in restricted investment income that cannot be used for operations. As well, not included in the deficit was $19.7 million in employer pension contributions in excess of what is considered the expense for the current year. After factoring in the employer pension contributions in excess of expense and removing the restricted investment income, the Hospital continues to experience a significant structural deficit as it has in previous years.
The structural deficit relates to years of inflation, increases in patient volumes and acuity and other cost pressures that are outpacing increases in funding from our major funder, the Ministry of Health/Ontario Health.
2022-23 TOTAL HOSPITAL REVENUES AND EXPENSES
revenues
(In MILLIONS)
$1.25 BILLION
| Sources of Revenue | Amount (In millions) | Percentage |
|---|---|---|
| Amortization | $37.2 | 3% |
| Commercial Ventures | $187.709 million | 3% |
| Patient Care (Fee-for-Services) | $60.80 | 5% |
| SickKids Foundation | $111.30 | 9% |
| Research Grants | $170 | 14% |
| Investment Income | $22 | 2% |
| Ministry of Health/Ontario Health | $808.60 | 64% |
| Total | $1.25 Billion |
EXPENSES
(In MILLIONS)
$1.26 BILLION
| Sources of Souces of Expenses | Amount (In millions) | Percentage |
|---|---|---|
| Administrative and General | $38.50 | 3% |
| Depreciation and Accretion | $74.10 | 6% |
| Other Operating Expenses | $128.10 | 10% |
| Clinical Supplies and Drugs | $194.30 | 15% |
| Interest | $20.70 | 2% |
| Compensation | $806.10 | 64% |
| Total | $1.26 Billion |
2022-23 TOTAL PATIENT CARE REVENUE AND EXPENSES
revenues
(In MILLIONS)
$841.0 MILLION
| Revenues (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Other | $48.50 | 6% |
| Fee-for-Service | $40.90 | 5% |
| Ministry of Health | $751.60 | 89% |
| Total | $841 Million |
EXPENSES
(In MILLIONS)
$866.1 MILLION
| Expenses (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Administrative and General | $19.80 | 2% |
| Depreciation and Accretion | $43.50 | 5% |
| Other Operating | $74.90 | 9% |
| Clnical Supplies and Drugs | $90.10 | 10% |
| Interest Expense | $10.30 | 1% |
| Compensation | $627.50 | 73% |
| Total | $866.1 Million |
2022-23 INVESTMENT PERFORMANCE
HOSPITAL INVESTMENTS
(In MILLIONS)
$398.9 MILLION
INVESTMENT INCOME/(LOSS)
(IN MILLIONS)
RESTRICTED INVESTMENT INCOME/(LOSS)*
| Hospital Investments (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Other | $0.6 | 0% |
| Endowment | $28.3 | 7% |
| Debenture Retirement Sinking Funds | $71.0 | 18% |
| Patient Support Centre Debenture Proceeds | $71.7 | 18% |
| Post Retirement Benefit Assets | $227.3 | 57% |
| Total | $398.9 Million |
UNRESTRICTED INVESTMENT INCOME
RESTRICTED INVESTMENT INCOME/LOSS*
| Restricted Investment Income/(Loss) (In Millions) by Financial Year | Amount (In millions) |
|---|---|
| 2018/2019 | $11.8 |
| 2019/2020 | -$2.5 |
| 2020/2021 | $15.1 |
| 2021/2022 | $20.1 |
| 2022/2023 | $14.3 |
UNRESTRICTED INVESTMENT INCOME
*Restricted investment income cannot be used for operations.
2022-23 TOTAL RESEARCH INSTITUTE REVENUES AND EXPENSES
SOURCES OF RESEARCH INSTITUTE FUNDING
(In MILLIONS)
$286.1 MILLION
| Sources of Research Institute Funding (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Industry Partnerships and Commercialization Income | $4.8 | 2% |
| External Billings (Core Facilities) | $7.0 | 2% |
| SickKids Foundation | $93.1 | 33% |
| Research Grants and Awards | $181.2 | 63% |
| Total | $286.1 Million |
RESEARCH GRANTS AND AWARDS SOURCES OVER $1 MILLION
(IN MILLIONS)
Secretariat - Research Support Fund
Secretariat - Canada Research Chairs
TOTAL RESEARCH INSTITUTE EXPENDITURE
(In MILLIONS)
$298.6 MILLION
| Sources of Research Institute Expenditure (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Internal Costs | $78.6 | 26% |
| External Grant Funded Costs | $220.0 | 74% |
| Total | $298.6 Million |
TOTAL RESEARCH INTERNAL EXPENDITURE
(In MILLIONS)
$78.6 MILLION
| Sources of Total Research Internal Expenditure (In Millions) | Amount (In millions) | Percentage |
|---|---|---|
| Technology and Licensing Expenses | $4.9 | 6% |
| Depreciation and Accretion | $6.0 | 8% |
| Scientists Salaries (Net of $14.8M Recovery) | $7.6 | 10% |
| Debenture Interest | $10.4 | 13% |
| Research Operations (Net of $5.4M Recovery) | $11.4 | 15% |
| Core Infrastructure | $2.3 | 3% |
| Peter Gilgan for Research and Learning | $18.4 | 23% |
| Start-Up and Scientific Support (Net of $5.2M Recovery) | $17.6 | 22% |
| Total | $78.6 Million |