LAWRENCE MEMORIAL HOSPITAL

SPECIAL

BOARD OF TRUSTEE MEETING MINUTES

November 10, 2004

Present:  Donna Osness, Lindy Eakin, Bob Schulte, Mark Praeger, MD, Judy Keller, Sheryl Jacobs, Gene Meyer, Simon Scholtz, Robert Trepinski, Deborah Thompson, Karen Shumate, Dana Hale, Connie Broers,  Janice Early-Weas, Jeff Novorr, Tom Pagano, Kathy Clausing.

Call to Order

The meeting was called to order by Donna Osness.

1.         2005 Operating Budget Review

The Trustees reviewed the projected Balance Sheet, Income Statement and Source & Application of Funds statements for the 2005 Budget year along with detailed reports of revenues, FTE’s, and expenses.  Specific presentations included the LMH Rate Methodology, Marketing Initiatives, and Information Technology expenditures.  Net Operating Income budgeted for 2005 is $5,972,000, which represents a 5.2% operating margin.

2.         2005 Capital Budget

The Trustees reviewed the detailed Capital Budget.  All items which cost over $100,000 were discussed by the administrative representative responsible for the requesting departments.  Departmental capital budget requests total $6,428,000, in addition to $950,000 for two projects related to the Facility Plan.  The Trustees also reviewed the three-year capital plan included in the Budget Book.

3.         2005 Community Services Budget

The Trustees reviewed the 2005 Community Services Budget which totaled $4.3 million and 16,160 employee hours.

The Budget will be recommended for approval at the November Board meeting.

There being no further discussion, the meeting adjourned.

                                                            Respectfully submitted,

                                                            Verdell Taylor

                                                            Secretary