Health Sciences North officials are now forecasting the institution will submit a balanced budget for the current fiscal year, which ends March 31.

“This news is well received by the North East Local Health Integration Network (LHIN), and we will continue to meet with them to stay apprised of progress made to achieve this balanced position while ensuring access to quality care,” said North East LHIN spokesperson Lara Bradley in an email statement.

“However, we won't know until the end of March whether they will have achieved a balanced budget. The North East LHIN can provide confirmation at the end of March 2013 or early April 2013 on whether they have achieved a balanced budget.”

After the hospital posted a $3.4-million deficit for 2011-2012, the hospital entered into an agreement with the North East LHIN to submit a balanced 2012-2013 budget projection for Sept. 30.

As of Oct. 10, Health Sciences North board chair Russ Boyles said the hospital was still trying to whittle down a deficit of a little less than $1 million. However, a projected balanced budget has since been achieved.

Health Sciences North officials were not immediately available for an interview about the subject. Hospital spokesperson Dan Lessard said senior vice-president Joe Pilon will provide a budget update at the hospital's Nov. 13 board meeting.

Hospital officials maintain the 2011-2012 deficit was, for the most part, caused by the underfunding of the ALC unit at the former Memorial Hospital site. The final 30 beds in the unit are due to close March 31.

The recent Peer Review of the hospital suggested a number of measures to balance the budget every year, including senior managers developing a more disciplined Hospital Improvement Plan monitoring process.