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Home Canadian News Thunder Bay Regional Health Sciences Centre loses money on two adjacent buildings

Thunder Bay Regional Health Sciences Centre loses money on two adjacent buildings


The financial statements of the Thunder Bay Regional Health Sciences Centre shows how the organization loses thousands of dollars per year on its medical centre and health services buildings.

The hospital recently posted its financial statements for the past three years, up to March 31, 2019. The financial statement for the year ending 2020 are to be released in June, after a hospital board meeting, said a spokesperson for the facility.

In the statements, hospital revenues, received from the Ministry of Health and Long Term Care, have increased by about 10 per cent since 2016, reaching $284,647,000 in 2019.

However, salaries at the hospital also increased by about 10 per cent, and salaries for medical staff increased by about 18 per cent over the same time frame.

Investments at the hospital have not seen an appreciation in value.

Two buildings at the facility, owned by Ontario numbered companies, part of the Tom Jones Corporation, have lost money for the hospital.

The year ending March 31, 2019 had the hospital receive income of about $34,000 on its medical office building, however, the hospital paid about $1.5 million in rent during that time. The hospital charged about $246,000 for rent of the property.

It’s a similar pattern to previous years, and a similar pattern to the hospital’s health services building on Oliver Road.

In that case, the hospital lost $21,000 on its share of earnings for the building, but still paid $846,000 for leasing costs. About $408,000 was received for the leasing of the land.

In its 2018 financial statement, the hospital said it borrowed $14 million to help with financing for the building.

The Health Sciences Centre has varying leases until 2028 in the two buildings.

The hospital also noted it holds a number of shares in MDNA Life Sciences Inc, a company which it received shares from after Mitomics Inc., went bankrupt. While the hospital holds shares in the company, it notes the start-up firm, which has existed since 2001, have only “nominal” value.



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