You are the new Chief Financial Officer (CFO) of St. Joseph’s Hospital, a well-regarded regional Catholic hospital in Baton Rouge, Louisiana. The hospital Chief Executive Officer (CEO) is a nun named Sister Bernadette Levesque who just became the CEO six months ago. She just hired you as the CFO, and she needs your help balancing the Fiscal Year (FY) 2013 Budget. (Please refer to and use the Excel spreadsheet “Budget Scenarios – St. Joseph’s Hospital – Fall 2013”).In FY 2009 and 2010, the hospital earned a surplus of $1.074 million and $873,000, respectively, but in FY 2011, it had an operating loss of $635,000.For the current year, FY 2012, the budget includes a $512,085 deficit. Sister Levesque is preparing her first budget as CEO for FY 2013 (the yellow-shaded column). Your predecessor, as CFO left you a “first draft” budget that includes a projected deficit of $2,403,777, which represents 4% of the $61,250,000 operating budget.As the new CFO, write no more than a 5-page memo for Sister Levesque that recommends 4-5 changes in the revenue budget and 4-5 changes in the expense budget that would produce a balanced budget for FY 2013. In your recommendations, consider a structure in which you address some items dealing with the revenue side of the budget, some that tackle expenses, and some which address both since certain revenue and expense categories are linked.
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