Much-anticipated financial details have been released by the Bermuda Hospitals Board, showing some success in cutting costs.

In a guardedly optimistic assessment, BHB chairman Jonathan Brewin said that two years ago BHB had expected to run out of cash by the end of 2013, but has now extended the deadline “well into this fiscal year”.

Mr Brewin will step down as chairman at the end of this month, to be replaced by Peter Everson.

While the accounts summaries up to March 31 of this year are not audited, they offer a snapshot of BHB’s “evolving” financial position, including:

• Total assets as of March 2015: $587 million, up from $500 million for March 2014;

• Total revenue: $299 million, down from $312 million in 2014;

• Total expenses: $284 million, up from $282 million in 2014;

• Excess revenue over expenses: $13 million for 2015; $15.5 million for 2014

Mr Brewin said the revenue figures represented a small surplus that did not represent a profit, but rather money used to reinvest.

BHB has cut $24 million from its wages and benefits costs through attrition, a wage freeze and senior management restructuring.

Mr Brewin added that BHB now has a second oncologist, Dr Christopher Fosker, to boost its cancer services.

Meanwhile, parts of the old Continuing Care Unit are coming up for demolition, and Mr Brewin thanked staff for the safe transfer of residents to other parts of the hospital.

Quality indicators for BHB are to be released in the first week of July, as the organisation marks its first ever Hospital Week.