Rochester, MN (KROC AM News) - A required financial filing shows the Mayo Clinic continued to see rising revenues and expenses in the 3rd quarter of this year.

The report shows Mayo’s revenues for the three-month period that ended September 30th totaled over $2.52 billion, which was up $119 million when compared to the 3rd quarter of last year. Mayo’s expenses climbed $205 million to just over $2.4 billion, resulting in $120 million in net income. That number was down about $85 million from a year ago.

Through the first 9 months of this year, the report shows the Mayo Clinic’s revenues were up nearly $400 million, but expenses increased by nearly $560 million, which put the health care provider’s net income at $362 million. In 2014, Mayo’s net income through the first 9 months of the year was over $552 million.

The vast majority of the increase in expenses is tied to rising salaries and benefits.

The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.