Comox-Strathcona regional hospital district adopts 2013 budget

The budget will see an estimated tax rate of $80 per $100,000 of assessed property value

The Comox-Strathcona Regional Hospital District (CSRHD) has adopted a 2013 budget of $29.9 million.

The budget will see an estimated tax rate of $80 per $100,000 of assessed property value, which is an increase of $3.75 per $100,000 from last year.  This increase reflects the board’s strategy to gradually increase the tax rate over the short term in order to minimize future increases that will be required for long term debt costs for the North Island hospitals project.

“The CSRHD’s share of the projected capital cost of two new hospital facilities – known as the north island hospitals project — based on a cost estimate of approximately $600 million, is approximately $240 million,” said Claire Moglove, CSRHD chair.  “A gradual tax rate increase from 70 to 84 cents per $1,000 of taxable value was first initiated in 2010 in order to be proactive and to financially plan for the two new hospitals. As of Dec. 31, 2013 the major capital project reserve balance will be approximately $66 million. This ‘down payment’ could substantially reduce our borrowing requirements and debt payments.”

In addition to planning for the new hospitals, the CSRHD also allocated $1.6 million towards new capital projects and equipment in the existing hospitals in the Comox Valley and Campbell River.

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