Graham Regional Medical Center board adopts 2022 budget, tax rate

The Graham Regional Medical Center Board of Trustees voted Thursday to adopt a new tax effective tax rate and budget for the fiscal year 2022. Following a unanimous vote, the adopted tax rate for FY 2022 is $0.339400 per $100 valuation which begins Friday, Oct. 1.

The approved rate is the No-New-Revenue Rate as figured by the Young Central Appraisal District. This rate will raise the same amount of property tax revenue for the hospital in both the 2020 and 2021 tax years.

Outgoing Chief Financial Officer Jeff Casbeer said the hospital is budgeting a total net revenue of $22.3 million for FY 2022 with a total operating expense of $23.6 million. This sets the operating EBIDA (earnings before interest, depreciation and amortization) at a loss of $1.3 million and increases the loss to just over $3 million after depreciation.

For the rest of the story, see the Sept. 25 edition of The Graham Leader.