Members of the Fairfield Hospital District Board met recently to approve the 2017 Fiscal Year’s new Tax Rate and Operating Budget.
The importance of raising the tax rate from the previous .04 percent to the new approved rate of .10 percent is to make sure the hospital can continue to operate smoothly once the board takes over ownership from ETMC in January.
Following multiple public hearings to inform area residents of reasons behind the raised tax rate, (which is still much lower than most hospital tax rates in the state) members had further discussions; and made their final decision.
This new rate will allow the hospital to take in roughly $1,547,305.74 in revenue to help cover initial costs of the ownership transfer. Projections show that after the first three years, the hospital should be making a profit.
Currently, the hospital has no debt; and it is hoped that this new tax rate will keep it from having any debt in the future.
