News and event information for Williams Lake, BC - as it happens.

Board adopts new ten-year capital plan

During its Board meeting today, the Cariboo Chilcotin Regional Hospital District (CCRHD) adopted a new ten-year capital plan. This plan included a new tax rate for 2010 that will decrease to $67/$100,000 of assessment from $69/$100,000. 

“I am proud to announce this good news for the residents of the Cariboo Chilcotin,” stated CCRHD Chair Rick Mumford. “Through this plan we will continue to work with our health authorities to bring the best facilities and equipment at all of our health care facilities within our region.” 

In 1999 the CCRHD established a ten-year capital plan in an effort to reduce debt servicing costs and ensure sufficient funds were available for capital projects and equipment purchases. At that time a residential tax rate of $75/$100,000 of assessment was set and no further borrowing of funds was undertaken. This initiative saved the tax payers over $1.5M per year in debt servicing costs, allowing these funds to be used for direct capital/equipment expenditures.  Due to the rapid increase of assessed values, the residential rate was permitted to drop to $69/$100,000 in 2008.

The features of the new plan include: 

•     Reduce the residential tax rates/$100,000 of assessment as follows:                       

Year                       CCRHD                                  CRHD                                    Total

2010                       $58.76                                   $8.24                                     $67.00
2011                       $56.75                                   $8.00                                     $64.75
2012                       $54.75                                   $8.00                                     $62.75
2013                       $52.75                                   $8.00                                     $60.75
2014                       $50.75                                   $7.75                                     $58.50
2015                       $50.00                                   $0                                           $50.00

*These rates are based on assessment projections and may differ when actual assessment values are provided. 

•     Maintain a residential tax rate of $50.00 for 2016, 2017, 2018 and 2019

•         Increase the allocation for global grants in 2015 from $452,200 to $497,420

•        A target balance of $5M should be maintained to accommodate unanticipated project requests 

The plan is based on providing $15,000,000 in capital funding for major equipment and capital projects for the first five years and $16,000,000 during the second five years of the plan. The outstanding debt for the CRHD will be fully retired in 2014, at which time this entity can be dissolved. The outstanding debt for the CCRHD will be fully retired in 2019. 

Also, included in the ten year plan is an annual allocation of $100,000 for recruitment and retention of health care professionals to the region.

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