The Thompson Regional Hospital District (TRHD) Board of Directors has approved the 2024-2028 Financial Plan.
On Thursday, the Thompson-Nicola Regional District said the 2024 capital project contributions were also approved.
This year, a residential house assessed at $680,000 will pay about $210.39 in property taxes to the Hospital District, which is a six-dollar increase from last year.
“We have worked to balance the needs of planning for future investments in healthcare for our residents, while planning to keep the taxation increase at a level that is as reasonable as possible,” said Mike O’Reilly, TRHD Board Chair.
According to the release, the total tax requisition this year is just over $17.2 million, which is a 5% increase from 2023.
The Five-Year Financial Plan budgets for a 5% increase for each year from now until 2028.
According to the TRHD, the increases are meant to build reserve funds, prepare for capital request as part of Phase 3 of the upgrades to Royal Inland Hospital and to budget for the construction of a new Kamloops Cancer Centre at RIH.
Last month, it was announced that construction on the long-await and highly anticipated BC Cancer centre was set to begin next year.
The project budget is approximately $359 million, shared between the provincial government, Interior Health and Thompson Regional Hospital District.
The five-storey facility will be built on the Westlands site on the RIH campus and should be completed by 2028.
As a part of the funding model, the TRHD is currently preparing to contribute just over $45 million of the total project cost, the release says.
“That amount is 35% of costs that the TRHD is required to fund, which include construction of a new parkade, purchase of MRI equipment, and additional upgrades to RIH,” the release says.
Additionally, in 2024, the TRHD will contribute $1.36 million for minor capital projects (under $100,000) and $9.23 million for major capital projects (over $100,000) at healthcare facilities across the region.
According to the release, that is a 37% contribution to capital costs, which is a reduction in taxation from the typical contribution of 40% in recent years.
Each year, Hospital Districts in BC must adopt an annual budget on or before Mar. 31, in accordance with the Hospital District Act, the release says.
The adopted 2024-2028 Financial Plan, including a list of major and minor capital projects, will be available to view on either the TNRD or TRHD websites.
