Monday Sep. 18, 2023
Broward Health Decreases Millage Rate Reducing Tax-Assisted Revenues by More Than $30 Million
FORT LAUDERDALE, FLORIDA; In a move that is mindful of the current economic state and intentional in giving back to the community, the North Broward Hospital District Board of Commissioners unanimously voted to cut taxes. The millage rate reduction from 1.6209 to 1.4307 will result in $30 million less in tax revenues for Broward Health.
“We recognize the financial challenges so many of our residents are currently facing,” said Shane Strum, President & CEO of Broward Health. “Our community was there for us these past few challenging years, but now it’s Broward Health’s turn to return the favor and give back.”
Due to rising revenues and decreased expenses, the Board of Commissioners agreed that it was the appropriate time to make this substantial cut to the millage rate.
As reflected by Moody’s Investors Services upgrading Broward Health’s Revenue Bond Rating to Baa1and its financial outlook to stable due to “durability of margins and liquidity,” Broward Health is in a strong financial position because of expanding its business lines driving patient demand and volumes.
“Broward Health is well positioned to continue to increase revenues, which enabled this board to reduce the millage rate and taxpayer burden,” said North Broward Hospital District Chair Christopher Pernicano.
“We thank the board for voting to adopt a lower millage rate,” said Strum. “We remain committed to finding innovative ways to streamline our operations and optimize our resources so that we can continue to deliver exceptional healthcare for all those we serve.”
“We recognize the financial challenges so many of our residents are currently facing,” said Shane Strum, President & CEO of Broward Health. “Our community was there for us these past few challenging years, but now it’s Broward Health’s turn to return the favor and give back.”
Due to rising revenues and decreased expenses, the Board of Commissioners agreed that it was the appropriate time to make this substantial cut to the millage rate.
As reflected by Moody’s Investors Services upgrading Broward Health’s Revenue Bond Rating to Baa1and its financial outlook to stable due to “durability of margins and liquidity,” Broward Health is in a strong financial position because of expanding its business lines driving patient demand and volumes.
“Broward Health is well positioned to continue to increase revenues, which enabled this board to reduce the millage rate and taxpayer burden,” said North Broward Hospital District Chair Christopher Pernicano.
“We thank the board for voting to adopt a lower millage rate,” said Strum. “We remain committed to finding innovative ways to streamline our operations and optimize our resources so that we can continue to deliver exceptional healthcare for all those we serve.”
Broward Health is a nationally recognized health system in South Florida. As one of the 10 largest public healthcare systems in the U.S., Broward Health boasts two trauma centers and virtually every health specialty, offering compassionate, personalized care across its four hospitals and more than 50 health centers and physician practices. As a leader in advanced healthcare for 85 years, Broward Health has a robust graduate education program and international services. For more information, visit BrowardHealth.org.