Directors of the Okanagan Similkameen Regional Hospital District have approved 5 year financial plan for all health facilities in the region.

It is first reading so the Bylaw might get a 2nd look before the end of March.

The plan calls for a total tax requisition of $5,035,000 – an increase of $135,000 year to year over the total from 2013.

Oliver taxpayers pay $237,987
Rural Area C will pay $184,049
Osoyoos taxpayers pay $433,065
Rural Area A will pay $142,156

Those four members of a group of 15 pay about 12 percent of the larger total. This requisition is capital/reserves – not operations which is bourne totally by the province.

South Okangan General Hospital will get a $200,000 chiller unit replacement project in 2014.

Directors were also given a series of options on how to finance a $300 million dollar new hospital tower in Penticton. The OSRHD currently holds $32 million dollars in capital reserves and generating more each year.

Financial staff presented a number of option of how to use reserves and loans in different combinations for best results.

Directors also asked for more detail on extending any loans to 25 years from 20 to lengthen the amortization.

Directors favoured option C but in the end deferred making any decision as construction of the tower and completion is a long way off. The regional district must come up with $120 million which is 40 percent of the construction cost. 50 percent of the needed funds would be borrowed and the remainder from reserves.

Option C would see the cost to the average home rise $18 to $24 per year on top of the present fee of $87 ending at about $155 annually five years from now.