South Broward Hospital District Adopts Lowest Millage Rate in its History

Rate of .06000 Provides Relief in Property Taxes and Continues New Trend for Distribution of Tax Revenue Within the District

Tuesday, September 25, 2012 2:26 pm EDT

Dateline:

Hollywood, Florida
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"This historic trend is the culmination of years of fiscal responsibility and strategic management that will further solidify our mission of providing healthcare to the communities we serve."

The Board of Commissioners of the South Broward Hospital District, which oversees the operations for Memorial Healthcare System, has voted to adopt the lowest millage rate in the history of the District. The new rate of 0.6000 represents a 20 percent decrease from last year’s rate of 0.7500.  

The historic measure, passed on September 24, coupled with Memorial’s successful strategic vision over the past few years, has resulted in a new trend for the District. Fiscal year 2013 will mark the third year in a row in which the District minimizes its reliance on tax revenue and absorbs 100 percent of the uncompensated care delivered in all its hospitals.  Tax revenue will fund uncompensated care solely at the District’s South Broward Community Health Services primary care centers.

Uncompensated care provided by the District in fiscal year 2013 is projected to exceed $1 billion. The approved rate will net approximately $13.7 million in tax revenue, representing only 0.9 percent of total budgeted net revenue for the District.

“Memorial’s financial strength has helped us to maintain our multiyear history of providing tax relief to the taxpayers in south Broward County, and has set the stage for the Board of Commissioners to adopt the lowest millage rate in South Broward Hospital District’s history for FY2013,” said Frank V. Sacco, president and CEO, Memorial Healthcare System. “This historic trend is the culmination of years of fiscal responsibility and strategic management that will further solidify our mission of providing healthcare to the communities we serve.”

The Board of Commissioners commended Memorial’s executive team for its work in managing the healthcare system in a responsible financial manner.  

             “The opportunity to once again reduce the millage rate, and in turn provide a savings to our residents, is an incredible accomplishment, particularly during these challenging times in healthcare,” said Hobel Florido, chairman, South Broward Hospital District Board of Commissioners.  

            For homeowners, the commissioners’ vote helps to provide relief in property taxes. Here are two common examples:

  • A south Broward County homeowner whose home’s assessed “Save our Homes” value is $200,000 and whose taxable value after homestead exemptions is $150,000 would pay $90 under the new millage rate, versus $112.50 in property taxes last year – provided the taxable value remained the same as last year.
  • Accounting for the most recent “Save our Homes” annual increase, which shows that If the home’s taxable value after homestead exemptions went up from $144,000 in 2011 to $150,000 in 2012, then the homeowner would have paid to the District $108.00 in property taxes in 2011 at the 0.75000 millage rate) and would pay $90.00 in 2012 at the 0.0.6000 millage rate.

Memorial Healthcare System is the fifth-largest public healthcare system in the country. It is a national leader in quality care and patient satisfaction and has been ranked in Modern Healthcare magazine’s list of Best Places to Work in Healthcare. Its facilities include Memorial Regional Hospital, Memorial Regional Hospital South, Joe DiMaggio Children’s Hospital, Memorial Hospital West, Memorial Hospital Miramar, Memorial Hospital Pembroke and Memorial Manor nursing home. For more information, visit mhs.net.