“It’s going to be a hard year,” says Julie Rukstad, chief financial officer for Olympic Medical Center.
During its Wednesday, Nov. 17, meeting, the OMC board approved the 2011 budget Rukstad prepared in cooperation with CEO Eric Lewis. The $131 million budget projects 1.8-percent net income — the “profit margin” for this not-for-profit institution.
“We usually want a 4-percent margin,” Rukstad said.
Among the more immediate impacts is a reduced ability to spend on capital purchases. The budget includes $7.5 million for capital expenditures in 2011, about half the amount requested by staff members.
The hospital will receive one small shot in the arm. The board also approved a 1-percent hike in the hospital district’s tax levy.
The owner of a $250,000 home within the district will see the hospital levy on that home rise by $1.10 to approximately $111.10 per year. The total raised by the approval is $36,241.
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