TCMH Community Improvement District has a successful year

Texas County Memorial Hospital’s community improvement district (CID) was established to support the completion of the hospital’s 6,000-square-foot surgery expansion project through the quarter-cent sales tax applied to purchases from retail businesses within the district, which was approved in 2019 and implemented in January 2020.  
 
In the first year of operation in 2020, the CID generated $102,904 in tax revenue, slightly higher than the hospital administration's initial expectation of $100,000. The CID's tax revenue increased significantly in the following years, reaching $124,556 in 2021, $131,373 in 2022, and $136,565 in 2023.
 
The State of Missouri sends the tax funds to the City of Houston every month. For eligible expenses per the CID's project budget, the CID and the hospital must request reimbursement directly from the City of Houston.
 
Expenses totaling $121,402.24 were used as outlined in the budget, including purchasing controls and boxes for a chiller/HVAC and operating room lights and booms for the new surgery center in 2023.
 
The quarter-cent sales tax in the CID will expire after the budgeted expenses are fully reimbursed.
 
The tax revenue generated by the CID since its implementation in 2020 has helped cover some equipment and construction costs for the hospital's surgery expansion project.
 
Content Paywall Trunction: 
Free

Howell County News

110 W. Main St.,
Willow Springs, MO 65793
417-252-2123

Comment Here