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Paynesville Press - Oct. 1, 2003

Paynesville Area Hospital District Meeting

By Michael Jacobson

The Paynesville Area Hospital District Board of Directors took the following actions at their meeting on Wednesday, Sept. 24.

-The board approved a budget for fiscal year 2004. Presented by chief financial officer Kirk Johnson, the budget estimates gross revenue of $25,300,000, a 13.3 percent increase over 2003. Total expenses are estimated at $24,700,000, producing an expected net income of $604,000.

-The board's finance committee is looking at refinancing the entire debt of the system. This could help PAHCS's cash flow.

-The board voted unanimously to rescind their current policy of providing premium dollars to help retirees pay for their health insurance as part of the Paynesville Area Health Care System (PAHCS) insurance plan. Retirees had received a reduction in out-of-pocket costs for their health insurance based on the number of years they had been employed by the system. Retirees now will be able to remain on the plan by paying the entire premium.

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