The Indian River County Hospital District, which owns Vero Beach, Fla.-based Indian River Medical Center, proposed property tax and budget increases to help the financially-strapped hospital find a partner, according to a TCPalm report.
Proposed changes to the district's 2018 budget, approved Thursday, would increase residents' annual property taxes by about $11 to partially finance the partner search. In addition, the district proposed inflating its 2018 budget by about $2.2 million to $15.3 million. The increase includes $1 million for consulting and legal costs related to the medical center's search for a partner.
Indian River Medical Center Inc., which leases the 332-bed publicly-owned Indian River Medical Center from the hospital district, lost roughly $45 million since 1998, the report states. The medical center requires a partner willing to invest about $185 million in equipment and facilities during the next five to seven years to stay afloat.