According to the report, in 2014 Glen Falls Hospital had a 1.62 percent operating surplus (about $4.8 million). The hospital reported an operating loss in 2013 and just a slight surplus in 2012 of about $20,000, according to Dianne Shugrue, the hospital’s president and CEO.
According to the report, Glens Falls Civic Development Corp. passed a resolution March 12 of “preliminary agreement and support” for the hospital’s plan to borrow $70 million in tax-exempt bonds. Of this, $53 million will be for the refinancing of construction bonds for the hospital’s northwest tower, which opened its doors in 2007. The remaining $17 million will be dedicated to new projects.
The hospital’s board of governors in January approved $25 million in capital improvements for 2015, including a new interventional radiology suite for minimally invasive medical procedures, new patient beds and mattresses, a new heating and air conditioning system and information technology improvements. According to the report, it has not yet been determined which of the projects will be financed through the bonds.
Mr. Walbridge told the Post Star refinancing at a lower interest rate will keep the hospital’s debt payments at a relatively stable level for the next 20 years. The current interest rate ranges from 4 to 5 percent, according to Mr. Walbridge. The refinance bonds would be paid off by 2035.
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