UMC Health System seeks to increase property tax revenue in 2023

Lubbock, Texas-based UMC Health System plans to raise property tax revenue next year to offset financial challenges, the Lubbock Avalanche-Journal reported Aug. 9. 

The Lubbock County Commissioners Court held a budget presentation Aug. 8 where UMC proposed a budget that included upholding the current tax rate of roughly 10.3 cents per $100 valuation. If approved, the hospital district would earn over $2.4 million in the next fiscal year. Of the earnings, $763,000 would be from new taxed properties. 

Additionally, the budget for 2023 states UMC expects over $842 million in operating revenue, with over $30 million of that revenue coming from property taxes. 

UMC President and CEO Mark Funderburk told the Avalanche-Journal that the health system's operating expenses have increased by 10 percent this year because of supply chain and staffing issues. The extra funds from taxes would be used to help offset these costs. 

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