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Central Peninsula Hospital service area budget shows lower debt payments after refunding; service area mill rate remains nominal
Summary
Finance staff said Central Peninsula Hospital service area mill rate is effectively 0.01; bond refunding reduced annual debt service and the FY26 budget primarily covers audit, administrative fees, and arbitrage compliance work required by IRS rules.
Finance staff presented the Central Peninsula Hospital service area budget May 6, telling the assembly the fund carries a near-minimum mill rate and that recent refunding reduced the service area's debt payments.
Brandy Harbaugh explained the Central Peninsula Hospital (CPH) service area has a current mill rate of 0.01 and that the service area's FY26 budget covers routine items such as the annual audit, administrative service fees charged to reimburse general-fund support services, and arbitrage compliance related to outstanding bond proceeds.
Harbaugh said the borough recently executed a refunding of the hospital's bonds, which shortened the final maturity schedule and lowered annual debt-service payments. The staff presentation described a reduction in debt service costs tied to the bond refunding and adjustments…
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