Hospital has too much red ink


It’s time the truth be told about the hospital district’s finances.

You read that the hospital is going broke and how they’re going to close if they don’t get this vote, but the truth, according to the financial documents they’ve released for 2013 shows a $5.5 million increase in “retained earnings.”

When CFO Tim Howden was asked what this was, he called it “profit.”

So how can they be making all this profit and still losing money? They camouflage it with accounting items like depreciation and “provision for bad debts” which is other than uncollectables.

You take these items and subtract them from the profit and then say you are losing money.

If you doubt this and anything I am saying go to the website, www.lowerostaxes.com and you can download the two sets of financials they have handed out for 2013. The first was handed out at one of their first meetings by David Quigg and the second one was found on the Department of Health website.

Before you are led even further down the primrose path, keep in mind that the $35 million in debt they want to make you the taxpayer assume is equivalent to over $550 for every person living in this proposed district.

The next time you see Tom Jensen, ask him how he got a $30,000 raise from his previous $262,000 in 2011 to $293,000 as posted on the DOH website, when his hospital has, as he claims, been going under.

Allen Lizakowski

Ocean Shores

 

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