NGMC HAS $1 BILLION IN INVESTMENTS. SO WHY HAS HALL COUNTY AGREED TO RAISE PROPERTY TAXES IF NECESSARY TO FUND ITS EXPANSION?

Northeast Georgia Medical Center’s latest financial statement shows that it had just over $1 billion in investments as of September 30, 2020. In 2020, the latest year for which data is available, Northeast Georgia Hospital Systems paid CEO Carol Burrell over $1.5 million in compensation.

These are impressive sums. Still, last summer the Hospital Authority approved $463 million in municipal bonds to finance NGMC’s expansion. $242 million of the bond is secured by a Hall County promise to raise property taxes by up to $7 per $1,000 in taxable property value as necessary to repay the loan.

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