Clifton-Fine Hospital in financial bind
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ST. LAWRENCE COUNTY, N.Y. -- Clifton-Fine Hospital is finding itself in a bit of a financial bind.
Over the past few years, the hospital has been striving to convert from a public benefit corporation to a private not-for-profit hospital.
The reason is to avoid paying the New York State retirement system. Having to pay hundreds of thousands of dollars each year, hospital officials say they will not be able to sustain those kinds of costs. And because they are a public hospital, they are unable to go to the local tax base for additional revenue.
"In the past three years, our New York State retirement payments have increased 155 percent. And that's projected to continue increasing at least for the next couple years," said Clifton-Fine Hospital CEO Robert Kimmes said.
Clifton-Fine Hospital's CEO says if they were to become a not-for-profit, they would be released of an enormous financial burden and would then use a cheaper retirement program for its staff.
Previously proposed legislation that would have made the hospital a not-for-profit did not make it through the State Assembly.