The Cookeville Regional Finance Committee approved a new fiscal year budget Tuesday night projected to produce a $5 million profit for the medical center.
That’s compared with a projected $16 million loss for this fiscal year, based on COVID-19 expenses and loss of revenue.
CRMC Chief Financial Officer Steve Ramey said the budget includes $336 million in revenues next fiscal year. That’s an increase from $300 million projected for this fiscal year, and $295 million in the 2019 fiscal year.
“Based on what we’re seeing, that is a very realistic number for next year,” Ramey said.
The budget also includes some $18 million in capital expenditures.
CEO Paul Korth said unlike other years, the Cookeville City Council has already been sent the Cookeville Regional budget and has been considering it as part of its budget considerations. Korth said COVID-19 caused issues with this year’s budget process.
City Council will approve a budget in June.