Debt Coverage Board of Trustees December 2, 2010 Introduction - - PowerPoint PPT Presentation
Debt Coverage Board of Trustees December 2, 2010 Introduction Update for Board on Non-Appropriated projects for the next 5 years Most require Board approval to issue debt and some will require fee or other rate increases The goal
times
Annual Construction Debt Debt Housing: Beds Cost Issue Service 2011 Quad Renovation (155) 55,500,000 51,500,000 3,862,500 2012 Phase 1 - New Area 800 52,000,000 52,000,000 3,900,000 2012 Tower Village 2 (Acquire from Foundation) 403 34,500,000 33,000,000 2,475,000 2014 Phase 2 - New Area 300 20,600,000 20,600,000 1,545,000 2013 Cone Renovation
13,600,000 1,020,000 2014 Reynolds Renovation
8,300,000 622,500 2015 Grogan Renovation
8,000,000 600,000 2017 Retirement of 2009 B - April 2016
2017 Retirement of 2009 B - April 2016
2018 Phase 3 - New Area 300 22,400,000 22,400,000 1,680,000 Total 1,648 $ 214,900,000 $ 209,400,000 $ 15,030,000 Sources of Funding: Rental of Additional Capacity Annual Rate Increase of 3.5% Use of Fund Balance Dining: 2011Dining Renovations 31,500,000 31,500,000 2,362,500 2012Dining Component of Tower Village 2 1,500,000 112,500 Total $ 31,500,000 $ 33,000,000 $ 2,475,000 Sources of Funding: Sales to New Residents Annual Rate Increase of 3.5 – 4%
Annual Construction Debt Debt Cost Issue Service Student Facilities: 2012Land & Infrastructure - New Rec Center 13,000,000 13,000,000 975,000 2012New Recreation Center 78,000,000 78,000,000 5,850,000 Subtotal 91,000,000 91,000,000 6,825,000 2014Retrofit Existing Recreation Center 45,000,000 45,000,000 3,375,000 2017Off-Campus Recreation Fields - Land 5,000,000 5,000,000 375,000 Total $ 141,000,000 $ 141,000,000 $ 10,575,000 Sources of Funding: Student Fee Rate Increases for each Project Sources of Funding: Student Fee Rate Increases for each Project Campus Police: 2012Police Building - New Area $ 10,000,000 $ 8,000,000 $ 600,000 Sources of Funding: Auxiliary Enterprises Parking: 2012Parking Deck - New Area (500 Spaces) $ 10,877,000 $ 10,877,000 $ 815,775 Sources of Funding: Sales to New Residents Annual Rate Increase of 5% -11% for 4 years Grand Total: $ 408,277,000 $ 402,277,000 $ 29,495,775 New Area Total 211,877,000 209,877,000 15,740,775
2010 2011 2012 2013 2014 2015 Revenue: Unrestricted Operating Revenues: Fees (excluding E&T) $ 17,177,919 $ 18,294,484 $ 19,483,625 $ 20,750,061 $ 22,098,815 $ 23,535,238 Sales and Services 38,670,720 40,217,549 41,826,251 43,499,301 45,239,273 47,048,844 Unrestricted Operating Revenues $ 55,848,639 $ 58,512,033 $ 61,309,876 $ 64,249,362 $ 67,338,088 $ 70,584,081 Unrestricted and Auxiliary Gifts 282,437 500,000 500,000 500,000 500,000 500,000 Unrestricted and Auxiliary Investment Income 1,731,529 1,774,817 1,819,188 1,864,667 1,911,284 1,959,066 Unrestricted Endowment Income 64,217 75,000 75,000 75,000 75,000 75,000 $ 57,926,822 $ 60,861,850 $ 63,704,064 $ 66,689,029 $ 69,824,372 $ 73,118,148 O & M Expenses (Housing, Dining, Student Facilities) $ (5,791,873) $ (5,725,303) $ (5,868,435) $ (6,015,146) $ (7,971,025) $ (9,975,800) O & M Expenses (Housing, Dining, Student Facilities) $ (5,791,873) $ (5,725,303) $ (5,868,435) $ (6,015,146) $ (7,971,025) $ (9,975,800) Net Available $ 52,134,949 $ 55,136,547 $ 57,835,628 $ 60,673,883 $ 61,853,347 $ 63,142,347 Previous June 30 Fiscal Year End Unrestricted Net Assets: $ 71,786,343 $ 72,504,206 $ 73,229,248 $ 73,961,541 $ 74,701,156 $ 75,448,168 Debt Service - Old $ 9,653,239 $ 11,204,209 $ 9,904,324 $ 9,777,483 $ 9,924,564 $ 9,944,603 Debt Service - New $ 240,000 $ 4,410,000 $ 12,305,775 $ 16,611,375 $ 18,351,375 Total Debt Service $ 9,653,239 $ 11,444,209 $ 14,314,324 $ 22,083,258 $ 26,535,939 $ 28,295,978 Debt Coverage - Old 5.40 4.92 5.84 6.21 6.23 6.35 Debt Coverage - Total 5.40 4.82 4.04 2.75 2.33 2.23
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Net Revenues Revenues $ 18,141,317 $ 23,208,527 $ 18,615,725 $ 22,729,364 $ 27,383,217 $ 28,336,043 Expenses 8,381,359 9,856,392 10,579,054 11,566,426 13,894,315 14,311,143 Net $ 9,759,958 $ 13,352,135 $ 8,036,671 $ 11,162,938 $ 13,488,902 $ 14,024,900 Debt Service Bonds Principal & Interest and Fiscal Agent Fees: Current $ 4,386,436 $ 4,728,140 $ 4,721,735 $ 4,722,819 $ 4,727,149 $ 4,734,519 Future 240,000 1,935,000 2,190,000 6,495,600 8,235,600 Total $ 4,386,436 $ 4,968,140 $ 6,656,735 $ 6,912,819 $ 11,222,749 $ 12,970,119 Debt Coverage (Times) 2.23 2.69 1.21 1.61 1.20 1.08 Balance Available From Housing System for Reserves and Other Transfers 5,373,522 8,383,995 1,379,936 4,250,119 2,266,153 1,054,781 Transfer to(from) Other Funds 4,737,593 19,496,233 1,077,400 1,128,207 1,677,400 1,629,349 Net Change in Fund Balance 635,929 (11,112,238) 302,536 3,121,912 588,753 (574,568) Fund Balance Beginning of Year 14,130,898 14,766,827 3,654,589 3,957,125 7,079,037 7,667,791 Fund Balance End of Year $ 14,766,827 $ 3,654,589 $ 3,957,125 $ 7,079,037 $ 7,667,791 $ 7,093,222
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Net Revenues Revenues $ 13,308,977 $ 13,841,336 $ 14,276,096 $ 16,767,979 $ 17,404,699 $ 18,066,887 Expenses 11,499,238 11,844,215 11,488,889 13,490,253 13,894,961 14,311,810 Net $ 1,809,739 $ 1,997,121 $ 2,787,207 $ 3,277,726 $ 3,509,738 $ 3,755,077 Debt Service Bonds Principal & Interest and Fiscal Agent Fees: Current $ 256,147 $ 315,458 $ 249,549 $ 249,607 $ 249,899 $ 249,715 Future 2,475,000 2,475,000 2,475,000 2,475,000 Total $ 256,147 $ 315,458 $ 2,724,549 $ 2,724,607 $ 2,724,899 $ 2,724,715 Total $ 256,147 $ 315,458 $ 2,724,549 $ 2,724,607 $ 2,724,899 $ 2,724,715 Debt Coverage (Times) 7.07 6.33 1.02 1.20 1.29 1.38 Balance Available From Dining System for Reserves and Other Transfers 1,553,592 1,681,663 62,659 553,119 784,839 1,030,362 Transfer to(from) Other Funds 1,008,980 Net Change in Fund Balance 544,612 1,681,663 62,659 553,119 784,839 1,030,362 Fund Balance Beginning of Year 8,303,467 8,848,079 10,529,742 10,592,401 11,145,520 11,930,358 Fund Balance End of Year $ 8,848,079 $ 10,529,742 $ 10,592,401 $ 11,145,520 $ 11,930,358 $ 12,960,720
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Net Revenues Revenues $ 3,781,133 $ 3,781,133 $ 4,197,058 $ 4,658,734 $ 5,171,195 $ 5,740,026 Expenses 1,649,681 1,819,771 1,874,364 1,930,595 1,988,513 2,048,168 Net $ 2,131,452 $ 1,961,362 $ 2,322,694 $ 2,728,139 $ 3,182,682 $ 3,691,858 Debt Service Bonds Principal & Interest and Fiscal Agent Fees: Current $ 1,834,814 $ 2,103,733 $ 1,841,774 $ 1,837,984 $ 1,840,779 $ 1,843,720 Future 815,775 815,775 815,775 Total $ 1,834,814 $ 2,103,733 $ 1,841,774 $ 2,653,759 $ 2,656,554 $ 2,659,495 Total $ 1,834,814 $ 2,103,733 $ 1,841,774 $ 2,653,759 $ 2,656,554 $ 2,659,495 Debt Coverage (Times) 1.16 0.93 1.26 1.03 1.20 1.39 Balance Available From Parking System for Reserves and Other Transfers 296,638 (142,371) 480,920 74,380 526,128 1,032,363 Transfer to(from) Other Funds 163,345 Net Change in Fund Balance 133,293 (142,371) 480,920 74,380 526,128 1,032,363 Fund Balance Beginning of Year 2,616,086 2,749,379 2,607,008 3,087,928 3,162,308 3,688,436 Fund Balance End of Year 2,749,379 2,607,008 3,087,928 3,162,308 3,688,436 4,720,799
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Net Revenues Revenues $ 4,330,294 $ 4,243,688 $ 5,815,614 $ 12,543,927 $ 12,794,805 $ 13,050,701 Expenses 11,765 20,000 20,000 20,000 20,000 20,000 Net $ 4,318,529 $ 4,223,688 $ 5,795,614 $ 12,523,927 $ 12,774,805 $ 13,030,701 Debt Service Bonds Principal & Interest and Fiscal Agent Fees: Current $ 3,175,842 $ 4,056,878 $ 3,091,267 $ 2,967,073 $ 3,106,737 $ 3,116,648 Future 6,825,000 6,825,000 6,825,000 Total $ 3,175,842 $ 4,056,878 $ 3,091,267 $ 9,792,073 $ 9,931,737 $ 9,941,648 Debt Coverage (Times) 1.36 1.04 1.87 1.28 1.29 1.31 Balance Available From Student Facilities System for Reserves and Other Transfers 1,142,687 166,810 2,704,347 2,731,854 2,843,068 3,089,053 Transfer to(from) Other Funds 1,271,674 Net Change in Fund Balance (128,987) 166,810 2,704,347 2,731,854 2,843,068 3,089,053 Fund Balance Beginning of Year 7,381,308 7,252,321 7,419,132 10,123,479 12,855,333 15,698,401 Fund Balance End of Year $ 7,252,321 $ 7,419,132 $ 10,123,479 $ 12,855,333 $ 15,698,401 $ 18,787,455
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Net Revenues Housing $ 9,759,958 $ 13,352,135 $ 8,036,671 $ 11,162,938 $ 13,488,902 $ 14,024,900 Dining 1,809,739 1,997,121 2,787,207 3,277,726 3,509,738 3,755,077 Parking 2,131,452 1,961,362 2,322,694 2,728,139 3,182,682 3,691,858 Facilities Fee 4,318,529 4,223,688 5,795,614 12,523,927 12,774,805 13,030,701 Total Net Revenues $ 18,019,678 $ 21,534,306 $ 18,942,186 $ 29,692,730 $ 32,956,127 $ 34,502,536 Debt Service Housing $ 4,386,436 $ 4,968,140 $ 6,656,735 $ 6,912,819 $ 11,222,749 $ 12,970,119 Dining 256,147 315,458 2,724,549 2,724,607 2,724,899 2,724,715 Parking 1,834,814 2,103,733 1,841,774 2,653,759 2,656,554 2,659,495 Facilities Fee 3,175,842 4,056,878 3,091,267 9,792,073 9,931,737 9,941,648 Total Debt Service $ 9,653,239 $ 11,444,209 $ 14,314,324 $ 22,083,258 $ 26,535,939 $ 28,295,978 Total Debt Service $ 9,653,239 $ 11,444,209 $ 14,314,324 $ 22,083,258 $ 26,535,939 $ 28,295,978 Coverage Housing 2.23 2.69 1.21 1.61 1.20 1.08 Dining 7.07 6.33 1.02 1.20 1.29 1.38 Parking 1.16 0.93 1.26 1.03 1.20 1.39 Facilities Fee 1.36 1.04 1.87 1.28 1.29 1.31 Total 1.87 1.88 1.32 1.34 1.24 1.22 Available Funds Net Available $ 52,134,949 $ 55,136,547 $ 57,835,628 $ 60,673,883 $ 61,853,347 $ 63,142,347 Debt Service 9,653,239 11,444,209 14,314,324 22,083,258 26,535,939 28,295,978 Coverage 5.40 4.82 4.04 2.75 2.33 2.23
– Review demand before going forward with Phase II and III. – Rent single rooms at close to twice the price for a double. – Increase marketing efforts to get more upper classmen, transfers, and international students to live on campus. – Require athletes to live on campus.
– Use fund balance.
– Convert surface lots to green space (forcing more parking in new deck).
– Use fund balance to cover net revenue shortfall in the near term – Increase the fee rate. – Delay other projects planned for the Student Facilities Fee.