Financing Plan – H&D Fund 10 Year Proforma H&D Fund can support debt financing the New Hall, projecting debt service coverage of over 1.5x and a minimum fund balance meeting the minimum requirements Debt service is based on 4.5% planning rate
FY2017 FY2018 FY2019 FY2020 FY2025 FY2027 $36,029,702 $37,823,000 $37,979,000 $43,817,000 $52,587,000 $56,992,000 (25,369,848) (26,403,538) (27,041,755) (30,805,392) (35,246,849) (37,811,060) 10,659,854 11,419,462 10,937,245 13,011,608 17,340,151 19,180,940 (2,672,826) (3,194,207) (3,237,500) (3,329,375) (3,862,426) (4,114,824)
Total Operating Revenues Total Operating Expenses Net Operating Income Non Operating Expenses*
Net Revenues before Debt Service
7,987,028
8,225,255
7,699,745
9,682,233 13,477,725 15,066,115
Total Debt Service
(5,784,278) (5,728,820) (5,733,842) (8,409,957) (8,310,804) (9,101,628)
Net Revenues after Debt Service
2,202,750
2,496,435 45,000,000
1,965,903
1,272,276
5,166,921
5,964,488
Bond Proceeds
Major Capital Expenditures
(1,044,383) (49,911,233)
0 (5,000,000) (7,000,000) (9,000,000)
Investment Earnings
185,261
200,000
200,000
200,000
200,000
200,000
Net change in Fund Balance
1,158,367 (2,414,798)
1,965,903 (3,727,724) (1,833,079) (3,035,512)
Ending Fund Balance $16,155,774 $13,940,976 $16,106,879 $12,579,155 $10,683,268 $12,135,332 Amount Above Minimum Reserve $10,371,496 $8,212,156 $10,373,037 $4,169,198 $2,372,464 $3,033,705 Debt Service Coverage 1.84 1.99 1.91 1.55 2.09 2.11
*Non-operating expenses include University Overhead Expenses and Preservation Expenses, and is not a part of the debt service calculation.
Note: Minimum reserve required is 1.0x total debt service
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