PSU ICA Pro-Formas
- Thread starter stormingnorm
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Couple of questions:
1) any discussion of the Master Plan at all? They could be treating it as its own silo., which would make some sense. However, there is a Master Plan Balance of $4mm at the bottom of the page that doesn't budge.
2) was there any further discussion of ICA indebtedness/debt service? A little too casual for an item that is growing.I'd want to see a Sources and Uses. Funded by bank borrowings? How about issuing CP or even callable munis?
3) was that Brandon Short in the meeting? Picture wasn't very clear.
1) any discussion of the Master Plan at all? They could be treating it as its own silo., which would make some sense. However, there is a Master Plan Balance of $4mm at the bottom of the page that doesn't budge.
2) was there any further discussion of ICA indebtedness/debt service? A little too casual for an item that is growing.I'd want to see a Sources and Uses. Funded by bank borrowings? How about issuing CP or even callable munis?
3) was that Brandon Short in the meeting? Picture wasn't very clear.
I saw this on my phone while “wetting my whistle” after work. I opened the link at home and, although I’ve not had nearly the appropriate time to digest this, I do want to thank you for providing this information. This justifies my decision to “punt” on my club seats and using the money for other “bucket list” endeavors! Thanks, again, and God bless!
- There was no discussion the MP
- Yes, that $4Million you see is a "segregated" (probably on paper only) allocation to go towards funding the Master Plan. Would that cover the costs to paint the floor of the pool in Sandy's Natatorium?
- That $4 Million doesn't budge..... The Pro-Formas don't show enough of a surplus to add any more to that item (OTTOMH, I think Sandy's PFs - which are more Fairy Tale than function - have a total reserve of about $10 million five years from now)
- NO discussion, nor any financial statements provided, vav PSU ICA Debt. (No one expressed any interest - aside from that brief clip from BShort)
Not sure what all showed up on the video, but BShort did ask twice "What is the status of the $30M loan - and when/how is it to be paid back?" (he did not, to the best of my recollection, ask any questions about the overall level of debt).
Short was "answered" with a winding soliloquy wrt the logistics of PSU borrowing money (from Dave Gray and Donchez, IIRC... Babs had no idea. FWIW, those funds - fungible as they may be - were reported to have come from a straight bank loan... not a bond issue... but no details were provided.... and also assurances that "debt services pass on to ICA").... but never with any answers to the questions he posed.
Then, he (BShort) just gave up and shut up. No one else seemed interested.
- I do have documents SUPPOSEDLY listing PSU ICA debt year-to-year(through 2017/18)… however, no where on there did the $30Million from the University ever show up in those statements - not in 2012/13/14 or any time thereafter.
So, the accuracy and reliability of those documents is - to say the least - highly questionable.
Many thanks.
I'm beginning to wonder whether the Master Plan is DOA, Recall seeing a video clip around the end of 2018 where Barbour was asked about fund raising and the Master Plan and she started out by saying that fund raising was on track and then quickly segued to saying something like for Lasch and other football facilities. She then said the project had grown to $70mm, which was the first I'd heard of it (believe it started at $18mm, then went to $35mm).
Tennis, swimming, and the Center for Excellence (are you fvcking kidding me with that name?) were all teed up for Phase I of the Master Plan. Don't recall any mention of soccer, but why not.
So when is this all happening and where is the money coming from? Is Barbour still hot to build a swimmi' hole that will compete with Jamail and the IU Natatorium?
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