Jim Johnson Posted May 18, 2005 Group: TBP Subscriber III Topic Count: 1,834 Content Count: 5,473 Reputation: 1,790 Days Won: 13 Joined: 12/02/2018 Share Posted May 18, 2005 True... some fundraising will offset the cost -- but the article mentioned that bonds were going to be requested for $54 million.  Now, I realize that approval to issue the bonds and actually issuing the bonds are two different things.---Howie, I believe the USF Foundation guaranteed the funds for the construction of the Athletic Facility... and they may actually be the entity that writes the checks to pay off the bonds.  But they need to be reimbursed... for example the Coca-Cola vending contract is $800,000 to USF, all of that goes to pay the bonds on the athletic facility -- so that might be enough to cover the annual cost of that debt.However, other revenue streams will have to be used to cover the debt on the new facilities.  Naming rights... annual donations... ticket sales... facility rental... whatever they would be.My guess is also that since Sun Dome, Inc operates all of USF's current atheltic facilities (except the Campus Rec center), Sun Dome will probably manage the new facilities as well.  Thus, in theory, the debt service could come out of their revenue streams... but I am not 100% sure about that.The operating budget may indeed be separate from the debt service budget... but it still means that someone somewhere will have to pay around $3 million per year for the debt on the new facilities. Link to comment Share on other sites More sharing options...
Papa_Bull Posted May 18, 2005 Group: Member Topic Count: 375 Content Count: 3,144 Reputation: 0 Days Won: 0 Joined: 12/23/2001 Share Posted May 18, 2005 It looks like most of the sundome improvements won't come until 2007-08:http://usfweb2.usf.edu/univsvcweb/FiscalWkgrp050905/TampaCIP3.pdfHere is the link mentioning the preliminary athletic budget for 2005-06:http://usfweb2.usf.edu/univsvcweb/FiscalWkgrp050905/200506OperBdgt2.pdf Link to comment Share on other sites More sharing options...
Bullpride08 Posted May 18, 2005 Group: Member Topic Count: 38 Content Count: 4,016 Reputation: 0 Days Won: 0 Joined: 02/20/2002 Share Posted May 18, 2005 True... some fundraising will offset the cost -- but the article mentioned that bonds were going to be requested for $54 million.  Now, I realize that approval to issue the bonds and actually issuing the bonds are two different things.---Howie, I believe the USF Foundation guaranteed the funds for the construction of the Athletic Facility... and they may actually be the entity that writes the checks to pay off the bonds.  But they need to be reimbursed... for example the Coca-Cola vending contract is $800,000 to USF, all of that goes to pay the bonds on the athletic facility -- so that might be enough to cover the annual cost of that debt.However, other revenue streams will have to be used to cover the debt on the new facilities.  Naming rights... annual donations... ticket sales... facility rental... whatever they would be.My guess is also that since Sun Dome, Inc operates all of USF's current atheltic facilities (except the Campus Rec center), Sun Dome will probably manage the new facilities as well.  Thus, in theory, the debt service could come out of their revenue streams... but I am not 100% sure about that.The operating budget may indeed be separate from the debt service budget... but it still means that someone somewhere will have to pay around $3 million per year for the debt on the new facilities.You are about right on that. A number of new revenue streams are expected to be available soon- BE increased revenue from C-USA by about $4MM, new TV contract with Sunshine Network, and I am sure USF has already determined the feasibility of making those debt service payments. They requested the $54MM for a number of reasons- to insure they've got sufficient funds to begin, provide financing flexibility, provide additional fluff in needed. On a positive that $54MM indicates that we're confident the athletic department can come up with another $3.5-4MM in net income to service these bonds. Link to comment Share on other sites More sharing options...
VickiM Posted May 19, 2005 Group: Member Topic Count: 23 Content Count: 269 Reputation: 0 Days Won: 0 Joined: 07/22/2003 Share Posted May 19, 2005 Maybe I can help here.  To start, the Trib article was a little misleading.  It made it sound as if we are requesting bonds for all of those facilities, when in reality what is on the Trustees' agenda tomorrow is transactional.  We are required, each year, to submit to the Legislature a list of facilities for which we may be seeking the issuance of bonds.  This is for the purpose of developing an authorized projects list, not for actually considering the issuance of certificates of participation.  We will still have to fund raise for these facilities, or find other revenue sources that can support debt service.  It's great news that those projects are on the list; but there's still some work to be done.USF Athletics DOES have to pay its own way, and that includes debt service.  Though USF has an administration that is very supportive of athletics, they remain committed to focusing institutional resources on instruction and research.  We are responsible for our budget and for the debt service on the new training facility, as we will be on any future bonded projects.  We were able to construct the training center through bonded debt because the partnership with Coca-Cola provides the dedicated revenue necessary to cover the debt.  Our athletic and university leadership also takes a very conservative approach to taking on debt that does not have offsetting revenue.  As can happen in large organizations, you will not see the current administration taking on vast debt that somone else will have to face down the line.  We are pretty much a "pay as you go" operation.As for comparing budgets, keep in mind that the facilities for football and men's and women's basketball do not run through the Department of Athletics budget, unlike most--if not all--of our Big East partners.  That doesn't close the gap, but it makes a significant difference.And since I can't sign off without a commercial . . . closing the gap is why we need all of you as members of the Bulls Club, as season ticket holders, and as fans.  I know most of you fit in all three categories, and thank you for everything you do to advance this athletics program.I still remember the first meeting convened to discuss how to raise the funds needed to start football at USF.  I'd have been hard pressed to believe, then, that in less than a decade we'd be staring at our inaugural year in the BIG EAST.  If the ride ahead is half as exciting as the past 8-9 years, we're in for some fun!Cheers!Vicki Link to comment Share on other sites More sharing options...
bulls96go Posted May 19, 2005 Group: Member Topic Count: 724 Content Count: 10,219 Reputation: 2 Days Won: 0 Joined: 01/17/2002 Share Posted May 19, 2005 thanks vicky for injecting facts into a speculative discussionand we are supportive and very proud of what we have accomplished thus far Link to comment Share on other sites More sharing options...
The_Reaper Posted May 19, 2005 Group: Member Topic Count: 114 Content Count: 2,052 Reputation: 0 Days Won: 0 Joined: 10/06/2002 Share Posted May 19, 2005 Maybe we can get Ty Pennington and the crew to do a new twist on the show call "Extreme makeover- College edition!" Link to comment Share on other sites More sharing options...
Papa_Bull Posted May 20, 2005 Group: Member Topic Count: 375 Content Count: 3,144 Reputation: 0 Days Won: 0 Joined: 12/23/2001 Share Posted May 20, 2005 Follow up article on the Trustee meeting:USF BUDGET: University of South Florida trustees Thursday approved a preliminary $1.32 billion operating budget for 2005-2006. The budget, which could change, calls for $19.2 million in spending for intercollegiate athletics, an increase of less than $500,000 for USF's first year in the Big East Conference. Trustees also approved asking the state for permission to issue $53 million in bonds in 2006 to pay for new or improved athletic facilities. A $29 million bond would pay for Sun Dome renovations, including a new basketball practice facility and meeting rooms. A $24 million bond would fund a new soccer stadium, tennis center, baseball stadium and softball stadium. http://bulls.tbo.com/bulls/MGBYA3ATX8E.html Link to comment Share on other sites More sharing options...
MikeG Posted May 20, 2005 Group: Moderator Topic Count: 1,984 Content Count: 19,737 Reputation: 3,674 Days Won: 165 Joined: 07/17/2003 Share Posted May 20, 2005 Thanks for the heads up VickiOne other item that makes us a little different than the other Big East folks -- imo -- is that we are in Florida. As a general rule-- the cost of living et al is lower here than in the north east. So we probably get a little better bang for our buck on certain things which may be making the gap look like we are not doing things to the same level.I just watched the 1997 DVD of the first Bulls season recap (finally watched the whole thing Gene) -- it mentions at one point that USF is the 13th largest school in the country. Maybe not the traditional mix of more younger students/full credit hour loads-- but still massive all the same. I wonder where we rank in terms of size these days-- maybe it's even higher. Link to comment Share on other sites More sharing options...
ChiTownBull Posted May 20, 2005 Group: Member Topic Count: 879 Content Count: 5,691 Reputation: 1 Days Won: 0 Joined: 12/27/2001 Author Share Posted May 20, 2005 maybe if we had more $$$ smith wouldn't be our new OC Link to comment Share on other sites More sharing options...
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