 | Board of Visitors minutes March 21, 1986 |  |
Exhibit A
UNIVERSITY OF VIRGINIA
Preliminary
Feasibility Study
for
Student Health Building
Prepared by The
University of Virginia Budget Office
December 1, 1981
UNIVERSITY OF VIRGINIA
Student Health Building
Project Description
The University is planning construction of a new Student Health facility to be located near the Medical Center. The facility is scheduled to be completed in September, 1984 at a cost of $3,512,000 including utilities. We have requested approval of the total project by the General Assembly, and we would like $2,000,000 of the project cost to be included in a revenue bond issue for permanent financing. The remaining portion of the project cost will be funded from auxiliary enterprise balances ($300,000) and private gifts ($1,212,000).
The Student Health Department, a component of the division of student affairs, is the organization responsible for all aspects of the health care of University students. Currently, the department occupies a building which is seriously deficient in two major areas. First, the present building is too small to accommodate a Student Health Service handling as many patients as are being seen. Thus, there is severe overcrowding. Second, the current building is poorly designed for use as a health care facility, and the physical condition of the structure itself is very bad. Presently, students make use of the Student Health Service approximately 50,000 times each year for purposes ranging from allergy treatments to gynecological services. The same services that are offered in the current Student Health facility will be offered in the new building. One additional service will be offered in the new facility (radiology) because of the distance of the proposed site from the existing Medical Center
Student Health is an auxiliary enterprise, operating as a prepaid health plan. The Student Health fee is automatically included in comprehensive fees collected along with tuition. Payment of the debt will be from the Student Health fee assessed to all full-time, regular session students in the amount of $27 per session (part-time, regular session students pay a pro-rata amount). In calculating the debt payment schedule, an interest rate of 12% was used, and the payments were extended over 20 years resulting in a coverage of approximately 110%.
UNIVERSITY OF VIRGINIA
Student Health Building
Estimated Annual Net Revenue Available for
Debt Service for $2,000,000 Bond Issue
| Estimated Revenues | |
| Student Fees @ $27 per full-time student | $445,590 |
| Total Estimated Revenues | 445,590 |
| Estimated Incremental Operating Expenditures | |
| Personnel Salaries & Fringe Benefits | $ 30,810 |
| Maintenance | 72,780 |
| Utilities | 40,000 |
| Supplies & Other Contractual Services | 7,000 |
| Total Estimated Operating Expenditures | $150,590 |
| Total Estimated Net Revenues | $295,000 |
UNIVERSITY OF VIRGINIA
DEBT SERVICE SCHEDULE
STUDENT HEALTH BUILDING
INTEREST RATE 12 %
| YEAR | REMAINING PRINCIPAL | PRINCIPAL PAYMENT | INTEREST PAYMENT | TOTAL DEBT SERV PAYT | REVENUE | COVERAGE |
| 2,000,000.00 | ||||||
| 1985 | 1,970,000.00 | 30,000.00 | 240,000.00 | 270,000.00 | 295,000.00 | 1.09 |
| 1986 | 1,940,000.00 | 30,000.00 | 236,400.00 | 266,400.00 | 295,000.00 | 1.11 |
| 1987 | 1,905,000.00 | 35,000.00 | 232,800.00 | 267,800.00 | 295,000.00 | 1.10 |
| 1988 | 1,865,000.00 | 40,000.00 | 228,600.00 | 268,600.00 | 295,000.00 | 1.10 |
| 1989 | 1,820,000.00 | 45,000.00 | 223,800.00 | 268,800.00 | 295,000.00 | 1.10 |
| 1990 | 1,770,000.00 | 50,000.00 | 218,400.00 | 268,400.00 | 295,000.00 | 1.10 |
| 1991 | 1,715,000.00 | 55,000.00 | 212,400.00 | 267,400.00 | 295,000.00 | 1.10 |
| 1992 | 1,655,000.00 | 60,000.00 | 205,800.00 | 265,800.00 | 295,000.00 | 1.11 |
| 1993 | 1,585,000.00 | 70,000.00 | 198,600.00 | 268,600.00 | 295,000.00 | 1.10 |
| 1994 | 1,505,000.00 | 80,000.00 | 190,200.00 | 270,200.00 | 295,000.00 | 1.09 |
| 1995 | 1,420,000.00 | 85,000.00 | 180,600.00 | 265,600.00 | 295,000.00 | 1.11 |
| 1996 | 1,325,000.00 | 95,000.00 | 170,400.00 | 265,400.00 | 295,000.00 | 1.11 |
| 1997 | 1,215,000.00 | 110,000.00 | 159,000.00 | 269,000.00 | 295,000.00 | 1.10 |
| 1998 | 1,095,000.00 | 120,000.00 | 145,800.00 | 265,800.00 | 295,000.00 | 1.11 |
| 1999 | 960,000.00 | 135,000.00 | 131,400.00 | 266,400.00 | 295,000.00 | 1.11 |
| 2000 | 805,000.00 | 155,000.00 | 115,200.00 | 270,200.00 | 295,000.00 | 1.09 |
| 2001 | 635,000.00 | 170,000.00 | 96,600.00 | 266,600.00 | 295,000.00 | 1.11 |
| 2002 | 445,000.00 | 190,000.00 | 76,200.00 | 266,200.00 | 295,000.00 | 1.11 |
| 2003 | 230,000.00 | 215,000.00 | 53,400.00 | 268,400.00 | 295,000.00 | 1.10 |
| 2004 | 0.00 | 230,000.00 | 27,600.00 | 257,600.00 | 295,000.00 | 1.15 |
| TOTAL | 2,000,000.00 | 3,343,200.00 | 5,343,200.00 |
| Board of Visitors minutes March 21, 1986 | |