 | Board of Visitors minutes May 27, 1988 |  |
ATTACHMENT A
REVENUES AND EXPENDITURES
FOR CLINCH VALLEY COLLEGE DORMITORY "SYSTEM"
EXCLUDING THE 36 NEW BEDS
| ANNUAL REVENUES: | |
| REGULAR SESSION | |
| 92 BEDS x $1260 x .98 OCCUPANCY | $113,602 |
| 300 BEDS x $1110 x .98 OCCUPANCY | $326,340 |
| SUMMER SESSION | |
| 92 BEDS x $450 x .70 OCCUPANCY | $28,980 |
| 300 BEDS x $400 x .70 OCCUPANCY | $84,000 |
| $552,922 | |
| MINUS ANNUAL OPERATING EXPENDITURES | |
| PERSONAL SERVICES | $115,264 |
| CONTRACTUAL SERVICES | $36,500 |
| SUPPLIES & EQUIPMENT | $49,200 |
| OTHER COSTS | $4,500 |
| $205,464 | |
| RESERVE CONTRIBUTION | $27,645 |
| $233,109 | |
| AVAILABLE FOR DEBT SERVICE | $319,813 |
| EXISTING DEBT SERVICE | $73,950 |
| AVAILABLE FOR NEW DEBT SERVICE | $245,863 |
| PROPOSED FOR OTHER NEW DEBT | $68,220 |
| NET SYSTEM CONTRIBUTION | $177,643 |
INCLUDING THE 36 NEW BEDS, CVC WILL HAVE 128 BEDS IN THE SYSTEM AT THE CURRENT RATE OF $1260 FOR THE REGULAR SESSION. THE REMAINING 300 BEDS ARE AT THE CURRENT RATE OF $1110.
EXISTING DEBT SHOWN ABOVE INCLUDES ONLY AMOUNTS IDENTIFIED IN ATTACHMENTS B AND C. IT EXCLUDES ANY DEBT PROPOSED FOR THE 1988 BOND ISSUANCE.
RESERVE CONTRIBUTION IS APPROXIMATELY 5% OF REVENUE. THIS IS NOT A REQUIREMENT OF THE BOND INDENTURES AND IS NOT REFLECTED IN THE WORKSHEET ENTITLED "REVENUE BOND PARAMETERS."
OTHER NEW DEBT IS IDENTIFIED IN REVISED FEASIBILITY STUDY FOR P.C. 11883.
| Board of Visitors minutes May 27, 1988 | |