9a) DCU financial statements are back on.
Here are some things we found out during the week:
- the bonus for SMG has to be based on sales and can not be based on “net profit” to keep the bonds tax-free.
- that revenues from things like hotel taxes covers the bond payments up to the 30 million that was invested.
- please note, however, that we have invested more then 30 million and payments for the additional amounts come from the General Fund
- if we were to invest 60 million more into items like a Skybridge, we are not sure where the monies would come from to pay that. Maybe from the revenues from new hotels??
The bottom line is that the net payment to the City of Worcester has been:
- 50% of the operating income or $244,515 2013:
- 100% o the operating income of $335,480
Considering what the DCU is worth are return is negligible.. Time to sell, at least look at the very least look into it?? Any proceeds should then go into a trust solely for the OPEN and PENSION liabilities.
