If you have not already done so will you request interim financials and distribute them as soon as possible ??
ADDITIONALLY I am unclear as to why revised pro-formas have not been prepared to reflect the steep decline in expected Port Orange Y revenues that was discussed with Counsel in their secret meetings with the CEO of the parent Y ??
This information was requested back on Aug 8th
From: Kisela, Greg [mailto:gkisela@port-orange.
Sent: Friday, August 09, 2013 7:17 AM
To: Ted Noftall
Cc: Fenwick, Robin; Saunders, Wayne; City Council
Subject: Re: Need Financials for Parent YMCA
Ted: I won’t be in the office until early to mid afternoon but will send you the pro forma the YMCA prepared when I am back. It assumes revenue growth and expense increases. We know the Port Orange Y has lost approximately 10 percent of their revenue over the past 5 years but they have reduced their expenses accordingly. The Y pays about $205K in annual lease payments and they are current. The pro forma shows a ramping up of payments to amortize the new lease.
From: Ted Noftall [mailto:Ted@TedNoftall.com]
Sent: Thursday, August 08, 2013 3:12 PM
To: ‘Kisela, Greg’
Cc: ‘Fenwick, Robin’
Subject: FW: Need Financials for Parent YMCA
Thank you for distributing these financials as you did. I have 4 questions.
1) What was the total amount paid by the Parent Y to the City of Port Orange for each of the years under review.
- a) How are these amounts calculated.
- b) Is the Parent Y current with all payments.
2) Is this annual payment amount expected to increase, decline or remain the same during renovations and for the 3 years thereafter.
3) Are interim financials for the 6 months ended June 30 2013 available for the Parent Y
4) Are revised pro-forma financials being prepared for the Port Orange Y that will reflect the expected steep revenue reductions discussed with Council during their private meetings last week.