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Saturday, Nov 01, 2014

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President updates OHIO on capital budget distribution recommendations


On Wednesday, Ohio University President Roderick J. McDavis sent an email to the entire OHIO community about the capital budget distribution recommendations.

Dear Faculty, Staff and Students,

Today Governor Kasich expressed his support for the capital budget distribution recommendations of a six-member committee of university presidents. The plan recommends distribution of approximately $18.6 million in state support for infrastructure improvements on Ohio University's Athens campus and an additional $3.5 million to our combined regional in the 2013-2014 budget cycle. We are hopeful that the Ohio Legislature will view the commission's recommendations favorably as the capital bill makes its way through the legislative process.

We thank the committee, led by The Ohio State University President Gordon Gee, for its thorough process which resulted in recommendations supporting our institutional priorities for our academic units while addressing our deferred maintenance challenges as well. The recommended state support combined with our recent bond issuance and $3 million designated from our operating budget, will allow us to address the priorities in our Capital Improvement Plan (CIP).

On Tuesday, the University issued $46.6 million in new debt and refinanced $29.9 million of existing debt at lowered interest rates as a result of positive market conditions. These funds will be used to address key capital and infrastructure projects as outlined in the University's CIP, available online here.

Our Capital Improvement Plan and the issuance of debt as an element of that plan support our manageable long-term strategy to maintain and improve the University's infrastructure. We developed our debt policy assisted by our financial advisor and informed by a debt affordability study. We thank our Board of Trustees for its vision and support of this strategy which combines funding support from the state, our operating budget, private donors and enterprise partners to ensure the viability of the University's capital assets.

The future infrastructure improvements on all our campuses will reflect the commitment of the State of Ohio, our Board of Trustees, and the generosity of our donors.
Cordially,
 
Roderick J. McDavis
President