Title
Velocity Broadband (VBB) Presentation
Brief Description: Staff will present the current financial position of VBB's Enterprise Fund and Capital Fund, as well as the financial forecast. As part of the forecast, we will discuss growth opportunities.
Body
Legislative History
Ordinance 19-7 established the Velocity Broadband Enterprise Fund. The new fund was established as part of the presentation of the VBB Business Plan in February 2019.
Purpose & Explanation
The purpose of this presentation is to give City Council an update on the current financial position of VBB including the Enterprise and Capital Funds. In addition, we will review the financial forecast including VBB's ability to repay the funds borrowed to pay to for the capital buildout.
We will also explain how encumbrances impact the available fund balance. By definition, "an encumbrance is a restriction placed on the use of funds. The concept is most commonly used in governmental accounting, where encumbrances are used to ensure that there will be sufficient cash available to pay specific obligations. By using encumbrances, a government entity can be assured that it will not over-extend its finances." - AccountingTools.com
Staff will present a pin-map which will highlight the location of residents that have contacted us with interest in obtaining VBB. The map also shows home based businesses within Hudson. The purpose of the map is to demonstrate the volume and concentration of public interest and assist in determining the most cost-effective areas of prospective growth.
We've also attached the Q&A from Councilperson Beth Bigham that gives an overview of the reasons VBB was started, how to measure its' success and ideas on moving forward.
Timing Considerations
None.
Fiscal Impact - NA
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
Appropriation Not Required.
Recommendation
Suggested Action
None.
Submitted by,
Jane Howington, City Manager...
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