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The MI-Connection Board of Directors met Thursday, April 27 at Davidson Town Hall to present their FY 2017-2018 budget and share their third quarter 2016-2017 results.
MI-Connection’s budget year begins July 1, 2017 and runs through June 30, 2018. The meeting began with a public hearing regarding the proposed FY 2017-2018 budget. CEO David Auger presented the budget, which shows continuing growth: total revenue is projected at $22,510,587, and cost of goods sold is projected at $9,164,247, yielding a gross profit of $13,346,340 or 59%. Total operating expenses are projected at $7,483,411 and EBIDA (earnings before interest, depreciation and amortization, a key metric used by cable operators to measure performance) is projected at $5,862,929. A total of $6,378,967 will go toward paying debt service. The subsidy to MI-Connection by the Towns of Davidson and Mooresville is projected at $2,931,038. The Town of Davidson will contribute $1 million based on our most recent interlocal agreement with Mooresville.
Auger also shared third quarter FY 2016-2017 results. Revenue is up by .44% and total expenses are down 4.29% in the third quarter of FY 2016-2017 compared to the third quarter of FY 2015-2016. EBIDA is down 9.66% as compared to 2016 and the overall EBIDA percentage is at 24.80%. The FY 2016-2017 had an additional payroll period compared to FY 2015-2016.
Revenue generating units are up .97% and customer relationships have increased .94% in FY 2016-2017 as compared to FY 2015-2016.
The MI-Connection board of directors approved the proposed FY 2016-2017 recast budget and the proposed FY 2017-2018 budget.
There are three spots available on the MI-Connection Board of Directors. The term is two years. If you are interested, please apply at http://www.mi-connection.com/index.php/component/chronocontact/?chronoformname=BoardofDirectorsApp
For more information, please visit: http://www.mi-connection.com/index.php/home/board-of-directors
For more information on MI-Connection and services available, please visit: www.mi-connection.com.
The next meeting of the MI-Connection Board of Directors is Wednesday, June 28 at 6:30 p.m. at Davidson Town Hall.