WBJ: Following their inaugural season, the WooSox seek to build on COVID-impacted attendance

 

 

 

The Red Sox had a great year 

The taxpayers had a bad year

 

 For fiscal 2021, which ended June 30 and included the first two months of the WooSox season, the city needed the stadium taxing district to generate about $640,000 to cover the remainder of the $2.1-million stadium bond payment not already paid for by the capitalized interest. 

The revenue from the ballpark district fell short, generating about $391,000.

 

Let us translate:

1. this year we have a bond payment of $2,100,000
2. we took $1,460,000 that we borrowed to pay this first bond payment (capitalized interest)
3.  leaving us $640,000 to pay 
4. we only raised $391,000
5. short $249,000

 To say we were only $249,000 short is a true reflection of how short we really were.    We borrowed $1,460,000 that we are calling "capital interest".   You need to add these two numbers together.

We were short $1,809,000 to cover the $2,100,000 bond payment. The DIF only generated $391,000!!!        

Keep in mind:

1. Bond payments increase each year
2. Believe next year (year 2) is that last year we have capitalized interest