Continuum Board of Directors Share FY 2020 Budget
The Continuum (formerly known as MI-Connection) Board of Directors met Thursday, June 27 at Davidson Town Hall to present their FY2020 Budget.
Continuum’s budget year begins July 1, 2019 and runs through June 30, 2020. The meeting Began with a Public Hearing regarding the proposed FY 2020 budget. Continuum Director of Finance, Sean Wilbur, presented the FY 2020 budget, indicating continued top and bottom line growth: Revenue projected at $22,534,381, Cost of Goods Sold projected at $8,466,507, yielding Gross Profit of $14,067,874. Total Operating Expenses are projected to be $7,097,680 and EBIDA (Earnings before Interest, Depreciation and Amortization, a key metric used by cable operators to measure performance) is projected at $6,970,194. A total of $6,442,160 will go toward paying debt service. The subsidy to Continuum by the Towns of Davidson and Mooresville is projected to be $3,592,206 with the remainder contributed by Continuum’s free cash flow. The Town of Davidson will contribute $1 million based on our most recent interlocal agreement with Mooresville.
The Continuum Board of Directors approved the proposed FY 2020 proposed budget.
For more information on Continuum and services available, please visit: www.ourcontinuum.com.
The next meeting of the Continuum Board of Directors is tentatively scheduled Thursday, July 25 at 6:30 p.m. at Davidson Town Hall.