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3.0. HRSR 02-05-2001
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3.0. HRSR 02-05-2001
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City Government
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HRSR
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2/5/2001
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What is a project proforma? <br /> Historical trends show that government is increasingly entering into"partnerships"of various sorts with the <br /> private sector. This is particularly true in cases of housing,economic development and redevelopment. With <br /> this trend comes an increasing need for government to make judgements on the strength of private sector <br /> promises,leases,guarantees,etc...Also,when public incentives are provided, it is important to ensure that <br /> the level of assistance is sufficient,but not excessive. One way you better make such judgements is through <br /> the review of the development pro forma. <br /> A pro forma is a basic financial feasability model of the project. It is the developers cash flow analysis of <br /> how the project will work. It should: <br /> ❑ include project cost detail <br /> ❑ include total debt detail <br /> ❑ include ongoing revenues sources <br /> ❑ include ongoing expenditure items <br /> ❑ allow for inflation analysis <br /> ❑ allow for vacancy analysis <br /> ❑ allow for tax analysis <br /> ❑ allow for sale of project analysis <br /> ❑ include profitability, risk and interest rate of return ratios <br /> ❑ include the time period of public participation <br /> ❑ allow for the testing of various financial assumptions. <br /> A pro forma will give the public sector partner a better view of the project financial strength. It will also <br /> show the return to the developer to ensure an appropriate level of public participation. <br /> When use in conjunction with a market analysis,it can be a powerful tool in evaluating the public partner's <br /> risk. <br /> • <br /> Ehlers&Associates-The But/For Test <br />
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