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IV. FINANCIAL ANALYSIS <br />A. Facility Concepts <br />All pro -forma assumptions were created utilizing projected square foot allotments provided by Sink <br />Combs Dethlefs, as a building program has, and continues to evolve. At this time, approximately 50,000 <br />square feet are anticipated being added to the 57,400 square feet of the existing building for a total of <br />approximately 107,400 square feet. <br />B. Assumptions <br />The operational budget planning for the expansion of the Louisville Recreation /Senior Center uses a <br />conservative approach to estimating expenses and projecting additional revenues, based on an <br />understanding of the conceptual project, the best available market area information, and integrating <br />with current practices. Existing revenues and expenditures are considered along with the projected <br />operations of expanded fitness and aquatics. <br />While an initial budget provides a baseline, it is anticipated that revenues during the first few years of <br />operation with an expanded facility may exceed these projections for several reasons. <br />• Leading up to and during the first year of operation, marketing and promotion efforts and costs <br />will be elevated to attract an expanded population. <br />• Particularly in years one and two, the facility interest and therefore attendance /participation <br />will likely be higher than in subsequent years when the "newness" of the expanded spaces <br />declines. <br />All figures are estimated 2016 dollars and estimate probable costs and revenues. There is no guarantee <br />that the estimates and projections will be met, and there are many variables that cannot be accurately <br />determined during this conceptual planning stage, or may be subject to change during the actual design <br />and implementation process. <br />Hours of Operation <br />The following indicates current hours of operation; these are assumed to remain the same. This <br />schedule can be revised to accommodate various demands. However, it is important to note that facility <br />revenues and expenditures are based on these hours shown in Table 4 below. Staffing at the pool is <br />based on pool operating hours on Sundays. <br />Table 4: Center Hours of Operations <br />Hours per week <br />Monday — Thursday <br />Friday <br />Saturday <br />Sunday <br />Sunday Pool <br />Total Hours /Week <br />5:45am to 9:OOpm 61 <br />5:45am to 7:OOpm 13.25 <br />11 <br />7:OOam to 6:OOpm <br />8:OOam to 6:OOpm <br />10 <br />10:OOam to 5:45pm <br />95.25 <br />It is assumed that the facility will operate 351 days per year, with the facility being closed for seven <br />holidays during the year including New Year's Day, Easter, Memorial Day, Fourth of July, Labor Day, <br />14 Recreation & Senior Center Expansion Feasibility Study <br />15 <br />