Financial Status
In late 2006, the Reason Foundation, a libertarian think-tank, issued a report characterizing iProvo as financially unstable and ineffective at lowering Internet costs or raising broadband use. Provo responded with a white paper challenging Reason's analysis and stating that any conclusions were premature since the full network had been in place for less than a year. In June 2007, "he Provo Municipal Council voted to add $1.2 million in sales tax revenue to the city's budget for the fiscal year 2008 to help iProvo pay off its debt." Additionally, "he city's most recent projections show that iProvo will not be self-sustaining until at least 2011".
The Reason Foundation updated their analysis of the network on April 16, 2008, and found that iProvo's total losses are likely to exceed $10 million by the end of this fiscal year - and that figure doesn't include the $39.5 million borrowed to launch the project, most of which still needs to be paid back. The Reason Foundation report says Provo "faces the dilemma of continuing to fund iProvo with no break-even point in sight, or it can sell and recoup as much of its investment as it can.
Read more about this topic: IProvo
Famous quotes containing the words financial and/or status:
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