All right class – time for a pop quiz. The topic, of course, the fast ferry of Rochester.
1) True or False – After a rough second year in 2005, Mayor Bill Johnson said last week that the new business plan for the ferry service is based on "conservative estimates." True
2) True or False – After a rough first year… and leading up to a purchase of the ferry in 2005, Mayor Bill Johnson said the (at the time) new business plan was based on "conservative projections." True.
3) City Councilman Ben Douglas, also the president of the ferry’s governing board, said last week that he would like which governmental entity to come up with an additional infusion of financial help for the ferry in the coming year.
a) the county government
b) the state government
c) the federal government
Answer is b)
4) True or false – A State Comptroller audit of financial practices by the original owners of the ferry – Canadian American Transportation Systems – is complete. And CATS was found to have no shady dealings. False, although State Comptroller Alan Hevesi said back in the summer that the investigation into the $14 million in state grants and loans would take "a couple of months" the status is that the investigation continues.
5) True or false – When Johnson talked about the city buying the boat a year ago – he said if the ferry business plan doesn’t work "we can get out of the business very quickly" and that "the boat can be sold in the open marketplace and most of the debt can be paid off." True.
6) True or false – Last week Councilman Douglas said as a way of justifying a new business plan after the lousy 2005 season: "if you stop operations, you still have a $40 million debt. You would have to sell the boat, and no one knows at this moment what the market might be for selling that boat and how much money they would see." True
7) In February 2005 two appraisals for the ferry vessel were given. The boat was found to be worth between:
a) $25 and $30 million
b) $30 and $35 million
c) $35 and $40 million
Answer is a)
8) The city’s winning bid for the ferry vessel was:
a) $22.5 million
b) $27 million
c) $32 million
Answer is c) – the city actually backed $40 million in borrowing through bonds. The rest of the money was a reserve for the ferry service – which is now gone.
9) The amount last week that Ben Douglas thought the city could get for the boat if it were sold:
a) $25 million
b) $32 million
c) $35 million
Answer is a)
10) Finally, please add the following: $40 million + $11.5 million.
That last answer, class, is the amount of money the city would back in total borrowing for the ferry project.