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06-09-14-R
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06-09-14-R
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Executive Summary <br />FRC’s Review of Comcast’s Formal Renewal Proposal <br />© Front Range Consulting, Inc.Page 3 <br />current franchise agreement for a minimum of two years while informal negotiations <br />are taking place. The extension continues a capital and operating support PEG <br />commitment that is greater than the current NSCC PEG agreement and drastically larger <br />than Comcast’s proposal. <br />FRC will summarize each of these five issues below. <br />Financial Projections <br />Form III attached to the RFRP contained a listing of the financial information and projections <br />that were required as part of Comcast’s Proposal. Form III.F contained requirements for pro <br />forma financial projections by Comcast. The specific requirements4 are: <br />The Applicant shall furnish tables following the format below and provide the requested <br />pro forma projections for the Applicant’s operations in the Member Cities for the <br />proposed franchise term (see Form XI), assuming a franchise for the City is awarded on <br />January 1, 2014.5 If the system’s assumed revenues or expenses will reflect an <br />allocation of assumed expenses or revenues for some other entity (including, but not <br />limited to, overhead allocations and management fees),pro forma projections for such <br />other entity should be provided as well. The pro forma projections should include <br />approximately the same line-item level of detail indicated on the attached forms, but <br />particular details of presentation may differ if the Applicant believes that alternatives <br />are more appropriate given its internal accounting practices. Key assumptions <br />supporting the projections should be documented and submitted as notes to the pro <br />formas. In particular, assumptions regarding system modifications, PEG and <br />institutional network requirements, franchise fee expenses, and any other franchise <br />requirements should be clearly identified and treatment of associated costs or revenues <br />in the financial projections should be highlighted or explained. <br />Financial pro formas must be based upon RFRP requirements. If the application <br />deviates from those requirements, submit separate and additional pro formas showing <br />the financial impact of each difference. <br />Comcast response6 was: <br />As shown by the NSCC staff’s own report and the public filings of Comcast’s corporate <br />parent, Comcast’s financial capability to perform is not in question. Comcast objects to <br />the demands in this section for that reason, and also because the questions below are <br />4 RFRP Form III, page 101. <br />5 The NSCC recognizes that all franchises for the Member Cities will not be awarded on January 1, 2014. This date <br />has been selected for purposes of convenient analysis. <br />6 Proposal, page 47.
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