2013-14 Operating & Capital Budget Plan - Cornell University ...

Figure 14. Debt Financing as a Percentage of Total Capital Planby Fiscal YearDEBT PLANThe university’s external debt (Appendix P) includestax-exempt and taxable borrowings but excludes debtissued by New York State for contract college projects.The latter is paid directly by the state and is notrecorded in the university’s budgets or financialstatements. Cornell is expected to have $1.855 billionof external debt at the beginning of 2013-14. During2013-14, estimated payments of $396.9 million in principaland interest will be made on this outstandingdebt. For fiscal year 2013-14, the university does notanticipate issuing additional debt.was no additional borrowing over the last year otherthan for energy conservation and the financing forthe Belfer Research Building, and apart from the reallocationof debt responsibility for Weill Hall and thePhysical Sciences building, all units saw their debtbalances decrease.Capital Plan — 2013–1443The schedule of debt service by operating unit (Table8) identifies outstanding debt balances and budgeteddebt service by operating unit. A distinction is madebetween debt service paid directly by an operatingunit and that budgeted and paid by central resourcesfor the benefit of operating units. Under the newbudget model, most of the responsibility for the repaymentof debt has been shifted to the units. There