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Sports Facility Funding

17 Jan 2017Economics Essays

Introduction

The game of Sports is often defined as a bodily process or experience wherein an inpidual can find enjoyment while at the same time have fun and exercise through different sports. In a sense, sports is as well regarded as a better way of entertainment for a majority of the people, more especially among those who consider themselves as enthusiasts. In addition to this, the game or the competition of sports also serves as a better way and at the same time the most entertaining way to instill confidence in inpiduals and maximized their full potential not just as an athlete but as more especially as an inpidual.

However, the true essence of sports would be at risk when the primary venue for the sports which is that of the Sports Facilities are properly maintained and descent or modern enough to provide the athletes and the people the needed facilities in able to perform the game of sports. Thus, sports facilities should always remain in good condition and in-line with modernity as these primarily helps the athletes as well as the people to stay motivated and enthusiastic to play their reputable sports.

Moreover, it is indeed true that through modern and well maintained sports facilities, outstanding performance among athletes and uplift the game of sports is achieved. Thus, with better sports facilities, it is clear that the athletes will have a better chance to practice their skills and capabilities as an athlete and for the people, more especially for the sports enthusiasts for continuous skills development. Therefore, to develop and improve the sports facilities are important in order to improve the quality of sports and produced great athletes. In this regard, this research paper will concentrate to investigate on the topic about the funding of sports facilities through bond issue. This, paper would fundamentally work to determine the entire procedure of the funding process.

Bond Issue and Sports Facilities Funding

In a sense, to build or construct a modern sports facility is not as cheap as just constructing a house or any establishments. The process of building and constructing of a high standard sports facility would require thousands and millions of dollars to be able to initiate the construction and pave the way towards the edifice of a modern or up to date sports facility. In time where all the construction materials are expensive and the world is on a global financial crisis, the funding of a modern and with high standard sports facility is more expensive and difficult to achieve.

Moreover, the construction of modern sports facility needs sophisticated engineering design to able to reach highest standard of modernity. Thus, this would require a large amount of money to fund the construction for such sports facility. In a sense, there are various ways to fund the construction for modern sports facility. The funding may possibly come from the in house monetary budget of the organization which will basically serves as the fund that will be use for sports facility renovation and would directly originate from the from the revenue of the organization. Another way is through solicitations and donations. This is normally counted as charity works that involves the participation of the entire community.

Certainly, it is seen that funding sports facilities through bond issue or agreement is regarded to be the most controversial way of initiating sports facility construction or renovation. As such, funding of sports facility under such method of bond issue is seen to have been often criticized and condemned mainly due to fact that the process for such way of funding often associates economical burden for the people. Bonds have become among the common methods used by cities or counties in order to raise the funds required in order to fund the sports facilities that are to be constructed (as cited in Sawyer, 2006).

The trend of the use of bonds to fund this particular project has risen over the past decade, according to Fried (2005), which shows the popularity and the feasibility of this particular funding method. Formally defined, bonds are described by Howard and Crompton (1995) “as a promise by the borrower (bond issuer) to pay back the lender (bond holder) a specified amount of money, with interest, within a specific period of time” (as cited in Masteralexis, Barr, & Hums, 2004, p. 260).

Among the examples of funding the construction of sports facilities through the use of bonds can be lifted from the experience of the Centerburg Ohio Public School. The bonds issue happened on October of last year after the approval of the voters is solicited by the Board of Education for the proposed plan of 1.72 million dollars property tax bond in order to finance the construction of the school facilities that is to be constructed outdoor. The primary purpose to which the money is intended involves the improvement of the sports facilities constructed outdoors and for the nearby restrooms and drinking fountains.

A voting system serves as the means through which the proposed plan of property tax is approved. The constituents are considered to be participatory in this particular decision-making process wherein they are the ones upon whom the votes are gathered from as to whether the proposed property tax bond is approved or not in order for the project to push through. The voting has been proposed to take plae on November 2007 in order to make the final decision for the proposal. This serves as the first step towards the construction and implementation of the plan.

Among the advantages of having the fund gathered from the bonds is primarily because of the speedier process associated with earning the needed finances for the project. This would speed up the process compared to waiting for funding from the public government which would require several processes as prescribed in the formal budget hearing. To this extent, the purpose of the project is also achieved in a faster manner. According to the Centerburg school board president Ed Lambert, the bond issue helps improve the sports facility that enhances the performance of the student athletes and increases the safety of the students.

As the project pushes through, the students would have appropriate training areas instead of using alternatives that poses risks to their safety and health. With this, the enhancement of their performance and the achievement of a heightened sense of sports esteem is given at a faster pace than through other sources of funding.

Furthermore, another advantage of this proposed property tax bond will definitely uplift the standard of Centerburg public school as a producer of quality students and athletes due to the fact that modern sports facilities will enable the school to produce outstanding student athlete, which can be a superstar in their own chosen sport. This enhances the reputation and the capability of the school in being a holistic learning institution that caters to the needs of the students in all respects whether it is on the academic setting or in the physical aspects.

Among the disadvantages would be that the constituents of Centerburg has to sacrifice in order to pay the additional taxes that would have to be levied by the local government in order to slowly finish paying for the constriction of the public school outdoor sports facilities. This is true for all inpiduals whoa re eligible to pay for local government taxes whether they may be using the sports facilities or they do not benefit from it at all. It serves as a shared responsibility among the community which does not exempt anyone.

However, it remains that the benefits and advantages of this particular project outweighs its disadvantages. It is seen more as a helpful project instead of a burden to the public because of the nonfinancial benefits that are earned by the community especially in encouraging the youth in engaging their selves in sports than in any other form of activity such as drug abuse.

Despite this particular advantage seen in the use of the proposed property tax bond to fund the said project, it did not push through primarily because of the public’s lack of information regarding both the financial and non-financial consequences of the project. It would have been better if there is a massive campaign that appeals to the public regarding the project. Moreover, it should have targeted the people who are directly involved in the project and who would benefit from it such as the parents of the children, more especially the athletes who are involved there.

On the other hand, there are other available means to finance the said project aside from the ones proposed. The use of an intensified information dissemination regarding the project would have rendered the project more successful as compared to how it turned out since it already has the advantages that is required in order to achieve a successful outcome.

References

  • Fried, G. (2005).Managing sport facilities. Champaign, IL: Human Kinetics.
  • Investopedia (2008), Advantage of Bonds: Retrieved December 22, 2008 from http://www.investopedia.com/articles/00/111500.asp
  • Love to Know (2008). Definition of sports. Retrieved December 22, 2008, from http://www.yourdictionary.com/sport
  • Masteralexis, L., Barr, C., & Hums, M. (2004). Principles and practice of sport management. Sudbury, MA: Jones and Bartlett Publishers.
  • Mount Vernon News (2007). Bond issue would provide money for construction of outdoor facilities at Centerburg. Retrieved Decmeber 23, 2008 from http://www.mountvernonnews.com/local/election07/centerburg.levy.html
  • Sawyer. T. Financing facilities 101: public funding, private funding, hard taxes, soft taxes—welcome to the complex world of facilities financing. JOPERD--The Journal of Physical Education, Recreation & Dance. Retrieved December 24, 2008, from http://findarticles.com/p/articles/mi_hb3218/is_4_77/ai_n29259085

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