7.0. ICESR 04-19-2016 iik
Request for Action
River
To Item Number
Ice Arena Commission 7.0
Agenda Section Meeting Date Prepared by
Financial Update April 19,2016 Rich Czech
Item Description Reviewed by
Financial Update Cal Portner
Reviewed by
Action Requested
Review Arena Financial Information
Background/Discussion
Rich Czech,Arena Manager,will go over the Arena's financial information.
Financial Impact
N/A
Attachments
• Arena's Revenue and Expenditure Summary
'POWERED IT
Template Updated 4/14 NATURE
Elk River Ice Arena
Revenue and Expenditure Summary
For the Period Ending December 31,2015
2016 2015 2015 2014 2013
Budget Budget Actual Actual Actual
REVENUES
Ice Rental 530,250 525,000 540,541 513,114 527,565
Recreation Programs 81,900 ' 76,500 68,338 84,295 65,906
Admissions 25,850 29,200 26,229 22,502 24,655
Sign Rental 22,400 22,000 24,677 20,433 29,288
Dry Floor Events 14,300 19,750 15,153 13,858 19,184
Vending 15,000 14,000 15,360 14,981 11,569
Skate Sharpening 4,300 4,300 3,206 3,526 4,362
Building Rent 2,600 2,600 2,600 2,600 2,600
Interest Income 2,500 2,200 4,754 2,770 2,079
Other Mdse Sales/Misc. 4,200 4,100 2,803 14,514 2,706
TOTAL 703,300 699,650 703,661 692,593 689,914
EXPENDITURES
Personal Service 316,750 314,050 273,498 299,513 289,482
Other Operating Expenditures(1) 264,650 264,300 332,139 256,767 235,360
Vending Mdse for Resale 6,950 6,800 8,579 6,614 6,377
Other Mdse for Resale 900 900 696 758 -
Recreation Programs 50,850 48,650 34,464 33,496 38,243
TOTAL 640,100 634,700 649,376 597,148 569,462
CONCESSIONS
Sales 80,750 79,000 80,081 73,445 74,937
Less: Product&Supplies 33,750 35,400 35,077 33,008 32,256
Salaries _ 24,500 24,500 22,737 18,129 18,379
Net Profit 22,500 19,100 22,267 22,308 24,302
OPERATING INCOME(LOSS) 85,700 84,050 76,552 117,753 144,754
Capital Outlay(2) 256,350 11,500 127,835 52,790 76,168
Building Debt - - - - -
NET INCOME(LOSS) (170,650) 72,550 (51,283) 64,963 68,586
Other Income
Contributions/Rebates 6,700 6,500 5,850 5,752 6,569
Grant Contribution - - - - -
Transfers In
Capital Outlay-Liquor Fund - - - - -
General Fund - - - - -
Beginning Fund Balance 270,407 315,840 315,840 245,125 169,970
Ending in Fund Balance 106,457 394,890 270,407 315,840 245,125
Notes:
(1)=Operating expenditures higher than budget due to Olympic floor repairs and testing of refrigeration system in 2015.
(2)=Due to the long lead time for the replacement zamboni Council authorized ordering in April 2015 with delivery in Febrauary 2016.
This is recorded as a 2015 expenditure,2016 budget will be amended to reduced capital outlay by$127,850 with year-end adjustments.
04/05/2016