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7.0. ICESR 08-23-2016
City o1 Request for Action ver To Item Number Ice Arena Commission 7.0 Agenda Section Meeting Date Prepared by Financial Update August 16,2016 Rich Czech,Ice Arena Manager Item Description Reviewed by Financial Update Cal Portner,City Administrator Reviewed by Michael Hecker,Parks and Recreation Director Action Requested Review Arena Financial Information Background/Discussion Rich Czech,Arena Manager,will review the Arena's financial information. Financial Impact N/A Attachments • Arena's Revenue and Expenditure Summary IlLATUPEJ oUFRha ® r Template Updated 4/14 • Elk River Ice Arena Revenue and Expenditure Summary For the Period Ending December 31,2015 2017 2018 2015 2014 2013 Budget Budget Actual Actual Actual REVENUES Ice Rental 540.150 530,250 540,541 513,114 527,565 Recreation Programs 67,100 81,900 68,338 84.295 65,906 Admissions 29,250 25.850 26,229 22,502 24,655 Sign Rental 22,400 22,400 24,677 20,433 29,288 Dry Floor Events 22,000 14,300 15,153 13,858 19,184 Vending 15,000 15,000 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 4,500 2,500 4,764 2,770 2,079 Other Mdse Sales/Misc. 4,200 4,200 2,803 14,514 2,706 TOTAL 711,500 703,300 703,661 692,593 689,914 EXPENDITURES Personal Service 322,350 316,750 273,498 299,513 289,482 Other Operating Expenditures(1) 285,950 264,650 332,139 256,767 235,360 Vending Mdse for Resale 8,650 6,950 8,579 6,614 6,377 Other Mdse for Resale 900 900 696 758 - Recreation Programs 42,400 50,850 34,464 33,496 38,243 TOTAL ' 660,250 640,100 649.376 597,148 569,462 CONCESSIONS Sales 81,600 80,750 80,081 73,445 74,937 Less: Product&Supplies 33,900 33,750 35,077 33,008 32,256 Salaries 22,900 24.500 22.737 18,129 18,379 Net Profit 24,800 22,500 22,267 22,308 24,302 OPERATING INCOME(LOSS) 76,050 85,700 76,552 117,753 144,754 Capital Outlay 120,500 11,500 127,835 52,790 76,168 Building Debt - - - - - NET INCOME(LOSS) (44,450) 74,200 (51,283) 64,983 68,586 Other Income Contributions/Rebates 6,100 6,500 5,850 5,752 6,569 Beginning Fund Balance 351,107 270.407 315,840 245,126 169,970 Ending in Fund Balance 312,757 351,107 270,407 315,840 245,125 Notes: (1)=Operating expenditures higher than budget due to Olympic floor repairs and testing of refrigeration system in 2015. 07/28/2016