7. ICESR 08-15-2017Request for Action
To Item Number
Ice Arena Commission 7.
Agenda Section Meeting Date Prepared by
Financial Update August 15, 2017 Rich Czech, Arena Manager
Item Description Reviewed by
Financial Update Cal Portner, City Administrator
Reviewed by
Action Requested
Review Arena financial information.
Background/Discussion
Ice rentals are on target to meet the budget revenue and could possibly be over budget depending on late
summer and fall sales.
The recreation program budget is over budget due to Break Away Hockey league fees being collected but
not distributed to other arenas.
If construction on the Arena begins in 2018, the budget will be greatly affected and will have to be
revisited once the construction schedule is decided.
Financial Impact
N/A
Attachments
Arena Revenue and Expenditure Summary
Elk River Ice Arena
Revenue and Expenditure Summary
For the Period Ending July 31, 2017
20177/31/17201620152014
BudgetActualActualActualActual
REVENUES
Ice Rental 540,150 242,183 549,943 540,541 513,114
Recreation Programs 67,100 83,246 73,865 68,338 84,295
Admissions 29,250 15,563 24,272 26,229 22,502
Sign Rental 22,400 1,651 18,010 24,677 20,433
Dry Floor Events 22,000 12,788 20,790 15,153 13,858
Vending 15,000 8,491 14,076 15,360 14,981
Skate Sharpening 4,300 1,790 2,586 3,206 3,526
Building Rent 2,600 - 3,800 2,600 2,600
Interest Income 4,500 5,041 6,204 4,754 2,770
Other Mdse Sales/Misc. 4,200 1,798 3,417 2,803 14,514
TOTAL 711,500 372,551 716,963 703,661 692,593
EXPENDITURES
Personal Service 322,350 189,181 302,585 273,498 299,513
Other Operating Expenditures (1) 285,950 143,844 223,068 332,139 256,767
Vending Mdse for Resale 8,650 2,610 7,011 8,579 6,614
Other Mdse for Resale 900 32 1,194 696 758
Recreation Programs 42,400 19,347 34,979 34,464 33,496
TOTAL 660,250 355,014 568,837 649,376 597,148
Concessions:
Sales 81,600 43,151 77,204 80,081 73,445
Less: Product & Supplies 33,900 17,149 31,001 35,077 33,008
Salaries 22,900 10,182 21,896 22,737 18,129
Net Profit 24,800 15,820 24,307 22,267 22,308
OPERATING INCOME (LOSS)
76,050 33,357 172,433 76,552 117,753
Capital Outlay 110,500 - - 127,835 52,790
NET INCOME (LOSS)
(34,450) 33,357 172,433 (51,283) 64,963
Other Income
Sale of Assets - - 27,600 - -
Contributions/Rebates 6,100 4,100 5,435 5,850 5,752
Beginning Fund Balance 475,875 475,875 270,407 315,840 245,125
Ending Fund Balance 447,525 513,332 475,875 270,407 315,840
Notes:
(1) 2015 Operating expenditures higher due to Olympic floor repairs and testing of refrigeration system.
8/11/2017