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7.0. ICESR 04-18-2017
i�o cityofElkRequest for Action .fiver To Item Number Ice Arena Commission 7. Agenda Section Meeting Date Prepared by Financial Update Aril 18, 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 Rich Czech,Arena Manager,will review the Arena's financial information. Financial Impact N/A Attachments ■ Arena's Revenue and Expenditure Summary WERER 0 A Elk River Ice Arena Revenue and Expenditure Summary For the Period Ending December 31,2016 2017 2016 2016 2015 2014 Budget Budget Actual Actual Actual REVENUES Ice Rental 540,150 530,250 549,943 ; 540,541 513,114 Recreation Programs 67,100 81,900 73,865 68,338 84,295 Admissions 29,250 25,850 24,272 26,229 22,502 Sign Rental 22,400 22,400 18,010 24,677 20,433 Dry Floor Events 22,000 14,300 20,790 15,153 13,858 Vending 15,000 15,000 14,076 15,360 14,981 Skate Sharpening 4,300 4,300 2,586 3,206 3,526 Building Rent 2,600 2,600 3,800 + 2,600 2,600 Interest Income 4,500 2,500 6,204 4,754 2,770 Other Mdse Sales/Misc. 4,200 4,200 3,417 2,803 14,514 TOTAL 711,500 703,300 716,963 703,661 692,593 EXPENDITURES Personal Service 322,350 316,750 302,585 273,498 299,513 Other Operating Expenditures (1) 285,950 264,650 223,068 332,139 256,767 Vending Mdse for Resale 8,650 6,950 7,011 8,579 6,614 Other Mdse for Resale 900 900 1,194 696 758 Recreation Programs 42,400 50,850 34,979 34,464 33,496 TOTAL 660,250 640,100 568,837 649,376 597,148 Concessions: Sales 81,600 80,750 77,204 , 80,081 73,445 Less: Product&Supplies 33,900 33,750 31,001 35,077 33,008 Salaries 22,900 24,500 21,896 22,737 18,129 Net Profit 24,800 22,500 24,307 22,267 22,308 OPERATING INCOME (LOSS) 76,050 85,700 172,433 76,552 117,753 Capital Outlay 110,500 256,350 - 127,835 52,790 NET INCOME (LOSS) (34,450) (170,650) 172,433 (51,283) 64,963 Other Income Sale of Assets - - 27,600i - - Contributions/Rebates 6,100 6,500 5,435 5,850 5,752 Beginning Fund Balance 475,875 270,407 270,407 315,840 245,125 Ending Fund Balance 447,525 106,257 475,875 i 270,407 315,840 Notes: (1) 2015 Operating expenditures higher due to Olympic floor repairs and testing of refrigeration system. 03/16/2017