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7. ICESR 04-16-2019 Request for Action To Ice Arena Commission Item Number 7. Agenda Section Financial Update Meeting Date April 16, 2019 Prepared by Rich Czech, Arena Manager Item Description Financial Update Reviewed by Cal Portner, City Administrator Reviewed by Action Requested Review Arena financial information. Background/Discussion For 2018 revenues exceeded the budget by almost $10,000. The main reason for this is because of the interest income, Recreation Programs, and sign sales exceeded the budget. Concessions sales were slightly up from the budget, however increase in salaries brought the net profit down by 7.4%. The net income for 2018 is $26,550. Adding contributions and rebates the total end funding balance is $613,679. Financial Impact N/A Attachments  Arena’s Revenue and Expenditure Summary 2019 2019 2018 2018 2017 2016 Budget March Budget Actual Actual Actual REVENUES Ice Rental 556,000 156,868 556,000 545,551 554,714 549,943 Recreation Programs 82,900 82,155 76,900 91,017 83,857 73,865 Admissions 26,000 10,737 24,500 26,188 27,837 24,272 Sign Rental 28,000 863 18,000 23,925 29,420 18,010 Dry Floor Events 21,000 (199) 22,500 13,114 16,325 20,790 Vending 17,400 4,300 17,250 13,635 15,411 14,076 Skate Sharpening 3,500 1,230 2,600 3,090 3,355 2,586 Building Rent 3,800 1,266 3,800 7,600 - 3,800 Interest Income 8,000 2,906 4,500 11,670 10,354 6,204 Other Mdse Sales/Misc.3,900 905 3,900 3,440 3,196 3,417 TOTAL 750,500 261,031 729,950 739,230 744,469 716,963 EXPENDITURES Personal Service 375,600 87,028 347,900 356,579 339,473 302,585 Other Operating Expenditures (1)280,700 43,374 310,000 327,791 283,277 223,068 Vending Mdse for Resale 7,500 1,559 7,400 5,432 6,777 7,011 Other Mdse for Resale 1,200 200 1,200 1,213 32 1,194 Recreation Programs 46,600 15,954 42,100 43,781 36,989 34,979 TOTAL 711,600 148,115 708,600 734,796 666,548 568,837 Concessions: Sales 85,100 30,529 84,000 86,336 82,740 77,204 Less: Product & Supplies 39,750 13,186 37,350 37,214 38,911 31,001 Salaries 22,600 8,378 22,900 27,006 21,994 21,896 Net Profit 22,750 8,965 23,750 22,116 21,835 24,307 OPERATING INCOME (LOSS)61,650 121,881 45,100 26,550 99,756 172,433 Capital Outlay 10,000 - - - - - NET INCOME (LOSS)51,650 121,881 45,100 26,550 99,756 172,433 Other Income Sale of Assets - - - - - 27,600 Contributions/Rebates 6,100 2,927 5,900 5,458 6,040 5,435 Beginning Fund Balance 613,679 613,679 581,671 581,671 475,875 270,407 Ending Fund Balance 671,429 738,487 632,671 613,679 581,671 475,875 Elk River Ice Arena Revenue and Expenditure Summary For the Period Ending March 31, 2019 4/11/2019