8. - 13. ICESR 11-14-2012 - Laserfiche WebLink

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MEMORANDUM TO: Ice Arena Commission, Members FROM: Rich Czech, Arena Manager DATE: November 9, 2012 SUBJECT: Agenda Memo —November 14, 2012 8. Financial Update Attached for your review is the budget information for the years 2010—2011 as well as current information for the 2012 budget and the requested budget for 2013. All indications suggest that ice sales will supersede budget numbers while the overall expenditures shall stay flat or below projected budget numbers. I'm optimistic that revenues for Concessions and Skating will be above the projected budget and expenditures will be within the budget. 9. Ice Arena Renovation Update At the City Council meeting on August 13, 2012 staff presented an outline of the four options for the renovation of the arena. Several items were discussed. • The history of the barn • Costs of the renovations • The city's role—responsibility in financing the renovation • Commitments from user groups • Additional operating costs with proposed renovations • Hours sold, hours used for city programing • Financing scenario • Possible sources to generate income • Option of tearing down the barn, leaving the Olympic/moving the facility to another site. • Usage by school district and their lack of interest in financial participation. At the August meeting Mayor John Dietz directed staff to gather information of operation costs for each option and possible revenue streams that may be added. Attached for your review are the Proforma's for each one of the options as well as the finance information from Ehler options . Tim Simon, the City's Finance Director, will be