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Finance Director Tim Simon states that the results of 2012 operation are in <br /> and reflected in the financial attachment to the arena commission packet.The <br /> arena is a special revenue fund meaning it has cash flow from an operations <br /> standpoint, but it has needed a transfer at the end of the year to cover the debt <br /> service. The debt service was paid off in 2011, so when the arena has profits <br /> now, it is kept in the arena's account for upcoming CIP projects or to offset <br /> any possible loss in revenue. <br /> From a revenue standpoint, the arena was up in ice rental but lower in rec <br /> programs(this is a direct corolation as the Figure Skating Club began teaching <br /> some classes formerly taught by Arena Coaches). Admission to high school <br /> games as well as advertising revenue has also increased. <br /> From an expenditure standpoint, Simon notes that Personal Service referrers <br /> to staff salaries. He notes that the operating expenditures were more than <br /> expected, however, utilities saw a 5% increase instead of a 3%increase which <br /> is what we had budgeted for. <br /> (Commissioner Ballenger arrives) <br /> The concessions stand had a $25,000 profit, and overall the arena had a net <br /> income of$148,479. The bleacher fund (surcharge on high school game <br /> tickets) is at$7,732.00. <br /> For 2013 we have $357,300 in capital outlay which includes a new roof for <br /> the barn and a dehumidifier, which means we may have to transfer money in <br /> from the liquor store fund. <br /> The commission acknowledges Arena Manager Czech for a job well done. <br /> Commissioner Westgaard inquires about the cost of an advertising "wrap" for <br /> the Zamboni as he feels there may be an opportunity with Hockey Day in MN <br /> if we used it at the Handke Pit. <br /> Arena Manager Czech notes that our Zamboni's are battery run, so we would <br /> have to take into consideration keeping them charged and warm from the <br /> elements. Typically, he notes, a propane Zamboni is rented for Hockey Day in <br /> MN. <br /> Commissioner Givens inquires if the 2013 Ice rental forecast includes the loss <br /> of revenue from Elk River Youth Hockey. <br /> 2 <br />