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Arena Commission Minutes Page 2 <br /> April 21,2015 <br /> 6. Open Forum <br /> No Discussion <br /> 7. Financial Update <br /> Finance Director Tim Simon reviews the Arena's 2014 numbers. Starts by noting <br /> that the Arena is a special revenue fund for the city,so any profits that are made on <br /> an annual basis,the arena keeps for upcoming capital projects,etc. <br /> On the revenue side,Simon notes that ice rentals were down,however,recreation <br /> programs increased,which offset the decrease in rentals. Sign rentals were down <br /> from 2013 as well as dry floor events,but vending revenue was up as were the <br /> miscellaneous merchandise sales,which was in part due to rebates from utilities. <br /> Overall revenue saw a.39%increase from 2013-2014. <br /> The arena's operating expenses increased,which was due to increased costs in <br /> electricity,the purchase of additional R22 refrigerant and a new Zamboni battery. <br /> Recreational ro ams also saw a decrease in expenses. Overall,expenses saw a <br /> p � <br /> 4.86%increase. <br /> Simon noted that concessions made a profit of$22,000. Overall the operating <br /> income increased. He noted that the capital expenditure was used for a dehumidifier, <br /> and all other capital projects are on hold until there is a decision made about a new <br /> facility.The on hold projects include a new roof for the barn,varsity locket rooms a <br /> refrigeration unit. Due to the lengthy lead time between ordering a new Zamboni <br /> and it arriving,the Arena will be asking the council to let them order in 2015 in the <br /> hopes of receiving it by 2016. <br /> In response,Arena Manager Rich Czech notes that there wasn't an advertiser for the <br /> score clock for part of the year,which accounted for part of the loss of revenue, <br /> however they have an advertiser now. In addition,the Zamboni that is being <br /> replaced doesn't have an advertiser,but he hopes to find one for the new machine so <br /> that it can be"wrapped"right away when we receive it.This process usually takes 3 <br /> weeks. <br /> Czech notes the new director of the Learn to Skate program is doing a great job and <br /> he hopes to continue seeing increases here.With regards to concessions,Czech <br /> states that we have a new supplier for several of our concessions items which <br /> of the change there.He also noted a Zamboni battery that was <br /> accounts for some o th ry <br /> g <br /> originally supposed to be ordered in 2015 had to be ordered in 2014. <br /> su Pp <br /> P A E R E B I <br />