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[ITEM_HEAD] <br />To <br />City Council <br />Meeting Date <br />April 7, 2025 <br />Item Description <br />FT Center Financial Report <br />Request for Action <br />Item Number <br />11.2 <br />Prepared By <br />Joe Stremcha, Business Services Director/Assistant <br />City Administrator <br />Reviewed by <br />Katie Harstad <br />Cal Fortner <br />Tina Allard <br />Action Requested <br />Review the financial report comparing 2023 vs 2024 budget to actual. <br />Background/Discussion <br />Through the end of 2024, revenues of $2,242,013 exceeded expenditures of $1,933,568 by $308,445. In 2023, <br />the year-to-date budget deficit was $141,274. 2024 had several exciting trends and one-time anomalies: <br />■ 2023 had a budgeted "use of fund balance" of $100,350 to offset operational expenses. <br />■ 2024 Food and beverage sales ($271,477) nearly tied non -ice facility rentals ($271,693). <br />■ $405,000 ARPA funds were transferred as planned to allow for the FT Center field house <br />improvements to occur this fall and create a concrete floor multipurpose dry floor event space. <br />■ $70,000 one-time employee severance paid through the organization restructuring. <br />Overall, these factors resulted in an operational deficit of $27,073 in 2024 compared to $241,624 in 2023. <br />This is a net year -over -year improvement of $214,551, and the FT Center continues to trend upwards with <br />strong momentum in early 2025. <br />Financial Impact <br />None <br />Mission/Policy/Goal <br />Responsible for every dollar - good stewards. <br />Attachments <br />I . Financial Report - FYE 2023 <br />2. Financial Report - FYE 2024 <br />The Elk River Vision <br />A welcoming community, with revolutionary and spirited resourcefidnm, exceptional service, and community P� d W E R E D 0 <br />d <br />engagement that encourages and inspires prosperity INA&UP <br />249 <br />