2. ICESR AGENDA 08-06-2008 - Laserfiche WebLink

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MEMORANDUM TO: Ice Arena Commission, Members FROM: Rich Czech, Arena Manager DATE: August 06, 2008 SUBJECT: Agenda Memo -July 31, 2008 5. 2007 Financial update Attached for your review is the budget information for the years 2004 - 2009. Tim Simon, the City's finance director, will be at the meeting to discuss the present budget as well as last year's budget and the 2009 budget. A few points of interest I would like to highlight are the revenues for ice rentals for 2009. The projected revenue is $432,000.00, which includes the increase in the regular season rates that was approved at the April Commission meeting. Under "Building Debt", you will notice a payment of $28,357.00. This is an interest payment for the Arena's debt service. The second portion of the debt service of $173,357.00 is due December 1St. Lastly, the transfer in for 2008 and 2009 of $100,000.00 each year is for the new Zamboni, which is expected to arrive in October, in 2009 the barn's roof is scheduled for a new roof replacement. Both of these expenditures will be paid for with the liquor store funds. 6. 2009 Summer Ice Rates Attached are some north metro arena's 2009 summer ice rates. There are a few arenas that have not yet determined their costs; however the ones that have summer rates average $144.00 an hour. My recommendation for the Spring and Fall ice rates for 2009 are $145.00 an hour for prime time hours and $115.00 for non -prime time hours. I would like the ability to stay flexible with the rates when trying to obtain new customers for weekend hours as well as adjust rates to existing customers that are experiencing low registration numbers. 7. Liquor Store Event At the April Commission meeting, it was suggested that youth hockey have a wine tasting event at one of the liquor stores. Tim Simon, the cities Finance Director meet with Dave Potvin, the cities Liquor Store Manager. Tim will have an update at the meeting. 8. Replacement of Rink Light fixtures Due to the Barn's roof needing to be replaced, the Lighting project for the Olympic rink has been suspended until a future year. I was initially hoping that the roof could be replaced for less than originally budgeted, ($105,000.00), so the remaining funds,