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<br />Request for Action <br /> <br /> <br />To <br />Ice Arena Commission <br />Item Number <br />7. <br />Agenda Section <br />Financial Update <br />Meeting Date <br />April 16, 2019 <br />Prepared by <br />Rich Czech, Arena Manager <br />Item Description <br />Financial Update <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review Arena financial information. <br /> <br />Background/Discussion <br />For 2018 revenues exceeded the budget by almost $10,000. The main reason for this is because of the <br />interest income, Recreation Programs, and sign sales exceeded the budget. <br /> <br />Concessions sales were slightly up from the budget, however increase in salaries brought the net profit <br />down by 7.4%. <br /> <br />The net income for 2018 is $26,550. Adding contributions and rebates the total end funding balance is <br />$613,679. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Arena’s Revenue and Expenditure Summary <br />