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