6. - 12. ICESR 04-13-2004 - Laserfiche WebLink

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MEMORANDUM TO: Ice Arena Commission, Members FROM: Rich Czech, Arena Manager DATE: April 2, 2004 SUBJECT: Agenda Memo -April 13, 2004 6. Review 2002 operating finances current information on 2003 financial status Attached for your review are the financial summaries for the Arena for the years 2002 and 2003, along with the budget for 2003 and 2004. Included are some historical data and an outline of capital improvements that have been made over the year. The Barn is usually scheduled to have ice by the third week in September. Due to the problems with the floor, the Barn was not in operation until November 8t". Because of this, the Arena lost about $33,000.00 in ice sales and another $4,269.33 in programs that had to be cancelled. This is reflected when comparing what was budgeted for Ice Rentals ($344,400.00) for 2003, and the actual amount that was taken in ($314,601.00) for 2003. Operating expenditures were higher due to the fact that $27,162.00 was spent on repairing the floor to get it operating this season (see attached information). Another area in our operations that expensed an increase was our utilities. Due to soft spots on the Barn's rink, we had to set the temperature of the floor about 2 degrees colder than usual. It's hard to predict how much more this cost, however the compressors noticeably ran more this season than in the past. Another area of revenue that was low was admissions. These are gate receipts for high school games being played at the Arena. The Arena took in about $13,000.00 less than what was budgeted for admissions. This is largely due to that in 2003 there were fewer games played at the Arena, and low attendance at the games. Attached for your review are some attendance figures over the last six years. The Arena's budget for 2003 estimates a net income loss of $65,500.00; the Actual net income lost totaled $130,367.00. If not for the income loss of $37,269.00 from lost ice sales and programs due to the Barn starting later, and the expense of $27,162.00 to repair the floor, the Arena would have lost $65,936.00, about what was estimated in the budget.