5. - 12. ICESR 08-03-2004 - Laserfiche WebLink

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MEMORANDUM TO: Ice Arena Commission, Members FROM: Rich Czech, Arena Manager DATE: August 3, 2004 SUBJECT: Agenda Memo -August 3, 2004 5) Review 2004 operating finances current information on 2005 financial status Attached for your review are the financial summaries for the Arena for the years 2003 and 2004, along with the budget for 2004 and a draft for 2005. Included are some historical data and an outline of capital improvements that have been made over the years. As you are aware, the Barn's ice was delayed about seven weeks this past fall due to the problem with the floor. 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. Over $27,000.00 was spent on the repairs of the Barn's floor before ice could be sustained. Taking these numbers into account, the Arena's budget for 2003 had to be adjusted over $64,000.00 to account for the problems with the floor. Admissions (High School Hockey Games) were budgeted for $40,000.00. Last winter the Arena took in $25,974.20. This fall there are 21 home games prior to the end of the year, with this many games, we should be a little over what was projected. Looking at what we have for revenue for ice rentals the first half of the season ($158,758.00), and what we can expect in rentals the second half of the year, ($194,300.00) we will be close to the $355,000.00 that was budgeted. The budget for 2005 indicates a deficit of $66,850.00, excluding the capital outlay. This is an increase of about a $20,000.00 from the budgeted amount for 2004. Even though our ice rentals are scheduled to go up about $13,500.00, most of the other revenue sources are going to stay the same or be lessened. The exception being dryfloor events, we are hoping that we can schedule another event in the Arena in 2005. 6) Barn Floor update /Old Boards The concrete has been poured, and now it has to set up for three weeks before the boards can be installed. The installation of the boards is scheduled to begin on August 16t"; it will take about two weeks for them to be completed. Once the boards are completed we will be doing a major cleaning of the Barn and reinstalling some of the rubber mats that were taken out during construction.