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MEMORANDUM <br />TO: Ice Arena Commission, Members <br />FROM: Rich Czech, Arena Manager <br />DATE: August 9, 2007 <br />SUBJECT: Agenda Memo -August 14, 2007 <br />5. 2007 Financial update <br />Attached for your review is the current financial information for the year 2007. Most of <br />the line revenues are on line to meet or exceed the budgeted amount with the exception of <br />dry floor events, and vending machines. These revenues are down more than what I <br />would have anticipated. The good news is that the Hockey clinics and league <br />registrations, as well as Skating Academy registrations will exceed projected revenue <br />numbers. <br />On the expenditure side, most of the line items will be well within the budget with an <br />exception of Utilities being over by a few thousand. However over all, expenditures will <br />be in line with Arena's budget. <br />On November 19t" I will be asking the City Council for approval for advertising for bids <br />for a new Ice Resurfacer scheduled for 2008. The two major reasons to get the bid packet <br />out before the end of the year is to avoid a 3% - 8% price increase in the cost of the <br />machine come the first of the year, and to reserve a spot to on the assembly line to get the <br />machine built. A delivery date of a Resurfacer is eight to nine months out from the date <br />it is ordered. Advertising for bids now will put us one step ahead of other cities looking at <br />purchasing a machine in 2008 and will avoid any increase in the cost of the machine in <br />2008. <br />6. Lobby expansion for the Arena /Naming rights for Arena <br />Attached for review is a proposed exterior and interior image of the expanded Arena <br />lobby. The cost of the expansion is in the range of 1.9 million dollars with an <br />additional cost of $300,000.00 for high school locker rooms for the girls and boys <br />teams that would be built along the east side of the Arena. During the budget process <br />the city council has asked staff to come back in December with ideas on how the <br />project could be financed and a timeline on when the project could be built. As it <br />stands now, it looks like the project is scheduled to be completed in 2009, with the <br />funds coming from <br />City Council Member Jerry Gumphrey indicated that he has a company that would <br />like to have the naming rights to the Arena once the expansion is built. At this time <br />he did not feel comfortable releasing the name of the company, however he would <br />