Mosaic Place/Yara Centre Ahead of Budget

Robert Thomas

The mid-year financials have been presented for the Downtown Facility and Field House (DFFH = Mosaic Place and Yara Centre, combined); and at the six month stage they are ahead of budget.

With uncertainties surrounding councillors on the DFFH board, related to a personnel-related matter, all board members recused themselves

Councillors Brian Swanson, Crystal Froese and Scott McMann all left the Executive Committee meeting while the report was presented.

This was the second time in the evening the three councillors recused themselves on this issue. They did it initially during the regular council meeting when the minutes of the previous Executive Committees were presented at council.

As a result, the minutes were received and filed with nobody speaking to them publicly.
Budget-wise, the DFFH was suppose to have revenues of $1,787,315 but the actual revenues were $2,043,981. This means that at this point of the year the DFFH is $256,666 ahead in budgeted revenues.

On the expense side of the ledger the budget called for expenditures of $1,585,070 but the actual expenses are $1,472,009. This means the DFFH has spent $113,061 less than expected by this juncture in its budget year.

This also means the DFFH has a net operating surplus of $571,972 of revenue versus expenses at the six month budget juncture. It also needs to be noted that this includes the operating subsidy of $373,208 provided by taxpayers.

The biggest above-budget revenue generators were ice rentals totalling $355,474 against a budgeted $233,788 or over-budgeted revenues of $121,686. Conferences and conventions brought in $49,524 versus a budgeted $29,358 or $20,166 more than originally budgeted.

Recreation and fitness programs brought in $103,379 versus $65,100 budgeted or $38,279 ahead of budget.

Bowl events, such as concerts, brought in $137,221 versus the $182,005 budgeted amount. 

Big savings were found in utilities expenses, where $297,159 has so far been spent against a budgeted amount of $364,049 or $66,885 less than initially budgeted.

One area with a high percentage-wise increase in expenses was in the area of property taxes with the DFFH spending $28,285 in the first six months versus the budgeted amount of $18,750 or $9,535 over the budgeted amount.

For a look at the financial statement see below: