Despite Events Returning Mosaic Place's Year To Date Financials Awash In Red Ink

Despite the start of events returning and one Councillor’s attempt of humour the September report from Mosaic Place can be described as a sea of red ink with a small amount of black sprinkled in.

In their recently report Mosaic Place’s financial balance sheet shows the number of events currently budgeted is 50 but the actual number of event up until September 30, 2021 was only 28.

For their September statement the numbers are financially more attractive with the number of events budgeted to be 11 of which eight (8) took place.

Mosaic Place doubled the number of event days to six (6) compared to the three (3) which were budgeted for.

In the September statement the facility lost $161,015 whereas the total loss for the year until the end of September was $977,533.

Councillor Heather Eby said the real financial situation for Mosaic Place could be determined by the lower than budgeted number of events and corresponding sales resulting in the balance sheets seeming tide of red ink.

“Not in 2020 and in 2021 there have not been a lot of event days so therefore people aren’t spending money in the club seats or the suites and so I guess my only real comment would be I hope this is the last time we see this much red ink on this income statement. And that as we move into 2022 and the next one, two, three, four quarters there is (events) that red ink starts to turn black again,” Councillor Eby said.

“I think we make a motion they are no longer to use red ink,” Councillor Jamey Logan said right after Councillor Eby’s comments.

Although the statement only goes to the end of September 2021 there may other indicators from earlier financial requests which predict more red to come.

In late October it was reveled tickets to events were being purchased but the purchasers had not been showing up affecting the total revenues as budgeted items such as food and beverages were not being purchased.

The lack of strong sales had Mosaic Place requesting up to an additional $275,000 in late October this in addition to the up to $150,000 to re-start the food and beverage service - both requests were made citing cash flow problems at the facility.

Mosaic Place’s financial statement was part of the recent City of Moose Jaw quarterly reports with nobody appearing from the third party operated City facility to present them and answer potential questions.