Mosaic Place/Yara Centre Turns Financial Corner
After what could arguably be called a rocky start, one which included the dismissal of the entire board of directors in 2016, a staffing overhaul, a new operational model accompanied by the appointment of a new general manager, the Downtown Facility and Field House (DFFH) appears to be turning a financial corner.
“In 2017, operations managed to accomplish something that has never happened before at Mosaic Place and Yara Centre, we came in under budget,” DFFH General Manager Graham Edge told Council.
“We’re having a great time with fantastic staff,” Edge said. He has been on the job for about three months.
Edge’s report detailed the apparent turnaround in the facilities’ financial picture.
The DFFH is comprised of the Moose Jaw Ford Curling Centre, Mosaic Place and the Yara Centre.
Speaking after Edge’s presentation, DFFH Interim Board Chair Councillor Brian Swanson stated the board wanted to be more transparent.
“The attempt is to be more transparent for the DFFH…there is more refined detail we’ve attempted to break down revenue and expenditures for each facility,” Coun Swanson said.
Edge said he welcomed the opportunity to return to Council whenever they sought fit to review the DFFH’s finances.
Highlights from the report are as follows:
The Moose Jaw Warriors drew 140,000 spectators at their two preseason, 36 home and four playoff games.
The Moose Jaw Ford Curling Centre brought in 4,000 patrons to various off-season events. During the regular season there were 1,970 spectators, curlers and coaches that used the Curling Centre.
The Yara Centre had 18,741 drop-in users and 1,102 members. There were 15,000 people who participated in turf rentals.
There are 25 community groups which help out with events. A total of 400 volunteers are involved.
According to the 2017 audited financial statements, the DFFH had assets of $1,099,851 compared with expenses of $975,073 for net financial assets of $124,778.
When you add pre-paid expenses and deferred charges of $84,739 to the net financial assets of $124,778 you end up with an accumulated surplus of $209,517.
In 2016, the DFFH had an accumulated surplus of $25,501.
Bowl events were the largest revenue generator bringing in $651,700. Followed by contracted revenue of $601,966 and contributions from the City of Moose Jaw of $537,109.
The largest expense was operational salaries of $697,516 followed closely by utilities at $696,476 and administration salaries of $566,335.
At the end of the presentation, Coun Swanson pointed out the annual audited statement did not include the $210,000 equipment reserve as part of the City’s contribution. The amount was not included as part of the annual financial statement as the auditors wanted to strip the figure out.
Coun Swanson also pointed out that in the past two years the subsidy to the DFFH was down. The subsidy in 2017 was down $165,000 and $55,000 in 2018, he said.