FY2014 2Nd Quarter Financial Report
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December 11, 2013 Contact: City Manager, 309-434-2210, [email protected] FOR IMMEDIATE RELEASE U.S. Cellular Coliseum Reports 2nd Quarter Net Operating Loss CIAM Reports Year-To-Date net operating loss of $300,848, which is $43,603 under budget “Historically our first six months have come in lower in comparison to our last six months, which is expected to have a large up-swing in revenue.”- Bart Rogers, V.P. of the U.S. Cellular Coliseum. Officials with Bloomington’s U.S. Cellular Coliseum are reporting a net operating loss of $239,205 in the second quarter, for a six-month net operating loss of $300,848. Approximately $41,000 was spent on building repairs and maintenance to the building’s HVAC system, Ice Plant, bowl speakers and outside handrails. However, staff had budgeted the Coliseum to be at -$344,451 at this time, so it is doing $43,603 better than expected for the first six months. “We experienced a couple of shows in the second quarter that resulted in lower than expected performance at the box office.” said Bart Rogers Vice President of the U.S. Cellular Coliseum. “But the remaining schedule of events has some very strong performances and we hope to make it up during that time. Historically, our first six months have come in lower in comparison to our last six months, which is expected to have a large up-swing in revenue.” The Coliseum had a cumulative attendance of 48,134 from the events spanning August through October. The Bloomington Thunder professional hockey team opened their season in October versus their new rival the Peoria Rivermen in front of 4,306 fans. Events held this quarter at the U.S. Cellular Coliseum included Rascal Flatts, Bassnectar, Foreigner and 38 Special, Avenged Sevenfold, Shinedown, Volbeat, violinist Shoji Tabuchi, several ISU and Jr. Blaze hockey games, The Back to School Alliance Backpack Giveaway and Cultural Fest community events. The estimated contribution to the local economy during the second quarter was approximately $2,726,510 based on calculations from Bloomington-Normal Convention and Visitors Bureau and the Illinois Bureau of Tourism. ### CIAM GENERAL MANAGER’S LETTER 2nd Quarter FY 2013-2014 This manager’s letter is an integral part of these statements. Those reviewing and evaluating the financial results shown in the statements should consider and understand the following: 1. These are combined statements showing Revenue, Operating Expenses and Net Operating Profit as well as accrued and non-operating expenses. The management contract between Central Illinois Arena Management, Inc. and the City of Bloomington defines “Revenues”, “Operating Expenses” and “Net Operating Loss/Profit”. As defined, all interest, depreciation, amortization expenses and extraordinary expenses are not operating expenses. Nor are Capital Costs (also a defined term) operating expenses. The equipment replacement savings fund is not an expense. 2. These statements reflect accrued expenses not payable in the current month and extraordinary expenses which are identified as non-operating expenses pursuant to the management contract. 3. The net operating loss for the U.S. Cellular Coliseum for 2nd quarter, FY 2014 was $239,205. Based on FY 2013-2014 Central Illinois Arena Management’s Budget and Business Plan, the projected loss for the second quarter was estimated at $96,035. Last year, Q2 showed a loss of $14,462. “Our financial projections are submitted to the City of Bloomington eight months prior to the start of the next fiscal year,” explained U.S. Cellular Coliseum General Manager Bart Rogers. “We base our monthly income and expense projections from previous years of event booking experience. The summer shows at the USCC showed a weak performance at the box office, due to soft ticket sales. The first and second quarter is historically a slow time period in our industry. Our goal by year end is to be back in line with our budget projections.” 4. A total of 48,134 patrons attended events at the U.S. Cellular Coliseum during the months of August, September and October. 5. Highlighting Q2 was Country Band Rascal Flatts, Bassnectar concert, Rock Legends Foreigner and 38 Special, Avenged Sevenfold, Shinedown, Volbeat, violinist Shoji Tabuchi, along with several Illinois State Redbird and Jr. Blaze hockey games. The USCC also hosted two community events: The Back to School Alliance Backpack Giveaway and the annual Cultural Festival. The Bloomington Thunder professional hockey team opened their season in October vs. new rival Peoria Rivermen in front of 4,306 fans. 6. The economic contribution to the local economy for the second quarter was approximately $2,726,510 based on formulas and calculations provided to CIAM from the Bloomington-Normal Convention and Visitors Bureau and the Illinois Bureau of Tourism. 7. The following approved City Capital Improvement projects targeted for the U.S. Cellular Coliseum have gone through or are going through the bid process and have been completed or will be completed shortly. a. Project 1 (Capital): Box Office Renovation. Upgrade the walk-in box office area with improved ticket window location and office space. b. Project 2 (Capital): Sealed and painted Concourse Floors, Bathrooms and Hallways. c. Project 3 (Capital): Sensor lighting in locker rooms, concourse restrooms and stairways. 8. For Q2 2014 approximately $41,000 was spent on Building Repairs and Maintenance and Repairs. Of that $41,000, HVAC and Ice Plant repairs made by Parks N Rec staff and outside sources totaled over $23,000. Necessary repairs to bowl speakers and outside handrails totaled over $10,000. These repairs were not anticipated nor budgeted for by CIAM. 11:07 AM Coliseum Fund 12/9/2013 Accrual Basis Profit & Loss Budget Performance with Accrued, Operating and NonOperating Expense August through October 2013 UNAUDITED 2nd Quarter 2nd Quarter 2013-2014 Actual 2013-2014 Budget 2013-2014 Actual 2013-2014 Aug - Oct 13 Aug - Oct 13 May - Oct 13 Annual Budget Revenues/Operating Expense Income 400000 · Income 401000 · Box Office Convenience Fees 68,592.35 50,500.00 103,995.03 129,525.00 401500 · Club Memberships 8,190.92 12,825.00 14,828.42 51,300.00 402000 · Concessions Revenue 59,918.72 60,000.00 90,381.62 273,112.00 403000 · Suites 101,518.01 100,429.50 190,708.34 401,718.00 403500 · Ticket Facility Fees 80,859.00 50,750.00 116,784.00 206,221.00 404000 · Sponsorships 147,850.77 137,500.02 288,976.25 550,000.00 404500 · Naming Rights 67,616.63 67,500.00 135,170.63 270,000.00 405000 · Parking Deck 23,699.00 20,350.00 38,488.00 95,900.00 405500 · Box Office/ Rental 8,311.39 6,800.00 15,688.08 23,600.00 406000 · Coliseum Rental 49,303.75 72,500.00 116,628.75 531,774.00 Total 400000 · Income 615,860.54 579,154.52 1,111,649.12 2,533,150.00 410000 · Reimbursed Expenses - Income 411500 - Football Reimbursement 0.00 0.00 200.00 0.00 412500 · Hockey Reimbursement 76.30 0.00 76.30 0.00 Total 410000 · Reimbursed Expenses - Income 76.30 0.00 276.30 0.00 420000 · Event Income 421000 · Event Labor 97,018.35 110,000.00 171,785.44 441,500.00 421500 · Event Advertising 1,127.50 40,500.00 18,666.90 147,000.00 422000 · Event Services 17,981.89 45,000.00 41,126.90 200,000.00 422500 · Other Event Costs 6,705.22 2,200.00 13,371.35 63,500.00 423000 · Event Income 60,635.73 51,500.00 102,256.70 199,185.00 Total 420000 · Event Income 183,468.69 249,200.00 347,207.29 1,051,185.00 430000 · Merchandise Income 431000 · Merchandise Commission 450.00 0.00 1,850.00 700.00 431500 · Merchandise Taxable Sales 194,823.00 87,000.00 294,529.74 253,813.00 432000 · Sales Tax Collected 15,099.00 9,080.00 22,827.26 19,670.00 Total 430000 · Merchandise Income 210,372.00 96,080.00 319,207.00 274,183.00 440000 · Other Income 441000 · Gift Certificate Sales 620.00 660.00 647.00 2,400.00 441500 · Interest Income 412.33 300.00 717.22 1,200.00 Total 440000 · Other Income 1,032.33 960.00 1,364.22 3,600.00 Revenues 1,010,809.86 925,394.52 1,779,703.93 3,862,118.00 Operating Expense 600000 · Payroll Expense 601000 · Wages 601100 · Salaried 233,624.37 256,846.14 401,176.81 954,000.00 601150 · Regular 122,754.41 104,000.00 204,914.13 405,500.00 601200 · Overtime 26,022.70 11,025.00 32,262.25 37,925.00 601300 · Commissions 2,876.15 510.00 4,522.79 4,341.00 Total 601000 · Wages 385,277.63 372,381.14 642,875.98 1,401,766.00 Page 1 of 4 11:07 AM Coliseum Fund 12/9/2013 Accrual Basis Profit & Loss Budget Performance with Accrued, Operating and NonOperating Expense August through October 2013 UNAUDITED 2nd Quarter 2nd Quarter 2013-2014 Actual 2013-2014 Budget 2013-2014 Actual 2013-2014 Aug - Oct 13 Aug - Oct 13 May - Oct 13 Annual Budget 602000 · Employer Taxes 602100 · FICA expense 27,585.00 28,871.00 48,606.49 107,235.09 602150 · FUTA tax expense 772.99 1,300.43 1,347.73 4,830.00 602200 · SUTA tax expense 571.18 9,000.00 -701.46 39,000.00 Total 602000 · Employer Taxes 28,929.17 39,171.43 49,252.76 151,065.09 603000 · Voluntary Deductions 603150 · Insurance 603151 · Health Insurance 15,738.12 22,250.01 29,577.54 89,000.00 603152 · Life Insurance 520.41 375.00 1,010.88 1,500.00 Total 603150 · Insurance 16,258.53 22,625.01 30,588.42 90,500.00 Total 603000 · Voluntary Deductions 16,258.53 22,625.01 30,588.42 90,500.00 605000 · Miscellaneous 605150 · Uniforms 662.00 3,500.00 662.00 3,500.00 Total 605000 · Miscellaneous 662.00 3,500.00 662.00 3,500.00 600000 · Payroll Expense - Other -228.50 0.00 -156.76 0.00 Total 600000 · Payroll Expense 430,898.83 437,677.58 723,222.40 1,646,831.09 610000 · Reimbursable 612000 · BMI Concessions -86.00 0.00 -86.00 0.00