Thanks to a fairly substantial budget surplus last year, Mosaic Place and the field house will have an accumulated reserve and capital reserve worth $275,000 each.
“It’s a good news story,” said Coun. Terry Coleman about the facilities surplus.
During Monday’s executive committee meeting, Mosaic Place and field house general manager Scott Clark provided the executive committee with recommendations for the disposition of the 2011 operating surplus.
He said: “2011 was a very successful inaugural year.”
According to Clark, Benson Trithardt Noren Chartered Accountants conducted an audit of the two multi-use facilities, which indicated an accumulated surplus of $837,300 as of Dec. 31. This is higher than the expected $622,710 surplus reported in January and based on year-end estimates.
In order to keep the two facilities “state-of-the-art,” suggests a report Clark presented to the executive committee on Monday, the two buildings would require future attention requiring money. Further, revenue at Mosaic Place is somewhat subject to the quality and quantity of artists touring, as well as the where local junior hockey is in terms of building talent.
The report suggests revenue at the field house is more predictable, although weather can impact that predictability.
For more on this story, read an upcoming edition of the Times-Herald.
