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Fairgrounds reports $500,000 operating shortfall; flea market underperforms budget
Summary
Board received a preliminary April financial report showing an overall operating deficit, division-level shortfalls at the flea market, and staff direction to develop a flea-market review with commissioners.
The Metro Board of Fair Commissioners received a preliminary financial report showing $3,000,000 in revenue and $3,500,000 in expenses through April 2025, a difference the presenter described as approximately $565,800.
The report matters because the board oversees a publicly owned enterprise required by the Metro charter to host a divisional fair, expo center events, flea markets and auto racing; the finances affect how the fairgrounds balances mandated activities with operational sustainability.
Therese, finance staff, told the board depreciation expense for the period was $1,024,100 and that “the total adjusted variance for depreciation is roughly $1,500,000.” She reported division-level details: flea markets had a year-to-date budget of $872,167 and had earned $512,400 (a shortfall of about $358,738); events were above budget with about $1,500,000 earned versus a $1,400,000 budget; and other divisions showed mixed variances. The presenter said outstanding invoices totaled about $29,100 and that promoters had been contacted and invoiced.
Commissioners pressed for more analysis of fixed and variable costs for divisions. Commissioner Diego said a preliminary breakdown showed flea market fixed costs exceeding $400,000 against roughly $500,000 in revenue, and asked staff to develop options to improve sustainability. The chair directed Laura Romack, executive director, to coordinate with Commissioner Diego to develop a framework or a task force to examine the flea market’s operating model in more depth and report back in the summer.
Board discussion also flagged the need for a capital asset management plan in FY26 to prioritize major repairs and replacements; Laura Romack said that plan was on staff’s work list for the next fiscal year but that no consultant had yet been retained.
The board took no vote on spending as part of the report; the finance presentation was informational and staff were directed to return with further analysis and options.
