Fishers City venue posts near‑budget first four months; staff cite higher labor, food and utility costs

An ASM staff member told Fishers City officials on June 9 that the city’s new venue generated roughly $830,000 in net inbound revenue through April — about $10,000 below a $840,000 budget — while hosting 67 events compared with a forecast of 51.

The update matters to the city because the venue collects a $3 contractual facility fee on each ticket that is remitted to the city and because operating results affect bond repayments and other fiscal planning. Tony, the venue’s finance presenter, and other staff described revenue strengths from touring shows, premium seating and ticketing service charges, and said higher-than-expected event labor, food-and-beverage cost of goods sold and utility costs reduced margins.

ASM staff said the venue’s event mix exceeded initial expectations: 67 events through April versus a budgeted 51, several additional concerts and a higher number of sporting and private events than anticipated. Ancillary revenue lines — including premium seating, suites, tenant license fees, parking and ticket service charges — were generally above budget. Staff said per-cap and ticket-price averages exceeded original projections by roughly $5–$8 per attendee for several event types.

At the same time, staff reported event costs ran higher than forecast because of staffing levels required for some event layouts and higher food-and-beverage cost of goods sold. The presenter attributed some of the variance to early-period learning and one-time startup inefficiencies and said supervisors and scheduling changes are being pursued to reduce overtime and labor waste. "We're going to be 1% below budget overall," the ASM staff member said.

Staff also highlighted ticketing-related interest income from holding advance sales as a positive factor. The contractual $3 per-ticket facility fee — which staff said flows monthly to the city — was described as "well over budget" relative to initial expectations because ticket sales exceeded the baseline forecast.

Operational details mentioned in the meeting included the promotion of Josh to director of food and beverage; the venue’s hosting of graduations for Cathedral, Fishers and HSC schools; and coordination with the Ignite and Fuel teams on schedules. Staff said they are negotiating concession contracts and broadening supervisor coverage to reduce overtime and are reviewing utility usage (including the ice plant) to identify savings.

Council members and other officials asked for more granular reporting. Requests included a breakout showing which revenue lines and amounts flow to the city (facility fee, parking and any percent-based shares), a venue balance sheet or reserve proposal, and a closeout report on bond-related costs and final invoices with AECOM. Staff said they would return with those details and expect to present a draft budget to the city by Aug. 1.

No formal votes or ordinances were taken on the update; the session was an operational briefing and a request-for-follow-up items from city officials. Staff said they will bring back a city-income breakout, bond closeout schedules and additional fiscal detail at a future meeting.