Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Cross Insurance Arena posts stronger-than-expected May, projects conservative $512,000 loss for next fiscal year
Summary
Cross Insurance Arena officials told the Cumberland County Finance Committee on July 13 that event revenue through May exceeded the fiscal-year plan, producing a positive variance for the year-to-date; the arena’s manager proposed a conservative FY projection that assumes about 100 events and a $512,000 loss to avoid future budget cliffs.
Cross Insurance Arena manager Mike Loconti told the Cumberland County Finance Committee on July 13 that the arena outperformed the budget through May and that he is proposing a conservative operating budget for the next fiscal year that projects a $512,000 loss. Loconti said an unexpectedly busy event schedule in the months after pandemic restrictions eased produced the swing.
The arena’s manager said, “We broke records in May,” and explained that the facility hosted three college graduations (almost 20,000 people total that month), a Chicago concert, Megadeth, family shows including Trolls, and Blue Man Group. Loconti said those events produced about $57,000 in event rental revenue in May against a budgeted $86,000 loss for the month, a variance he described as roughly $143,000. He also reported roughly $48,000 in other income (sponsorships and ticketing fees) and lower-than-budgeted direct expenses ($171,000…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
