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Capital Improvements Board reports nearly $9 million net revenue for March, driven by admissions and operating taxes
Summary
The Capital Improvements Board reported net revenues just under $9 million for March 2025, with admissions and operating taxes well above budget and capital outlays below plan.
The Capital Improvements Board reported net revenues of just under $9 million for March 2025, the board heard at its meeting today at Lucas Oil Stadium.
Jim, a CIB staff member who delivered the monthly financial report, said the month’s positive variance—about $13 million above budget—was driven by admissions taxes and operating taxes and by lower-than-expected capital spending. "Admissions taxes were over budget by about $3,000,000," Jim said, and operating taxes were "over budget by $6,000,000." He attributed the admissions-tax surge mainly to the WWE Royal Rumble and large concerts by Billy Joel and Sting.
The tax revenue line totaled about $15 million for the month, roughly $3.5 million over budget, or about 29% above plan, the report said. Operating revenue was about $10 million, roughly $5.6 million (25%) above budget, driven by event-line items including concessions and ticket office income; Jim said ticket office receipts included about $2 million from the Royal Rumble. Labor reimbursements added about $1.2 million tied to a work truck event.
On the expense side, personal services were under budget by about $227,000 (9%), while total supplies ran about $100,000 over budget largely for hotel supplies. Other services were about $375,000 (4%) over budget; the report called out a $668,000 chilled-water relocation for the Pan Am Tower and a $1.2 million grant to the tower for elevator upgrades. Capital outlay was $2.3 million versus a $6.3 million budget; the month included roof work at Lucas Oil Stadium (about $500,000), the convention center (about $370,000) and Victory Field (about $250,000), plus roughly $300,000 on audiovisual and security projects.
Debt service of $1.4 million was recorded as budgeted and per the amortization schedules. Jim told the board that while capital spending is underspent so far this year, he expects most of that budgeted work to be executed by year end.
The board did not take formal policy action on the financial report; members asked questions and moved on to the next agenda items.
