Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Finance director: fairgrounds operating revenues below expenses year-to-date; council investment noted
Summary
Finance staff reported preliminary July 2025 financials showing about $152,200 earned and $189,300 spent year-to-date, a variance of roughly $37,100; the annualized budget projects $4.6 million in revenue (including a $989,600 council investment) against $5.0 million in expenses.
The fairgrounds finance director presented preliminary July 2025 financial results and an annualized budget showing an expected shortfall that is partly offset by an approved council investment.
Finance director Latrice told the board: "As of July 2025, we have earned about a $152,200. We have spent around a $189,300. The difference is approximately $37,100. Depreciation expense is about a $114,000. So the total adjusted variance for depreciation is about a 151,000." She said figures were preliminary because July revenues and some allocations had not yet posted.
On the annualized budget, Latrice reported: "Our revenue that we will collect is about $4,600,000. That is with, a $989,600 investment from, approved by the council to assist us. Our expenses is about $5,000,000, so there is a variance about $355,100. We do not expect to exceed, and need to, use our fund balance." She said the council-approved investment differs from the prior year.
Division-level notes and receivables
Latrice provided division-level figures: flea market year-to-date budget $59,492 with $14,500 collected (some receipts yet to post); corporate sales/events budget $173,100 with $129,000 actuals; fair revenue to date low because the fair starts next month. She said the beginning balance for another account is $343,118 and that roughly $43,100 in outstanding invoices were on the aging report.
Board questions and context
Board members asked whether revenue projections for the fair should be revised given recent large events and programming. Scott and staff said entertainment is typically booked after budgets are submitted and that current budgets were conservative, with staff expecting to exceed budgeted revenue because of events such as a monster-truck show and MLS matches.
Ending
No board action was taken on the financial report; staff will continue posting late revenues and provide updates to the board.
