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Bid 4 board approves financial report; staff outlines $150,000 SEA request and $30,000 Mitchell Aquatics payment
Summary
The Bid 4 board approved the financial report and heard staff present SCA/SEA numbers, including $85,001.50 in updated expenses, a $64,850 available SEA balance, a $150,000 FY2025 request for sports and events, and a $30,000 allocation for the Mitchell Aquatics Club.
The Bid 4 board approved its financial report and reviewed current Sports & Events Authority (SEA) finances, staff said.
Aaron, a staff member, opened the finance update by summarizing what will appear on October financial statements. "This was what was available in our September meeting… Our amount of expenses that number has been updated and is $85,001.50 and that'll be reflected on our October SEA financials," Aaron said. He also reported the SEA available fund balance had been updated to $64,850 and noted hotel room nights sold through August totaled 95,240.
Stephanie, a staff member, gave a related collections figure and internal accounting detail: "the total amount collected so far year to date would be $209,007.97," she said, and explained the bid fund shows two lines — board projects and sports & events authority — and that supplemental appropriations are made twice yearly.
Board members acknowledged that the bid board's last meeting added a designated $50,000 to revenue. Looking ahead to the 2025 budget, Stephanie confirmed the board’s current proposal includes $150,000 for the sports and events authority and $30,000 to help the Mitchell Aquatics Club with a debt-service payment. She cautioned that any changes to those numbers must be made before the city council’s first reading in November.
The board moved and carried approval of the financial report by voice vote.
Looking forward, staff said any unspent funds at the end of 2024 could be carried into 2025 for SEA to use on a future project; the board will revisit allocations later this fiscal cycle.
