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Fairgrounds finance report shows July lag and $989,600 council investment planned
Summary
Finance staff told the board that July revenues are behind preliminary postings but annualized projections include a $989,600 council-approved investment; the board was also told to expect more accurate figures as month-end postings complete.
Finance staff presented preliminary financials for the Nashville Fairgrounds, noting July activity remained partially unposted and that the board will see more complete figures after month-end accounting entries.
Why it matters: The report showed a short-term variance in operating results and described a planned council investment that the finance director said would help cover projected expense shortfalls for the fiscal year.
Finance director Latrice told the board the July report was preliminary and that many July revenue and expense items may not have posted as of the report creation date (July 11, 2025). Year-to-date figures presented were: earned revenue of about $152,200 against expenses of about $189,300, yielding a difference of roughly $37,100. Depreciation expense was cited at about $114,000 and the report described an adjusted variance of about $151,000 when depreciation was included.
On an annualized basis, Latrice said projected revenue was about $4.6 million and expenses about $5.0 million, and that the projection assumed a $989,600 investment approved by council to assist the fairgrounds. "We do not expect to exceed and need to use our fund balance," Latrice said, but she added that if revenues fall short the fund balance would be used. The finance director noted timing and allocation issues related to recent accounting changes that have left some admin and salary postings incomplete in the presented report.
Division-level details cited: flea-market year-to-date budget $59,492 with approximately $14,500 collected (some July revenue not yet posted); corporate sales events budgeted at $173,100 with $129,000 collected; contracts (Market Street ground lease and racing contract) budgeted at $24,600 with $2,200 posted; fair-event revenue had low YTD collections but the fair was scheduled to start next month (the fair was noted to begin on the fifth of the coming month). The aging report showed roughly $43,100 in outstanding invoices.
Board members asked whether revenue projections for the fair should be revised given new or larger programming; staff replied that the annual budget tends to be conservative because entertainment is often booked after the budget is submitted, and that recent programming (monster trucks, soccer events) could lead to revenue exceeding conservative projections.
Next steps: Finance staff will finalize month-end postings, adjust administrative allocations and return updated financials to the board.
