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CIB reports $15 million in tax revenues, April bottom line $6.4 million after Final Four revenue
Summary
The Capital Improvements Board heard an April financial report showing $15,000,000 in tax revenues, strong food‑service and concessions related to the Final Four, and a monthly bottom line of about $6,400,000; staff forecast most reserves will be used by year end.
The Capital Improvements Board on May 8 reviewed its April 2026 financial statements and heard staff describe event‑driven swings in revenue and expenses.
Speaker 3 summarized the month as one influenced heavily by the Final Four: "Tax revenues totaled $15,000,000," he said, and operating revenue was "about $8,000,000," with the food service and concessions line showing a major favorable variance tied to event activity. He reported "finished revenues and item expenses of a little over $6,000,000" for the month and a bottom line of "$6,400,000" for April and just over $14,000,000 year to date.
Board members and staff reviewed variances: labor and reimbursement lines rose because of event‑related labor (sound, light and security reimbursements), part‑time/temporary labor and union (IATSE) costs. The report noted a $750,000 cultural development grant to the Downtown Indy Alliance for economic enhancement and low capital outlays in April, with total capital outlays of $273,000 for the month.
The reporting speaker said he expects much of the current surplus to be used before year end, estimating about $13,000,000 could be temporary funds that will be expended. The board took no separate action on the report beyond questions and discussion.
