So the Coliseum lost money. Really?

by:  Diane Benjamin

According to the Pantagraph today the Coliseum lost $183,727 for the year that ended April 30, 2014.  Funny how no un-audited financial statements are available.  The CIAM throws un-audited numbers out as fact and the local media laps them up and dutifully reports them.  CIAM issues a Press Release and you are supposed to believe it.

The easiest way to prove the Press release put out by CIAM is fiction is to compare their un-audited financial statement from the previous year to the one the auditors issued.

Last years CIAM report can be found here:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=6569  page 14.  It shows an Operating Income of $176,759.17.  Everybody celebrated that number last year.  WOW – the Coliseum showed a profit!

What nobody told you is what the auditor’s financial statement showed.  The story they have is a little different, okay a LOT different.  You won’t find the below statement on-line anywhere.  David Hales doesn’t want to truth to be told.  If Hales cared about the truth, the audited financial statement would have been issued in a Press Release, or at least posted on-line.

How does he explain to the people paying the bills the Coliseum actually lost $873,551?  Look down a little farther.  Not only do the auditors show an operating loss, the Bloomington taxpayers has to cough up another $225,000.  Did you know the City of Bloomington “contributed” to the Coliseum?

Don’t the taxpayers have a right to the truth?  How much did the Coliseum really lose this year?

Don’t buy the Depreciation line – even without it included, CIAM still lost money for the taxpayers.

Coliseum Final Audit Report2013-2

 

2 thoughts on “So the Coliseum lost money. Really?

  1. I’m sure Tari “mr. transparency” Renner will see to it that we all learn the truth. Uh, just kidding.

    Thank you Diane for digging up the real skinny. Can we retro-actively impeach the city council and mayor that saddled us with this white elephant?

    Like

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