Why is the Coliseum Allowed to mislead taxpayers?

by:  Diane Benjamin

Yesterday I reported the numbers CIAM reported as fact in 2013 are different from what the Auditor’s reported.  CIAM’s (Central Illinois aRena Management) numbers are always reported in the local media.  The Auditor’s numbers somehow never are.  They aren’t available on the City of Bloomington website either.  Only CIAM’s fictional reports are on-line.  Fictional?  You decide.

Instead of just looking at the 2013 numbers, I decided to go back to April of 2009.  I obtained all this information under the Freedom of Information Act.

The first yellow column is the Operating Profit/Loss CIAM reported.  The next column shows Operating Loss reported to the City by the Auditors.  The numbers for the year ended April 30, 2014 won’t be available until the audit is completed-it will be MONTHS.

Depreciation is an operating expense, CIAM never includes it.  To compare apples to apples, the second yellow column is the loss reported by the Auditor’s not including depreciation.  The last column shows the total difference between the two yellow columns.   Just in 2013 the difference is almost $200,000.  

You are probably wondering why the numbers are different.  I don’t have to time to analyze why, but I’m sure CIAM calling items income that aren’t really income have a lot to do with it.  See all the previous posts I’ve done on the Coliseum.

The REAL point is Nobody told the people paying the bills – taxpayers.  Why are the Coliseum loses a secret?  Why is CIAM allowed to release un-audited financial statements?  The City of Bloomington doesn’t release un-audited financial statements, why does CIAM?  WHY are the REAL financial statements NEVER released?  Why does the local media dutifully report false information?  These 5 years show the Coliseum had actual losses of almost $6,000,000.  Nobody told you that either.  CiamVRSAuditor2 There is more though.  See the chart below.  This is the amount the City of Bloomington had to give CIAM per year to keep them in business.  Did anybody tell you that?CitytoColiseum2One more note:  CIAM paid themselves a commission based on their version of income.  Did the City require them to pay it back based on the Auditor’s report?

If you want to see the Auditor’s reports, email me.  I can send them to anyone who wants to see them.

 

One thought on “Why is the Coliseum Allowed to mislead taxpayers?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s