By: Diane Benjamin
The audited financial statements for the Coliseum year ended 4/30/2014 are finally posted on-line: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7481
Below is the auditors statement of Revenues and Expenses. The numbers in RED are what CIAM (Central Illinois Arena Management) reported. See their report here: Coliseum 4/30/2014
Note that CIAM reported more revenue than the auditors. Including items likes Sales Tax and Gross Merchandise in Revenue (as I previously reported) were corrected by the auditors.
CIAM doesn’t include depreciation, that is understandable. The auditor has to, so expenses they reported include the $854,532. However, the auditor still found $482,033 more expenses than CIAM reported! (5,502,217-5,020,184)
CIAM paid themselves commissions of $179,159 per their financial statement. The auditor’s statement reflect $3,997 less. Is the City getting their money back?
CIAM also took 4% of the revenue they reported as Management Fees – $159,271. Per the auditor’s, it should have been $154, 590 ($3,864,740 x 4%) Is the City getting that money back?
These numbers don’t include the salaries John Butler and Bart Rogers paid themselves – still unknown, but estimated at least $200,000.
Concessions are still not audited, there is no review to see if the City is getting paid their share. John Butler owns BMI Concessions, even thought the City owns the point-of-sale equipment.
CIAM, Butler and Rogers are hauling in money from YOUR investment. (Commissions, Management Fees, Salaries, Concessions)
Meanwhile, you are paying $1,665,044 in additional Sales Tax, and another $980,956 in contributions from the City. (see the bottom of the statement)
The REAL economic impact is negative, not the made up numbers presented to cover up the truth.
If the contract with CIAM isn’t terminated when it expires next year, Tari Renner, David Hales, and the Council aren’t looking out for you.
This year few events are scheduled, it will be even worse. Time to put the contract out for bid and get professionals to manage the Coliseum!