By: Diane Benjamin
Coliseum Management issues Quarterly reports. The media used to widely report their numbers as truth, lately not so much.
The year-end for the Coliseum was 4/30/14. The statements they produce are only audited once a year, Concessions are never audited and no proof exists that taxpayers are getting their share of the sales as written in the contract. (next lawsuit)
Here is what the Coliseum reported for the year: CIAM 4/30/2014
Here is what the audited report shows: Audited 2014
The Coliseum (CIAM) statement shows an loss of $183,727. They anticipated a profit of $106,892.
The audited report shows an operating loss of $1,637,477. Depreciation is included in this number ($854,532). Taking it out, the statement shows a loss of $782,945.
CIAM wants you to believe they only lost $183,727. The auditor says they lost $782,945. (operating loss)
It’s only a difference of:
Citizens deserve better from both the City of Bloomington and the Coliseum Management.
What do you think would happen to a public corporation if their reporting was this bad?
Where is the local media? Obviously not watching out for you!
The complete CIAM statement is available here: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7448
Complete audited Coliseum statements are available here: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7481
One more thing from the audited page:
Nonoperating revenues (expenses):
Home rule sales tax 1,665,044
Investment earnings 1,898
Contributions to the City of Bloomington (1,665,044)
Contributions from the City of Bloomington 2,646,000
Total nonoperating revenues (expenses) 2,647,898
Taxpayers were promised the Coliseum wouldn’t cost them a dime. You were supposed to forget that though.