By: Diane Benjamin
The audited financial statements for the Coliseum show a loss last year before depreciation of $782,945: http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=7481
I predict losses this year will be much greater because very few events have been held. The 3rd Quarter statement prepared by CIAM has not been issued yet – the Quarter ended on January 31st. History shows that whatever loss is on the statement, the actual loss is much greater. See this post for how far off CIAM has been in the past in comparison with the Auditor: http://blnnews.com/2015/01/20/more-coliseum-fraud/
The City is now proposing to spend another $2,510,000 on the Coliseum. I laughed out load when a City employee said Monday night they are contractually obligated to spend. Evidently the City MUST follow the contract, CIAM doesn’t have to. Search “Coliseum” on this site – plenty of contract breaking stories.
Keep in mind the Coliseum isn’t even 10 years old yet.
Here’s what the City wants to spend your tax dollars on now: (Book 2 – page 84
http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=8223)
Click to enlarge.
No problem they said. The coliseum will make money they said. It won’t cost they citizens one thin dime they said. All the other cities are doing it they said. It’s a quality of life thing they said. Just you wait and see they said.
Yes thank goodness for big govt. It solves all of our problems. I was so bored with my life before the coliseum came to town. Now look at the fun I am having. Yeehaw.
We should just start calling it “The Money Pit” because nobody will ever mistake it for an honest enterprise.
New management would help !
Sell it to the bicyclists. Let them ride around in circles and realize their dizziness in all of its glory! It’s all theirs, just take over the payments.
Lol, they could work, live, and play all in one spot. Two levels better than a cage and a hamster wheel. A real quality of life feature of their world.
Stay tuned for my next post – more Coliseum!
Wait a minute! They want a new point of sale system?! Why? Diane, as you reported and are trying to get information from the micros system ( which I googled and it is a point of sale system) that the City bought 9 years ago…then why does CIAM need a new POS system to use internally and not share anything with the City or public (who is paying for it). Are they that arrogant? I think a full audit needs to be done on concessions Are they paying the 32 percent on all stands ? Are they paying the City percentages on suite and catering sales ? Who knows? I have been in the building for concerts and they have stands that only take cash. Who is counting that and paying the City their share? John Butler? The same person who wants a new point of sale system? The video board seems to be working just fine
I doubt they really need to spend $200K on an update. They don’t have that many POS stations. Sounds like a rip off. Plus credit card companies provide (free) POS systems in exchange for a higher rate these days. So they might as well go that route especially since they have so few events it wasn’t cost much.