By: Diane Benjamin
I guess Bloomington is now just like Washington DC – drop documents late Friday hoping nobody will notice. The financial statements for both the City and the Coliseum are now posted: http://www.cityblm.org/index.aspx?page=21&parent=36
Remember the outrage and concern expressed when the Coliseum reported a loss of almost $500,000 last year? The audited losses always come in higher, this year was no exception. The Coliseum doesn’t put Depreciation in their statements, so I decreased the Auditor’s reported loss by that amount:
The actual operating loss was close to $700,000. The vendor payments list $426,599.97 to the Coliseum. http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=9335
Much more on that list later.
The local media dutifully reported the almost $500,000 loss. I predict they won’t mention the actual loss – unless they add “a hotel downtown will make it all better”. Sure.
Depreciation is an operating expense – it’s how the cost of building is accounted for.