Coliseum: the Actual loss

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:

auditColiseumxThe 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.

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3 thoughts on “Coliseum: the Actual loss

  1. Sensible CITIZENS of Bloomington voted DOWN the coliseum by a large percentage, and Judy built it anyway (probably while she was filling her pool during the water shortage-remember that?) Now we have ANOTHER mayor who will want some other “pie in the sky” taxpayer funded “dream come true” like a hotel. And they’ll tell us they WILL NOT use tax payer money to fund it. And that’ll be another lie (on top of “We NEED a downtown hotel”). So, basically do these folks KNOW what the truth looks like? Even if it SMACKED them in the face?? I kinda feel SORRY for these folks who “EXIST” in a distorted and twisted reality!! Sure sorry to read about Walt Bittner! Too bad we can’t find another MAN like him!!

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  2. not a bad deal for CIAM. the building loses $677,000 but they get $200,000 in professional fees (maybe less with auditors fees) and $165,000 in commissions to probably easily clear over $300K plus salaries included for Butler and Rogers. Not a bad deal when you lose $677,000. Tracking your great coverage on their financials over the years, why haven’t they reduced payroll since they are bringing in less revenue each year? not a nickel!
    What other business does this?

    Why do they (Rogers and Butler) get paid full time wages by the taxpayers….you have TWO full time managers…and operate a hockey team in Peoria? Why does this happen?

    What is the status of naming rights and new management contract?

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