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.
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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!!
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?
Glad to know Joni Painter and her friends on the Council are on top of it!