By: Diane Benjamin
The City of Bloomington paid consultants before building the white elephant. They predicted revenues of $7,000,000 a year and net income of $2,319,000 a year. https://blnnews.com/2015/07/21/coliseum-the-jokes-on-you/
The City has now gifted the financial statements from almost a year ago – 4/30/2017. The Coliseum audited statements are included: http://www.cityblm.org/home/showdocument?id=15348
Revenue for the year was $2,643,835. The consultants were only off by $4.4 million!
The operating LOSS was $2,028,881. The City of Bloomington kicked in $2,348,626 not including Home Rule Sales Tax of $1,282,752. The Coliseum returned $1,282,752 to the bond repayment fund. Details on PDF page 15.
Last Monday the City handed over another $375,000.
The video from both meetings is still not posted!
Just using actual cash in and out they lost $584,411 – not including paying the bonds.
How did they lose money on investments? Page 10 states they use the same investment policies as the City of Bloomington.
The agreement with VenuWorks was signed on July 1, 2016. http://www.cityblm.org/Home/ShowDocument?id=10901
That means the Coliseum was operated solely by VenuWorks under a new contract from July 2016 to April 30, 2017 when the fiscal year ended. For 10 months they operated under a different agreement for concessions than CIAM.
As more proof the audits are meaningless, the auditor included this statement on page 9:
CIAM quit on March 8, 2016. That was BEFORE this fiscal year began May 1, 2016. This statement is wrong, but included in the audit report anyway.
David Hales LOVED capital leases – essentially putting purchases on a credit card with a relatively low interest rate.
Grossinger Motors Arena now has THREE of them for equipment purchases:
Details on PDF page 14.
See PDF page 19
The VenuWorks contract doesn’t expire until June 30, 2021.