By: Diane Benjamin
I can see why the finance documents aren’t included in the packet on the Bloomington Council nights where the monthly recap is presented. I’m sure it’s much more fun to claim everything is fine than show the proof. See what was reported Monday night here: http://www.cityblm.org/Home/ShowDocument?id=20321
When they talk about Sales Tax revenue, according to their own report – the numbers are THREE months behind. See PDF page 3:
PDF page 4 – Arena has already lost $710,683.
PDF page 6 shows the PLANNED losses for the BCPA. This chart does not include the Home Rule Sales tax dedicated to pay the bonds and interest. That chart follows this one:
Revenue from operations is budgeted at $1,373,270.
Expenses from operations are budgeted at $2,322,194.
That means the City planned a loss of $948,924.
Who do you think is paying that loss? Add in the $1,700,000 in Sales Taxes and taxpayers are paying $2,648,924 for Quality of Life! Between the Arena and BCPA losses, there isn’t money for essential services.
By the way, I heard from a person who attended the Naked Magicians. It was an obscene show that would have had the owner of any other established jailed if they had booked it. The half off sale did sell more tickets though.
PDF page 7: Miller Park Zoo has a planned loss of $583,233.
PDF page 8 still references Pepsi Ice without collecting any money for the name, but at least they show a planned profit: $114,832. Not nearly enough to cover the bond payments though.
PDF page 9 shows the tax summary David Hales used to include in his City Manager reports. Hotel/Motel tax and Building Permits are way down.
PDF page 27 recaps the Arena budget. Six months in revenue is dismal.
Meanwhile, PDF page 30 shows capital spending to replace aging equipment. Just a measly $183,750 was budgeted.
“But we’re just going to keep feeding all of these hungry hippos anyway because well, you know SOME people want them and all” SOMETIMES the little girl doesn’t get a pony because her family knows they can’t afford to keep it – The city council members need to realize this. It is absolute folly to keep losing money on these ventures and yet here they go again.
We are just seeing the beginning of declining tax revenues. How long will it be before there is another spasm from State Farm? More high paying jobs being replaced by low paying jobs? I would bet that next year will bring yet another corporate downsizing from State Farm. We are in a general economic decline that will soon make the BCPA and the Arena an unaffordable liability for the city.
But, if the BCPA closes where will the Naked Jugglers perform??? Surely after the roaring success of the Naked Magicians naked jugglers will be booked next. I think maybe the long running Passion Play may be the only event that does well.