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even. The City ie reviewing the operations in conjunction with <br />the newly completed skating oval. An analysis may reveal some <br />opportunities for cost eavings and\or revenue possibilities. <br />Considerable work was begun in 1993 to remodel the entrance to <br />the Zce Arena facility in conjunction with the John Rose Minneso- <br />ta Oval construction. To assist the financing of the remodeling, <br />$450,000 of infrastructure funds from tax increments were uti- <br />lized. <br />Below is a suu�mary of the Ice Arena operations: <br />Operating revenuea <br />Gross profits on <br />merchandise sold <br />User charges <br />Other <br />Total operating revenues <br />Operating expenses <br />Personal service <br />Depreciation <br />Other <br />Total operating expenses <br />Operating Income (Loss) <br />Nonoperating revenues <br />(expenses) <br />Transfers in (out) <br />Net Income <br />1993 <br />$ 998 <br />414,503 <br />6,498 <br />S 421,001 <br />230,826 <br />62,506 <br />174,159 <br />S 467,491 <br />$( 45,492) <br />$ 4,902 <br />450,000 <br />S 409,410 <br />1992 <br />$ 513 <br />364,428 <br />17,773 <br />S 402,201 <br />224,753 <br />75,060 <br />177,028 <br />S 476,861 <br />$( �4,147) <br />$! 81,843) <br />The City began constructing the John Rose Minnesota Oval, ( an <br />Olympic-size ice and smooth surface facility) to accommodate <br />state and regional competition in speed skating. In addition, <br />the facility is being constructed to permit a number of outdoor <br />hockey rinks. It is anticipated that the Oval will be used <br />extensively as an in-line skating facility during the non-ice <br />season. <br />Support was secured from the State of Minnesota in the amount of <br />$1,900,000 to aid in the conatruction. Aa part o£ the agreement <br />with the State, the City was to at least match the atate grant. <br />The City allocated $600,000 from the tax increments infrastruc- <br />ture funds and provided $1,500,000 in loans. <br />It is anticipated that the Oval facility operations will be <br />financially self-supporting and will require no property taxes. <br />The Oval officially opened on December 19, 1993 and below is a <br />financial suuimary for the year ending December 31, 1993. <br />14 <br />