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2005_0620_Packet
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2005_0620_Packet
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9/14/2009 10:02:48 AM
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Roseville City Council
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Council Agenda/Packets
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������'"��F ►- <br />l�`T�y1710 <br />To: Oval Taslc Force <br />ATTACHMENT 4 <br />Review of the Oval's Financial Performance <br />From: Chris Miller, Finance Director <br />Date: February28,2005 <br />Re: Review of the Oval's Financial P�rFpt-i�ance <br />Overview <br />Earlier this year, the City Council created a taslc force to review the Oval's long-term viability. <br />To facilitate this process, a review of the Oval's financial operations has been made. The <br />information presented below is divided into three sections. The first section loolcs at the <br />comprehensive feasibility study conducted in 1992 which projected financial outcomes. The <br />second is a review of the Oval's operations for fiscal years 1994 and 1995. These two years are <br />of particular significance as they represent the limited number of years for which independent <br />financial data was traciced separate from other parlcs and recreation functions, a��! for which the <br />Oval was fully operational. Finally, the third section deals with the Skating Center (Oval and <br />Arena combined) operations for the period 2040-2003. While data for 2004 is readily available, <br />it does not include a full season of Oval operations therefore the numbers are not comparative. <br />At the conclusion of the memo, four factors are identified that heavily determine the Slcating <br />Center's long-term financial viability. <br />Section 1- Oval Feasibility Study <br />In 1992, the City Council hired the firm of Independent Consulting Engineers, Inc., to prepare a <br />site selection and revenuelmanagement study for the Oval. Based upon the study, the <br />recommended site was the current location adjacent to the existing ice arena. The <br />recommendation was based on the financial merits as well as facility cnordinationlmanagement <br />reasons. <br />The revenuelmanagemer�t portion of the study made several recommendations with regard to the <br />Oval's operations, including staffing levels and potential revenue sources. The Study did cite the <br />lacic of comparable facilities to draw experiences from, which lilcely necessitated a fair amount <br />of estimation as to the Oval's participant levels and operating costs. To compensate, the Study <br />noted that the financial pro-forma was generally conservative in nature. However, history would <br />demonstrate that despite a conservative pro-forma, actual financial performance was <br />significantly worse than projected. <br />
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