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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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ATTACHMENT4 <br />Review of the Oval's Financial Performance <br />Final Comments <br />From 1993-2003 the Oval, and eventually the Skating Center, experienced operating losses <br />(cash-flow only) of approximately $1.5 million. From 1993-1999, the City relied upon other <br />recreation-type revenues and Recreation Fund reserves to cover the losses. Since 2000, the City <br />has also relied upon property taxes to support operations. <br />The Oval's long-term financial viability is heavily dependent on four factors. They include: <br />] ) Participant levels <br />2) Participant fee amounts <br />3) Personnel operating costs <br />4) Utility operating costs <br />Ice rental, which is derived from items u� and #2, provides 60% of the Skating Center's <br />revenues. No other revenue source provides more than 5%. On the expenditure side, personnel <br />and utility costs account for 75% of the Skating Center's costs. No other cost category exceeds <br />5%. If the Oval is to remain viable for the foreseeable future, it is imperative that the City <br />stabilize these four factors. <br />To summarize; to remain viable and sustainable the Oval (Skating Center) needs to have a cash <br />infusion, above and beyond current revenues generated by the facility itself, of $250,000 <br />annually. Of this amount, approximately $150,000 is needed to support current operations, and <br />$100,000 is needed for future repairsirenovations. In addition, if the City intends on <br />replaeing/renovating the Skating Center and its components near the end of its useful life (i.e_ <br />prior to mechanical or structural failures), a one-time infusion of cash of approximately $500,000 <br />will likely be needed in the next 5-7 years. This is in addition to any monies that are needed to <br />repairireplace the existing refrigeration unit that is currently failing. <br />� <br />
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