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ATTACHMENT 5 � � � � k�'l;;+ii�r r�: 5��;�J��w��:� J'�iar��;� ��i� .._.T � � Memo To: Oval Task Force From: Chris Miller, Finance Director Date: March 10,2005 Re: SupplementalFinanciallnformation on the Oval & Skating Center The following is some supplemental financial information regarding the ��a1lSkating Center that should address the inquiries raised at the last Task Force Meeting. Q: What is the approximate percentage of gas and electric energy costs for the Oval and Arena? A: The total annual energy costs for the entire facility averages $185,000 annually, of which approximately $85,000 or 45% is attributable to the Oval. Q: What is the approximate percentage of revenues for the Oval and Arena? A: The total annual revenues for the entire facility averages $900,000, of which approximately $210,000 or 23% is attributable to the Oval. Q: How does the Oval's (Skating Center) budget compare to the total Parks & Recreation Budget and the overall City Budget? A: For 2005, the Skating Center, which includes the Oval, Arena, and Banquet Center, has an annual budget of $998,000. This coinpares to a total Parks & Recreation Budget of $3,690,365; and a citywide budget of $32,684,�30. Q: If we eliminate the Oval portion of the facility, what are the shut-downitear-down costs and what are the expected nei savings? A: Shutting down or "moth-balling" the Oval would save the City the variable costs such as utilities, chemicals, and part-timelseasonal workers. However, the Oval's fixed costs which include a portion of the full-time regular staff of the Skating Center, insurance, etc. would still remain. Roughly one-third to one-half of the fixed costs would be eliminated. In total it is estimated that approximately $25,000 - 50,000 in,��L savings would be realized if the Oval was shut down. ATTACHMENT 5 1 Memo re: Supplemental Finance Info