Board members received the financial statement for the Bonnyville and District Leisure Corporation at its annual general meeting on July 19. The financial statement showed a significantly lower operating deficit from 2008.
"It's been a wonderful working relationship and I think the books are in a lot better order this year than in years past," said CAO Gary Krawchuk at the annual general meeting.
He credited the Town on Bonnyville and the MD with helping to reduce the Centennial Centre's operating deficit by 47.5 per cent, or nearly $480,000. However, the centre's operating deficit for 2009 still came in at over a million dollars.
Krawchuk said the decreased operating deficit showed that the Centre is moving in the right direction and predicted that it would decrease further in 2010.
The 2009 year came with some administrative changes for the C2. The Town now manages the accounts payable function, while the MD administers payroll services. The MD and the Town bought out property, plant and equipment at a cost of $273,950 over book value, which covered the accumulated deficit of the same amount at the beginning of the year. The total cost of tangible capital assets bought by the Town and MD in 2009 amounted to around $1.82 million.
Grants from the Town and MD increased from $340,000 to $562,980 and $537,020, respectively.
C2 expenses increased by around $243,000 in 2009, mainly for salaries, wages, and benefits. Krawchuk explained that increase in payroll expenses would be non-recurring because it went to buy-outs and bonuses.
"2009 would reflect a higher salary rate than what I anticipate in the future," he said.
The audit also showed an increase of nearly $182,000 for food and beverage expenses, due to the increase in volume of food and beverage sold. The centre also had an unpaid water bill of $55,000 on the books for 2009. Previous years' bills accounted for over $100,000 of 2009's deficit.
Revenue increased by around 20 per cent, or by $722,406, in 2009. Food and beverage revenue increased by around 33 per cent, over $363,000, from 2008, due in part to the success of the newly implemented catering service.
Another factor improving the centre's books from 2008 was the increase in the number of events and concerts hosted by the C2. Reservation Agent Sheri Cumby noted that only one weekend from now until the end of 2009 is free, and that it wouldn't likely stay that way for long. On a sell-out concert night the centre can make over $20,000 in merchandise and beverage sales.
