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Councillor hopes Mosaic Place’s Q4 financial statement less red than Q3 report

Mosaic Place experienced an adjusted net loss of $161,615 during the third quarter, which was $64,361 more lost than had been budgeted, a financial report says. 
Mosaic Place
Mosaic Place

One city councillor hopes that the third quarter of this year will be the final time she sees so much red ink on the financial statements for Mosaic Place. 

City administration presented a third-quarter financial report to city council during its recent regular meeting. Included in the report was an update about the monetary picture at the sports and entertainment venue from July to September of 2021 and year-to-date.

Mosaic Place experienced an adjusted net loss of $161,615 during the third quarter, which was $64,361 more lost than had been budgeted, the report said. 

Meanwhile, from Jan. 1 to Sept. 30, the venue experienced an adjusted net loss of $997,533, which is $199,204 more lost than budgeted. 

Spectra Venue Management Services, which manages the building, had budgeted an overall adjusted net loss for this year of $843,675. Based on the current year-to-date financial picture, Mosaic Place is $153,358 more in the red than anticipated.

During the third quarter, Mosaic Place hosted eight events over six days, which saw 645 total paid general attendance and 3,110 general turnstile attendance, the report said. However, there was zero turnstile attendance for club and suite rooms. 

During the meeting, Coun. Heather Eby pointed to the above data as one big reason why the venue’s financial numbers are mostly red. She reminded council that there hadn’t been many events in 2021, so people have not spent as much money on regular or club seats.

“I really hope this is the last time we see this much red ink on this statement, and that as we move into 2022 and the next four quarters, that that red starts to turn black again,” she added.

Looking at Mosaic Place’s balance sheet, Coun. Kim Robinson noted that the venue had a negative $52,498 in its accounts receivable from a third party. He was curious about whether this was related to Ticket Rocket and the issuance of gift cards to ticketholders.

Finance director Brian Acker replied that he did not have the answer and would have to check. 

The next regular council meeting is Monday, Dec. 6.