The Moose Jaw Events Centre saw a deficit of more than $50,000 in the first quarter of 2023, which was nearly two-thirds less than budgeted for that period.
Meanwhile, the venue’s food and beverage sales saw a net profit of $104,884.
From Jan. 1 to March 31, the Multiplex had actual revenues of $739,186 and actual expenses of $743,324.
While this led to a slight operating loss of $4,138, after including the $100 expense for Ticket Rocket gift cards, $47,431 for the management fee and $875 in revenue for client building rentals, the venue finished the quarter with a deficit of $50,794. This represented a cost recovery rate of 93.48 per cent.
In comparison, building manager OVG360 had budgeted $689,251 in revenue and $796,539 in expenses, leading to an expected operating loss — after adding the management fee of $46,452 — of $150,364.
Therefore, the difference between the actual and budgeted income, expenses and net loss was $49,935, -$53,215 and
-$99,570.
City administration presented the first-quarter financial report during the May 23 regular city council meeting. Included in the document was financial information about the Events Centre/Multiplex.
Council later unanimously voted to receive and file the report.
Food and beverage sales
From Jan. 1 to March 31, OVG360 generated $462,801 in total concession and catering sales, while the total cost of goods was $157,777. This led to a total gross sales profit of $305,024.
After removing total payroll, total variable expenses, management incentives and management fee, the net profit was $104,884.
These numbers were based on 59 events that attracted 43,261 people during the first three months of this year.
The next regular council meeting is Monday, June 12.
