MOOSE JAW — The Temple Gardens Centre experienced a second-quarter deficit of nearly $216,000, which was $238,000 less than expected, primarily due to higher-than-budgeted food and beverage revenues.
From Jan. 1 to June 30, the former Events Centre had actual revenues of $5,087,650 and actual expenses of $5,228,259, for an operating deficit of $140,609, an Aug. 25 city council report said.
However, after including the management fee of $76,730 and the WHL Warriors’ building rentals revenue of $1,900, the net operating loss was $215,439.
In comparison, building manager Oak View Group (OVG) had budgeted $5,145,741 in revenues and $5,526,015 in expenses for the quarter, leaving an expected operating loss of $380,274, the report said. Including the management fee of $78,362 would have led to an overall operating loss of $458,636.
Therefore, the differences between the actual and budgeted revenues, expenses and net income were -$58,091, $297,755 and $238,033.
Of note, there was $563,650 less in event revenue than expected, $47,403 less in advertising and sponsorship revenue, $3,201 less in revenue from suite and club leases, $10,675 less in revenue from ice rink rentals and $12,736 less in revenue from curling.
However, there was $239,002 more in food and beverage revenue, $64,377 more in revenue for naming and pouring rights, $46,529 more revenue in regional ticketing and $175,666 more in revenue from “other,” the report continued.
Meanwhile, there was $24,078 more in insurance expenses, $141,645 more in repairs and maintenance expenses and $4,200 more in advertising and marketing expenses.
The Q2 numbers were based on 115 events over 120 days that attracted 131,947 people.
City administration presented the second-quarter financial report during the Aug. 25 regular city council meeting. Financial information about the Temple Gardens Centre/Multiplex was included in the document.
Council later unanimously voted to receive and file the report.
Food and beverage sales
From Jan. 1 to June 30, OVG generated $1,260,360 in total catering and concession sales, while the total cost of goods was $418,476, leaving gross profits of $841,884.
After removing total payroll and departmental expenses, the net profit was $542,899.
These numbers were based on 115 events over 120 days that attracted 131,947 people.
The next regular council meeting is Monday, Sept. 8.
