LDE deficit situation improves
By Lethbridge Herald on October 11, 2024.
Lethbridge & District Exhibition Acting CEO Kim Gallucci provided the latest financial update to the Economic and Finance Standing Policy Committee of city council on Thursday.Al Beeber
LETHBRIDGE HERALD
Whoop-Up Days had a gross revenue of about $1 million for the Lethbridge and District Exhibition in August when revenues for the month jumped overall to $1.357 million.
The accumulated deficit has improved $8,258 over July to $1,882,737 from $1,890,995.
The deficit originally was expected to be $6.9 million with the current figure being $4.6 million lower with two months left in the fiscal year.
Acting Chief Executive Officer Kim Gallucci’s report to the Economic and Finance Standing Policy Committee of city council on Thursday showed that the increase in revenue for August included $283,000 in sponsorships and $132,000 in rentals which weren’t related to Whoop UP Days.
The Exhibition had an estimated net gain from Whoop-Up Days of $242,500. Paid admission returned in 2024 with it being delayed until 3 p.m. for the first three days of the event. Children 12 and under weren’t charged admission, Gallucci told the SPC, while noting the Exhibition wanted it to be a family-friendly event.
Cash on hand as of Aug. 31 was $658,997.
The Exhibition for September has confirmed another 15 events for this year and six for 2025. With the Exhibition’s year-end being Oct. 31, the report says the organization will be close to its new revised event target of 265 events. The new concession that opened during Whoop-Up Days is now serving customers on busy weekends and the Exhibition is forecasting it to be open for 125 days in the next fiscal year.
In a media statement about the deficit, mayor Blaine Hyggen said “it is very promising to see that number continue to come down while also seeing all of the exciting events and activities LDE is creating for the community. The staff should really be commended for the hard work they have put in. We also want to thank the community, and the region, for supporting the various events happening in the facility.”
In September, the LDE hosted more than 20 events at the Agri-Food Hub and Trade Centre. The weekend of Sept. 28-29 was one of the busiest in the venue’s history with the Lethbridge Farmers Market, Honouring Traditions Powwow being held simultaneously along with the Rotary Black Tie Tala, Cirque Italia, the Taboo Show and a small private affair.
There are more than 40 bookings this month including the final farmers market of the season on Saturday.
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From an expected deficits of over six mil to 1.8 mil in six or seven months requires an investigation. Where did the money go??? Also lowering the deficit is all well and good, but what about the original DEBT. Does the deficit not get added at the end of the fiscal year?
Considering the city has given the Exhibition over 6 million this year in taxpayer money https://calgaryherald.com/news/lethbridge-district-exhibition-3-million-deficit-2024 I’m surprised it’s not lower or was it supposed to be a 11 million deficit?