Council gets financial update from Exhibition
By Al Beeber - Lethbridge Herald on September 18, 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.LETHBRIDGE HERALDabeeber@lethbridgeherald.com
The latest financial update from the Lethbridge & District Exhibition to city council on Tuesday shows that the net deficit for the nine months ending July 31 is $1,890,995.
The report states that cash on hand as of July 31 was $911,192.
The LDE has added an additional 15 events for this year, six for 2025 and one for 2028 – the recently announced 2028 Alberta Fire Chiefs conference.
For 2024, a total of 240 events have been booked to date and the LDE expects that number to be 265 by year’s end. That total includes 18 trade events and 11 conferences of various sizes which the report says is better than expected for this year.
“Given growth in sales and partnership activity, along with adjusted operational changes and controlled spending, we have reevaluated the October 31, 2024 year-end to now be $3,275,313. This is a positive change of $1,389,520 from the previous year-end estimate based on April 30 financials at that time to be $4,664,883,” says the report.
The report says the LDE managed to keep maintenance expenses down but “that will change in the future as warranties end and we are required to fulfill both regulatory and preventative maintenance programs beginning in the 2025 fiscal year,” the report states.
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bravo! it is so great to have this wonderful boondoggle of a place that sucks a good chunk of money away from some pressing needs. and, awesome, the fire chiefs conference…and jolly good gathering paid for…by the tax payer.
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