about $15.2 million more than budgeted revenues for FY 10-11.
The majority of this increase is due to revised accounting practices
for Coliseum events that are deemed to be “co-promoted,”
an arrangement in which the Coliseum shared in both event revenues and potential event losses.
How much in potential losses?
Who did Greensboro take risk with?
How does one qualify for "co-promotion"?
Previously, the net impacts, (either net revenue gain or net expense loss) of these events
had been posted to the budget.
Where?
Both gross revenue and gross expenses will now be recorded.
Why wern't gross expenses recorded before,
and who told Greensboro to report them now?
This causes a significant increase both in recorded revenue and recorded expense
for the Coliseum Fund.
Controlling for this accounting change,
user fee revenue would be increasing by $5.2 million, or 3.4%.
Where is the other $10 million coming from?
If the user fees are refering to parking fees,
how was parking income counted before?
Does this mean the Coliseum has been paying out
a lot more than anyone thought?
If the user fees are refering to parking fees,
how was parking income counted before?
Does this mean the Coliseum has been paying out
a lot more than anyone thought?
FY 2011-12 Proposed Greensboro Budget
Why didn't Rashad cover this in the presentation to City Council?
Does the new accounting show something it used to not reveal?
On what events has the Coliseum won or lost how much?
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