Mosaic Still in the red despite obtaining a full annual grant

City Hall provided the four quarterly grants to Mosaic Place to help it hire more staff, do additional maintenance work, and purchase food and drink.

City Hall provided Spectra Venue Management Services with its entire annual grant to operate Mosaic Place, but even that full support has not driven the building’s revenue back into the dark.

As of July 31, Mosaic Place had expenses of $ 1,086,812, compared to the planned budget of $ 1,070,199. Therefore, the difference between these two numbers is minus $ 16,613.

The main component of this problem is the quarterly grant that the municipality provides the place of operation, explained the chief financial officer Brian Acker at the recent regular meeting of the city council. City Hall provided Spectra with the four quarterly grants to help the building manager get Mosaic Place back up and running. This included personnel costs and additional costs of maintenance and provisioning – food and drink -.

This grant also includes a contribution to the Mosaic Place Equipment Reserve Account.

“It’s slightly above the overall grant level for a small amount of $ 16,000,” he said. “Right now we see that as the final payment for the grant, so we wouldn’t have any more. That said, things are changing – certainly things are changing with the pandemic and it could be a different situation. “

Every building owned by the city has gone through the most difficult times during the pandemic, said city manager Jim Pufflat. As a result, the city administration is excited to reopen all city venues by the end of September, including the Kinsmen Sportsplex rink.

“There have been a lot of revenue issues that we have had during this year. We are happy to have been through them. We are delighted to be able to be open and to be able to remain open, ”he added. “We encourage everyone to get vaccinated (and wear masks). These are things we do to keep our facilities open. “

As part of the second quarter financial report provided by the city administration at the council meeting, a report on Mosaic Place income and expenses was also included.

From January to July 31, the recreation venue held eight meetings / conferences over 11 days which drew 120 people. In addition, 302 ice rentals attracted 5,497 people, while a further 13 events over 18 days drew 1,289 participants.

A total of 9,426 people attended an event or activity at Mosaic Place in the first seven months of this year.

All of these events generated revenues of $ 373,699, compared to the budgeted amount of $ 861,183, a difference of minus $ 487,484.

Total expenses from January to July 31 were $ 904,761, which is lower than the budget estimate of $ 1.36 million. This means – based on the difference between the two – Mosaic Place saved $ 462,950 in expenses.

Other expenses included COVID-19 clean-up measures for $ 11,453 (unbudgeted), Ticket Rocket refund gift cards for $ 9,512 (unbudgeted), and management fees of $ 77,462 (the estimated budgeted expense was $ 55,825).

After considering all income and expenses, the total adjusted net loss for Mosaic Place as of July 31 was $ 629,189, compared to the estimated loss of $ 562,353.

The next regular council meeting will be on Monday September 27th.

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