Presentation is loading. Please wait.

Presentation is loading. Please wait.

1 State Fair Park Legislative Audit Bureau November 2004.

Similar presentations


Presentation on theme: "1 State Fair Park Legislative Audit Bureau November 2004."— Presentation transcript:

1 1 State Fair Park Legislative Audit Bureau November 2004

2 2 Overview u Governed by the 13-member State Fair Park Board u Funded primarily by program revenue from the annual State Fair u An unqualified audit opinion was provided for the FY and FY financial statements

3 3 State Fair Park Finances u State Fair Parks total annual expenses have exceeded revenues since FY u Total expenses exceeded revenues by $4.5 million in FY

4 4 State Fair Park Building Program u Recent construction includes: –a new grandstand for the Milwaukee Mile racetrack –the Wisconsin Exposition Center –new and remodeled livestock and agricultural buildings u Building costs from FY through FY totaled $76.7 million

5 5 Milwaukee Mile u State Fair Park began managing the Milwaukee Mile internally in 2003 u State Fair Park projected a 77.7 percent increase in racing revenues and a profit of $70,700 for 2004

6 6 Milwaukee Mile u The Milwaukee Mile added two major events in 2004, but racing revenues did not increase u Racing expenses have exceeded revenues: –$ 341,700 in 2002 –$ 693,600 in 2003 –$2,500,000 in 2004

7 7 Wisconsin Exposition Center u Funded with $44.9 million in industrial revenue bonds issued by the City of West Allis u The Exposition Center reported a net loss of $1.5 million in 2003 u State Fair Park has received no rent from the Exposition Center

8 8 Wisconsin Exposition Center u The Exposition Center Board hired a president in 2003 u The Exposition Center projected a net loss of $206,500 for 2004 u If revenues do not increase, the Exposition Center will be unable to pay all expenses in 2005

9 9 Pettit National Ice Center u The Pettit Center reported a net loss of $477,800 in 2003 u The Pettit Center projects an $800 profit in 2004 u In FY , State Fair Park expenses for the Pettit Center exceeded revenues by $380,000

10 10 Debt Service Costs u Annual debt service payments for fairground facilities through FY will be: –$3.4 million for State Fair Parks program revenue-supported construction –$2.5 million for the Exposition Center –$2.0 million for State Fair Parks GPR-supported construction

11 11 State Fair Park 2004 Condition u Complete business plans for 2005 have not been provided u State Fair Parks FY expenses are estimated to have exceeded revenues by $1.7 million

12 12 Future Considerations u biennial budget request is pending u Assess the Parks ability to fund future capital projects with program revenue u Determine level of state support u Determine the fairgrounds management structure

13 13 State Fair Park Legislative Audit Bureau November 2004


Download ppt "1 State Fair Park Legislative Audit Bureau November 2004."

Similar presentations


Ads by Google