TAMRMS#: B06
8.2
Information Item Only
title
2024 Servus Place Financial Reports
Presented by: Stanley Chan, Manager, Financial Operations & Reporting, Finance and Strategic Services
body
SUMMARY
The purpose of this report is to present the 2024 Servus Place Financial Report.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On September 19, 2022, Council passed the following motion:
CM-22-021
That Administration by November 1, 2022, Administration will prepare a Servus Place Financial report covering the period of January to December 2021 as well as a report covering the period of January to September 2022 and provide that information to Council; and That moving forward, Administration would include the requested Servus Place financial reporting as part of the corporate year end reporting, typically completed in Q2 of each year. The reporting will include the financials from the prior calendar year.
BACKGROUND AND DISCUSSION
REVENUE
In 2024, Servus Place welcomed 1.7 million individuals through its doors, generating $7.2 million in revenue against a budget of $7.0 million, a $266,000 increase from budget.
From an overall admissions perspective, users continue to seek out flexible access options, such as day admissions which ended the year better than budget by $80,000. This revenue resulted from a total of 573,000 paid admissions (members or day admissions). Programming experienced significant participation with over 157,000 program participants and better than budgeted revenue of $150,000 in recreation and fitness programs. Rental utilization of the facility was slightly ahead of anticipated use with over 26,000 rental hours and $98,000 in additional rental revenue.
EXPENSES
In 2024, the expenses for Servus Place were $8.9 million, in line with a budget of $8.9 million. Additional expenses in casual wages for programming staff were offset by savings in contracted and general services, bringing the business unit to within 0.8% of its pr...
Click here for full text