TAMRMS#: B06
8.3
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2023 Servus Place Financial Report
Presented by: Daniele Podlubny, Director, Recreation & Parks, and Anne Victoor, Director, Financial & Strategic Services
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RECOMMENDED MOTION(S)
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That the report entitled "2023 Servus Place Financial Report" dated June 18, 2024 be received as information.
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PURPOSE OF REPORT
The purpose of this report is to present the 2023 Servus Place Financial Report.
BACKGROUND AND DISCUSSION
In 2023, Servus Credit Union Place (Servus Place) generated $7.2 million in revenue against a budget of $6.3 million, $839 thousand greater than budgeted revenue.
The two major drivers of the increased revenue were admissions and program revenue.
From an overall admissions perspective, users continue to seek out flexible access options such as monthly memberships or day admissions, both of which ended the year better than budget by a combined $367 thousand ($133 thousand and $234 thousand respectively). These numbers have begun to plateau and are not anticipated to see continued significant increases past 2024.
Programming experienced significant participation due to a record high number of summer program participants and a significant increase in the number of aquatics programs being offered at Servus Place during the Fountain Park Recreation Centre closure, resulting in increased revenue of approximately $380 thousand. Administration will continue to monitor program patterns in alignment with current planned facility closures.
In 2023, the expenses for Servus Place were $8.8 million against a budget of $8.6 million. Variances in several expense areas contributed to the facility ending the year with expenses in line with budget.
This resulted in a $1.6 million year end deficit which is $657 thousand better than the originally approved $2.2 million budget deficit.
The financial breakdowns can be found in the attachment titled Servus Credit Union Place - Unaudited 2023 Financials. A more...
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