The Capitol Centre board of directors says it has turned a 2018 deficit into a 2019 surplus.
It announced at its Annual General Meeting on Wednesday that it had "a spectacular year" reporting a $68,000 surplus
It's a big turnaround from 2018 when fewer ticket sales and a weak Canadian dollar were blamed for the Capitol Centre running a $45,697 loss. At that time the Board adopted a contemporary governance model to support a new five-year strategic plan.
See: Capitol Centre ran a deficit last year says Annual Report“As of December 31, 2019, the Board of Directors is proud to report that the Centre ended the year with a $68,251 operating surplus, thanks to prudent business management and an estate bequest from a longtime friend of the Capitol Centre,” said Robert Palangio, President of the Board of Directors.
“Having a healthy balance sheet with no long-term debt, these funds have greatly helped us with the challenging time which we now find ourselves in.”
Palangio says 2019 was a very busy and productive year which included:
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new staff due to turnover,
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strengthened image branding,
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90th Anniversary celebrations,
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strong facility rental activity, and a season of outstanding performances, all of which contributed to an increase in attendance over the previous year and contributed to the overall revenue of $2,042,083.
The WKP Kennedy Gallery reported that 2019 was a year of change and growth for them which included hosting 32 professional artists, 19 community events, and creating a new logo and website for rebranding.
“We are eternally grateful to the Municipality of the City of North Bay for their ongoing support, our valued staff and volunteers, and of course to our patrons who continue to support The Capitol Centre as we anxiously wait for the day when we can open our doors to the public once again!" said Palangio.
The Capitol Centre Board met immediately following the AGM and elected a new Executive:
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Robert Palangio, President
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Andrew Lawson, First Vice-President
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Anna Fitzsimmons, Second Vice-President
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Timothy Buhler, Treasurer
