Fewer ticket sales and a weak Canadian dollar are partly to blame for the Capitol Centre running a $45,697 loss last year says the annual report.
The Annual General Meeting was held Wednesday evening where President of the Board of Directors. Robert Palangio congratulated Interim Executive Director Cindy Forth along with employees and volunteers for "a job well done under often difficult circumstances, long hours and limited resources."
The Capitol Centre is owned by the City of North Bay.
“Looking ahead, our Board has adopted a contemporary governance model to support our work as we embark on a new five-year strategic plan," said Palangio,
Report highlights include:
- capital improvements to the building totaling $1.2 million
- a decrease in total operating expenses of $140,394, or 6.8 per cent, from the prior year
- total revenues decreased by $24,693, or 1.3 per cent.
- over 52,000 people attended performances and events in 2018 which generated $1,029,473.77 in sales
- ticket sales decreased by $66,330, or 16 per cent, from the prior year, this was offset by increases in both front of house and rental revenues.
- it ended the year with a net operating loss of $45,697, representing 2.6 per cent of its $1.7 million dollar budget.
"A portion of 2018’s loss is attributed to weakening financial markets in the last quarter of 2018, combined with unfavorable US exchange rates during the course of the year," says the report.
The new executive is:
- Robert Palangio, President
- Andrew Lawson, First Vice-President
- Jordan Wood, Second Vice-President
- Helen Gobby, Secretary
- Cindy Tennant, Treasurer
- Micheal Roth remains Immediate Past President
