Advisor hopes Mosaic Place fourth quarter financials will be less red than third quarter report
Mosaic Place incurred an adjusted net loss of $ 161,615 in the third quarter, $ 64,361 more than budgeted, according to a financial report.
A city councilor is hoping the third quarter of this year will be the last time she sees so much red ink on Mosaic Place’s financial statements.
The city administration presented a third quarter financial report to city council at its recent regular meeting. The report contained an update on the monetary situation of the sports and entertainment site from July to September 2021 and since the beginning of the year.
Mosaic Place incurred an adjusted net loss of $ 161,615 in the third quarter, $ 64,361 more than budgeted, according to the report.
Meanwhile, from Jan. 1 to Sept. 30, the site suffered an adjusted net loss of $ 997,533, or $ 199,204 more than expected.
Spectra Venue Management Services, which manages the building, had budgeted an overall adjusted net loss for this year of $ 843,675. Based on the current financial situation since the start of the year, Mosaic Place is in the red by $ 153,358 more than expected.
During the third quarter, Mosaic Place hosted eight six-day events, which brought together 645 paid general attendees and 3,110 general turnstile attendees, according to the report. However, there was no attendance at the turnstiles for the club rooms and suites.
During the meeting, Councilor Heather Eby pointed out that the above data was one of the main reasons the site’s financial numbers were mostly red. She reminded the board that there haven’t been a lot of events in 2021, so people haven’t spent that much money on regular or club seats.
“I really hope this is the last time we see so much red ink on this statement, and that as we move into 2022 and into the next four quarters that red starts to turn black again,” he said. she added.
Looking at Mosaic Place’s record, the Council. Kim Robinson noted that the site had a negative balance of $ 52,498 in its third-party accounts receivable. He was curious if this was related to Ticket Rocket and the issuance of gift cards to ticket holders.
CFO Brian Acker replied that he didn’t have the answer and should check it out.
The next regular council meeting will be on Monday December 6th.