UNBC Signs Operating Deal For Sports Centre
By 250 News
UNBC has approved its role in the operational part of the Northern Sport Centre.
The University Board of Governors has approved the Master Agreement with the City and Northern Sport Centre Ltd which commits the University and the City of Prince George to each contribute $300 thousand dollars a year to the cost of operating the facility.
Here is the list of Revenue vs Expenses for the Facility:
The agreement has yet to be approved and signed by the City of Prince George and the Northern Sport Centre Ltd.
The University has yet to find a source for its $5.1 million dollar share of the construction cost.
The previous Federal government had indicated it would pick up that tab, but the Paul Martin team was defeated before any such agreement could be finalized. The University continues to work with the current Government and is hopeful that it will make a $5 .1 million dollar contribution.
The Board of Governors was asked why it doesn’t just take the money from the University’s reserves ( approx $9 million) but the Chief Financial Officer says that wouldn’t be prudent at this time, that there are already funds in that reserve which have been spoken for and there is growing optimism the Federal Government will kick in the requested $5.1 million.
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Posted by: bohemian on April 2 2007 7:27 PM
The figures tell me that the City puts in $300,000
What does the City get for this? Access for the general public without having to be students there? Ability to hold city events?
Whose budget statement are we looking at here? Looks like it is the Northern Sports Centre Ltd, budget showing their projected operating revenues and expenses.
There is a significant figure of some ¾ million bucks of the $1.2 million operating cost which is shown as general admin expenses, with wages shown as an additional $100 thousand. So, no wages in the general expenses?
What is the agreement with Northern Sports Centre Ltd.? What happens if the projections for a break even end up in a surplus? Is there a profit sharing among those who are putting money into the thing? How about the reverse? Who takes the risk? Will the UNBC and/or the City have to add money to the kitty if the facility falls short of the budget predictions and is in the red?
If I were on a board of directors and I was shown this as the budget sheets, I would really need to know a lot more before I could vote with full knowledge.