Financial health of Grand Forks' Alerus Center scrutinized
GRAND FORKS — Although the events revenue alone does not cover its budget, Grand Forks city officials say the football- and event-hosting Alerus Center is financially healthy, with an improving fiscal position.
Its bottom line is lifted significantly by various types of tax dollars, financial documents show, and that is something city leaders have said — both now and decades ago — is a natural part of the center’s public mission. That role, however, has been criticized in recent days, offering a discussion over how heavily the public events center should lean on public support.
A review of financial documents show that, for the city’s account that runs day-to-day events at the facility, 2018 operating revenues were about $424,000 below operating expenses. Those documents also show a second “capital” and debt repayment fund, used to pay off big loans and big projects. A big depreciation expense in that fund, plus other items on the books, total about $3.35 million.
Taken together, that makes a nearly $3.8 million operating loss in 2018. But city leaders say that’s only half the picture.
Read more: https://bismarcktribune.com/news/state-and-regional/financial-health-of-grand-forks-alerus-center-scrutinized/article_17164172-7dd7-5e9e-8a95-88d7f95721ec.html