Acting Chief Executive Officer of the Lethbridge & District Exhibition wants to manage expectations after presenting the first monthly report.
Despite initial budget projections estimating a $6.5 million shortfall in 2024, Acting CEO Kim Gallucci shared that the Ag Expo, which brings in a significant amount of money, helped the November to February deficit end up at $341,194 better than projected. Gallucci says that the organization has made some positive changes, that have helped with this.
“We have restructured our team to best meet the immediate need of bringing in new business and expanding our reach,” says Gallucci. “We had amazing feedback from vendors at Ag Expo who are committed to coming back and we are seeing interest building in the community, across Alberta and throughout Western Canada for hosting events at the Agri-Food Hub & Trade Centre.”
In the last two months, LDE is reported to have booked 25 new events, with 120 events booked for the next fiscal year. However, he adds with Whoop-Up Days coming he says there will be expenses this quarter that will “impact the bottom line.”
“We want to manage expectations on what our monthly reporting will look like as there will always be a spike in expenses before revenues from those events come in.”
Following the presentation Mayor Blaine Hyggen says that seeing strong leadership and fiscal practices in place for the organization is encouraging. The monthly financial update was a request city council made earlier this year after a Memorandum of Understanding was signed between the pair. Hyggen says the presentations are helping give a clear and transparent picture of LDE’s finances and operations.
“City taxpayers deserve that information and need to be able to see the work happening to reduce the funding gap to make the Agri-food Hub & Trade Centre more sustainable into the future.”
The LDE also reported that electrical deficiencies in the south parking are being addressed ahead of outdoor events season and is estimated to cost $100,000. The funding for the work will reportedly funded through the lifecycle fee for the service budget. The organization is expected to give an update on this work at the provide an update on this work in May.