I decided to take a look at the 2010 SFCC Annual Report. The report shows the event mix for 2010 as follows:
- 4% Trade Shows
- 5% Consumer Shows
- 7% Conventions
- 8% Special Events
- 28% Banquets
- 48% Meetings
But back to record revenues. The 2010 SFCC Annual Report illustrates 2010 Revenues and Expenses as follows:
2010 Total Actual Revenue: $3,055,936
2010 Total Actual Expenses: $3,592,047
Net Operating Income (Loss): ($536,111)
With adjustments (not sure what that means) their adjusted 2010 net operating income loss was reduced to ($509,513).
With losses in capital of $61,132 and a loss in other operating items of $460,225, the total 2010 SFCC expenditures was a loss of ($1,030,870).
The Convention Center's source of revenue from the city is the Entertainment Tax, concert ticket sales, and miscellaneous. In 2010 these revenue sources actually totaled $1,056,552 which was down $419,206 from the 2010 Budgeted amount.
They are going to need to up the revenues they produce because the entertainment tax is intended to be used as a contingency for operating subsidy to the new event center which would mean less money for the Convention Center, Washington Pavilion and the Great Plains Zoo and Delbridge Museum in the future.
Let's hope this record month means the convention center will operate in the black in 2011. The convention center needs more than one month of record revenues to pay for itself.