Hold more events, charge more for them, and be less reliant on tax dollars: those are the overall suggestions of a three-year fiscal and operational review of the Enmax Centre in Lethbridge.
KPMG conducted the operational and fiscal review of the centre, which was presented Monday afternoon to city council members who make up the community issues committee.
In order to boost revenues, the report says the centre should host more annual small to medium-sized events, such as concerts and cultural gatherings. KPMG recommends the number of yearly events should increase to a goal of 51 over the next three years, compared to the 28 that were booked in 2019.
The report also suggests the building’s main tenant, the Lethbridge Hurricanes, should try to boost fan attendance by 10 per cent.
However, the report was assembled before this past Hurricanes season, which saw the club on pace to record its second-best attendance in franchise history.
Additionally, KPMG recommends incremental increases in Hurricanes ticket fees of up to 10 per cent, which has already been underway.
Further, the cost of concession products being raised in order to increase revenue is another proposal made in the report.
Although, the most controversial suggestion may be the suggestion of paid parking.
That would start only with event parking, the review says even at 60% usage, that could generate more than $340,000 per year.
Daytime parking fees could also be considered at some point down the road.
As residents will be expected to pay more to get into the centre and spend more while being inside, in turn, the report proposes less of a reliance on municipal tax dollars, from around $1.8 million per year, down to a projected $290, 000.
The report suggests the city could use those tax savings to pay off the centre’s remaining $2.8 million of debt.
While the numbers will have to be tweaked as the COVID-19 pandemic continues, the review projects a goal of having these recommendations implemented by 2023.
Council will decide which recommendations to approve on June 1st.
Source: Read Full Article