Financial data provided by the Winston-Salem Dash reflects positive results and an ability to repay the city and other lenders, says Denise Bell, the city’s chief financial officer.
The Citizens Baseball Stadium Review Committee reviewed confidential financial operating results of the Dash for the first six months of 2010 at its meeting Oct. 14. Although part of the meeting was closed, certain information relating to financial obligations to the city was presented in open session.
“Lease payments of $493,475 due June 1, 2010, were received on time from the Winston-Salem Dash and Brookstown Development Partners,” Bell told the committee members.
Bell also noted that the city received the annual ticket surcharge of $350,000 prior to its due date of Oct. 1, 2010. The next scheduled payments to the city of $355,053 are due Dec. 1, 2010.
Committee Chairman Eric Prior stated Friday, “According to the information that was presented to the committee, total revenue in the first six months did not meet the franchise’s original projections. On the other hand, expenses were also lower than originally estimated, which has translated into a level of profitability that is relatively close to what was initially forecasted.
“This takes into account the payment of all debt obligations to the city and to the banks. Considering we are reviewing somewhat limited, interim information at this stage, I am looking forward to reviewing the operator's audited year-end numbers to get a better perspective on the first year of operations at the ballpark.”
Mayor Allen Joines acknowledged the success of the stadium and added that he has asked Dash owner Billy Prim to “consider disclosing some additional financial information that would show a good faith effort to address citizen concerns and that would not be damaging to the competitiveness of operation.”
Key Points Related to the DASH stadium [pdf/54kb/2p]
Public Records Law - Trade Secrets [pdf/3mb/10p]