Projected $270K in Debt So Far This Year, Alerus Center Asks for $300K AdvanceThe Alerus Center's financial director is requesting cash support from the Grand Forks city council finance committee. It's money that would be used to make up for a projected loss of more than $270,000 this year.
The Alerus Center's financial director is requesting cash support from the Grand Forks city council finance committee.
It's money that would be used to make up for a projected loss of more than $270,000 this year.
After a slow summer, the Alerus Center is expecting a fall pick-me-up in business.
"September, October, November we have two UND games each month and our cash flow will get better then," finance director Karla Anderson said.
But right now, the city-owned events center is projecting more than a $270,000 loss for the year. It needs an infusion to make payroll in August.
"With the balance of the concert fund, there should be sufficient funds for the city to cover your cash flow needs from now until the first week in September," finance committee member Doug Christensen said.
The finance committee is recommending a $240,000 cash advance for the Alerus from a concert fund that includes reimbursements from management company Venuworks.
"This is a community asset that we, the city council, finance and our local government have the oversight of the management of the Alerus Center," Christensen said.
Anderson blames the loss on fewer touring acts coming to Grand Forks. Though she says the arena is close to a new event, the Alerus has to front the cost for sales items, making the advance necessary now.
"Hopefully a hard rock series and we'd have one in October, November and December which would help our profit and loss and cash flow. We need to set aside $162,000 to do that," Anderson said.
The request for the advance now moves to the Grand Forks city council.