It appears the Richmond Olympic Oval is bustling with activity - revenues in the first three quarters of 2024 were $1 million higher than expected.
Financial statements from the Oval show revenues slightly above $16 million in the first nine months of 2024.
Revenue came from the 2010 Games Operating Trust Fund, about $2.75 million, a City of Richmond contribution of about $3 million, and about $8.7 million from memberships, admissions and programs.
As for expenses in the first nine months, membership, admissions and program services cost about $6.5 million, facility operations cost about $4.1 million, marketing was about $444,000 and administration and financial services cost the corporation about $3 million.
About $500,000 was put into a reserve fund in Q3 for minor capital projects, according to the latest financial report.
The Oval is forecasting a net income in 2025 of $2,457,641.
The City of Richmond will, however, be contributing 11 per cent less to the Oval in 2025, with a total contribution of about $3.57 million.
Oval salaries posted publicly
The Richmond Olympic Oval released a statement of financial information for the first time this fall, listing the salaries of any employees earning more than $75,000.
George Duncan, who was the chief administrative officer at the city from 1997 to 2022, earned $345,777 in 2023 as the CEO of the Richmond Olympic Oval Corporation.
According to his LinkedIn profile, Duncan retired from his position as the CEO on July 2.
The second highest paid employee at the Oval was Gerry De Cicco, who earned $227,501 as the managing director.
The third highest salaries at the Oval went to Shana Wagner and Rick Dusanj, who both earned $181,796 in 2023.
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