Board Records Deficit
GRAND RAPIDS — While Van Andel Arena had its second-largest all-time surplus of $1.7 million for the recently ended fiscal year, and DeVos Place turned in its smallest deficit ever at $467,534, the body that oversees the operations of both buildings lost millions.
The Convention and Arena Authority closed the fiscal year with a loss of slightly more than $3 million, as expenses topped revenues by that amount. Total expenses for the year were $4.98 million, while total income was $1.88 million.
The CAA’s biggest expense was for utilities at $2.4 million. Capital replacement projects were next at almost $1.7 million. Together the two combined for 82 percent of all expenses. Utility charges were up 5 percent from last year, while the board spent 24 percent less on capital improvements last year than for the 2006 fiscal year.
As for revenue, investment interest was $897,713 and parking receipts were $854,220. Those two items accounted for 93 percent of all revenue and were up by 115 percent and 117 percent, respectively, from the previous year.
In 2006, the CAA lost $3.76 million, or nearly $665,000 more than this past year. The board’s fiscal year ended on June 30. All figures are preliminary and unaudited.