kapakahi wrote: ↑Thu Dec 17, 2020 11:50 am
Accordingly, the Aloha Stadium Authority has been operating on their own revenues (essentially as a private business)…..so it shouldn't be a surprise that the pandemic (with no spectator events) has also significantly reduced their financial resources (much like a private business - but actually even worse since any unspent revenue must be returned at the end of the fiscal year to the State's general funds (for re-appropriation by the Legislature) plus the Governor has not designated any CARES relief funds for the stadium) to continue operating & maintaining the facilities. As such, the Aloha Stadium Authority is not allowed by law (as was introduced & enacted by the Legislature) to retain any unspent revenue beyond any fiscal year.....to purposely prevent revenue reserves to be established (i.e., can no longer retain any revenue profits for future expenditure).
https://www.staradvertiser.com/2021/02/ ... p-it-open/kapakahi wrote: ↑Mon Dec 21, 2020 12:05 pm Even IF the lack of revenues (due to no spectator events due to COVID) is the reason for suspending stadium operations, just can't expect the stadium structure to continue to be safe for spectator events (without implementing any structural repairs while it's structural deterioration continues to accelerate thereby degrading it's structural integrity) for 3 or 4 more years (IF and when a new stadium is built). Stadium revenue won't solve that problem.
From the Star-Advertiser....
Measure would help Aloha Stadium pay its bills to keep it open
By Ferd Lewis Today
Without a $1.5 million emergency appropriation from the legislature this session, Aloha Stadium might have to cease operations, lawmakers have been told.
With its ability to hold large events impacted by COVID-19, the facility is seeking budgetary assistance for the first time in its 46-year history in order to finish the current fiscal year that concludes June 30 and stay open in July.
The request is separate from any health and safety repairs and maintenance but does include $300,000 to pay for a forensic structural assessment of the decaying facility.
“I don’t want to be doomsday, but if you have no help from the legislature come the end of the fiscal year, come the end of June, what does that mean?” state Sen. Glenn Wakai (D, Kalihi-Pearl Harbor) asked stadium officials in a hearing on Senate Bill 1033. “Do you just shutter the place and walk away? What happen if you don’t get any kind of assistance?”
Stadium manager Scott Chan said, “I would hate to say that, but the only alternative that I know is we’re going to have to shut down. There no other way for us to pay for our expenses.”
The stadium does not receive an annual appropriation for operations from the state and relies on the revenue from the events it hosts to fund its $9 million annual budget.
Without the upfront money from the state, Comptroller Curt Otaguro termed it a, “You gotta hunt what you eat” arrangement.
But with concerts and other large events canceled since March, swap meets cut back and football games held without fans, the facility has been running at as much as a $4.6 million shortfall.
Deputy Stadium Manager Ryan Andrews said expenses have been trimmed, temporary employees laid off, new revenue sources sought and leftover cash from previous years used to narrow the deficit.
Still, Chan said, “Our rough estimates show us that our cash balance will be in jeopardy. We just want to make sure that we don’t get to that point. We’re hoping that what we do now will carry us a little further.”