CIB reports $1.7 million July deficit; admissions tax and one-time hotel costs cited

President Redick called the board to order and Tim presented the monthly financials, saying, "July 2026, finished with revenues net of expenses of a negative $1,700,000," and that the shortfall was roughly $3.6 million worse than the prior year.

Tim attributed the variance to several items: tax revenues were just under $13 million (about $600,000 below prior-year levels) and admissions tax was roughly $1.8 million lower, which he tied to timing differences in partner payments. He highlighted operating revenue of $2.7 million (about 32% lower than the prior year) and flagged large supply and construction-related expenses, including roughly $4.5 million in hotel-related spending and disputed construction costs of about $3.9 million.

On the expense side, Tim said personal-services costs showed a favorable variance of about $218,000, while other-services and consultant fees increased notably; he cited approximately $230,000 in booking fees for a Morgan Wallen concert and $221,000 to Art Strategies for hotel art acquisition and consulting. Capital outlay for the month was reported as $642,000, about $5.4 million less than the prior year, with $385,000 spent on a Fieldhouse fall-protection system.

The board asked clarifying questions and moved on after Tim summarized that July’s lower net position was largely due to construction and one-time CapEx spending.