LAKE PLACID - The state Olympic Regional Development Authority continues to rebound from a bad winter, according to a financial report discussed at Tuesday's Board of Directors meeting.
As of July 31, ORDA's revenues were running about $600,000 ahead of 2011, according to board member Bob Flacke.
ORDA President and CEO Ted Blazer said numbers for the 2012 summer season increased over last year by "about a quarter of a million dollars." He said visitation is up by about 11.6 percent, and revenue is up about 12.35 percent.
ORDA President and CEO Ted Blazer
(Enterprise file photo)
"We are making good progress in tackling the losses that we felt from last ski season," Blazer said.
Emily Sanders, manager at the Bonadio Group in Albany, presented a financial report to the board that compared revenues and expenditures through July 31 of this year with those of last year. She said total operating revenues are about $183,000 higher than last year, while revenues for arena, snow sports and skating activities are up $233,000 because of additional events and skating programs during the summer.
Other revenues increased by $142,000 due to a "large increase in marketing and advertising revenue," Sanders said. She said there's been growth in many areas, although Olympic tour packages dropped off by nearly $90,000.
Sanders said expenditures for labor are up $82,000 from last year; that can be attributed to a $56,000 increase in workers compensation expenses and an $88,000 increase in health insurance costs.
"Conversely, actual payroll costs - including management's confidential employees, hourly employees and overtime - have decreased from last year," Sanders said.
Sanders said there was a significant decrease in the cost of supplies and materials at ORDA, about $197,000 less in 2012 than in 2011.
"Through July 2012, there's an operating loss, before depreciation, of $3.68 million, versus an operating loss of $4.4 million through July 2011, a positive variance of about $745,000," she said.
State and town appropriations to ORDA total about $4 million.
Total operating revenues are $274,000 over budget, Sanders said, due in part to big increase in sponsorships. Event expenses came in under budget by about $170,000, she said.
Flacke said last year's lack of snow hurt. He commended ORDA's staff for making the necessary adjustments.
"To be able to switch your operating plan to a no-snow winter and still come out on a positive vein at the end of the year in your operating account - it was a good accomplishment; it really was," he said. "I thought it would be much worse.
"You reacted early, and obviously you reacted early because you had the data that showed you had a problem."
Blazer told the Enterprise a good summer did much to make up for the bad winter.
"It's important that we perform well and we control expenses," he said. "Just because we start to make a little more revenue, it doesn't mean the expense side goes crazy. You just can't look at where you're at; you have to look at where you were."