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Richmond Olympic Oval expects $4 million bump in revenues in 2023

The Oval had an accumulated surplus of almost $19 million at the end of 2021.
Richmond Olympic Oval

The Olympic Oval is expecting revenues to exceed expenses by $2.27 million this year.

But with a book value amortization of $2.5 million, this means the bottom line for the Olympic Oval’s financial is it will be about $227,000 in the red in 2023, if finances go according to its projected budget.

The Oval is expecting revenues to be about $18.4 million this year, almost $4 million more in 2023 than last year.

This, however, includes an extra $1 million the Oval received in external funding for its Fields project, a 4,200-square-metre outdoor area with basketball courts and a training area expected to open soon.

This year, the Oval will received about $3.7 million from the 2010 Games Operating Trust and $3.9 million from the City of Richmond (the property, valued at $331 million, is also exempt from city property taxes).

Last year, memberships, admissions and programs brought in about $5.8 million, whereas, this year this number is projected to be about $8.38 million.

As of Dec. 31, 2021, the last financial statements available, the total accumulated surplus of the Richmond Olympic Oval was $18,768,000.

Richmond city council will review the Oval’s operating budget at its Monday’s finance meeting.

The Oval is operated as a corporation, arms-length from the city, and leases the facility from the city for $1 a year.

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