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Mary

Maybe you should read the budgets of both the city and the county.
Ah the Convention Center. Nationally, convention center attendance is down (which I would expect in a down economy). Ours is doing better than most as far as use goes. But is it an asset to the city?
The following numbers come from the citys CAFR reports, which use the city fiscal year of June to June.
In 2003 the city started collecting room taxes to build up the CC fund . Based upon the CAFR reports in each year the following indicates the CC fund balances, as known.
$3.0M…….2005
$5.3M……..2006
$7.2M……..2007
$6.65M……2008
$3.26M…….2009expenses exceeded revenues ($3.4M)
$302,000….2010.expenses exceeded revenues ($2.96M)
$158,000…..2011.expenses exceeded revenues ($5.5M) – in 2011 they got $2.27M in revenues

It would appear as though the CC is losing money – and badly so. IF someone says the CC generated $41.8M in sales locally X 6.25% sales tax the city realized $2.61M after tax. (City web page CC tab)
They lost $5.5M in 2011. Outside sales still didn’t make this a good investment. The fund balance is so low it’s scary.

http://www.wilmingtonnc.gov/finance/financial_management/financial_repor...
The CC is on pages 106 to 123 normally (it changes yearly)

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C'mon Mary
Using the city/county budget links - show me where the CC made money

Vog

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