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State Fair Park

State Fair Park. Legislative Audit Bureau November 2004. Overview. Governed by the 13-member State Fair Park Board Funded primarily by program revenue from the annual State Fair An unqualified audit opinion was provided for the FY 2001-02 and FY 2002-03 financial statements.

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State Fair Park

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  1. State Fair Park Legislative Audit Bureau November 2004

  2. Overview • Governed by the 13-member State Fair Park Board • Funded primarily by program revenue from the annual State Fair • An unqualified audit opinion was provided for the FY 2001-02 and FY 2002-03 financial statements

  3. State Fair Park Finances • State Fair Park’s total annual expenses have exceeded revenues since FY 1999-2000 • Total expenses exceeded revenues by $4.5 million in FY 2002-03

  4. State Fair Park Building Program • Recent construction includes: • a new grandstand for the Milwaukee Mile racetrack • the Wisconsin Exposition Center • new and remodeled livestock and agricultural buildings • Building costs from FY 2000-01 through FY 2002-03 totaled $76.7 million

  5. Milwaukee Mile • State Fair Park began managing the Milwaukee Mile internally in 2003 • State Fair Park projected a 77.7 percent increase in racing revenues and a profit of $70,700 for 2004

  6. Milwaukee Mile • The Milwaukee Mile added two major events in 2004, but racing revenues did not increase • Racing expenses have exceeded revenues: • $ 341,700 in 2002 • $ 693,600 in 2003 • $2,500,000 in 2004

  7. Wisconsin Exposition Center • Funded with $44.9 million in industrial revenue bonds issued by the City of West Allis • The Exposition Center reported a net loss of $1.5 million in 2003 • State Fair Park has received no rent from the Exposition Center

  8. Wisconsin Exposition Center • The Exposition Center Board hired a president in 2003 • The Exposition Center projected a net loss of $206,500 for 2004 • If revenues do not increase, the Exposition Center will be unable to pay all expenses in 2005

  9. Pettit National Ice Center • The Pettit Center reported a net loss of $477,800 in 2003 • The Pettit Center projects an $800 profit in 2004 • In FY 2003-04, State Fair Park expenses for the Pettit Center exceeded revenues by $380,000

  10. Debt Service Costs • Annual debt service payments for fairground facilities through FY 2012-13 will be: • $3.4 million for State Fair Park’s program revenue-supported construction • $2.5 million for the Exposition Center • $2.0 million for State Fair Park’s GPR-supported construction

  11. State Fair Park 2004 Condition • Complete business plans for 2005 have not been provided • State Fair Park’s FY 2003-04 expenses are estimated to have exceeded revenues by $1.7 million

  12. Future Considerations • 2005-07 biennial budget request is pending • Assess the Park’s ability to fund future capital projects with program revenue • Determine level of state support • Determine the fairground’s management structure

  13. State Fair Park Legislative Audit Bureau November 2004

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