ORDA Board of Directors Approves $ 59.8 Million Budget | News, Sports, Jobs

0



Left to right, ORDA Board Chair Kelly Cummings, CEO Michael Pratt and Board Member Cliff Donaldson applaud ORDA staff for overcoming the coronavirus pandemic in a meeting of the board of directors on Friday. (Business photo – Elizabeth Izzo)

LAKE PLACID – The board of directors of the state’s Olympic Regional Development Authority has approved a budget for the Authority’s next fiscal year. The budget is $ 59.8 million with a deficit of $ 2.9 million.

ORDA is expected to spend $ 4.1 million more in 2021-2022 than in the previous fiscal year, but the authority also hopes to generate $ 56.9 million in revenue, including $ 14.9 million in grants. of State. ORDA generated approximately $ 52 million in revenue in the last fiscal year, of which $ 37.7 million came from items such as ski pass sales, tickets, ski and snowboard lessons, equipment rentals, events, concessions and sponsorships, according to a recent ORDA financial report.

ORDA plans to spend more than $ 28.1 million on employee salaries and wages, $ 15.2 million on benefits, $ 2 million on supplies and $ 13.6 million on “Other operating expenditure” – things like utilities, fuel, travel and marketing, according to ORDA budget documents. The authority plans to spend $ 254,838 to repay its obligations and $ 375,000 in interest “And other financing costs”.

ORDA’s operating budget for the 2021-2022 fiscal year shows a deficit of $ 2.9 million despite the $ 14.9 million in state grants and subsidies, and $ 750,000 in grants and local grants, according to ORDA budget documents.

ORDA expects its turnover to continue to grow. In a status report to the board, ORDA CEO Michael Pratt touted the authority’s ski pass sales so far this year. Last week, the authority had already sold 5,886 ski passes for the 2021-22 ski season in the Whiteface, Gore and Belleayre mountains. This represents a total of $ 2,645,632 in sales, according to Pratt.

ORDA has had some difficulty balancing its operating budget in the past. When ORDA was audited in 2014, the state comptroller’s office slapped the authority on the wrist for relying on loans and external contributions from other state agencies to cover liquidity shortages. Between April 2010 and March 2013, ORDA’s losses amounted to $ 4.2 million in cash; $ 45 million, including depreciation, accounts receivable and post-employment benefits owed to its employees.

ORDA also relied on a line of credit to cover its basic operating costs, including payroll, the audit found.

Capital

ORDA’s board of directors also voted to approve a $ 105 million capital budget for the new fiscal year, money that will be used to maintain and modernize the authority’s winter sports venues before the 2023 World University Winter Games.

ORDA’s operating budget is separate from its investment budget. The hundreds of millions of dollars that the state has invested in modernizing ORDA’s winter sports venues in recent years are part of ORDA’s investment budget, not part of its operating budget. .

The state allocated $ 105 million for the modernization of ORDA sites in the last state budget, and ORDA plans to spend all of that $ 105 million in the next fiscal year, according to the government. investment budget approved by the ORDA board on Friday.

ORDA spent at least $ 146.9 million on investment projects in the past fiscal year and $ 98.9 million the year before, according to ORDA’s annual financial report.

Year to date

ORDA’s latest annual report, which basically summarizes the authority’s finances for the 2020-21 fiscal year, shows ORDA generated more revenue and spent less money than in the previous year.

Between March 2020 and March this year, ORDA garnered more than $ 37.7 million in revenue, or 3.98% more than the previous year. This is despite the coronavirus pandemic, capacity limits linked to the pandemic at its ski resorts, canceled sporting events and construction underway at its venues in preparation for the 2023 World University Winter Games.

Team USA athletes were able to train again at the Mount Van Hoevenberg Olympic Sports Complex during the winter season; USA Bobsled and Skeleton held their North American Championships in Van Ho in March. USA Luge athletes were also able to train at Van Ho, as well as at the new luge start facility at Lake Placid. The Nordic Combined has had several training sessions at the Olympic Show Jumping Complex in the winter. USA Biathlon trained year round. The National Women’s Hockey League had planned a season in an isolation bubble at the Olympic Center in February, which was cut short just days before the playoffs due to a COVID-19 outbreak there.

ORDA spent $ 52.6 million between March 2020 and last March, 5.59% less than the authority planned to spend, but still leaving an operating deficit of $ 14.9 million , excluding amortization, or $ 30.2 million after amortization.

The latest news today and more in your inbox



Leave A Reply

Your email address will not be published.