A final Stars and Thunder Financial update will be brought to council tomorrow.
A City Hall report says this summer’s eight-day concert and firework festival has a deficit of $1.6-million. This is less than the previously estimated $1.8-million deficit reported in July. The report states that 10,594 tickets were sold at this year’s event, equalling $2,031,317 in sales. The report says the shortfall will be brought to the overall financial calculation of the city. It says if the city is in an overall deficit at the end of the year, the shortfall will be funded through the tax stabilization reserve.
City Hall says the report also shows all the budgeted and actual costs for both the 2017 and 2018 events. This includes the total entertainment costs, firework and security costs.
Council will review the report and discuss it tomorrow in council chambers starting at 6:00pm.
