CITY COUNCIL: Sunset Cultural Center's Quarterly Financial Report

Meeting Date: June 5, 2012
Prepared by: Jason Stilwel

City Council

Agenda Item Summary

Name: Receive the Sunset Cultural Center's quarterly financial report.

Description: The following report from the Sunset Cultural Center highlights financial activity for the third quarter ofFY 2011-2012, ended March 31, 2012. This report includes such financial data as operating income and expenses and utilization of the Theater.

Staff Recommendation: Receive the report.

Decision Record: The Sunset Cultural Center, Inc. provides quarterly financial reports to Council, typically two months following the end of each quarter.

Reviewed by:

Jason Stilwell, C1ty Administrator Date

Better Better
Actual Budget (Worse) than Actual Budget (Worse) than FY 2012
3rd Qtr. 3rd Qtr. 3rd Qtr Budget YTD YTD YTD Budget Budget
Income:
Rental income $70,395 $69,649 $746 $244,277 $248,707 ($4,430) $302,631
Performance revenue 242,560 193,450 $49,110 570,491 476,419 $94,072 $626,604
Fees and other income 39,783 45,806 ($6,023) 136,176 132,714 $3,462 $161,095
Donations, Grants and Sponsorships 12,770 26,950 ($14,180) 120,161 91,350 $28,811 $172,500
Total operating income 365,508 335,855 29,653 1,071,105 949,190 121,915 $1,262,830
Expenses:
Salaries, payroll taxes, benefits and other direct costs 232,570 219,541 (13,029) 687,645 675,143 (12,502) $968,053
Performance expenses 211,910 160,674 (51,236) 548,005 431,494 (116,511) $555,323
Ticketing services 27,550 30,589 3,039 113,466 123,530 10,064 $155,081
Utilities, maintenance and insurance 58,146 57,642 (504) 162,503 174,060 11,557 $234,373
Total expenses 530,176 468,446 (61,730) 1,511,619 1,404,227 (107,392) $1,912,830
Increase (decrease) from operations (164,668) (132,591) (32,077) (440,514) (455,037) 14,523 ($650,000)
Support from the City of Carmel-by-the-Sea
Enabling grant 162,500 162,500 0 487,500 487,500 0 $650,000
Increase (decrease) in net assets ($2,168) $29,909 ($32,077) $46,986 $32,463 $14,523 $0
Enabling Grant as a % of non-performance expenses 51% 53% 2% 51% 50% 0% 48%
Theater Utilization:
Performance days:
Historic Presenting Partners 10 10 0 38 38 0 45
Sunset Center Presents 8 7 1 18 16 2 20
Other events 6 6 0 23 23 0 26
24 23 1 79 77 2 91
Rehearsal/load in/out 12 12 0 33 33 0 41
Community events: School District 0 0 0 3 3 0 6
Other 1 1 0 1 1 0 6
1 1 0 4 4 0 12
Total Days of Theater Use 37 36 0 116 114 2 144
For comparison: Total Theater Events 38 37 1 119 117 2 149
SUNSET CULTURAL CENTER, INC
Summary of Operations
YTD - 03/31/2012 (July 2011 - March 2012)
79
SUMMARY OF
OPERATIONS
3rd Quarter FY 2011 / 2012
80
Sunset Center Operating Income & Expenses
Actual Budget Better (Worse)
3rd Qtr. 3rd Qtr. 3rd Qtr. Budget
Income:
Rental income $70,395 $69,649 $746
Performance revenue 242,560 193,450 $49,110
Fees and other income 39,783 45,806 ($6,023)
Donations, Grants and Sponsorships 12,770 26,950 ($14,180)
Total operating income 365,508 335,855 29,653
Expenses:
Compensation and other direct costs 232,570 219,541 (13,029)
Performance expenses 211,910 160,674 (51,236)
Ticketing services 27,550 30,589 3,039
Utilities, maintenance and insurance 58,146 57,642 (504)
Total expenses 530,176 468,446 (61,730)
Increase (decrease) from operations (164,668) (132,591) (32,077)
Support from Carmel-by-the-Sea
Enabling grant 162,500 162,500 0
Increase (decrease) in net assets ($2,168) $29,909 ($32,077)
Enabling Grant as a % of nonperformance
expenses 51% 53% -9%
81
Sunset Center Theater Utilization
Actual Budget Better (Worse)
Theater Utilization: 3rd Qtr. 3rd Qtr. 3rd Qtr. Budget
Performance days:
Historic Presenting Partners 10 10 0
Sunset Center Presents 8 7 1
Other events 6 6 0
24 23 1
Rehearsal/load in/out 12 12 0
Community events: School District 0 0 0
Other 1 1 0
1 1 0
Total Days of Theater Use 37 36 1
For comparison: Total Theater Performances 38 37 1
82
Sunset Center Operating Income & Expenses
Actual Budget Better (Worse) FY 11 / 12
YTD YTD YTD Budget Budget
Income:
Rental income $244,277 $248,707 ($4,430) $286,342
Performance revenue 570,491 476,419 $94,072 $676,556
Fees and other income 136,176 132,714 $3,462 $151,829
Donations, Grants and Sponsorships 120,161 91,350 $28,811 $186,624
Total operating income 1,071,105 949,190 121,915 1,301,351
Expenses:
Compensation and other direct costs 687,645 675,143 (12,502) $972,922
Performance expenses 548,005 431,494 (116,511) $612,925
Ticketing services 113,466 123,530 10,064 $140,463
Utilities, maintenance and insurance 162,503 174,060 11,557 $225,041
Total expenses 1,511,619 1,404,227 (107,392) 1,951,351
Increase (decrease) from operations (440,514) (455,037) 14,523 ($650,000)
Support from Carmel-by-the-Sea
Enabling grant 487,500 487,500 0 650,000
Increase (decrease) in net assets $46,986 $32,463 $14,523 $0
Enabling Grant as a % of nonperformance
expenses 51% 50% 0%

Sunset Center Theater Utilization
Actual Budget Better (Worse) FY 11 / 12
Theater Utilization: YTD YTD YTD Budget Budget
Performance days:
Historic Presenting Partners 38 38 0 45
Sunset Center Presents 18 16 2 20
Other events 23 23 0 26
79 77 2 91
Rehearsal/load in/out 33 33 0 41
Community events: School District 3 3 0 6
Other 1 1 0 6
4 4 0 12
Total Days of Theater Use 116 114 2 144
For comparison: Total Theater Performa 119 117 2 149