IBJNews

CIB approves 2011 budget

Back to TopCommentsE-mailPrintBookmark and Share

Members of the Capital Improvement Board of Marion County on Monday unanimously approved a 2011 budget that is expected to increase spending by $10 million over this year.

The CIB, which operates the city’s sports facilities as well as the Indiana Convention Center, is banking on the center’s expansion to attract more meetings next year. The additional business is expected to translate into increased visitor spending on hotels and food, boosting the tax revenue the agency collects by an estimated 3 percent to 6 percent.

But as CIB President Ann Lathrop cautioned, it will take awhile before the 254,000-square-foot draws enough visitors to produce significantly more revenue from the taxes.

Although he voted in favor of the budget, board member Michael McQuillen expressed his reservations about the spending plan, saying, “hopefully, we have a good year.”   

Including debt obligations, the CIB’s total budget for 2011 is expected to be $104.4 million.

Chief Financial Officer Dan Huge reiterated Lathrop’s insistence that CIB funding for the Pacers to help operate Conseco Fieldhouse—which totals $30 million over the next three years—is not the only reason for the larger budget.

They instead point to $3.5 million in other improvements to the Fieldhouse, which is operated by the CIB, as well as $1.5 million earmarked for renovations and repairs to other buildings it owns. An additional $1 million in utility costs to heat and cool the 254,000-square-foot expansion of the convention center, set to open Jan. 20, also is a factor.

The 2011 operating budget allocates $3.5 million, the same amount as this year, to the Indianapolis Colts for a share of revenue from stadium events. Another $1.6 million—$100,000 more than this year—will be given to the team to reimburse it for game-day expenses.

Other highlights of the 2011 budget include $300,000 in funding for the Arts Council of Indianapolis, which formerly received as much as $1 million annually, and $300,000 to support local tourism efforts. Most of that funding was cut or reduced in the current budget as the CIB grappled with its budget woes.

In addition, the Indianapolis Convention & Visitors Association is slated to receive $8 million next year. Unlike previous years, the money will not come from CIB revenue but from downtown-development funds. The CIB typically funds about 70 percent of the ICVA’s budget.

The City-County Council is set to receive the budget at its Sept. 20 meeting, and members could approve it Oct. 25.
 
 

ADVERTISEMENT

  • hAVE ME LOOK AT IT!
    I am an operating and turnaround consultant. I will look at this budget for free to represent the tax payer. You must be able to see the forest through the trees.
  • Jim Dora Jr Comment In Article
    Although he voted in favor of the budget, board member Jim Dora Jr. expressed his reservations about the spending plan, saying, â??hopefully, we have a good year.â??

    I guess that is why his Indianapolis company (General Hotels Corp) has sold their Holiday Inn at 21st/Shadeland Ave and they have their Holiday Inn North at the Pyramids FOR SALE.
  • INEPT MANAGEMENT LACKING INDEPENDENCE
    Ever wonder why BKD is no longer performing the Independent Audit? Cannot believe such a bloated organization is not having an Independent Audit from HIGHLY QUALIFIED AUDITORS... Guess the Prior AUDIT and MANAGEMENT COMMENT LETTER (MCL) did not sit well with the BOD...

    A bunch of inbreds from the Mayor to the CIB. Nothing is being done for the benefit of the Public Trust.
  • CIB Shell Game
    How do you approve adding an additional $10 million of Pacer expenses to a bankrupt organizations budget when can't cover your existing expenses?

    First you shift $8 million of existing expenses for ICVA to another taxpayer account, then you promise to cut another $2 million if tax revenue remains flat, and then you add the new $10 million Pacer expense and declare victory.

    The problems start when tax revenue falls short and people start looking at where you got the $8 million for ICVA and realize something else just got cut to support a billionaire owner and his millionaire players who play a childs game for fun.
    • Totally Clueless
      They only know more, more, more. Just wait next year they will be pressing for more taxes because of a revenue shortage.
    • ????
      Do these people know anything or do they just vote for whatever is put in front of them?

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

    2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

    3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

    4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

    5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

    ADVERTISEMENT