The Finley Stadium board of directors is optimistic about the financial status of the facility and of fundraising opportunities. Executive Director Paul Smith gave the financial report saying that for the most part finances for the complex are positive for the year. Income from food and beverage service is up and related expenses are down because it is now being done in-house. Parking revenue has also increased over this same period of time last year.
Some expenses are slightly elevated too. The costs of maintenance and repairs is higher because of a number of things that have been fixed and marketing expenses rose due to more advertising. Increases have also occurred in insurance and workers compensation. Cleaning services is another item that the stadium now handles in-house and the expenses to perform those services show an increase.
Mr. Smith said that 250 events are scheduled in the coming year. For the most part, these will be events that have taken place at the facilities before and will be returning. One event moved from the previous year, he said. “Our event retention rate is spectacular.” Additionally, new events have taken place or are planned. In February, The Polar Bear Plunge which is moving from Chester Frost Park, will set up a pool for the fundraiser benefiting the Special Olympics. A meeting of herpetologists also used the stadium for a gathering this year. A new event coming in mid-March is an antique auto auction that will use the pavilion and adjacent parking lot. Music is the missing piece, said Mr. Smith, and he is working to bring concerts to the stadium but none is yet scheduled.
Fundraising efforts are anticipated to be positive based on initial responses. Beginning in September, the Stadium Corporation will start the new contract with UTC that will pay the stadium $10,000 monthly. Next year, that will increase to $11,000 and the following year to $12,000. These payments will be offset with the condition in the agreement that will share profits with the university for parking and concessions.
Meetings have been held with the mayors of both Chattanooga and Hamilton County and the response has been terrific, said board member Gordon Davenport, Jr. Chairman Bryan Patten said that both mayors appreciated the status of the stadium and requests for funding in the next fiscal year. The board feels good about city and county participation, said Mr. Davenport. Meetings will also be scheduled with regular contributors.
It is believed that the success of the UTC football team has encouraged involvement. However, the success of the entire complex should be included. It was noted that Mr. Smith turned an arts and crafts show at the pavilion into the premier weekend event each Sunday with the Chattanooga Market. Mr. Patten said that the city and county are both appreciative of the stabilization of the stadium complex from a drain that was an embarrassment to a success story.
Any money received will be needed for maintenance issues that are looming, said Mr. Patten. One to be addressed is replacement of the blue seats in the stadium. Tuesday, the board gave authorization to enter into a contract with Astroturf for replacement of the artificial turf. The contract was “based on our terms,” said the director of maintenance Mike Davis. This work should be completed by April 30, 2015.
Andrew Horton, senior associate athletic director of external operations with UTC, told the board that knowing the Mocs are the Southern Conference champions and ranked #9 in the conference, it is certain they will participate in the first rounds of the playoffs. The match-ups and dates will be announced after the Furman game. UTC will play either Thanksgiving weekend or the one following. The university is putting in bids for all levels of the playoff games, he told the board, hoping to bring the competitions to Chattanooga.