Exhibition financial deficit lower than anticipated

By Al Beeber - Lethbridge Herald on February 14, 2025.

LETHBRIDGE HERALDabeeber@lethbridgeherald.com

The Lethbridge & District Exhibition’s financial deficit was lower than anticipated at the end of its fiscal year.
Acting CEO Kim Gallucci’s report to the Economic and Finance Standing Policy Committee of Lethbridge city council on Thursday showed the cumulative deficit of the LDE was $2,524,271.
That deficit was down $751,042 from September when the deficit was estimated to be $3,275,313.
Reasons given for the lower deficit include higher rental revenues with increased bookings, higher partnership revenues from strong sales and package development, a change in food service from a monthly loss to profitability and savings in utilities, maintenance and overall expense reduction.
Gallucci’s report says that auditors are reviewing the financial year and were onsite last month for two days on the 13th and 14th of January.
The LDE is expecting it will have the fully audited financial statements to city council in March.
Gallucci told the SPC, in response to a question from councillor John Middleton-Hope, that the LDE is looking at generating more than $6 million in revenue during the current fiscal year and is planning to see that increase to $7 million to $8 million in coming years.
The SPC also heard from Chief Financial Officer and treasurer Darrell Mathews, in response to a question from councillor Rajko Dodic, that the daily operating cost of the LDE has dropped from $30,000 per day to $6,900 a day.
The first month of the new fiscal year which started in November showed a loss of $354,454 for the LDE. That month had higher expenses due to the setup of the Glow festival and other events, for which revenues were to be realized in December. Four major trade events were staged at the Agri-Food Hub and Trade Centre in November, says the report.
So far in the 2025 fiscal year, 138 events have been booked which is 39 per cent of the LDE’s target, a target the organization plans on meeting with a second sales person now employed.
“We’re pretty excited at where we are,” Gallucci told councillor Mark Campbell.
He said the LDE is looking at different revenue streams and noted “we’re really hitting on all the cylinders.”
A member of the public, Barney Feenstra, addressed the SPC with numerous concerns about LDE funding and suggested that a referendum be held during the upcoming municipal election in October on its continued operations.

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