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Rose Bowl Operating Company to Present 2024 Budget to Finance Committee Monday

Published on Monday, May 22, 2023 | 5:22 am

The Rose Bowl Operating Company, known as the RBOC, will go before the City’s Finance Committee Monday for the presentation of its proposed Fiscal Year 2024 budget.

According to City Manager Miguel Márquez, the City will not be paying for any Rose Bowl debt in the proposed budget.

“It was anticipated the RBOC would need ongoing financial assistance to cover a portion of their debt service,” Márquez wrote in early May. “Fortunately, as a result of better-than-expected actual revenues and expenses during the last few years, the receipt of a $10.0 million Shuttered Venue grant, and an improved five-year forecast, the RBOC does not require an annual contribution from the City’s General Fund in FY 2024 or beyond.”

The Finance Committee, consisting of Mayor Victor M. Gordo, Vice Mayor Felicia Williams and District 1 Councilmember Tyron Hampton, will convene at 3:00 p.m. to discuss the proposed RBOC budget proposal among other scheduled matters.

The documents show the RBOC aims to increase the projected net income for the current fiscal year by approximately $1.4 million.

Before the Committee, the RBOC also plans to highlight other accomplishments achieved in the fiscal year 2023. These accomplishments include successfully meeting the Debt Service obligation without any General Fund support and investing in stadium infrastructure.

Brookside golf, part of the RBOC’s operations, will report a strong performance, projecting a net income of $2.7 million against a $2.4 million budget.

The RBOC will also note achievements such as securing grant funding from the Legacy Foundation and exceeding budget expectations for the Music Festival contract, resulting in a net income of $4.1 million.

In spite of the good news, the figures being submitted indicate the RBOC’s operations will likely report a loss in Fiscal Year 2024.

Key issues identified for the upcoming fiscal year include identifying additional revenue opportunities, ensuring long-term financial stability for the complex, capitalizing on the success of music festivals, and increasing revenue from the golf course property.

The RBOC plans to outline strategies to address these issues, emphasizing collaboration with the City to forecast revenue, expenses, and funding for debt service and capital improvements. They said they will also highlight the importance of supporting music festivals and enhancing golf course revenue through initiatives like the Family Golf program.

The RBOC will emphasize the significance of Legacy 2.0, which will involve collaboration with the City, State, and Federal Governments to secure grants, rebates, and awards.

The committee is asked to recommend the budget, which will ultimately go before the full City Council for final OK.

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