Magda went over the financial statement in detail. For the revenues, the arena renaming donations were started in 2020 and have been put into a holding account. The event was planned for 2020 and delayed due to the pandemic. There is an expense account created for transparency of the arena renaming. The revenue and expenses for any donations will be on subsequent financials. There are some bad debts that need re-evaluated at the September meeting on whether they are written off. payment for the sign was received, so that will be adjusted for September financials. WLMH had a new treasurer in april, so Terry is reaching to make sure nothing was missed. For future financials, it was agreed that names will not be disclosed, and if so, it would be in a private session. Under expenses most of the building updates were for things like the overhead doors and the annual building inspection is included as well.
Jim asked about the Kraft Hockeyville money. Council approved last year for the $250,000 from Kraft and $150,000 to arena upgrades go to the reserves. $240,000 this year will go in for the dehumidification system. Magda asked for a timeline on when the renovations might begin, so they can make a decision on whether to invest for a longer period, or leave in the savings account that does generate interest.