Officials of Wisconsin State Fair Park announce the financial performance results for fiscal year 2010–11 which is comprised of financial activities spanning July 1, 2010, through June 30, 2011.
The financial performance of Wisconsin State Fair Park shows a net cash surplus of $4.3 million which can be attributed to several significant factors. Fair Park revenues increased as a result of positive cash flow from events held throughout the year; the one-time receipt of proceeds from a $1.9 million letter of credit; a successful 2010 Wisconsin State Fair; and advance event and sponsorship revenue received prior to June 30 for the 2011 Wisconsin State Fair. Fiscal Year 2010-11 also benefitted from the reversal by the state Controller's Office of the FY2009-10 lapse of $236,000 paid by the Fair Park and no lapse being assessed for FY2010-11.
In FY2005-06, Wisconsin State Fair Park had a deficit balance of nearly $11.5 million. As a result of sound fiscal management and stringent financial procedures, the Fair Park has realized a reduction in the deficit as of June 30, 2011 to $242,900.
"The management and board of Wisconsin State Fair Park have been very aggressive in working to reduce the deficit over the past several years," stated Chief Executive Officer Rick Frenette. "It is our expectation that we will have eliminated the debt altogether at the end of the current fiscal year, and are looking ahead to improvements and maintenance to the facilities that need to be made in the coming years."
Wisconsin State Fair Park is a nearly 200-acre facility that is home to the Exposition Center, Milwaukee Mile Speedway, and the Tommy G. Thompson Youth Center. The Fair Park hosts hundreds of diverse events throughout the calendar year including the Wisconsin State Fair, presented by U.S. Cellular, and Harvest Fair. For up-to-date information, please visit WiStateFair.com or join the conversation on Facebook at facebook.com/wistatefair and Twitter at twitter.com/wistatefair.