REAL wants $12.7 million in Regina city budget, warns more will be needed in the future
Regina Exhibition Association Limited (REAL) is asking the City of Regina for $12.7 million in this year's budget.
REAL is responsible for putting on events, promoting concerts and drawing tourism to the city. It also operates the Brandt Centre, the Co-operators Centre and Affinity Sportsplex.
The troubled municipal corporation has faced increasing scrutiny as it struggled to operate with a business model that no longer adequately covers its expenses.
Last year, the city provided REAL with $17.2 million: $5.2 million through the city budget, $8 million to pay back the Canada Revenue Agency for a pandemic wage subsidy it inappropriately accessed and $4 million to help pay down its line of credit so it could continue operating into the first quarter of 2025.
On Wednesday, the city's executive committee questioned REAL leadership about the budget request.
Much of Wednesday's meeting was spent going over the reasons why REAL has been forced to repeatedly come to council with its hat in its hand asking for more funding.
Acting REAL CEO Roberta Engel was asked to justify the corporation's continued existence when the city is forced to cover its budget.
"The fact that we generate an estimated over $300 million in economic impact. You could take away the corporation, but I think you've got to really look at the services and everything that those buildings and that property bring to the city," Engel said.
Engel pointed to a variety of factors, including financial downturn from the COVID-19 pandemic, a lack of major events and unsustainable debt — $16.7 million as of the latest report.
A report in front of council lays out how $2.7 million of REAL's budget request would be used to service the organization's debt, which it took on for Mosaic Stadium's construction and to continue operating during the pandemic.
REAL says $4.2 million would be used for operations, $4.8 million would be used to fund working capital and $1 million would be used to carry out capital repairs.
Since 2019, REAL has required an estimated $44 million in facility maintenance.
As officials with the City of Regina have repeatedly pointed out on other projects, inflation likely means costs will only get higher as time passes.
"We have old buildings and we have systems that are near failing," Engel said.
"Monday night, you know, I felt bad for our patrons. They had to wander past 25 to 30 different pails scattered throughout our box office and entrance points because we had leaks."
REAL also estimates $10 million will be needed within the next four years to repair and upgrade the Brandt Centre, Queensbury Convention Centre and Co-operators Centre.
"They have mechanical systems that are beyond their useful life and should any of these mechanical systems fail during an event, there is significant revenue and reputational risk not only to REAL but to the [City of Regina]," Engel said.
REAL's budget was not approved on Wednesday. It was referred to the city's budget debate set for March.
$27 a month or $320 a year.
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