Finley Stadium is well on its way to operating in the black for an eighth consecutive year.
With several weeks remaining in the 2017-18 fiscal year, Finley Stadium executive director Chris Thomas said Tuesday that the 21-year-old facility has a surplus of $124,391.27 through April. He added that the stadium had amassed $1,265,291.45 in revenue and incurred $1,140,900.18 in expenses.
"The bottom line for the year is tracking well," Thomas said. "Everything this year has been controlled, and we're on a steady pattern moving forward."
This year's operating success follows aa $181,372.54 surplus during the 2016-17 fiscal year and a roughly $192,000 surplus in 2015-16.
Thomas had projected $1,626,300 in revenue and $1,593,300 in expenses in the current fiscal year, resulting in a surplus of $33,000. Concession revenue was off this year compared to 2016-17, but revenue from permit parking and the rental of the First Tennessee Pavilion more than doubled.
"From a historical standpoint, being up nearly $125,000 is strong," Stadium Corp. treasurer Ryan Crimmins said. "Several years ago, we were looking at deficits and, 'How are we going to break even?' We need to keep living in the land of getting better."
Stadium Corp. board chairman Gordon Davenport praised the efforts of Thomas and his staff but cautioned, "It's a 21-year-old facility. We're addressing a lot of things, and they're going to continue to come up."
Board member Jerry Summers said he had received calls from people confused about the new parking situation at the Chattanooga Market each Sunday at the First Tennessee Pavilion. Thomas said the Stadium Corp. is charging $1 per hour at each of the three parking lots that it oversees but that neighboring lots under different ownership are charging a flat rate of $10, which is leading to some of the confusion.
Thomas added that the three lots operated by the Stadium Corp. account for 1,200 spaces.
Mike Davis, the Stadium Corp. vice chairman, provided an update on the new Daktronics video board scheduled to be in place for the start of the University of Tennessee at Chattanooga's football season. Davis said the board is set to be shipped in late June and the target completion date is Aug. 23.
Until the board arrives, the focus will be on having the necessary vertical and horizontal supports.
The existing slate of Stadium Corp. officers - Davenport as chairman, Davis as vice chairman, Crimmins as treasurer and Bryan Patten as secretary - will remain in place for 2018-19. The officers were approved Tuesday by the fellow board members in attendance.
Contact David Paschall at dpaschall@timesfreepress.com or 423-757-6524.