Mosaic Stadium reserve fund had a $4.3M deficit in 2020
Report blames lost revenue during pandemic and planned debt payments
The reserve fund that covers operations at Regina's Mosaic Stadium had a $4.3-million deficit last year thanks to lost revenue during the pandemic and debt repayments.
The deficit is outlined in the City of Regina's 2020 annual reserve report.
The report covers the 21 different reserves the city uses to fund capital and operating costs for everything from cemeteries to golf courses to Mosaic Stadium.
According to the report, $2.5 million was withdrawn from the Regina Revitalization Initiative (RRI) Stadium Reserve in 2020 to cover an operating deficit at Mosaic Stadium due to lost income during the pandemic.
The report said the reserve was already anticipated to have a deficit due to annual debt repayments.
"The expectation is that the revenues from the stadium would cover ongoing and future capital and operating expenditures," the report stated.