Agenda

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Item # 14.

Work Session and Regular Meeting

Meeting Date:	11/27/2018
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Leverage Addison's unique assets to grow and expand placemeaking and events that will set Addison apart and attract talent and businesses

AGENDA CAPTION:

Present and Discuss the Oktoberfest 2018 Operations and Financial Reconciliation.

BACKGROUND:

Oktoberfest is one of four major special events the Town promotes each year. This event focuses on promoting tourism for the Town and is recognized as one of the most authentic Oktoberfest celebrations outside of Germany. This four-day event features authentic food, music, and fun.

This year the event was held on September 20-23, 2018 at Addison Circle Park. A historic rain event caused severe flooding and unsafe conditions in the park, resulting in an early closure on September 21 and cancellation on September 22. These closures affected the overall attendance and revenue for the 2018 festival.

The Finance Department has prepared a report of the revenues and expenses of the Oktoberfest event held this last September. The reconciliation process incorporated tracking transactions for ticket and cash sales. This process enabled the Finance team to properly compile the necessary information at the end of each day and provide reporting for the event. Tent operations were conducted with adherence to appropriate internal control procedures.

Oktoberfest 2018

Total Attendance	18,155
Revenues	$582,623
Expenditures	$986,736
Profit/(Loss)	$(404,113)

RECOMMENDATION:

Information only, no action required.

Attachments
Final Oktoberfest 2018 Reconciliation