The hole hasn’t gone away, but Global Spectrum’s operating deficit has gotten smaller over the firm’s three years as manager of James Brown Arena and Bell Auditorium.
Augusta-Richmond County Coliseum Authority approved Global’s 2012 budget Tuesday. It reflects projected losses of $773,748, down from a loss of $844,645 during fiscal 2011.
Authority members had encouraged Global during a recent finance committee meeting to look for additional savings in their 2012 spending plan, members said, but Global personnel came back with only around $30,000, board treasurer David Hogg said.
The budget does not cover operations of new VIP seating, which architect Nick Dickinson told the committee was too costly to include with a $5 million bond-funded repair and renovation project. In a related action, the board voted to move forward with an effort to fit the seating in the construction project.
If completed, the seating will enhance revenues and help reduce the deficit, Hogg said.
The authority also approved Global Spectrum’s incentive pay, 25 percent of which is based on a review by authority members of the firm’s performance in the areas of customer satisfaction, cooperation with stakeholders, marketing, community involvement and facility maintenance.
Ranked by the six members present, Global Spectrum attained 67 percent of its benchmark-based incentive pay, or $24,921, bringing its total incentive pay to $137,046, board attorney Ed Enoch said.