An update on the Stars and Thunder 2018 finances shows an approximate $1.89-million shortfall.
The City of Timmins brought a very preliminary report to council on where it expects to see the final financial outcome of the eight-day festival. CAO Dave Landers says it’s too early to have any firm final numbers for an almost $6-million project. Landers says there are still revenues coming in and bills being paid.
He says once these numbers are in, the festival deficit will change slightly.
Landers say this year the city sold about 10,000 tickets, with about half being week-long passes and the other half being single-day tickets. He says this is about half of what was sold last year.
Mayor Steve Black says this $1.89-million shortfall will not fall on the 2018 tax bills. He says this will be covered through some of the city’s reserves.
The city will provide another financial update to council once more information is available.