Pinnacle Bank Arena in the red - News, Weather and Sports for Lincoln, NE; KLKNTV.com

Pinnacle Bank Arena in the red

Posted: Updated:

By: Lauren Fabrizi
lfabrizi@klkntv.com

After five months of operation, Pinnacle Bank Arena is in the red.

A January income statement shows the new facility is down $171,598 in operating expenses.

Steve Hubka, the city's finance director, said part of the reason has to do with Nebraska's basketball season putting a halt on concerts and other big events.

"During that time period, we've struggled a bit financially compared to the first couple of months," Hubka said. "As we proceed into the spring, basketball season's over. The line up for the arena will look much more like it did the first couple of months."

Hubka said concerts and events do not bring in the most revenue; sales from things like concessions and parking do.

But he said watch parties for Nebraska football had to be cut back because area restaurants complained they were taking money away from them.

The finance director also said the arena has incurred higher utility costs, including electricity, than expected, which is another reason for the arena's financial loss.

"We're looking at ways to in the future limit the peak usage and keep ourselves in a lower rate category," Hubka said.

Hubka clarified that the city of Lincoln is not responsible for paying back the bonds used to build the arena. That's the job of the West Haymarket Joint Public Agency.

But with the JPA's recent decision to fund $2 million of the Breslow Ice Center, the Watchdogs of Lincoln Government said it's an improper use of funds. 

"We need to manage that money and keep it, just like the state of Nebraska keeps a rainy day fund, so that they can keep from having a negative cash flow," Jane Kinsey, the spokesperson for the Watchdogs, said.

Hubka, however, said while the debt is concerning, it's not alarming. He said the city has been addressing ways to cut costs and increase revenue, and still has seven months left in the fiscal year to turn things around.

"We're definitely hopeful that this will not finish the year with a negative number," Hubka said. "That's our expectation."

  • Most Popular StoriesMost Popular StoriesMore>>

  • Lincoln man makes Auburn teenagers prom night special

    Lincoln man makes Auburn teenagers prom night special

    Posted By: Bayley Bischof Channel 8 Eyewitness News Auburn high schoolers Abbey Clark and Damien Johnson have always been a good team. "She's kind of awesome and she's my best friend," Johnson said of Abbey. "They complement each other really well," their teacher Mandi Noel said. "Damien's super social and Abbey is fiercely independent." They went to prom last year, so when Johnson asked Clark again, she said it was a no brainer to say yes. &...More >>
    Posted By: Bayley Bischof Channel 8 Eyewitness News Auburn high schoolers Abbey Clark and Damien Johnson have always been a good team. "She's kind of awesome and she's my best friend," Johnson said of Abbey. "They complement each other really well," their teacher Mandi Noel said. "Damien's super social and Abbey is fiercely independent." They went to prom last year, so when Johnson asked Clark again, she said it was a no brainer to say yes. &...More >>
  • Scott Frost quotes, stats from Husker Spring Game

    Scott Frost quotes, stats from Husker Spring Game

    Scott Frost quotes, stats from Husker Spring Game

    Quotes and stats from the 2018 Husker Red-White Spring Football Game. 

    More >>

    Quotes and stats from the 2018 Husker Red-White Spring Football Game. 

    More >>
  • 60th annual rodeo event Lincoln News

    60th annual rodeo event

    60th annual rodeo event

    Posted By: Channel 8 Eyewitness News 8@klkntv.com The spring game wasn't the only high profile event of the day. The 60th annual UNL rodeo drew a full house of thrill seekers at the Lancaster Event Center. It showcases student athletes from the great plains region, including UNL's rodeo team. "The great plains region is definitely one of the most competitive within the U.S. and we have some great athletes that actually go on to become professionals so its a great event ...More >>
    Posted By: Channel 8 Eyewitness News 8@klkntv.com The spring game wasn't the only high profile event of the day. The 60th annual UNL rodeo drew a full house of thrill seekers at the Lancaster Event Center. It showcases student athletes from the great plains region, including UNL's rodeo team. "The great plains region is definitely one of the most competitive within the U.S. and we have some great athletes that actually go on to become professionals so its a great event ...More >>
Powered by Frankly
All content © Copyright 2000 - 2018 KLKN. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.