Platform RITE OVAL Governance

RITE OVAL Governance

RITE  OVAL Governance

RITE Richmond will direct staff to look into options for the governance of  the Richmond Olympic Speed Skating Oval

Option # 1 return the Richmond Olympic Oval to operate under the jurisdiction of the city

Option # 2 create model to evolve the Oval into a business with the goal to be revenue neutral and no longer require city funding.

Rational: The Richmond Olympic Oval  has been operating as a business and as such generates revenues from business activities such as the Rox, Retail store and YYoga it also receives  grants and other sources of funding. The Oval is run by a board of directors but the City of Richmond still provides funding for operations, marketing  and programs, it does not operate like a traditional community centre because it caters to high performance sports but none the less receives funds in a similar way to a community centre . Either the Oval is a community center or it is a business, a comprehensive study would allow council to better understand the options for the Oval and potentially make decisions that would best benefit the City of Richmond.

City of Richmond contributed $ 3,310.927 in 2016

                                                        $ 3,377,146 in 2017

The Oval  generates a profit / operating surplus every year example a  2.3 million surplus in 2015.

The Oval also receives GOT Funding according to Fact sheet attached,  27 million from 2005 to 2015

The oval receives grants from senior government for capital  projects Example in 2015 / 2016 $ 800,200