RITE Richmond will direct staff to look into options for the governance ofthe 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 Ovalhas been operating as a business and as such generates revenues from business activities such as the Rox, Retail store and YYoga it also receivesgrants and other sources of funding. The Oval is run by a board of directors but the City of Richmond still provides funding for operations, marketingand 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 Ovalgenerates a profit / operating surplus every year example a2.3 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 capitalprojects Example in 2015 / 2016 $ 800,200