Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
Chronicle Managing Editor Cathy DeDe writes: Total net income was just under $5,600 for the Winter’s Dream light-and-sound attraction at Fort William Henry this past winter. The figure was reported in a simple two-page “Profit and Loss” document created by the Warren County Coalition Inc., and obtained by The Chronicle.
The Coalition is a group of business and tourism leaders who launched Winter’s Dream with $3 million in seed money from County Occupancy Tax reserves.
The Profit and Loss document shows total income of $857,197. It includes ticket, merchandise sales and parking fees. The cost of goods sold was $159,831 — leaving a reported gross profit of $697,366.
The document lists total expenses of $3,638,310. This includes $1,500,000 to Moment Factory in Montreal, which created the attraction. Also: Advertising, installation, equipment, office costs, insurance and fees.
Thus, the net operating loss was $2,940,944, the document indicated.
With the County’s Occupancy Tax “infusion” of $2,946,434 — the $3 million promised, minus approximately $50,000 in unspent funds the Coalition returned to the County — the bottom line is the total net income or profit for Winter’s Dream was $5,490.
According to the contract between the Winter Coalition and Warren County, any profit from Winter’s Dream was to be divided equally — 50% to the County to begin paying back the Oc Tax seed money, and 50% to the Coalition to fund further improvements to the attraction.
However, reached by The Chronicle, County Administrator John Taflan said the Coalition is considering the $50,000 it did not take as the first payment toward reimbursement.
The “Profit and Loss” document was submitted by the Warren County Coalition to the Board of Supervisors in advance of the next Tourism and Occupancy Tax Committee meeting, on Tuesday, July 23, at 10:05 a.m. at the Warren County Municipal Center.
The full Board of Supervisors monthly meeting is Friday, July 19, at 10 a.m. at the Municipal Center.
Copyright © 2024 Lone Oak Publishing Co., Inc. All Rights Reserved
