Niagara Gazette

Local News

May 8, 2012

Holiday market report released

NIAGARA FALLS — The income sheet shows a net loss but the promoter of last year's Niagara Holiday Market suggests in his final report that the event "achieved its principal goals" by "activating a normally dormant" downtown, creating a family friendly atmosphere and drawing "generally affirmative publicity" to Niagara Falls.

A copy of the Niagara Holiday Market Stakeholders Report obtained by the Gazette on Monday shows the 37-day event posting a net loss of $31,765.18, according to a gross income statement filed for the period ending Jan. 1. The gross income statement shows operating income of $750,656.88 versus event expenses totaling $782,422.06.
Another section of the document suggests the final account balance will show a small surplus once a few final adjustments are made. According to the section, the HSBC checking account balance for the event had $4,334 in it as of April 25, but a final invoice for $32,951 owed to the Buffalo News for advertising left the total project running at a $31,765 deficit. In the report, the developer suggests the state-run USA Niagara Development Corp. paid the final invoice, but there is one check currently outstanding for $1,657 and a correcting error for expenses paid out of the Old Falls Street bank account in error totaling $1,494.
Once those amounts are clear, the developer says the market will have $1,181 remaining in its overall balance.
"There was a shortfall in the initial income/expense but, the stakeholders (not the city) stepped in to resolve (it)," Rivers said.
Finances aside, Rivers' report suggests the event brought "activity, commerce and holiday spirit" to the downtown area despite what the report describes as a tight timeframe for putting it all together.
"Being a first-year and unproven event that was executed during an extraordinarily tight timeframe (in reality about 90 days), the outcome netted positive for Old Falls Street, USA corridor and the overall Niagara Falls community," the report reads.

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