The Ponoka Agriculture Event Centre Society (PAECS) held their annual general meeting on Jan. 17, approving their financial statements from the past year and naming their board of directors.
Margo Hatala from Rowland, Parker & Associates LLP presented the financial statements.
“The board and management has done a really good job of trying to maintain costs in an unstable environment, where they’re holding events that get cancelled left, right and centre,” said Hatala. “In a not-so-secure year, they did well to try to keep above water.”
Facility rentals increased this year as events were able to be held, increasing the revenue compared to 2020, but was not yet at pre-COVID levels.
PAECS received some grants, as well as a contribution from the Ponoka Ag Society (PAS).
They were able to qualify for a $30,000 Alberta Relaunch Grant as well as some CEBA loans — $10,000 of which was forgiven.
Some businesses also made commitments for two or three year’s of advertising, paying in advance.
Some income was lost in the food and beverage category, as COVID-19 requirements shut down beverage sales.
Concession rent was forgiven for a few months as well.
Salaries of the Calnash Ag Event Centre staff raised as rentals increased.
Insurance will be going up. Last year, WCB was forgiven as part of the government COVID program, but that is ending.
Some debt was obtained in the last fiscal year due to capital property purchase of land south of the ag event centre. A new line of credit of $1.5 million was obtained. $100,000 of that has been paid down.
During the 2021 fiscal year, Ponoka County contributed $10,000 per month towards paying off the loan of credit principal and interest. However, there are no set terms on how long the county will continue to make the contribution.
Hatala also advised that the last of the funding from 10-year pledges that had been made had now been paid out and no more pledges would be coming in.
She concluded that PAECS is on good financial ground with more assets than liabilities, but added, that although highly unlikely as long as payments are being made, that debts can be due on demand if a bank so chooses.
The board of directors were appointed as follows: Tammy Henkelman, Willie Klimec, and Dale Olsen as representatives of PAS, (Miles Crandall as alternate), Blake Taylor (president of PAECS), as well as Coun. Doug Weir representing Ponoka County, Mayor Kevin Ferguson (alternate Coun. Carla Prediger) representing the Town of Ponoka and Rick Cline (secretary treasurer), Danny Jones (vice president) and Terry Jones representing the Ponoka Stampede Association.
PAECS also approved their new bylaws, as revised.