I can read financials.
So before I discuss what they do say, there's something major they do not say:
View attachment 470503
Given the above, we lack a clear understanding from the Financials of the state of major capital needs on site.
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The second thing we learn is how utterly miserly the province has been with OSC.
I want you to compare two numbers:
View attachment 470507
That's not of alot money...............
But wait......is that what's really being transferred every year on a net basis? No
The province recovers some of it through lease payments:
View attachment 470510
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Here's the Statement of Operations (for all intents and purposes, the Income Statement)
View attachment 470512
The operation loss for the year is ~2.5M That's not great, but hardly catastrophic. If the province gave the OSC the same sweetheart lease deal as the City gives them, the OSC would have netted (profited) about the same last year.
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Here's something interesting, the break down of cost-recovery by facility/program
View attachment 470513
So they lose 400k per year on the Omnimax.
They also lose money on international sales/rentals (I'm not clear if this is the OSC renting stuff to others, or renting stuff from others, but either way that's not good)
What really has my eyes bugging out, they lose money on concessions! And look how low that revenue number is..........how is that even possible. The hot dog cart outside my local Canadian tire pulls in twice that every year.
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This shows that capital assets are under invested in (does not include the building itself as noted above, but only exhibits, classrooms etc etc.
View attachment 470518
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So in sum total, the numbers are not dire..
They do, however, show:
Miserly provincial grants that too low, leasing costs that excessive; very poor business planning.