Capital Improvements Board of Marion County Meeting - June 12, 2026
Capital Improvements Board of Marion County Meeting - June 12, 2026
The Capital Improvements Board of Marion County met on June 12, 2026, to approve minutes, receive financial and operational reports, accept the annual audit, vote on contracts and equipment disposal, and approve expense vouchers. The meeting highlighted strong performance from the Final Four events and ongoing construction projects.
Consent Calendar
- Approved minutes from the May 8, 2026 meeting (unanimous).
- Approved disposal of obsolete equipment (unanimous).
Discussion Items
- CIB Monthly Financial Report (April 2026): Revenues net of expenses totaled $6 million, $3 million less than the prior year due to Final Four labor costs, but $6 million over budget. Tax revenues were $15 million. Operating revenue was $8 million. Personal services increased 40% due to Final Four. A $750,000 cultural development grant was made to Downtown Indy Alliance. Year-to-date bottom line is $6.4 million, with a total of $14 million, $6 million less than prior year but $18 million over budget.
- Visit Indy Report: April RevPAR increased 32.4% and revenue increased 30.9%, both records. Year-to-date RevPAR is up 6% and revenue up 5.5%. Convention sales hosted the Indy 500 and the Marriott Exchange.
- Indiana Convention Center Report: May occupancy was 50.6% with attendance of 88,040 (a three-year high). Hosted the IMS victory celebration, Indiana Bankers, and a new convention for the Wound Ostomy and Continence Nurses Association. Upcoming events include USA Volleyball (45,000–50,000 attendees) and Herbal Life.
- Lucas Oil Stadium Report: Morgan Wallen sold-out shows set records. Post Malone and Joey Roll performed on the meeting day. Upcoming events include HOSO, USA Volleyball, and Herbal Life.
- Annual Comprehensive Financial Report (Audit): KSM presented an unmodified (clean) opinion on the 2025 financial statements. No internal control weaknesses were identified. The board accepted the report unanimously.
- Construction Projects Update: The hotel ribbon cutting is scheduled for December with the President of the Americas for Hilton. Georgia Street ribbon cutting will occur earlier. Union Station underpass and Pan Am Tower improvements are ongoing. The hotel is fully enclosed; furniture for 400 rooms will be installed in July.
- Contracts – Rejection of Bids for Virginia Avenue Garage: Bids were rejected because the sky bridge is no longer needed for the Fever practice facility. The motion passed unanimously.
Key Outcomes
- Approved minutes from May 8, 2026 (unanimous).
- Accepted the annual comprehensive financial report (unanimous).
- Rejected all bids for the Virginia Avenue garage (unanimous).
- Approved disposal of obsolete equipment (unanimous).
- Approved two expense vouchers: $2,957,837.90 (operating) and $6,466,117.55 (confirming voucher with Final Four costs) (unanimous).
The meeting adjourned without public comments.
Meeting Transcript
Good morning. We're still waiting for Dave Rimkorf, but traffic is pretty crazy today. So hopefully you'll be joining us soon. But I'd like to call the meeting of the Capital Improvements Board of Marion County, Board of Managers of Marion County to order. Welcome everyone. First item on the agenda is approval of the minutes from our May 8th meeting. So we'll move. Is there a second? Second. Marcy. Yes. David C. Mick. Jamie. Jim. Aye. Maggie. Next we'll go to reports. First is the CIB monthly financial report. Thank you. April 2026. It was the month for the final four. You'll see it. It's kind of a common theme through the whole report. Finished revenues net of expenses of a little over $6 million, which is $3 million less than prior year and $6 million more than budget. The negative variance from prior year is mainly due to labor expenses related to the final four. The favorable variance from the budget is due to the food service concessions revenue. Half of that was from the final four, and the other half is underspend in the capital outlays. Dig into this the details of it. Tax revenues totaled $15 million. That's about a half a million dollars less than last year, right in line with the budget. Unfavorable variance there, is it the PSDA line and the hotel line, tax line? There, both very small variances. Operating revenue was about eight million dollars, and that is more than the prior year by about two million dollars and about three million dollars in the budget. Largest favorable variance there is in the food service and concession line. So it caused it to be significantly lower than the prior year. There we had about $2 million in sound and light labor reimbursement, about $400,000 in electrical labor, a million dollars in security labor reimbursements, all those combined to cause that line to be up over prior year. Personal services, it's over prior year about $800,000 or about 40%. Largest variance there is in the part-time temporary labor, also in the IATSI health, wellness and pension line. Uh group. State chance. I'm sorry, I think sounding lightning. Um both of those are uh directly due to the final four as well. Um supplies um line is under prior year by about $160,000, and that's just the underspend versus what our expectation was there. Other services is about 12 million dollars spent there, uh which is about $4 million or 57% more than prior year. Um unfavorable variance is there were in security, contract labor, miscellaneous expenses, repairs agreements, and the cultural development grants. Um, the security and contract labor are both due due to final four specifically. Um miscellaneous expense has a variance because we received a reimbursement last year that we didn't um get it was a $665,000 for the child water line from the VFC Repairs and Maintenance line is up due to a number of smaller repairs. Um of them were like uh stadium, some seating that were uh were replaced. Uh stadium painting for $26,000.
openpublica.com