Fargo Dome Authority - January 25, 2022 Minutes
A regular meeting of the Fargo Dome Authority was held on Tuesday, January 25, 2022 at 3:30 p.m. in the FARGODOME Conference Room with President Blake Nelson presiding.
Members present: President Blake Nelson, David Suppes, Michael Ellingson, Nancy Jordheim (via phone), Troy Goergen and Rick Steen.
Members absent: Dan Armbrust
Others present: Peter Monsrud – City of Fargo; Amanda Muellenbach, Administrative and Auxiliary Services Manager – FARGODOME; Susan Thompson, Director of Finance – FARGODOME; Bernie Larson, Assistant General Manager – FARGODOME and Rob Sobolik, General Manager – FARGODOME.
Media present: Barry Amundson – The Forum.
President Blake Nelson called the meeting to order at 3:32 p.m.
Rick Steen made a motion, seconded by Michael Ellingson, to approve the agenda of the January 25, 2022 Fargo Dome Authority meeting as presented. Motion carried.
David Suppes made a motion, seconded by Troy Goergen, to approve the minutes from the December 15, 2021 Fargo Dome Authority meeting. Motion carried.
Rob Sobolik presented the General Manager’s report as follows:
• Rob congratulated Barry on 50 years in the news industry and for his service to the FM community.
• Year-to-Date Net Income through November 2021 is stated at $2,888,775 which is a positive variance (to budget) of $2,606,640.
• Year-to-Date Net Income through December 2021 is state at $3,746,382 which is a positive variance (to budget) of $3,599,964.
• Upon review, Rick Steen made a motion, seconded by David Suppes, to approve the November 2021 and December 2021 financial statements as presented.
On call of the roll, Ellingson, Goergen, Jordheim, Nelson, Steen and Suppes voted aye.
Absent and not voting: Armbrust
The motion was declared carried.
• Past and Upcoming Events: NDSU Football Playoff Game vs. James Madison was held December 17, 2021. Rumble on the Red Wrestling Tournament was held December 29-31, 2021. WWE was held January 15, 2022. RRV Boat & Marine Show will be held January 28-30, 2022. Monster Jam will be held February 5, 2022. NDSU Career Expo will be held February 9, 2022. Disc Golf Event will be held February 12, 2022. ND State HS Wrestling Tournament will be held February 17-19, 2022. ND Corn and Soybean Expo will be held February 21, 2022. RRV Home & Garden Show will be held February 25-27, 2022.
Rick Steen presented the Fargo Dome Authority Building and Finance Committee report. The Fargo Dome Authority Building and Finance Committees met on Wednesday, January 19, 2022. Items discussed included:
• November and December 2021 Financial Statements: The November 2021 and December 2021 Financial Statements were approved by the Finance Committee at the meeting on January 19, 2022.
There was a general discussion regarding moving cash to the escrow account at the State Investment Board. At the request of the Finance Committee, Susan will reach out to the State Investment Board to attend an upcoming Finance Committee meeting to discuss investment options. The Finance Committee directed FARGODOME staff to leave the cash where it is until the State Investment Board comes to a meeting.
Dave Piepkorn let the group know that City of Fargo Finance Director Kent Costin is officially retiring in April. Dave thanked Kent for his service to the City and to the FARGODOME Finance Committee.
• Updates to 2022 Insurance Renewals: Susan provided an overview on the 2022 Insurance Renewals that were accepted at the Fargo Dome Authority meeting in December.
• Project and Capital Budget Updates:
• Fire Alarm Replacement – The supplies for this project are in and the replacement part of the project will be happening through January. The overall completion date of the project is scheduled for some time in March.
• Escrow Balance & Performance Reports: The FARGODOME permanent fund performance, year-to-date, through October 2021 was 2.73%. The FARGODOME permanent fund performance, year-to-date, through November 2021 is 1.42% Please see attachments.
• The committees had a general discussion on the status of the expansion project. There will be further discussion on the project at upcoming meetings.
Rick Steen made a motion to approve the Building and Finance Committee report as presented.
On call of the roll, Ellingson, Goergen, Jordheim, Nelson, Steen and Suppes voted aye.
Absent and not voting: Armbrust
The motion was declared carried.
The next Fargo Dome Authority meeting will be on March 1, 2022 at 3:30 p.m.
There being no further business, the meeting was adjourned at 3:54 p.m.