By MICHAEL KITCH, LACONIA DAILY SUN
LACONIA — The city has closed its books on on the 93rd running of Motorcycle Week in June, showing revenues of $155,636, expenses of $152,521 and net income of $3,114.
Revenues fell $16,352, or 9.5 percent shy of projections with a shortfall of $24,350 in vendor licensing and permit fees accounting for the decrease. Although expenses effectively tracked projections, the failure of the promoters of LaconiaFest to pay their share of police and emergency services for the week-long concert series left the city with an unforeseen operating deficit of $63,130.
For some years the city has budgeted for Motorcycle Week as a special revenue fund, with revenues projected to match expenses while any surplus would accrue to a fund for the purchase of equipment for the police, fire and public works departments. Before this year's rally the balance in the fund was $126,747, from which $63,130 was transferred to offset the operating deficit, leaving a balance of $63,616. The $3,114 in net income from the 2016 rally has left the fund with a balance of $66,731.
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