How do you put a positive spin on a $4.33 million loss for the Civic Center? Observe:

Peoria Civic Center net loss less than expected

The Peoria Civic Center is not immune to a wicked economy.

But having budgeted for a net loss of $4,764,988 for the 2011 fiscal year that ended Aug. 31, the actual total of $4,332,368 seems less egregious.

More than $432,000 less egregious.

“I would say it’s below budget and we hope to always make budget,” said Jim Wetherington, who was promoted to Civic Center general manager on May 1 upon the retirement of Debbie Ritschel.

“Considering the market that was out there, I think staff did a phenomenal job cutting expenses.”

That’s one way to look at it. Here’s another:

When the $55 million Peoria Civic Center expansion was proposed in the early 2000s, consultants confidently stated the Civic Center would have a net operating income of $1.5 million once they reached a stabilized year of operation. That should be now, since it’s been four years since the expansion was completed in March 2007. Instead, the losses have been and still are trending downward. Rather than $1.5 million in net income, they ended FY 2011 with a $4.33 million net loss — a difference of $5.83 million.

So, the headline could just as accurately have read, “Peoria Civic Center net loss $5.83 million more than expected.” It all depends on which expectations we want to reference.свети георги