Alaska State Fair Board

President Harkey called the meeting to order at 7:04 pm. Present:  Cimino, Tracy, Kenley, Erickson and Quill via teleconference, Bush absent.

CONSENT AGENDA
Cimino/Tracy/MCU: To approve Agenda and August 12, 2010 Regular Meeting Minutes

REPORTS AND INFORMATION ITEMS

1. Finance Report –Treasurer Erickson reported balance sheet of 8/30/2010 reflected current assets of $2,105,563.16, fixed assets of $4,173,702.35 with total assets amounting to $6,279,265.51 and current liabilities of $84,810.51, total equity of $6,194,455.00 with liabilities and equity totaling $6,279,265.51. He reported income of $1,421,977.72 and expenses of $635,133.63 for a total net income of $786,844.09 as of 8/31/2010. Review with previous years showed 2010 revenues on par. Tracy, Cimino/MCU: To approve the July financial report.

2.. General Manager’s Report  Ritari said nothing to add to written report other than registration to attend IAFE needs to be done by Oct 1.

3. Audit Review Auditors from Thomas, Head and Greisen, PC said their audit confirmed that Alaska State Fair financial statements are presented fairly and numbers given can be relied on. The General Financial Audit conducted in 2005 showed net assets just under 4 million, this year’s audit showed net assets at just over 5 million.

4. Alpine Energy Update
Evergreen and Precision Power Engineering and Alpine are preparing financial documents and starting permit process. Ritari looking at land lease and partnership agreements options and will obtain legal opinion on both types of agreements before presented to Board. No site work until the contract.

5. City of Palmer Zoning Update
October 26, Palmer City Council will hold a public hearing regarding approval of Fair’s request for zoning change from Public to Industrial for a specified portion of the field.

6. Mat-Su Miners Baseball Field
A letter will be written to Mat-Su Miners explaining our plans for the future use of the area. The letter to explain Fair not presently in a position presently to provide a suitable, like facility for the Miners, nor to make any capital changes and to provide assurances that lease renewal would be signed. Harkey/Ritari to have letter ready for directors to sign at next meeting.

7. Post Fair Overview
Ritari stated weather and value drove attendance at Fair this year, excellent progress was made on improving accessibility to vendor booths and fair venues this year, final line items that exceeded budget were gates, carnival, space rental, parking, and beverage sales. Event admissions were down, concert attendance numbers were 20,000-higher than last year; the new hospitality tent was a success albeit underutilized, sponsors very happy, had 105.6 lb cabbage, 1100 lb. pumpkin. He said research has begun regarding having a three weekend fair in the future.

Board retreat set for Monday, 8:30 am, October 18, 2010,.

Cimino/Tracy/MCU: Meeting adjourned 8:23 pm