Regina city council approves REAL's $4M loan request
Regina city council approved the Regina Exhibition Association Limited’s (REAL) $4 million loan request to help pay down its line of credit.
During a special council meeting on Tuesday, REAL’s acting president and CEO Roberta Engel gave an overview of the organization’s financial struggles, noting that REAL’s operational profits started to decline as early as 2015.
“By 2019, [REAL] had reported a decline of $1.7 million. This decline in operation profit accelerated with the onset of the pandemic, and by 2024 had accumulated a total of $13 million in operational losses over 10 years,” she said.
“This shortfall is required because real will very soon maximize its line of credit and can no longer fund its operating losses with debt.”
REAL’s $4 million funding request report was first presented at an executive committee meeting at the end of September, Executive committee ultimately recommended that Regina city council approve the request.
During Tuesday’s meeting, Ward 4 Coun. Lori Bresciani asked what would happen if the $4 million was not approved.
- Get the CTV News app for Regina breaking news alerts and top stories
“If the $4 million isn’t approved today, we literally start hitting the limit of our cash flow, and so we start locking the doors, we start shutting down our facilities,” Engel said.
“By the end of October, we reach our $6.8 million line of credit, so that means we have no more funding or money to make any bill payments or to operate.”
Ward 8 Coun. Shanon Zachidniak asked if REAL considered any other funding options.
“We have followed up on certain options for payment deferrals, on whether that be utilities taking on payment plans for our insurance. so that we can minimize the need for immediate cash, but that just defers the cash to the following year,” Engel said.
Following discussions, the $4 million was approved in a vote of 8 to 2, allowing REAL to move forward into 2025.
The funding will keep REAL within its maximum line of credit limit until March 2025, then will require additional funding in April 2025.
CTVNews.ca Top Stories
Potential scenarios for Prime Minister Justin Trudeau and the Liberals
The Liberal government was thrown into disarray this week when Chrystia Freeland stepped down from cabinet as finance minister, reviving calls for Prime Minister Justin Trudeau to step down or call an election.
Will the Amazon strike impact Canadian deliveries?
As Amazon workers at several U.S. facilities begin a strike, Canadian shoppers are likely wondering how the job action will impact their deliveries.
Google Maps image provides clue in Spanish missing persons case
Chance images captured by a passing Google Maps camera showing a man leaning over a large bag or bags in a car trunk with what could be a human body gave police an extra clue in a murder investigation in the central Spanish village of Tajueco.
Gisele Pelicot's ex-husband found guilty of rapes, sentenced to 20 years in prison
Gisele Pelicot spoke of her 'very difficult ordeal' after 51 men were all found guilty Thursday in the drugging-and-rape trial that turned her into a feminist hero, expressing support for other victims of sexual violence whose cases don't get such attention and 'whose stories remain untold.'
WATCH LIVE Man accused in UnitedHealthcare CEO killing expected to appear at hearing on extradition to New York
The suspect charged with shooting to death a health insurance company chief executive on a Manhattan street will be taken Thursday morning to hearings on related Pennsylvania criminal charges and efforts to extradite him to New York.
'This shouldn't happen': Calgary family seeks changes after WestJet accessibility incident
A Calgary woman wants WestJet to apologize to her daughter and to improve staff training on accessibility after an incident during their latest trip.
Mystery drone sightings continue in New Jersey and across the U.S. Here's what we know
A large number of mysterious drones have been reported flying over New Jersey and across the eastern U.S., sparking speculation and concern.
What's the best treatment for ADHD? Large new study offers clues
Stimulant medications and certain therapies are more effective in treating ADHD symptoms than placebos, a new study on more than 14,000 adults has found.
'We'll never be the 51st state,' Premier Ford says following Trump's latest jab
Ontario Premier Doug Ford says Canada will 'never be the 51st state,' rebuking U.S. President-elect Donald Trump’s latest social media post.