The second edition of Stars and Thunder lost $1.6 million, according to a report in the Timmins council agenda.
“The shortfall will be brought into the overall financial calculation of the City of Timmins and if the city is in an overall deficit at the end of 2018, that shortfall will be funded through the tax stabilization fund,” reads the report.
The eight-day music festival was held in June at Hollinger Park, wrapping up with a Bryan Adams concert on Canada Day.
Shortly after the festival finished in July, a preliminary report on the numbers projected a $1.89 million deficit.
According to the updated report, 10,594 tickets worth just over $2 million were sold.
Cash sponsors were up significantly, with the city securing $517,750 in 2018. In 2017 there was $150,000.
In-kind sponsorships were also up slightly, with there being $654,000 this year compared to $650,000 in 2017.
For volunteers, the city worked with the United Way this year.
According to the report, 171 volunteers from 12 organizations participated, with $99,271 being raised for the groups through the daily 50/50 draw.
The budget for the 2018 edition of the festival was $5.725 million.
The breakdown of the festival costs attached to the report shows that $4,805,710 was spent. The total revenue was $3,155,495.
The report will be up for discussion at council’s next meeting Tuesday, Sept. 25. It starts at 6 p.m. in council chambers.
You can read the full report here.
