The Capital Improvement Board is getting “financials” in from Super Bowl 46. Officials says they estimated Super Bowl expenditures at roughly $4 million, but they came in at $3 million.
CIB President Ann Lathrop says the NFL and other parties are reimbursing much of the $3 million, leaving them with an outstanding balance of about $350,000. Officials say they had been anticipating an $800,000 loss.
Lathrop says the numbers show they planned well for the event. She adds that whatever expenses remain outstanding will be compensated by the overall branding effort that will bring future event and convention business to Indiana.
Chief Financial Officer Dan Huge says they worked early and often with the NFL to get expenditure estimates and approvals before the big event. With the expenditure side of the equation now reported, Lathrop says they‘re awaiting word about revenues.
The CIB is hoping for at least $3 million in tax revenue, but is also anticipating what may be up to a $4 million bill from the Department of Public Safety. Those numbers are expected later this month.