Government

By the Numbers: newbo evolve festival breakdown

“Evolve” painted into the hillside of Mount Trashmore for the Newbo Evolve festival photographed on Thursday, Aug. 2, 2018. (Hannah Schroeder/The Gazette)
“Evolve” painted into the hillside of Mount Trashmore for the Newbo Evolve festival photographed on Thursday, Aug. 2, 2018. (Hannah Schroeder/The Gazette)

CEDAR RAPIDS — The board of directors for the tourism bureau GO Cedar Rapids reported staggering losses, minimal ticket sales and incorrect data about the three-day festival newbo evolve.

The findings come after a preliminary review of newbo evolve. Earlier data provided by former GO Cedar Rapids chief executive, Aaron McCreight, was not accurate leading to wrong assumptions by the board. Board members say they are not yet sure if they were intentionally mislead.

Here’s a deeper look at the numbers presented during today’s news conference:

newbo evolve budget and debt —

Expenses: $3.8 million

Revenue: $1.48 million

Actual Loss: $2.3 million

Loss approved by board before event: $644,000

Outstanding bank loan: $1.5 million

Outstanding loan from city of Cedar Rapids: $500,000

Outstanding vendor payments: Undetermined at this time

GO Cedar Rapids’ yearly Operating Budget

GO Cedar Rapids annual budget: $2 million

Annual hotel-motel tax allocation by the Cedar Rapids City Council included in annual budget: $1 million

newbo evolve tickets:

Total sold: 9,000

Three-day VIP passes sold: 602

General admission (concert tickets) sold: 8,340

Complimentary tickets given out: 3,804

Total combined admission: 12,804

Potential capacity: 32,000 people

l Comments: (319) 398-8310; brian.morelli@thegazette.com

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