BancorpSouth Arena to return $30,000 to city

TUPELO – The Tupelo Coliseum Commission voted Tuesday to return $30,000 to the city of Tupelo.
During the 2008-09 fiscal year, which ends on Sept. 30, the city allocated $275,830 to the BancorpSouth Arena.
“We had a surprisingly good year as far as booking acts and booking side rooms in this building,” said Scott Reed, chairman of the commission. “We cut some really good deals that got us some one-time money.”
The 2008-09 budget anticipated $2,390,830 in operating revenue, but that amount is projected to reach $2,500,000.
“If we’d had a bad year, and the city had a good year, we would be asking them for more money,” said Reed, adding that the $30,000 “is not a lot, but it’s enough to help.”
Mayor Jack Reed Jr., Scott Reed’s brother, and members of the City Council learned of the money after touring the facility.
“Thank you very much,” said Fred Pitts, Ward 2 councilman.
The Coliseum Commission approved its 2009-10 budget on Tuesday, and it will go to the mayor and city council for final approval.
The proposed budget includes a request for $275,830 from the city, which would account for about 11 percent of the arena’s revenue. Another 14 percent is expected to come from advertising and sponsorships and 75 percent is expected from concert and event revenue.
Contact M. Scott Morris at (662) 678-1589 or scott.morris@djournal.com.

M. Scott Morris/NEMS Daily Journal