Elvis Fest expected to top $80,000 in profit

By Carlie Kollath/NEMS Daily Journal

TUPELO – The 2010 Tupelo Elvis Presley Festival is expected to make between $80,000 and $90,000, according to festival organizers.
At Tuesday’s board meeting of the Downtown Tupelo Main Street Association, treasurer John Avila said the numbers aren’t completely finalized but net profit is expected to come in around $88,000 to $89,000.
Avila also was this year’s co-chair of the festival, which was June 4-6.
Debbie Brangenberg, executive director of Main Street, said the profit would be in the mid- to high $80,000s, depending on the amounts of outstanding bills.
Avila said the numbers are a tad below last year’s figures, but he attributed the difference to a 22 percent increase in expenses this year.
“Overall, we feel it was a pretty successful festival,” Avila said.
The profit continues a positive streak for the festival. In 2009, the festival, which is produced by the Main Street Association, made about $93,000, even though Main Street estimated it would break even.
The 2008 festival made $80,000.
The earnings came after an aggressive effort from the organizers to cut costs and make the festival pay for itself. In 2007, the festival lost about $46,000 and Main Street had to wipe out its rainy-day fund.
Now, the rainy-day fund has $50,000 – fulfilling one of the conditions from the Tupelo Convention and Visitors Bureau to continue its $50,000 sponsorship of the event.
Contact Carlie Kollath at (662) 678-1598 or carlie.kollath@djournal.com.