Fargodome in Black

The Fargodome ended 2009 in the black, posting net income of $112,997, nearly $32,000 more than had been budgeted.

Fargo Dome Authority President David Suppes said the results were impressive, given the tough economy and losses tied to last spring’s flood fight.

“We’re pleased with the results,” Suppes said Wednesday after a dome finance committee meeting.

Suppes praised dome staff, saying expenses were $87,000 less than budgeted.

“Staff did a wonderful job” of cost containment, he said.

The dome had 109 event days, compared with a budget of 100 for the year. Attendance was 486,059 in 2009, 24,259 more than expected.

General Manager Rob Sobolik said community groups also made $90,000 by operating food booths at the dome — the highest payout ever.

While 2009 was good, under other circumstances it could have been huge.

It’s estimated the dome lost out on nearly $56,000 in revenue from a rodeo canceled during the flood fight, and $104,000 when three trade shows and two theater-set concerts didn’t materialize, financial statements show.

Football attendance was also down from years past, Sobolik said.

The dome had five major concerts in 2009: AC/DC, the Eagles, Elton John and Bill Joel, Kenny Chesney and Green Day. The Eagles and Green Day didn’t draw as expected, Sobolik said.

2010 appears to be off to a good start, with an appearance by comedian Jeff Dunham on Feb. 3, and scheduled concerts by Bon Jovi on March 13, John Mayer on April 8 and Nickelback on May 27, Sobolik said.

In other business, committee members discussed diversifying the dome’s investments to guard against inflation and losses in the value of the dollar.

The Fargodome Permanent Fund is 50 percent invested in stocks, 49 percent in bonds, and 1 percent in cash, records show.

The state Retirement and Investment Office says dome officials could shift some money from bonds to inflation-protected investments in infrastructure, timberland and Treasury Inflation-Protected Securities.

The stock portfolio could also be diversified from being all U.S. stocks, to one containing 25 percent to 40 percent international stocks, to hedge against declines in the dollar.

Helmut Schmidt is a reporter at The Forum of Fargo-Moorhead, which is owned by Forum Communications Co.

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