State Fair Finance Director Resigns, Amid Fear of Fair Nearing Bankruptcy
LINCOLN–(KFOR Nov. 22)–The Nebraska State Fair’s finance director has resigned, saying he fears the fair is near bankruptcy.
Concerned that “executive spending” has not been addressed, Patrick Kopke resigned after he told members at Friday’s board meeting the fair may be one year from bankruptcy. Kopke said he brought up concerns about not being able to control executive spending to members of the board, but nothing has happened.
Kopke also said the board has not consulted him enough regarding finances. Finance Committee Board member, Jeremy Jensen said the 2019 budget was flawed and there’s been too much finger pointing about how spending has gone wrong. He called Kopke’s comment “premature”.
According to NTV, Kopke explained a 13-year trend for the fair’s bottom line, with the last two years of the fair landing in the red. The following are year-to-date changes in net position:
- 2007: $729,626
- 2008: $751,926
- 2009: $542,546
- 2010: $108,517
- 2011: $506,983
- 2012: $834,414
- 2013: $932,979
- 2014: $454,655
- 2015: $634,218
- 2016: $597,398
- 2017: $819,787
- 2018: -$24,167
- 2019: -$1,675,930
Kopke said he wasn’t able to control Executive Director Lori Cox’s finances, saying she oversold the fair board on concert bundles. Cox said she’s made changes already for the 2020 fair, adding the costs for the concerts they’ve booked so far are lower. She said three or four of the nine expected concerts are already booked.
Following Kopke’s resignation, the board approved a new budget that will require cutting as much as half of the fair’s staff of about 20. Jensen estimated the savings from the new budget will be about $600,000.
Jensen, a former Grand Island Mayor, made a statement at the meeting:
“I really believe today is the single most important day for the future of the Nebraska State Fair in Grand Island. It shocks the hell out of me those expenses will come in under a budget that was approved by this board… the group collectively missed the idea of revenue, it was pie in the sky. I am sick to death of the finger pointing that goes on in this organization. I’ll be damned if I’m the guy from Grand Island who lets this event tank.”
The fair board’s next meeting is scheduled for Dec. 3.
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