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December 6, 2013

RAGBRAI® executive committee breaks even

Knoxville — A final report on RAGBRAI®'s visit to Knoxville is being prepared, but it is already known that the executive committee "broke even" on the event. 

The Knoxville City Council set aside $50,000 for RAGBRAI, but the executive committee only requested - and reimbursed - the City $25,000. The committee had hoped to make a profit from the event, and use the excess funds for grants. 

"We kept money in the bank to pay all of our bills, including the $25k reimbursement check to the City," Committee Member/Assistant City Manager Dylan Feik said. "We also included a small reserve to cover costs for the year-end tax filing which will need to occur."

Feik went on to say that fellow Committee Member/Chamber of Commerce Executive Director Larissa Van Donselaar is working on a final report to share with the community. This should be completed soon. 

The City did not incur costs for goods, materials, etc. because those items were paid for by the Overnight, LLC which was funded by RAGBRAI revenues, vendor fees, t-shirt sales, beverage garden sales, etc. Feik said he could try to provide estimates regarding staff costs related to the time put in for planning and executing RAGBRAI. 

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