The 2015 financial statements for Portage Regional Economic Development have been released. The statements show the organization brought in $306,099 in revenue, $65,759 more than what the board had budgeted. The largest contributions to the organization's revenue were funding from the RM and City of Portage, equating to $222,370 of their budget. 

Despite more revenue than expected, PRED still ended the year with a deficit of $19,719. Board Chair Roy Tufford says while some of the deficit relates back to Central Plains Inc -- the economic development organization before PRED -- the main reason for the deficit was their decision to host the rodeo during last year's Portage Ex. 

PRED Chair Roy Tufford

"It cost significantly more than the revenue that we got out of it to offset that. The spin-offs to the community were probably huge with the amount of extra people in the area, but it did lose some money, so that's why we're sitting at the $19,719 deficiency."

Tufford says the deficit didn't really come as a surprise, noting their 2015 budget indicated a planned deficit of about $20,000. He notes they were close to the budgeted amount, adding as an economic development agency, it's never their focus to bring in major profits.

With guaranteed funding coming from THE RM and City Councils, Tufford says those on the Board aren't too concerned about the deficit. He notes they're not expecting any major changes to the funding they receive, adding they're looking forward to setting a new course for the organization in the near future.

"Of course, each of our organizations budgets separately as to what it's going to contribute to PRED. I don't think there's any concern right now that we're going to cut that back or change it significantly. We'll let the new executive director get in place, and make some recommendations about what types of things they'd like to see going forward, and we'll set a course and do it."

Tufford says they're apologetic it took this long to release the financial statements, but says they had some items to take care of prior to their release.