Mike Olesen, Westerner Park CEO (rdnewsNOW file photo)

By Sheldon Spackman

seeking a Better Path Forward

Westerner Park CEO cites lessons learned from financial audit

Oct 7, 2020 | 2:17 PM

Westerner Park officials are confident that lessons learned from a forensic audit of its finances will put it on a more sustainable path moving forward.

CEO Mike Olesen says there were no surprises coming from the audit, presented to city council last week, but notes the fact that no fraudulent activity took place was a key finding.

“A number of our financial processes haven’t been good enough in a while and that’s been verified by Deloitte (auditor) and their work,” suggests Olesen. “So it’s an important time to validate where we’ve come from so that we have the ability now to move on.”

From a governance perspective, Olesen says Westerner Park is now working on core processes, measures of control, and oversight for the board as to how operations are being run.

“Simple standards like what are expected reports, timing of reports, how we manage risk and what our risk appetite is on anything new as well,” he explains. “I think that’s the key lesson – that our business case estimates didn’t come to fruition. So we always need to challenge the filters that you’re putting things through as a result when it doesn’t turn out the way that you had hoped.”

no flag or crosswalk requests received

Didsbury citizens' group vehemently opposed to proposed 'Public Spaces Neutrality Bylaw'

3h ago

makin' stuff up!

Thurber improv team wins regionals, will head to Ottawa

4h ago

travel occurred march 10

Measles exposure reportedly travelled from Calgary to Red Deer, Edmonton and Grande Prairie

5h ago

Olesen notes the construction of Exhibition Hall and Westerner Park’s contract with the CFR (Canadian Finals Rodeo) as examples of that.

“A non-profit getting into a level of debt to that degree without having any funds raised or doing any formal fundraising effort is unusual. Now the basis of that decision at the time was the estimates from a business case on what we could do. If those things had come real and to fruition, we wouldn’t be having this conversation but on the other hand, that’s always a challenge for a non-profit to service that debt without assured revenue.”

Olesen says Westerner Park is currently in talks with the Canadian Pro Rodeo Association (CPRA) to establish a new contract for the CFR, which hopes to resume in 2021.

“The Canadian Pro Rodeo Association is very supportive of Westerner Park and the partnership with the Chamber to run the event and recognize that they need to have the model adjusted so that it is more reflective of the market size that we’re dealing with,” adds Olesen. “We’re renegotiating our contract so that it’s at a more appropriate level to what the event can tolerate from a financial point of view.”

In the months that lie ahead, Olesen says Westerner Park will be more proactive in controlling its own destiny.

“We’ll be evolving more into the space of developing events and partnering with various groups to have events created here, versus just landing in Red Deer – getting more involved in the conversation around bringing things to Red Deer, versus waiting for it to happen.”

One thing visitors will notice when they return to Westerner Park is the removal of parking fees.

“Basically, we would pursue a much smaller facility fee on tickets per person, versus charging per car, which would be a less expensive impact to the guest. It really just allows a lot more free-flowing experience through the gates which is the first experience we want people to have.”

Olesen concludes that COVID-19 and the financial audit have given the organization a chance to redefine and re-invest in itself – noting staff numbers now around 20 due to the pandemic.

“We were falling behind as an organization for quite a while and we needed to adapt,” admits Olesen. “Crisis teaches you a lot of things and it can force a lot of change that’s really needed to happen, so we’ve made a lot of fairly aggressive changes here that I think will serve us well into the future.”