Regina city council approved the Regina Exhibition Association Limited’s (REAL) $4 million loan request to help pay down its line of credit.
During a special council meeting on Tuesday, REAL’s acting president and CEO Roberta Engel gave an overview of the organization’s financial struggles, noting that REAL’s operational profits started to decline as early as 2015.
“By 2019, [REAL] had reported a decline of $1.7 million. This decline in operation profit accelerated with the onset of the pandemic, and by 2024 had accumulated a total of $13 million in operational losses over 10 years,” she said.
“This shortfall is required because real will very soon maximize its line of credit and can no longer fund its operating losses with debt.”
REAL’s $4 million funding request report was first presented at an executive committee meeting at the end of September, Executive committee ultimately recommended that Regina city council approve the request.
During Tuesday’s meeting, Ward 4 Coun. Lori Bresciani asked what would happen if the …