The Estevan Bruins ran a deficit of more than $60,000 last season, it was revealed at the team's annual general meeting on Wednesday.
The total deficit for the fiscal year ending April 30, 2011 was $61,519, with that largely coming from increased regular season expenses, including a ballooned stick budget.
Part of the shortfall was also attributed to the dismissal of head coach Karry Biette in January, resulting in increased salary expenses.
Another factor was the team's underachieving on-ice performance last year, which resulted in a trickle-down effect for various sources of revenue.
Stick costs went from an abnormally low $7,335 in 2010, attributed to getting "a great deal" on them, to an exorbitant $52,011 last year.
Bruins president Jeff Pierson acknowledged that the costs got "out of control", with new head coach Keith Cassidy saying he'd "never heard of a stick budget like that in my entire life."
This year's stick budget is $30,000.
It was noted that the financial statements do not reflect the new and increased revenue streams opened up by the move to Spectra Place, nor the possibility for future revenue growth created by the team's on-ice success this year.
"I probably would be more troubled by it if I didn't know we've made such a huge turnaround on the financial side, with the increased season ticket sales and our new 50/50 and increased board revenue and everything that goes along with that," Pierson said.
"If we were sitting with that kind of deficit with no answers to it, the hockey club would have a lot to worry about."
The Bruins also welcomed two new board members. Cory Prokop and Randy Bye were elected to a pair of vacant positions, with Kim Anderson stepping down at the expiry of his term.
Pierson and Chad Saxon agreed to new two-year terms as president and vice president, respectively.
Please see the Nov. 16 issue of The Mercury for more on this story.
