The 2018 Lincoln Christmas Market has made a £54,160 profit – the highest recorded in the past eight years – but it’s less than what the council expected.
The event organised by the City of Lincoln Council was forecasted to return around £145,680.
But it incurred combined additional costs and marked a reduced income of £91,520.
Reports over the past seven years put it as the highest profit the event has made, with only 2016 making a £10,282 profit.
The figures come from a £615,990 income, £25,040 less than the £641,030 expected.
It includes £431,250 brought in by the 180 stalls this year’s market, which is £35,760 below the budget hoped for. The report puts this down to a freeze on stall fees, which averaged at £2,395 per stall.
The Park and Ride scheme, which saw 6,827 cars parked up, brought in £103,880 against a target of £126,710.
Officers blame a combination of reduced parking income – which it partly puts to the success of the central multi-storey car park – and a freeze in prices.
The council spent £561,830 on the event, compared to its aim of £495,350 – an overspend of £66,480.
The additional spend is put partly down to its success, extra cleaning, security and waste collection.
The report says the total contracted cost 2018 was £414,790.
However, staff costs for this year’s event came in £5,100 under-budget.
A council report concludes: “Lincoln Christmas Market continues to generate an economic turnover in the region of £14 million including an estimated spend into the local economy of in excess of £2.5 million.
“Events are well recognised as being increasingly essential in supporting the economic viability and the vitality of communities.
“The Lincoln Christmas Market continues to be Lincoln’s flagship annual event with towards 250,000 visitors over just four days but sits amongst a rich portfolio of events provided by the public and private sector.”
Here are the figures from the past seven years.
- 2010 – £266,000 loss (cancelled due to bad weather)
- 2011 – £113,000 loss
- 2012 – £102,850 loss
- 2013 – £83,000 loss
- 2014 – £64,850 loss
- 2015 – £60,811 loss
- 2016 – £10,282 profit
- 2017 – £53,750 loss (last day cancelled due to weather warning)
- 2018 – £54,160 profit
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