LOUISVILLE, KY (WAVE) - At its monthly meeting Thursday afternoon, the Fairboard approved a financial audit that showed a $9,500,000 loss in fiscal year 2011-2012.
Board Chairman Ron Carmicle said about half of the loss was a result of the University of Louisville moving basketball games to the KFC Yum! Center and the closing of Kentucky Kingdom.
The Fairboard, which manages the state-owned Kentucky Exposition Center and Kentucky International Convention Center, has been struggling financially in recent years.
"Our challenge going forward is, you know, we're going to have to increase revenue," Carmicle said, "And we're going to have to do what all businesses do now is try to find out how we control expenses as a state agency."
Carmicle said there has been no communication with the State about the Kentucky Finance and Administration Cabinet's request for proposals for new operators at Kentucky Kingdom.
Also at the meeting, the Fairboard approved the contract of incoming CEO Clifford "Rip" Rippetoe. Carmicle said Rippetoe will be paid $250,000 a year, with $25,000 for moving expenses and a $25,000 per year travel budget. Rippetoe starts January 1, 2013.