The AMS third quarterly report showed an increase in net contributions for most businesses and under-budget spendings for its expenditures, including Block Party.
The report was prepared by Interim VP Finance Amber Dhaliwal and focuses on AMS finances from November 2024 to January 2025. The release of the report was delayed and it was not presented until the AMS Council meeting on March 12.
The report showed the AMS investment portfolio having delivered a 3.32 per cent return this quarter, an increase from the previous quarter which saw a 2.31 per cent return.
The AMS’s three strongest performing business operations continue to be catering and conferences (C&C), Blue Chip and The Gallery. C&C had the highest net contribution of $1,017,714. However, the report said the department earned less in December and January than in November.
In a statement to The Ubyssey, recently-elected VP Finance Gagan Parmar said it only takes one or two bookings to noticeably change C&C’s projections versus actuals. He also said C&C limits its commercial bookings to 25 per cent to preserve the space for club and student use.
“We consistently direct attention to all our business operations to find ways to adjust and improve. Our staff are actively working on these areas on an ongoing basis,” wrote Parmar.
Blue Chip and The Gallery have also continued to perform well, earning $552,251 and $129,742 in net contributions, respectively.
“Blue Chip is performing pretty close to what we anticipated, and we believe it has room to continue growing,” said Parmar.
The report also highlighted the underperformance of Grand Noodle Emporium and Nourish. Grand Noodle Emporium’s net contribution was $8,804, approximately 4 per cent lower than its recorded net contribution last quarter, while Nourish remained at a deficit of $20,892. At AMS Council last night, it was also announced that Nourish will be closing on April 25.
“We are having regular conversations about this,” wrote Parmar. “We are continuing to monitor the data closely while also gathering feedback directly from customers. It is an ongoing process, and we are committed to finding approaches that work in the long term.”
The AMS Block Party, which happened on April 8, was at the time noted as being on track to be within its budget of $234,000.
“[The] Block Party is not intended to be a profit-generating event — it is intentionally subsidized so students can attend at a lower ticket price than they would pay for a comparable concert elsewhere. The AMS makes this investment as part of our commitment to campus and community life,” wrote Parmar.
The final expenditures of Block Party will be included in the next quarterly report.
Other expenditures, such as student services, AMS Council, executive and administrative branches and the communications department are within budget and on track for their financial reforecasts. Certain departments had higher hourly wage expenses due to the AMS Council’s approval of increased student staff hours. The largest expenditures were incurred by the HR, IT and administrative departments.
Notably, 10,112 interactions were recorded across student services. The AMS Food Bank was the busiest, having had 6,600 recorded interactions.
“It is a strong reminder of how essential these services are for student wellbeing,” Parmar said.
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