CanadaCredit and BankingDebtReginaRegina GymSteve ComptonYMCAYMCA DebtYMCA Regina

Regina YMCA hosting information session as debt passes $5M

By June 13, 2019 No Comments

The Regina YMCA is dealing with financial challenges and they are hosting a meeting next week to keep members and staff up-to-date on what’s happening at the community organization.

Regina YMCA CEO Steve Compton said recent costs, like a roof replacement at their downtown facility and boiler repairs at the northwest Y, have contributed to $5.2 million in long-term debt.

The upcoming June 19 meeting will provide details on what’s next for their financial plan, following the Y’s annual general meeting in January.

Story continues below

“We had a tough year, and we’d posted some fairly significant losses as an organization,” Compton said. “The request we got back from members was to keep them informed on how we were going to adjust, and correct and be a sustainable Y now and into the future.”

At the meeting, YMCA leadership will update members on their work over the past few months. Compton added they want to get member feedback and input on potential measures for the future.

READ MORE: ‘A sad day in Moose Jaw’: YMCA set to close its doors at the end of June

According to Compton, members have been asking questions about what fitness facilities are seeing the most use, program usage, and what the future direction for the Y is.

The Regina YMCA has around 10,000 fitness facility memberships, which allows clients to use any of the three Ys. Compton said this represents a flat membership, which has held for the past few years.

This is attributed to a competitive fitness market, but the lack of decline is a positive sign for Compton who sees it as a signal people still want to support the Y.

READ MORE: 100s of written submissions given to city in opposition of proposed gym rules

There are also 450 licensed childcare spaces, which Compton said are almost always full.

Compton added community programs at the Y are supported by grants, foundations and donors.

The Regina YMCA is not alone in fiscal challenges. The Moose Jaw YMCA announced it will be closing at the end of June.

When asked if members should be concerned heading into the meeting, Compton said that’s not the case.

“I don’t know if I’d use the word concern, I’d say interested. What we’re hoping is that people will come out and we’ll hear firsthand where we’re at, where we’re going and how they can participate and contribute going forward,” Compton said.

The information session is scheduled to take place at 6:30 p.m. on June 19 at the YMCA’s downtown location.

With files from Global News’ Allison Bamford

Read More…