The Regina Exhibition Association Limited has formally presented a decreased budget request to Regina's city council, signaling a positive shift in the organization's financial trajectory after years of instability.
Budget Reduction Reflects Financial Progress
During Wednesday's council presentation, REAL's board detailed their request for $10.8 million in operational funding for both 2026 and 2027. This amount represents a notable decrease from the organization's 2025 budget allocation, demonstrating their commitment to fiscal responsibility.
The municipal entertainment district had previously received $11.2 million from the city last year, which doubled its 2024 grant amount. This came after the organization received $15 million in additional top-up funding since 2023 to address ongoing financial challenges.
Projected Surplus Marks Turning Point
According to REAL's official report to city council, the organization is forecasting a surplus of $394,000 by the end of 2026. If achieved, this would represent REAL's first profitable year since 2021, marking a significant milestone in their recovery efforts.
Board member Christine Short emphasized that the reduced budget request directly reflects REAL's stabilizing financial situation. "REAL is not restarting. We are accelerating, building on the momentum of the past year, to ensure continued operations stability and meaningful community impact," Short told council members.
She expressed confidence in the organization's direction, stating, "We are confident 2026 will mark another year of steady progress."
Future Financial Planning and Challenges
REAL's leadership also presented an optimistic scenario for 2027, suggesting a potential further reduction to $7.8 million in operational funding, contingent upon successful revenue generation initiatives. Chief Financial Officer Jordan Sleightholm indicated this would depend on the organization's continued efforts to improve profitability.
The financial outlook shows improvement in REAL's debt management, with Sleightholm noting that debt burden will decline in 2026 as the organization continues repaying loans using city subsidies. According to Chief Financial Officer Daren Anderson, the city will carry $22 million in outstanding debt on REAL's behalf at the end of 2025.
However, significant challenges remain. The budget request includes $2.2 million in capital funding, with $1.2 million allocated for turf replacement at the AffinityPlex and $1 million for boiler upgrades and facility improvements.
Sleightholm acknowledged that REAL has not budgeted to address the $32 million in deferred maintenance across its facilities. This figure is projected to grow substantially, potentially reaching $60 million within five years and escalating to $392 million over the next 70 years.
When questioned by Ward 10 Councillor Clark Bezo about REAL's five-year outlook, Sleightholm admitted that leadership is not currently projecting financials that far into the future, focusing instead on immediate stabilization efforts.
