call CAl trash-can audio wheelchair right-chevron headphones tickets left-large-arrow facebook space cart pin video-resource-button sensitive-content atm youtube left-chevron plus wifi search eye instagram group backward right-large-arrow chevron-up wheelchair-3 traffic-sign baby-stroller mouse chevron-down twitter clock money cheers magnifying-glass calendar blog pdf-file-icon pin-map pause forward mother right-arrow left-arrow minus cart-with-number silverware Lifted Logic Web Design in Kansas City clock location phone phone-alt play chevron-down medium-chevron-down chevron-down-thin chevron-left chevron-right chevron-up facebook checkbox checkbox-checked radio radio-selected instagram google plus pinterest twitter youtube send linkedin close down-arrow rewind fast-forward thin-plus information elevator restrooms transportation up-arrow pencil

Announcements

For The Fifth Year In A Row, Union Station Is In The Black

BY MATT CAMPBELL : THE KANSAS CITY STAR
03/10/2015 4:45 PM | Updated:03/10/2015 7:28 PM

Union Station lost money for years before embarking on a new strategy that involved maximizing lease revenues and eschewing exhibits and projects that are not likely to be profitable. FILE PHOTO

Thanks in large part to King Tut and a 100th birthday bash, Union Station ended 2014 with a cash balance of more than $4.3 million before depreciation.

It was the fifth year in a row the once struggling operation enjoyed a surplus — and the largest one yet.

“We had an excellent year,” said Jerry Baber, executive vice president and chief operating officer at Union Station. “We’re very happy.”

The station’s core operations were more than $1.6 million in the black. Much of that was attributable to the popular King Tut traveling exhibition.

But the station also received about $1.1 million over expenses in connection with the centennial observance last year. Most of that money will go into a preservation and maintenance account.

In addition, Union Station raised about $1.6 million toward a capital improvement project expected to begin construction this year. The project, which includes $2.25 million in state tax credits, involves a pedestrian and vehicular bridge between the west end of Union Station and the existing garage, a new entrance to Science City and other improvements.

The station also saw a significant increase in lease revenues in 2014.

Union Station lost money for years before embarking on a new strategy that involved maximizing lease revenues and eschewing exhibits and projects that are not likely to be profitable.

To reach Matt Campbell, call 816-234-4902 or send email to [email protected].

Source: The Kansas City Star