A big financial risk taken by the state is turning out to be a big financial burden. For the fourth straight year the state-owned Honey Creek Resort has failed to meet its financial obligations.
A state audit shows the resort had $5.91 million dollars in revenue and $5.72 million in expenses.
While the numbers may show that the resort made money, it didn’t actually make enough to cover the bond payments and management fees it is required to pay. The state originally issued more than $33 million in bonds to pay for the facility.
Their shortage means funding for conservation projects across the state had to be taken away.