I've never been on a club board, but have some ideas.
I assume new members would help.
Form a Synchro team! It's very popular. People will join your club to join your team. Plus, it encourages social group interaction, which might be a little helpful. Just make sure the club doesn't have to support the team.
One local club gets a lot of money from putting on a show, but like someone else said, there are risks.
Ask local coaches whether they want to give free 15 minute group lessons on club ice. Benefits skaters and coaches, and attracts skaters. Some clubs pay coaches a little for this, but you possibly can't at first - it's an opportunity for coaches to build up clientèle for the future paid group lesson that only costs them time. Hard to guess how various coaches will respond.
If you have a competition, ask local hotels if they will give you a kick back if you mention an official hotel in the competition ad. Charge a little for vendor tables - but be sure to get the rink pro shop's OK (they may want a percentage to offset loss of sales), and don't charge too much - many competitions have priced themselves out of the vendor market, which means your skaters don't get a chance to be fit by expert boot people, or buy stuff. Be sure to contact boot and blade companies, and the gypsies who sell at competitions.
Sell club club jackets, tee shirts, club jewelry, key rings, and other silly trinkets.
Advertise! Find cheap ways: Ask the rink to let you post fliers and put up a bulletin board. Exchange adverts with local social and ballroom dance places, community centers, gyms, health clubs, and pools.
Send members around to homes and hand out fliers and one-session $1 discount coupons.
Press releases and weekend activity announcements to local newspapers and broadcasters cost nothing.
If your kids are supposed to talk about what they did for summer vacation, find a way to bring the club into the presentation.
Invite broadcasters and reporters to watch your sessions and write an article.
Encourage club members to wear those club tee shirts and jackets while not skating!
Invite skating judges to provide comments at specific sessions. Some judges love to give advice, and many skaters and coaches love comments, and will come. I've seen it work with one club. But you may need to pay driving costs.
I'm unsure of this, but if you invite politicians to speak, they may help fund organizations that listen to them, and they may mention your club to people who want more community activities.
Done cheaply, you hardly need budget for advertising.
It's extremely important that virtually all of the local certified coaches know of your sessions, so they will come and bring students. Don't be too selective on coaches.
Oh yes!!! Invite the hockey team to skate on club sessions.