In the Calendar Items sheet, simply change the Time heading to whatever you want. Then go to the name manager and change CalendarItemTimes to whatever name is appropriate.
I used named ranges because they make it easier to read the formula (and the named ranges include a formula for dynamic growth), but if you want to avoid naming each column then change the formula from this:
=IF(ISERROR(A6),"",INDEX(CalendarItemDescriptions,A6) & " - " & TEXT(INDEX(CalendarItemTimes,A6),"hh:mm am/pm"))
to this:
=IF(ISERROR(A6),"",INDEX(CalendarItems,A6,2) & " - " & TEXT(INDEX(CalendarItems,A6,3),"hh:mm am/pm"))
Notice that Index is now accepting a column number. The CalendarItems named range is the entire table of Calendar Items, rather than a single column. So, you need to give it the appropriate column number.
***Edit***
I just re-read your post and understand what you are asking.
Change this formula:
=IF(ISERROR(A6),"",INDEX(CalendarItemDescriptions,A6) & " - " & TEXT(INDEX(CalendarItemTimes,A6),"hh:mm am/pm"))
To this:
=IF(ISERROR(A6),"",INDEX(CalendarItemDescriptions,A6) & " - " & TEXT(INDEX(CalendarItemTimes,A6),"$#,##0.00"))
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