Long Wharf's Balanced Budget Is Its First In Years
May 27, 2004 - The Hartford Currant - www.ctnow.com - Frank Rizzo
Long Wharf Theater in New Haven has its first balanced budget in years,
managing director Michael Stotts said at the organization's annual board
meeting Monday.
Severe belt tightening, long-term planning and fund-raising also resulted in
the elimination of its accumulated debt that at one time totaled $1.3
million.
Long Wharf can proceed with plans for its new theater in downtown New Haven
with a clean slate. It received some welcome news on that front, too. The
lease at its current location on Sargent Drive, along I-95, was due to
expire in 2007 - which would be cutting it close for the completion of a
major construction project. The lease has been extended to 2010 with an
option for another two years.
The other news is that the governor may be close to announcing state money
for the city for its development in the Ninth Square area, including the
relocation of Gateway Community College to the former Macy's building. There
may also be money for the demolition of the New Haven Coliseum, which is the
proposed site of the new Long Wharf Theater. There is no news yet regarding
state money for the construction of a new theater.
The theater's stable finances and elimination of the deficit, however, do
not come from a surge at the box office but in contributions from board
members, corporate sponsorships, foundation support and government grants.
While subscriptions remained steady, single ticket sales declined by 29
percent.