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HomeMy WebLinkAbout04/15/2026 - Meeting Materials (4) *Only material changes of—$1500 plus are noted, additional detail in spreadsheet. *All changes in State and County general operating funds were adjusted to balance budget. ART BARN: REVENUE: n/a EXPENSE: Utilities lowered from $7500 to $6200 based on lower projections. Salaries and Wages lowered from $2500 to $1000 based on lower projections Other/Questions?: no material concerns, we expect to reach rental revenue projections. BUSKEK: REVENUE: n/a EXPENSE: eliminated use of fund balance due to successful fundraising for other programs and shifting general operating funds here. GRANTS: REVENUE: carried over$6705 from FY25 for usage in contribution from fund balance (to be expended on grants) EXPENSE: Grants added $6705 to expend in Project Support Round 2 to expend (may roll to FY27) GENERAL&ADMIN: REVENUE: Eliminated use of fund balance due to successful fundraising for other programs. EXPENSE: Contracted Services increased $4,000 based on projections. Insurance reduced from $9,700 to $7,2000. Moved event insurance charges and policies to programs they are associated with. REVENUE: Increase projections of interest income from $32,000 to $44,000. Creates profit in this category. MONDAYS- REVENUE: n/a EXPENSES: Eliminated use of fund balance due to successful fundraising for other programs. LIVING TRADITIONS: REVENUE: Corporate revenue increased from $50,000 to $87,850 Foundations increased from $25,000 to $40,500 In-kind income increased to $140,000 based on FY25 actuals Individuals increased from $3,000 to $8,000 based on an individual donor. Beverage Sales reduced to $35,000 goal from $40,000 due to excess income. Federal income increased from $30,000 to $135,000: This includes $50,000 NEA direct grant, $30,000 from the Smithsonian, and $50,000 passed through from NEA to Smithsonian, $10,000 from Utah Humanities pass through from Smithsonian. State income increase of$25,000 for one time grant from Utah Division of Arts & Museums EXPENSES: Contracted Services reduced from $65,500 to $60,500 which comes from moving an expense to Equipment Rental. General Insurance added $3,500 for individual event policy. Advertising and Publicity increase from $13,500 to $38,500.00 due to Smithsonian headliners, traveling acts, and 40th anniversary promotion. Equipment Rental increased projected equipment costs from $156,250 to $165,000 due to high caliber touring act requirements. Food & Beverage increased from $3200 to $5000 for increased staffing, volunteers etc. Honoraria and Artist Fees increased from $90,000 to $170,970 due to increased headliner costs per Smithsonian partnership. In-Kind Good &Services increased to $140,000 due to FY25 actuals. Payroll taxes Increased from $6,836 to $8,250 due to YTD forecast for additional staffing. Reduced Permits & Licenses from $22,030 to $16,030 due to SLC gov permit no longer needed. Salaries and wages increased per Smithsonian partnership/40th anniversary needs from $86,500 to $102,980. Supplies increased from $5,500 to $17,150 for additional one-time costs such as tables/chairs, umbrellas, site improvements. COMM OUTREACH: REVENUE: n/a EXPENSE: Honoraria &Artist Fees reduced from $2500 to $1100 for postponement of Mayor's Artist Awards to FY27. Some fees added to payjurors for Poet Laureate program. PUBLIC AR7: Verify 14K with Finance Directorgoes in In-Kind here. Pending. REVENUE: In-Kind SLC Dept Operations increased $14,000 with City Council allocated funds for district projects. Corporate income increased to $2,000 of GFiber grant we received for general operating. Foundations added $5,000 from Price family funding end of year gift EXPENSES: Contract services increased $21,000: $7,000 for project manager for City Council and $14,000 in project funds. \/ICIIAl ARTS: REVENUE: Corporate income increased based on $3,000 of GFiber grant added. Commissions increased from $5,500 to $17,000 based on increased art sales. EXPENSE: Commissions to artists increased to $13,250 based on percent of sales to artist—70% Contracted Services reduced based on elimination of Springboard for the Arts Professional Development Series substituted with Poet Laureate program from $9,200 to $5,250. WAKE REVENUE: Foundations increased $30,000 for new support *Foundation line items funds shifted to Contribution from Fund balance because funds were previously from foundations in FY25, but considered restricted fund balance in FY26. Contributions from fund balance: In 2022 the Arts Council restricted $160,000 from the fund balance to Wake. In 2024 we used $21,518 towards the project prior to receiving any other funding sources. The remaining funds, $138,482 are budgeted in FY26 after all other revenue sources have been expended. Additionally, added 60,000 of Foundation funds that came in from FY25, as well as 747,089 from Bloomberg that was qualified as restricted fund balance is here rolled to FY26. EXPENSE: Contracted Services increased to $881,081 from $865,119. Miscellaneous charges in Wake reflect event related charges. Increased from $7,711 to $38,211 due to donation for VIP party from Stewart Family, and reallocation from other budget reductions. Permits & Licenses increased to $8,000 to properly categorize cost recovery fees for Memory Grove. Salaries &Wages increased due to hiring of event staff outside of Cornerstone Contract from $3,415 to $10,650. Supplies increased to $6,215 from $1,715 and contingency was reduced elsewhere. 'AlILIGHT: REVENUE: Corporate funds increased $5,000 of GFiber Grant received. Foundation funds decreased from $5,000 due to not receiving Eccles grant. Eliminated usage of contribution from fund balance. Ticket Fees increased from $8,600 to $15,000 for 2025 Twilight YTD Actuals. OTHER/ALL: HIGH LEVEL NEW INCOME IN THIS AMENDMENT Google 20K Added Price family Foundation year end gift 5K Added Stewart Family Foundation 20K Added 14K In-Kind SLC Council Funds for small public art projects. Increased County ZAP projections from $200K to $215K Increased Contributions for Living Traditions from $167,800 to $276,350. Gov funding from $123,266.08 to $252,223.12. Increased interest income from $30,000 to $44,000 based on YTD projections. Restricted Bloomberg fund balance rollover.