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Marika Anderson, Director of Finance for the Morris Performing Arts Center, stated, The goal of <br /> the Morris is to be the premier performing arts and banquets center in the region and to serve as <br /> an economic catalyst. This can be counted by the economic impact as well as the frequency of <br /> diverse events throughout the year. We improve the quality of life and foster a historic <br /> preservation of the community. The Morris is recognized as one (1) of the best rental venues in <br /> the nation. We use different funding sources to reach our goals. The 2018 budget reflects the <br /> total revenue of almost $1.5 million from the General Fund#101. It also reflects a budget <br /> revenue of$166,500 as a combination from three (3) separate non-reverting Funds. Those Funds <br /> are Fund#273 which is the Marketing Fund, Fund#416 which is the Morris Capital <br /> Improvement Fund and Fund#450 which is the Palais Historic Preservation Fund. Fund#416 is <br /> used by the Morris for their capital needs and does not receive any funding for its capital needs <br /> from the General Fund. The Palais Royale Capital Budget request this year is only for fifteen <br /> thousand dollars $15,000. There are no major staff changes. We are striving to continue and <br /> increase our strong economic impact on South Bend. The last study done showed the proposed <br /> economic impact of the Morris being approximately$20 million. 2016 was a stellar year because <br /> we were in the black to the tune of$420,000 and that is just simply unheard of. We finished <br /> updating the Morris and Palais websites and this will hopefully drive more commerce. The Palais <br /> Royale is the premier banquet eating facility in the region. We are building for success and are <br /> looking for a wide variety of events. In 2016 Palais Royale also had a record revenue as it <br /> surpassed 2015's revenue by over$21,000. We have finished the digital display project located <br /> under the Morris marquee. Our goal is to continue providing the wide variety of events and to <br /> remain the prime site choice of all entertainment needs of our community. The VPA merger is <br /> expected to reduce overall expenditures while also increasing revenues. <br /> Aaron Perri, Executive Director of Venues Parks &Arts with offices at 321 E. Walter Street, <br /> stated, Fund#274 is a new Fund this year. It is proposed as a self-promotion Fund by taking one <br /> dollar($1) on each ticket sold. We already have the surcharge of three dollars and fifty cents <br /> ($3.50). Typically one (1) of those dollars goes into the Fund#416 for capital repairs and the <br /> balance returns to the General Fund. We propose taking one(1)more dollar off the balance and <br /> putting it into Fund#274. The idea is to enable us to bring in larger shows that historically <br /> wouldn't enter our size market or shows that we are missing. By doing a market-gap analysis we <br /> can find types of shows that we aren't providing for the demand of our certain target markets. <br /> Ms. Anderson continued, In response to resident feedback, the Morris staff has been working to <br /> book more of a variety of events. <br /> Mr. Perri followed up, Both with the Morris and Palais,there are no sweeping changes to their <br /> budgets. <br /> Committeemember Williams-Preston asked, What do you think made the difference on revenues <br /> this year? <br /> Mr. Perri replied, We had two (2)blockbuster shows in one (1) year and we also switched <br /> catering providers. <br /> 5 <br />