Arlington Heights officials praise Metropolis' finances
The Metropolis Performing Arts Centre earned rave reviews of its finances this week from Arlington Heights officials, who now can sing a different tune about the downtown theater than they have in the past.
"I don't know where to begin. I've said that before, but this time, it's good," Trustee John Scaletta told theater officials at a village board budget meeting Wednesday night. "It's a pleasure to read your financials. ... You're in the black."
The Metropolis staff was able to paint a much brighter financial picture as part of its annual budget presentation to the board, reporting that ticket revenues have increased 30 percent from two years ago, while five of the last six shows have shown a profit.
The recent production of "Ring of Fire - The Music of Johnny Cash" was tied for the theater's largest show for ticket sales and revenue, matched only by "High School Musical" several years ago, according to Steve Daday, Metropolis' board president.
Theater officials are projecting to finish 2016 with a surplus of about $1,200. That will help reduce the theater's negative cash balance to about $71,300 by the end of the year, officials said.
What helps the theater, village officials believe, is an annual subsidy funded through village food and beverage taxes.
A 2015 study showed Metropolis brings $3 million in direct spending to Arlington Heights and that some amount of public funding would always be needed for the venue to succeed.
With that in mind, trustees agreed to include $469,000 in the village's annual budget for Metropolis.
That includes a $255,000 operating contribution (a $5,000 increase over last year), $51,000 to put toward a restricted reserve account controlled by the village (a $1,000 increase), and $163,000 for capital projects (a $4,420 increase).
Some of the capital projects include $37,000 for stage lighting, $35,000 on equipment replacements, and $35,000 to replace or refurbish seats.
Daday said the theater will be focusing on starting a performing arts school for toddlers while trying to get more sponsors and community donations.
"We're thankful for the village's support, collectively and individually," Daday told trustees.
Profit: Arlington Heights boosts theater's funding