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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 22, 1991 <br />SUBJECT: ArtsCenter Appropriation <br />DEPARTMENT: County Manager <br />ATTACHMENT(S): <br />ArtsCenter correspondence <br />and Business Plan <br />3 <br />Action Agenda <br />Item No. "- <br />PUBLIC HEARING YES: NO: X <br />INFORMATION CONTACT: County Manager <br />TELEPHONE NUMBER- <br />Hillsborough <br />- 732 -8181 <br />Chapel Hill <br />- 968 -4501 <br />Mebane <br />- 227 -2031 <br />Durham <br />- 688 -7331 <br />PURPOSE: To consider the appropriation of funds held in escrow to the <br />ArtsCenter. <br />BACKGROUND: During the 1990 -91 fiscal year there are three aspects of <br />County funding related to the ArtsCenter. <br />1. The County currently leases space from the ArtsCenter for the <br />Department on Aging. The annual cost of this lease is $13,632. <br />2. The County appropriated an additional $3,000 to the ArtsCenter as a <br />one time market adjustment to the monthly rent related to the lease <br />mentioned above. This appropriation was paid in $1,000 increments <br />for the first three months of the fiscal year. <br />3. The ArtsCenter was also granted an appropriation of $5,000 for <br />operational support. <br />When these appropriations were made staff was instructed to place the <br />$5,000, as enumerated in number 3 above, into an escrow account until the <br />County was provided with the following information: <br />A. Annual Audit Report on the ArtsCenter's fiscal operations. <br />B. An Annual Budget for the 1990 -91 fiscal year. <br />C. A Business plan outlining the ArtsCenter's strategies for the <br />future management of fiscal operations and repayment or <br />restructuring of debt. <br />The County has received all of the required information mentioned above. <br />The Board of Commissioners were provided with copies of the Annual Audit <br />Report and an update on the debt situation in November 1990. Copies of <br />the Draft Business Plan, which includes current year budget information, <br />were also presented and are being provided for the Board's review. <br />The ArtsCenter's Draft Business Plan contains information on each of it's <br />programs which outlines how these programs will become self <br />supportive. The plan also details the Center's fundraising strategies. <br />Finally, the plan contains a financial management and debt service <br />section which provides information on improvements made in overall fiscal <br />control, as well as, objectives and strategies for management of the <br />Center's debt. <br />