Officials at the Alex Theatre are reevaluating their long-term strategic plan for the historic venue, which has been relying heavily on its reserves as it copes with an uncertain future.
The theater was shuttered for three months at the beginning of the year due to renovation work, severely impacting hurting revenues for Glendale Arts, the nonprofit that manages the venue.
“In short, the third quarter of the fiscal year was challenging,” according to a letter to the City Council this week from James Wilke, chairman of the Glendale Arts Board of Directors, and Interim Chief Executive Elissa Glickman.
They went on to note that the financial challenges have prompted officials to review long-term plans and income streams.
Glendale Arts spent all of a $415,000 annual city subsidy by the end of March, about three months before the end of the fiscal year. At the same time last year, the organization retained $74,000 of the so-called management fee, which the city will cease paying in 2015.