Memo -HCA
August 19, 2005
TO:
FROM:
RE:
Hopkins City Council and City Manager
Susan Hanna-Bibus, Hopkins Center for the Arts, Inc.
2004/05 Annual Report
Our report on August 23 will consist of the following:
Brief review of 2005/06
. overview of programming and number of people served
. financial struggles resulting from poor ticket sales to the mainstage concert series
($20,000 under projections)
Assessment of our financial challenges
· current position - net cash position of -$31 ,546
. progress towards a special fundraising goal of $30,000 to get out of debt
. financial strategies for the coming season including program refinements, revised
marketing strategy, sponsorship campaign, gala fundraiser on October 1 - strategies that
together address increasing earned income, contributed income and managing cash flow
Proposal to the City of Hopkins
· defer payment of overdue space usage fees in the amount of $10,287 and revenue
sharing amounts of $6,665 to January, 2006 at which time we pay them off at the rate of
$575 per month
. we continue to make current year payments on time