LONG RANGE PLAN CULTURAL FUND LONG-RANGE PLAN

The LRP for the Cultural Fund assumes that revenue grows incrementally at 3% through 2032. The Cultural Department already offers robust programming in shows, rentals and classes that makes the most of the space available at the PACE Center, the Schoolhouse and Ruth Chapel. Therefore, room for more programming and rentals is limited.

Not including Capital Outlay, expenditures assume the same 8% growth as the General Fund in 2023 and then tapers down to 4% in 2025. Personnel costs similarly taper from 7% to 5%, and health care costs increase by 10% each year. Capital outlay varies with the replacement needs at the cultural facilities. Although the expansion of PACE center is included in the Capital Renewal and Replacement Reserve Fund, new revenues and expenditures associated with the expansion will be included in this fund when the project is closer to being started in 2031.

The fund balance in the Capital Fund is adequate throughout the next ten years, thanks to robust demand for programming and strong cost recovery of Parker Arts programs. The transfer from the General Fund remains fairly consistent as a result.