More money from the tickets you buy at the Sid Williams Theatre will now go to help the theatre in its daily operations.
Courtenay council voted Monday that the current ticket surcharge allocation — 50 cents of every $2 — be redistributed from an endowment fund to day-to-day theatre operations and that the Sid Williams Theatre Society have the discretion to contribute to an endowment or foundation fund depending on its financial capabilities at year end.
As well, council gave the Sid Williams Theatre approval to use the banked endowment funds of $34,337.50 generated from the ticket surcharge in the past two years to assist with general operating costs.
In May 2000, council approved a resolution that allowed the theatre to increase its ticket surcharge from $1 per ticket to $2.
Of that, 75 cents went to the Sid Williams Theatre for day-to-day operation, 50 cents was held in trust to establish a long-term endowment fund, 50 cents went to the City of Courtenay to assist with utility costs, and 25 cents went to the City to be held in reserve for purchasing capital equipment, community services director Randy Wiwchar and financial services director Tillie Manthey explained in their letter to council.
In 2008, the Sid Williams Theatre Society contributed $172,000 to the Comox Valley Community Foundation, and this was matched with a $140,000 contribution from the Vancouver Foundation.
The agreement between the society and the Comox Valley Community Foundation does not require that further funds collected under the ticket surcharge program be deposited with them, according to the report.
The Sid Williams Theatre board wishes to use the endowment portion of the surcharge to assist with day-to-day operations and to have the flexibility as a board to make further contributions to the Comox Valley Community Foundation although there is no commitment or expectation that an annual contribution be made, they noted.
“They’re looking at different ways of increasing their operating budget,” Wiwchar told council. “They’re looking at different ways of improving their revenues.”
The ticket surcharge has been in place for many years, and a significant endowment fund has now been set up.
“Really, the intent of the decision back in 2000 to set aside a little bit for the endowment has been done, and now they’re looking at increasing their operating budget,” said Wiwchar. “They feel they could utilize that revenue for operations.”
Councillors supported the theatre board’s request.
“You look at why this thing exists, and now time has marched on, things have changed, and this sort of change just makes sense to me,” said Coun. Jon Ambler. “It’s no startling revelation. I think it’s going to contribute to the (theatre’s) vitality.”
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