Jan 11, 2009 6:04 pm US/Mountain
Denver Art Museum Cuts Budget 12 Percent
DENVER (AP) ―
The Denver Art Museum is cutting its fiscal 2009 budget by $2.5 million, or about 12 percent, in anticipation of a drop in revenue from its endowment and from sales taxes.
Director Lewis Sharp says no layoffs or significant changes to operations are planned, but an exhibition of 17th-century Indian paintings from a museum in Dublin, Ireland, was canceled.
The museum's board originally approved a $21.3 million budget for the fiscal year ending Aug. 30 but soon realized changes were needed. A revised budget of $18.8 million was approved this month.
Sharp says the cut is a precaution based on expected drops in revenue from the museum's endowment and the Scientific & Cultural Facilities District, which is funded by a seven-county sales tax.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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