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City OKs Line Of Credit To Theatre Company

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(Sacramento, CA)
Wednesday, April 27, 2011

Ticket sales are down for the California Musical Theatre - the group behind Music Circus, Broadway Sacramento and Cosmopolitan Cabaret. CMT officials asked the city for a $300,000 line of credit to manage cash flow for the next three years.

Councilwoman Angelique Ashby stressed that the money won't be taken out of the city's General Fund.

"Right now we're facing one of the biggest budget deficits ever and I want people to understand this isn't adding any type of debt to us and it doesn't equate to officers or firefighters or something like that. This is money that's specific to the theater."

Along with the city's financial help, an oversight team will be created to watch over the line-of-credit. Councilman Jay Schenirer had this suggestion:

"…that we add a couple of community members with fiscal and arts experience to that oversight team and that they actually look at the recovery plan that CMT has done and report back to the council on that with recommendations."

City officials say keeping CMT afloat makes good business sense because the organization's productions attract about 300,000 people a year to downtown Sacramento where they spend money on parking and at restaurants.

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