INDIANAPOLIS -- Indianapolis' Capital Improvement Board on Friday approved a new round of emergency cuts as the organization scrambles to stay afloat.

The move comes after the Legislature Wednesday night failed to approve new revenue for the board to bail out its expected $47 million operating deficit, 6News' Norman Cox reported.

The $2 million in cuts, approved unanimously by CIB members, cover three areas.

The board will attempt to renegotiate all contracts for labor and supplies. It will also have assets like parking lots appraised for possible sale, although that would eliminate a major source of income.

The board will also suspend all payments for anything not related to keeping the doors open at the venues it overseas: Lucas Oil Stadium, Conseco Fieldhouse, Victory Field and the Indiana Convention Center.

Grants to arts groups and Black Expo that had previously been reduced, will now be eliminated completely.

"I think it's going to be fair to say we are going to be cutting to the bone starting today," said CIB President Bob Grand. "So let me be clear: Every contract will be renegotiated."

However, CIB officials said the Colts contract will not be renegotiated.

The head of the stagehands union, whose members set up shows and displays at the convention center, said Friday that the board is wasting its time.

"What we can save them is very minute. I mean, we're only talking maybe $20,000. I mean, what's that to $47 million?" said union spokesman John Baldwin.

Board members repeatedly emphasized that the only real solution to their problem is for the Legislature to return for its special session and approve new local taxes. But the minority leader of the City-County Council said even that wouldn't necessarily fix things.

"We do have concerns because we don't have 15 votes to raise taxes of whatever nature, especially if they focus only on Marion County," said Councilor Joanne Sanders, a Democrat.

Board members also heard a plan to sell the naming rights to the Convention Center. But the company offering to do that wants $50,000 up front, which the board doesn't have.

The cuts approved Friday would be added to nearly $9 million in cuts already approved by the board.