CIB Might Not Need Loan
Officials Say Cuts Deeper Than Previously Thought Possible
POSTED: 4:38 pm EDT October 17, 2009
INDIANAPOLIS -- The agency that runs Indianapolis' sports stadiums and convention center said it might not need to borrow $9 million from the state after planning $26 million in cuts this year.The loan was made available this summer to the cash-strapped Capital Improvement Board.The Indianapolis Star reported Saturday that board officials said they have cut deeper than they previously thought possible.The board's treasurer, Ann Lathrop, said that by the end of the year, the board expects its initial $78 million operating budget will be down as low as $51 million.The board has been allocated about $63 million in operating revenues next year.Maintaining costs will a challenge as the city attempts to remain competitive in the convention business.Earlier this month, the CIB fired nine salaried employees, a move that the agency said would save $325,000 a year.The CIB operates Lucas Oil Stadium, Conseco Fieldhouse, the Indiana Convention Center and Victory Field.
Previous Stories:
- October 9, 2009: Cash-Strapped CIB Fires Staff
- September 14, 2009: Pacers, Hotels Pressure CIB
- September 11, 2009: City Considers Privatizing Struggling CIB Venues
- August 11, 2009: Pacers Could Ask City To Take Over Conseco
- August 11, 2009: Council Narrowly Approves CIB Rescue Tax Hike
- July 1, 2009: Daniels Calls For No More CIB Legislation
- June 30, 2009: Ballard Blasts Lawmakers On CIB
Copyright 2009 by TheIndyChannel.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The following are comments from our users. Opinions expressed are neither created nor endorsed by TheIndyChannel.com. By posting a comment you agree to accept our Terms of Use. Comments are moderated by the community. To report an offensive or otherwise inappropriate comment, click the "Flag" link that appears beneath that comment. Comments that are flagged by a set number of users will be automatically removed.
