City, arts and community leaders in Madison are wise to search for ways to help Overture Center now -- before its growing financial troubles demand a taxpayer-funded bailout.
The Downtown arts and entertainment center 's trust fund fell, in March, to a level where it could not make some of its debt repayments. Several sources -- including philanthropist W. Jerome Frautschi, who made the original $205 million gift to build Overture Center -- will help make up the shortfall, under financing agreements.
But if money from these sources isn 't enough over the next four-and-a-half years, the city may be forced to kick in millions of dollars in public assistance to help the center meet its debt obligations.
In these tough financial times, city taxpayers don 't need yet another draw on precious city funds. The city already has huge challenges in simply providing high quality basic services.
Yet the city cannot turn its back on the Overture Center -- a sparkling jewel in the city 's Downtown entertainment district. It draws thousands of visitors, who contribute to the area 's economic well-being. It helps make Madison a major-league city that 's fun to live and work and create jobs in.
The center 's ticket sales and operations are healthy, and it will meet its budget this year. Overture President and CEO Tom Carto and his team have worked hard to maintain and increase revenue streams through ticket sales, subscriptions and fundraising.
But if the trust fund continues to post poor returns, the center 's long-term future is in jeopardy.
That 's why Mark Bugher 's initiative is so encouraging and should be supported. Bugher, former secretary of the state Department of Administration and now director of University Research Park, has put together a group of private citizens to recommend ways to right Overture Center 's financial ship.
Members met last week to begin examining the facility 's internal operations and level of philanthropy. The Bugher group, with its expertise in finance and management, may just find the savings and revenue sources to bolster the center 's long-term viability.
Members of Bugher 's panel won 't be paid. They are donating their time to this much-needed effort.
Leaders overseeing Overture 's investment trust fund and the center itself also should be brainstorming for ideas to financially support the center.
A struggling Overture Center poses too many risks. Smart steps taken now could minimize those risks and allow the center to succeed without burdening city taxpayers.