"Though initially budgeted $17 million for the development, the final price tag came out to be over $60 million." (Wikipedia) The funding for the CCPA came from redevelopment agencies.
A California Public Records Act request obtained the following information. The bottom line numbers show that the CCPA is consistently losing over $6 Million per year (Revenue Under Expenditures After Overhead Costs). In the period from July 1, 2003 to June 30, 2011, the total losses have added up to over $60 million.
| Cerritos Center for the Performing Arts | ||||||
| Financial Report Data for the Twelve Months Ended (Fiscal Year) | ||||||
| Year End | Total Revenues |
Total Expenditures Before Overhead Costs |
Total Overhead Costs |
Capital Project Costs |
Revenue Under Expenditures After OH Cost |
Notes |
| 6/30/2011 | $5,064,620 | $9,139,852 | $2,656,795 | $(6,732,027) | (1) | |
| 6/30/2010 | 5,049,758 | 9,877,378 | 2,421058 | (7,248,678) | (1) | |
| 6/30/2009 | 5,664,598 | 10,355,833 | 2,432241 | (7,123,476) | (2) | |
| 6/30/2008 | 6,754,513 | 12,559,572 | 2,545390 | (8,350,449) | (2) | |
| 6/30/2007 | 6,762,362 | 11,979,583 | 2,539692 | (7,756,913) | (2) | |
| 6/30/2006 | 6,204,789 | 11,348,836 | 1,844275 | 909,908 | (7,898,230) | (2), (3) |
| 6/30/2005 | 6,028,366 | 10,956,180 | 2,852075 | (7,779,889) | (2) | |
| 6/30/2004 | 5,734,038 | 11,764,075 | 1,665575 | (7,695,612) | (2) | |
| Total (8 years): | ($60,585,274) | |||||
| Averages: | $5,907,881 | $10,997,664 | $2,369,638 | NA | $(7,573,159) | |
| Notes: | ||||||
| (1) based on budget data from March 15, 2013 California Public Records Act response from the Office of the City Clerk - City of Cerritos (562-916-1249; city_clerk@cerritos.us). | ||||||
| (2) based on budget data from previous CPRA response worksheets shown below. | ||||||
| (3) capital expenditures of $909,908 excluded from loss reported in budget document | ||||||
| cc: Mayor Bruce W. Barrows, Mayor Pro Tem Mark E. Pulido, Carol K. Chen, Joseph Cho, George Ray | ||||||
