Rising insurance costs have reportedly triggered plans for drastic cuts for the Christchurch Arts Centre. However, these cuts may not be enough to meet the cultural centre’s annual deficit of $1.5 million.
The centre has notified the city council that it could close within the next year-and-a-half if it is unable to secure public funding, Stuff reported. According to the centre’s chief executive Philip Aldridge, the centre is using the interest from its $164 million insurance payout to cover the budget deficit, but that source may soon run out as restoration works continue.
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