Discovery Gateway has dazzled the kiddies. Now, it's about to dazzle the Salt Lake County Council -- with news that its once-struggling finances have bounced back into the black.
It's a hardscrabble recovery for the hands-on children's museum in Salt Lake City, particularly with a recessionary economy that led to nearly a 15 percent drop in revenues during the 2008-09 fiscal year. The museum's revenues tumbled to $2.9 million, down from $3.4 million the year before.
Even so, Discovery Gateway posted a $22,410 profit -- a reversal in its financial fortunes that the council's fiscal analyst, Katie McCarthy, described as a "tremendous achievement."
"They have done a remarkable job in tightening their expenses," said County Councilman Jeff Allen, who praised Discovery's top staffers for being "fleet afoot" with managing the museum's money. "I'm quite proud of them."
Discovery's balanced budget comes as a promising turnaround for an attraction that ran afoul of its contract with the county by finishing in the red for the second straight year in 2007-08.
Executive Director Maria Farrington pledged a more profitable performance for the children's venue, which reported a $609,000 shortfall in 2007-08, largely because a traveling "Sesame Street" exhibit failed to attract a half-million-dollar sponsor.
Discovery kept its word, according to a letter circulated Friday to the County Council and detailing that a series of substantial budget cuts had "satisfied" the museum's contractual obligation to the county, which owns Discovery's digs in the Gateway Mall just west of downtown Salt Lake City.
"They have seen the bull staring them in the face," Mayor Peter Corroon said. "They recognized they had to do something fairly dramatic to make sure that they would be in a fiscally sound position. They have done a pretty good job of that."
It's been a sometimes-painful return to grace for Discovery Gateway, which shaved expenses by eliminating positions, cutting funding for nonessential programs, scrapping its printed newsletter for a less-expensive online version, slashing marketing expenses and adopting stricter performance measures for determining what services the museum should provide.
"We have worked very, very hard," a relieved Farrington said Friday.
Despite its financial hardships, the children's museum remains a high-profile draw, typically luring about 300,000 people a year. County Councilwoman Jenny Wilson hopes it continues on this better financial footing.
"They did what was appropriate, rolled up their sleeves and came up with a streamlined way to run an amazing facility," she said. "They should be commended."
$491,000 » Drop in Discovery Gateway's revenues during the past fiscal year.
$22,410 » Profit posted by the museum despite the revenue slump.
9 » Salt Lake County Council members who received word Friday that Discovery Gateway's budget had rebounded.
