DPAC nets $1.8 million for Durham
Posted August 23, 2012
Durham, N.C. — The city of Durham earned $1.8 million from the Durham Performing Arts Center in the last fiscal year, officials said Thursday.
According to preliminary financial results, Durham Performing Arts LLC generated a net income of about $4.5 million in the 2012 fiscal year, which ended June 30. Forty percent of that – or about $1.8 million – will be given to the city under the facility’s operating agreement.
Last fiscal year, Durham earned $1.02 million from DPAC, officials said.
Durham owns the center, which is managed and operated by PFM/Nederlander.
Durham officials said Thursday the income will go into the city’s DPAC Fund, which is used to cover debt service, maintenance, building improvements and other possible revenue shortfalls from naming rights or the hotel/motel occupancy tax.
City budget documents show DPAC posted a gross profit of nearly $6.7 million in the last fiscal year, and had nearly $2.2 million in operating expenses.