First Night Boston 2009 Button Revenue Falls Short

FOR IMMEDIATE RELEASE

PRESS CONTACT: Joyce Linehan, joyce@ashmontmedia.com 

First Night Boston 2009 was an artistic success, but a nasty winter storm that brought 6-8 inches of snow, high winds and arctic temperatures negatively impacted attendance, and button revenue was disappointing.  The signature Boston event, that City officials estimate brings a million people downtown on Dec. 31, drew an estimated 300,000 people this year, according to event organizers. Button revenue, projected to be $525,000, fell to an estimated $320,000, leaving the agency with an approximate $195,500 deficit for the 2009 event. Button revenue projections are based on past years’ sales.  Final revenue and expense numbers are not in yet, but organizers are confident that these numbers will prove to be correct. 

First Night started its fiscal year on April 1, 2008 with an equity reserve of $328,500.   This reserve was created to accommodate extraordinary circumstances and cash flow needs.  If the reserve fund was reduced to $133,000 to accommodate this year’s loss of $195,500, First Night would not have the cash flow to make it through the first 3 months of its new fiscal year beginning April 1. The situation makes staff layoffs necessary. The hope is that this measure will enable the agency to remain viable though its fiscal year ending March 31, 2009. Three of the five full time First Night staffers have been laid off, in what Executive Director Geri Guardino and the First Night Board of Directors hopes will be a temporary measure.  In addition, Guardino will work full time at a greatly reduced salary, and year-round contractors have agreed to substantially reduced rates for the time being.  Of the three temporarily eliminated positions, one was previously scheduled to become a part-time contract position for 2009.

Guardino has spent the last several days making additional fundraising efforts and talking to major stakeholders, informing them of the business plan to bring the agency back up to full speed in the spring.  All of First Night’s ongoing fee for service contracts will be fulfilled, and First Night hopes to continue to cultivate this kind of earned revenue stream, to guarantee the strength of the agency.

First Night’s total budget for this year is $1.29 million.

The Board and staff of First Night are optimistic that there will be a First Night Boston 2010.