HIGH POINT MARKET: Market Authority's budget likely to shrink by $730,000

Reduction a result of state cutbacks

Larry Thomas -- Furniture Today, April 30, 2009

HIGH POINT — The High Point Market Authority may have to trim more than $700,000 out of its budget for the next fiscal year because of cuts in state funding, the Market Authority board was told Wednesday.

International Home Furnishings Center President Tom Mitchell, who is the board's treasurer, told the board the precise amount that will be cut from the budget won't be known until the state passes its own budget in the next few weeks. However, he told board members to expect a cut of about $730,000.

The Market Authority budget for the current fiscal year, which ends June 30, is $5.2 million. Much of it comes from the state, but the group also gets money from a variety of other sources, including a showroom tax.

Mitchell said about $200,000 would come out of the transportation budget, another $200,000 out of the marketing budget, and about $300,000 from the entertainment budget.

Market Authority President Brian Casey said he believes the cuts can be absorbed without significantly reducing services to market visitors.

For example, he said transportation costs would be lower next year because market is now one day shorter than last year, and said entertainment costs could be reduced by booking lower-cost performers.

More High Point Market Coverage