Central Park Reveals Its Projected Deficit Has Risen To $12M

Upper West Side NY

01 July, 2021

10:31 AM

Description

CENTRAL PARK, NY — The Central Park Conservancy sent an email to parkgoers on Wednesday revealing it is projecting a combined deficit of more than $12 million over the next two fiscal years. "While we have significantly reduced expenses, we cannot make further reductions and still maintain the standard of care you, and so many New Yorkers, have come to expect," wrote Stephen Spinelli, the chief financial officer of the Conservancy, in the email. In February 2021, the Conservancy announced that for the first time in its 40 year history, the park was facing a financial deficit due to the ramifications of the coronavirus pandemic. At the time, the Central Park Conservancy projected a $10 million budget shortfall over the next two years — a number that has risen by $2 million, according to the latest update. Read More: Central Park Faces $10M Deficit For First Time In Its History "The Park urgently needs your gift of support to the Conservancy," the email sent out Wednesday read. The Conservancy is matching 50 percent of all donations given. The Central Park Conservancy is charged with tending to the "largest and smallest" details of the park's maintenance and restoration. It is funded primarily by individual donations, which have dwindled during the coronavirus pandemic. The pandemic also canceled multiple major moneymaking events for the park in 2020, including The New York City Marathon, Global Citizen Festival, and Central Park Summer Stage. You can learn more about the Conservancy on its website.