NEWPORT NEWS, Va. (AP) - The Virginia Living Museum is struggling to stay open following several years of large operating deficits.
Executive director Page Hayhurst tells The Daily Press that the Newport News museum has depleted its $2 million reserve fund. The remaining $400,000 in reserves could be exhausted by the end of the fiscal year on June 30, 2013.
If the museum doesn't obtain additional funding, Hayhurst says layoffs would be unavoidable in the 2013-2014 fiscal year. But cutting the staff would hurt the museum's revenue because it couldn't produce as many programs.
Hayhurst says the museum needs additional funding from the city or cost savings over a 10-year period to build up an endowment fund.
A committee is being formed to examine the museum's options.
Information from: Daily Press, http://www.dailypress.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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