LOS ANGELES, CA.-
The Board of the J. Paul Getty Trust
approved the Gettys 2010 fiscal year budget on Wednesday, April 15. The FY10 endowment budget of $216 million, plus one-time transition costs of $3.9 million, representing a 24 percent reduction from the previous year, will be effective July 1, 2009. The new budget reflects reduced income from the Gettys endowment, which has declined about 27 percent since July and totaled $4.2 billion as of March 31.
Louise Bryson, Chair of the Gettys Board of Trustees said, The Board worked closely and cooperatively with Jim Wood and the Gettys management team to develop a budget that reflects the substantial decline in the value of the Trusts endowment, and therefore reduced income, while taking into account the importance of maintaining the Gettys capacity, through its talented professional staff, and its ability to continue important program work here in Los Angeles and around the world.
Approximately 97 employees, or 6.7 percent of the Gettys current staff, will be laid off as a result of the budget reduction. Vacancies, attrition and the expiration of limited term agreements bring the total number of positions eliminated to 205 or 13.8 percent of the Gettys current 1,487 budgeted staff positions.
The Gettys extraordinary employees are crucial to accomplishing the Gettys mission. Protecting as many of our employees as possible from layoffs has been a priority throughout the budget development process. The management team focused on our long-term strategic goals in making reductions. We also felt strongly that it was essential to preserve free entrance and existing public hours for our visitors at both the Getty Center and Getty Villa, said President and CEO James Wood.
The budget preserves free admission and current visiting hours for both the Getty Center and the Getty Villa. There will be an increase in the parking fee from $10 to $15, effective July 1.
Other key budget provisions include a continued hiring freeze, extended timing for important projects in order to reduce spending next year while preserving the Gettys important work in Los Angeles and around the world, elimination of staff salary increases and pay cuts of up to 6 percent for senior leadership.