DEAL SET TO SECURE FUTURE OF PHILHARMONIA
Bedford Borough Council has approved a deal
which will secure the future of the world-class Philharmonia
Orchestra in Bedford. The deal is great news for both local music
lovers and local taxpayers as it removes the long-standing annual
Council subsidy in exchange for a one-off payment.
The Council needs to continually review all
its expenditure, the new proposal will see the Council, together
with a leading charity based in Bedford, each contribute £125,000,
with the Arts Council being requested to add £2 for every £1 given
by Bedford Borough Council and the charity.
This means that £750,000 can be raised in
order to establish an endowment fund as a way of contributing
towards the funding of future Philharmonia concerts and associated
educational activity in the community, guaranteeing these benefits
for the people of the Borough for the foreseeable future.
Therefore, the Council would no longer be making an annual
contribution. The pledge of £125,000 is on the basis that the Arts
Council agrees to this proposal, and until they do, and an
endowment trust is established, the Council will not make any
payment, thus securing taxpayers interest.