Kill the Taste Already
- The shrunken and revamped Taste of Chicago still didn't come close to breaking even and may never return to profitability, a top mayoral aide said Monday.
Cultural Affairs Commissioner Michelle Boone said the she's "still reconciling" the cost of city services before releasing a final financial report on the revamped 2012 Taste.
But, she disclosed that Chicago's premier lakefront festival costs $6 million to stage and isn't "close to breaking even." That's despite the fact that individual restaurants saw their highest profit margins in five years.
Taste of Chicago was once a cash cow that bankrolled the city's other music festivals. But, Boone said it may never return to profitability.
"It's very difficult to find a financial model that creates profitability for a free festival," the commissioner said after testifying at City Council budget hearings .
The individual restaurants are making money but the city isn't? Time to pull the plug, hand it off to a private firm (maybe Vanecko Festivals or someone), and charge a hefty admission fee where the City could get their cut of the entertainment tax.
Labels: money questions