Title
AUTHORIZATION TO CHANGE THE GENERAL ADMISSION FEE FOR THE ART INSTITUTE
Body
To: The Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners adopt an order authorizing an increase in the general admission fees for the Art Institute of Chicago. The proposed general admission fee increase is for non-city residents and is to take effect approx. four weeks after approval of the Park District Board. The museum has not increased its fees since 2015.
II. Explanation
The Art Institute of Chicago is a premier cultural institution that brings an internationally renowned collection of approximately 300,000 works of art to life for over one million visitors each year. In 2022, attendance comprised Chicago residents (28%), Illinois residents not from Chicago (18%) and the rest from within the United States (14%) and the remainder internationally. Admission revenues are still 22% or $4million below pre-pandemic levels. The Art Institute presents a vibrant program of approximately 25 special exhibitions and offers a strong educational program that touches individuals both inside and outside the Institute and out in the community. The Art Institute has been listed on TripAdvisor's top museums in the United States for seven years in a row.
The requested rate increase allows the Institute to cover inflationary increases in wages, benefits and contractual services and supports its ongoing commitment to serve the public through access to its world class collection and a strong educational program for children, families, teachers, and adults.
Even with strong expense controls, the Institute has inflationary pressures associated with any other organization. With almost 50% of its costs related to wages and benefits, a small salary increase can result in increased costs of almost $1 million. Accordingly, periodic increases in the price of admission are necessary and appropriate to mainta...
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