WORCSESTER’s calendar of events will need to attract alternative revenue sources in order for them to continue despite bringing more than £13million to the city’s economy.
That’s the stark warning from a report to members of the City Council’s Place and Economic Development Committee ahead of its meeting next Monday (January 23).
Events such as the city’s Victorian Fayre, the Worcester City Run and the Christmas Lights switch on festivities generate in excess of £13million according to figures from Statista Research.
Some 70,000 theatre goers visit the city according to the research with a quarter of million attracted to Worcester throughout a year-long calendar of events.
With an average spend of £52 to £96 per day per visitor, these events bring in a multi-million sum overall but cost the City Council £250,000 to stage.
The forecast revenue spend for this years’ Victorian Fayre is estimated at £162,000, with an expected income of £109,000, a cost to the council of £53,000 according to the report.
Costs have increased this year due mainly to increased security, medical and generator fuel costs.
Meanwhile the 2022 Worcester Show cost £49,734 with an income of £24,376 at an estimated net revenue cost of £25,358 to the council.
Sponsorship opportunities are currently being developed, particularly in relation to the Christmas lights accordinng to officers.
Wider funding options are also under review with the opportunity to apply for external funding to support elements of other projects.
With pressure on cash-strapped council’s increasing during the cost-of-living crisis, officers have prepared a report for councillors to warn of the need for a revised approach.
“Whilst there is no doubt that these events make a significant contribution to the economic and community wellbeing of the city, for the City Council, these are non statutory activities,” the report said.
“If members wish to continue to support and deliver in the future, they will require the development of alternative and commercial revenue income streams.
“These will both supplant current City Council revenue contributions and recover the significant staff costs required to support development and delivery of many of these events.
“Officers are continuing to work proactively to secure new funding streams, including public sector grant income, private sector sponsorship and commercial revenue income and will bring recommendations to members during 2023 and 2024.”
