NYC's Central Park Conservancy Cuts 30 Jobs as It Trims SpendingBy
Organization had a $34 million operating loss in fiscal 2016
Billionaire Paulson donated $100 million to the park in 2012
New York’s Central Park Conservancy, a private nonprofit organization that manages and raises money for the park, cut 30 jobs to help trim annual spending by about 7 percent.
The conservancy, created in 1980 to save the 843-acre (341-hectare) tract from years of underfunding and neglect, had an operating loss of about $34 million for the year ended June 30, 2016, according to its financial statement. The organization, which provides 75 percent of the 160-year-old park’s $67 million operating budget, employed about 400 before the cuts.
“We believe these changes will position the Conservancy to continue improving our effectiveness as stewards of the Park while serving its over 42 million annual visitors,” Douglas Blonsky, the conservancy’s president and chief executive officer, said in an email.
Hedge fund billionaire John Paulson donated $100 million to the conservancy in 2012, the largest ever donation to New York City’s parks. Last year, the conservancy began a 10-year, $300 million fundraising campaign called "Forever Green" that will encompass more than 50 projects. The conservancy’s net assets declined about $40 million in 2016 to $330 million.