A recent media report regarding the Pérez Art Museum Miami’s fundraising and budget left some with the impression that the museum's expenses and funding sources were not properly anticipated. This is not accurate. For more than 10 years, the museum has worked closely with Miami-Dade County officials to develop a budget for the expansion which included increased private fundraising and county support relative to rising costs of a bigger building and more public programming. The museum's private fundraising is on target with these goals and the mayor's recently released proposed budget reflects these projections.
Additionally, please note that:
- In 2004, the Miami Art Museum projected that it would require an operating budget of $12 million in its first year in its new home in Museum Park, and between $14 million and $16 million in its second year. To support this growth, Miami-Dade County pledged $4 million of operating support for each year following the reopening as the Pérez Art Museum Miami in December 2013.
- However, due to a shortfall in revenue for the County in Fiscal Year 2013-2014, the museum only received $2.5 million of this pledged $4 million towards its $12 million budget. Fortunately, the museum was able to cover the $1.5 million difference through end-of-year private donations and grants.
- Looking ahead to the 2014-2015 Fiscal Year, the County resumed its allocation of $4 million in support for the museum, towards its approximately $14 million budget. The museum is grateful to the County for its ongoing support, which is an essential part of PAMM's operating budget in these early years.
The County's support has helped make PAMM a national and international success since its reopening. Since December 2013, the museum is on track to meet or exceed its projections in annual attendance, attendance-driven revenue, number of member households, and private fundraising. Similarly, the museum's operating budget is apace with its projections.