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AGENCY TESTIMONY
New CDF initiatives for fiscal year 2025
2:15:23
ยท
152 sec
Commissioner Cumbo outlines several new initiatives introduced in the fiscal year 2025 Cultural Development Fund (CDF) process, aimed at enhancing support for cultural organizations across New York City.
- Increased funding for the five borough arts councils, totaling $3.4 million (a 15% increase from FY2024).
- Introduction of the CDF Equity Fund, providing $2 million in additional funding to 264 organizations in underserved areas.
- Additional support for organizations completing major city-funded capital projects.
- CDF safety net funding to help long-time recipients avoid significant programming disruptions.
These initiatives are designed to make the CDF a stronger and more reliable source of support for the city's cultural sector.
Laurie Cumbo
2:15:23
Now I'll go over several of the new fiscal year twenty five CDF initiatives.
2:15:29
An increase for the five borough arts councils.
2:15:32
DCLA provides funding to local arts councils in each borough to distribute grants to individual artists and small not for profits in their respective boroughs.
2:15:41
This year, we're investing 3,400,000.0 in the Arts Councils, a 15% increase over their fiscal year twenty four allotment.
2:15:50
Last year, these funds reached nearly 700 artists and small arts organizations across the five boroughs.
2:15:57
We're excited to build on this important investment and our city's working artists.
2:16:02
The newly established CDF Equity Fund is providing 264 organizations located in underserved areas of New York City with a total of 2,000,000 in additional funding on top of their CDF awards.
2:16:16
Research shows that cultural assets correlate with better outcomes in public safety, health, arts education, so the equity fund is investment in stronger communities across the city.
2:16:28
Additional support for completing capital projects.
2:16:32
New facilities often require cultural organizations to ramp up operations, threatening their financial health and stability.
2:16:39
As part of the CDF equity fund, several organizations received additional funding tied to the completion of major city funded capital projects to support groups they bring new facilities online, such as La Mama and council member Carlina Rivera's district.
2:16:56
CDF safety net funding.
2:16:58
This was one of the top priorities for the council in last year's hearings.
2:17:02
This funding is designed to help long time CDF recipients avoid significant disruptions in their programming should they not receive a baseline CDF award.
2:17:11
The fiscal year twenty five safety net will provide a total of $720,000 to applicants that have received CDF baseline awards in six consecutive prior fiscal years, but whose applications did not score highly enough to receive baseline funding in the fiscal year twenty five cycle.
2:17:30
We heard from many of our constituents and members of the city council that this reform was a much needed way to offer a lifeline to groups who rely on our funding.
2:17:40
Taken together, these far reaching investments and reforms have made the CDF a stronger, more reliable source of support for our city's cultural sector.
2:17:49
We look forward to continuing conversations about how we can further strengthen the CDF for our grantees.