The Globe Theatre is in need of immediate financial relief and has asked the City of Regina for a $1.38 million grant to avoid shutting down operations. The downtown Regina staple says they are $16.3 million in debt. According to city council agenda documents, a private meeting was held on July 22 between executive committee and Oz Weaver, the Globe Theatre’s executive director. The Globe Theatre had faced major financial pressures from their recent renovation, with final costs exceeding their budget. The funding would require the City to use money from the General Fund Reserve (GFR), which has a current balance of $21.3 million, below the minimum balance of $35.8 million. “The financial risk of using the GFR as a funding source when the GFR is below its minimum threshold is that the City has less financial cushion to respond to emergencies or to quickly match unexpected grant opportunities,” the agenda read. According to the agenda documents, the one time investment from the City of Regina would provide enough funding to make sure the theatre can continue operating through their 2026-27 season. As the theatre would need $16.3 million to pay off all outstanding debts and payables, they are looking to secure $12 million in funding from the federal government, as well as another $2.9 million from fundraising, sponsorships, consultant cost reductions, and gift payments. Discussion surrounding the grant request will be brought to city council at its Wednesday meeting.
