JENKS - As the Oklahoma Aquarium gears up to celebrate its 10th anniversary later this month, city leaders say they have officially dedicated a funding stream that will contribute to the attraction's ongoing viability.
Vision 2025 designated $12 million to cover half of the aquarium's $21.2 million construction debt, but those funds will dry up in 2016 unless the initiative is extended and the aquarium is included in the next list of projects.
Vision 2025 covers the majority of the $1.4 million annual bond payment.
The rest comes from revenue generated by the aquarium's admissions, catered events and on-site food sales.
But since fiscal year 2001-02, the city has been saving revenue it receives from industrial water sales and earmarking it for economic development. The city officially approved this revenue in its public works budget last month to cover the aquarium's debt and operation shortfalls as needed in the future.
"The prudent thing to do is formalize the plan," said City Manager Mike Tinker.
The city earns about $500,000 a year selling water to Green Country Energy. To date, it has accumulated about $4.5 million.
Under that savings and revenue scenario, the city will be able to keep making the bond payments and not reach a deficit until fiscal year 2030, records show. The last bond payment is in 2034.
But Mayor Lonnie Sims does not think there will be a fiscal cliff 17 years from now. At that point, he said, he is confident that either the state will start providing some support or the Vision 2025 sales tax initiative will have been extended to retire the debt.
Councilor Mike Sharp favors lobbying the state for funding instead of tapping the city's economic development funds for one project. It's a regional facility that needs regional support, he said.
"I think staff should be working very hard to come up with other funding sources," he said. "It's not the Jenks Aquarium, it's the Oklahoma Aquarium. We should spend lots of effort petitioning the state for funds to help support it. If we automatically use our economic development funds and say we've got it covered, its hard to get the state to kick in anything if we don't have a need."
Sims said he hopes Jenks will secure state funding in the future but that it would not be good business to put the aquarium in that kind of financial situation in the meantime.
"I don't think we should put the aquarium at risk, then have (the state) bail us out," he said. "We want our citizens in the area to know that we're good financial stewards, and if (there is no state funding) we have a plan to take care of it."
Lobbying the state for aquarium funding has brought disappointing results so far. But Tinker said Jenks will persist because the aquarium has proven itself as a major tourist, recreational, educational, research and cultural attraction.
"I still strongly believe that if the Legislature can fund an Indian cultural museum or a pop culture museum, surely they can fund an (aquarium) that has been here 10 years and draws 400,000 a year," Tinker said. "We certainly think that not only is the aquarium a metro project but a regional and state project. I think it's raised the quality of life in the region and changed the traffic pattern. We now have Arkansas, Missouri and Texas tags in the parking lot."
The only state funding received for the aquarium was to market the facility, Tinker said, noting that Jenks used to receive $100,000 but it is now down to around $40,000 a year.
Sims said the city has done a good job in securing grants and transitioning to geothermal heating and air systems to reduce energy costs and prevent wear and tear on the units from the saltwater environment.
In the last 10 years, the aquarium has been able to make various expansions and even add exhibits such as river otters and sharks. But it was private funding that made those new exhibits possible.
Private donations generally are not spent on debt.
Some of the primary supporters have been the Oxley Foundation, the Siegfried Family and NORDAM, the Anne and Henry Zarrow Foundation, Palmer R. Ramey Jr. and Harvie Roe.
The aquarium is still raising funds to complete the loggerhead sea turtle exhibit.
About the Oklahoma Aquarium
- More than 400,000 visitors a year, including a third from outside of Oklahoma
- Approximately 100,000 students annually on organized field trips and related learning activities
- Increase in "Fish Friends" funding, which is grant support for underserved schools to make field trips at reduced or no cost
- Partnerships with local, state and federal organizations including the Tulsa Symphony Orchestra, the Oklahoma Department of Tourism and Recreation, and the National Oceanic and Atmospheric Administration
- Higher education opportunities, including a weeklong course with OSU held on aquarium grounds, internships and research projects
- Exhibit improvements or expansions at least every two years
- Sea Turtle Experience half-complete; fundraising continues to finish second half of project
- Annual events including Aquarium Run, HallowMarine and Symphony by the Sea with Tulsa Symphony Orchestra
- 10-year Anniversary Celebration will feature Jean-Michel Cousteau, July 26-27. Adult fundraiser on Friday evening and Kids and Cousteau on Saturday morning
Source: Oklahoma Aquarium
Susan Hylton 918-581-8381
susan.hylton@tulsaworld.com
Original Print Headline: Waves of funding
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