Getty Trust to Slice Budget and Eliminate 205 Jobs
April 28, 2009 | Read Time: 1 minute
The J. Paul Getty Trust will cut 205 jobs, slashing its work force by 14 percent, under a newly adopted budget for the fiscal year starting July 1, the Los Angeles Times reports.
The plan reduces spending for regular operations by 22.5 percent, to $220-million. One of the nation’s wealthiest arts institutions, the Getty has seen its endowment — earnings from which provide most of its budget— decline by nearly a third, to $4.2-billion, since 2007.
Trust officials said they expect to lay off 97 employees and eliminate more positions through unfilled vacancies or normal turnover. Admission to the Getty Museum and Getty Villa will remain free, but the new budget increases parking fees at those tourist attractions from $10 to $15, the second parking increase since September.
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