PEORIA, Ill. – Peoria public television station WTVP operated at a financial loss in its most recent fiscal year.
In a recently-released audit of its fiscal year 2023 finances, the station reported operating expenditures of more than $5.2 million, with operating revenues around $4.7 million, for a deficit of nearly $500,000.
The audit also discovered a loss in assets of nearly $870,000. Part of that total comes from nonoperating activities, at more than $372,000.
WTVP spent more than $1.2 million in FY23 in operating expenses for Peoria Magazine, which the station recently shut down after acquiring it in 2021. Other expenses include around $832,000 for programming, about $590,000 in production, and more than $668,000 for broadcast operations.
The station received more than $928,000 in grants from the Corporation for Public Broadcasting in FY23, but those funds are in question, as the CPB plans to conduct its own audit next month to determine if WTVP will keep receiving those funds.
There’s been an investigation into the management of finances and “questionable” money decisions under late former CEO Lesley Matuszak, and ousted former finance chief Lin McLaughlin. The station’s board saw a shakeup in January that saw Board Chairman Andrew Rand replaced by John Weiland.
The audit notes at the end steps management is taking to try and meet its financial obligations over the next year. One of those is a cost reduction plan that includes reducing staff, controlling spending, and pausing operations of Peoria Magazine. In October, the station trimmed $1.5 million in spending with nine layoffs.
It also notes the securing of additional contributions from outside donors, in the range of $1.2 to $3 million through 2026, to help balance WTVP’s budget.
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