Bleak financial picture for Tucson's Fox Theatre

The Fox, refurbished with $11.5 million of taxpayer money, has a cumulative $2.6 million in debt, and just $40,000 in the bank.

The debt is owed on historic tax credits owned by investors, which were used to offset the past operating losses.

The $40,000 will get the theater through the summer and into the fall, but it needs to start making money through operations and fundraising or it won’t survive into 2010, Fox Treasurer Glenn Lyons said.

Interim Fox Theatre Director Rich Singer said the theater is doing better now that the city has taken over the operation and most of the Fox staff has been laid off.