Joint Meeting of Assembly Finance Committee and Eagle Crest Board of Directors - March 4, 2026

The special Assembly Finance Committee met jointly with the Eagle Crest Board of Directors on March 4, 2026, to review the Eagle Crest FY27 budget, discuss revenue and expense trends, and receive an update on the gondola project. Following the joint session, the Finance Committee heard presentations from KTOO Public Media, Juneau Arts and Humanities Council, and Juneau Economic Development Council regarding their FY27 funding requests. The committee also received an update on foregone revenue analysis and logistical details for upcoming budget meetings.

Eagle Crest Budget Presentation

• Eagle Crest Acting General Manager Aaron Lupro reported a current season snowfall of 305 inches, 61 days open (budgeted 86), and 19 snowmaking days. Community engagement included summer camps (50 kids over 4 weeks), Haunted House fundraiser, Christmas Eve event (60 kids), and Discover Eagle Crest Day. The school group scholarship program reached 19 classes of 30+ students each.
• Major maintenance completed in FY26: new bull wheel bearing on Tarmigan, fleet maintenance, Fish Creek Lodge water project, blasting for road hardening, snow gun refurbishment, patrol hut relocation, and lift component rebuilds.
• Brandon Cullum, Board Chair, presented budget trends: general fund support peaked in FY25 at $1.4M+ due to catch-up maintenance, then returns to historical $930,000 in FY27. Personal services increased due to integration into CBJ pay plan, but actual spending is lower due to a ~15% vacancy rate (budgeted 4.1%).
• Revenue trends: operating revenues correlate with snowfall. Poor snow years in 2025 and early 2026 reduced pass sales. Jim Calvin showed that adult pass sales declined 15% from 2022 to 2025 as prices increased, with teen and youth passes down 25%. The board emphasized restoring confidence rather than raising prices to increase revenue.
• Expenses: aging infrastructure (lifts from 1969-1977, Riblett parts no longer available), building assessment, aging fleet, and staff retention challenges. CIP request for FY27 is $167,000, down from $576,000 in FY26, which the board acknowledged as insufficient but accepted.
• Fund balance: negative fund balance allowed in FY25 to support sustainability path. Full cost allocation rising, reducing the net benefit of general fund support to Eagle Crest.

Gondola Project Update

• Jim Calvin presented the gondola update: a $27 million cost estimate from Cornerstone General Contractors (first estimate, with a $3M contingency). This far exceeds the available $3.5M unspent funds and earlier expectations of $10-15M.
• Options discussed: Goldbelt (partner) additional investment, CBJ borrowing, third-party investors, or terminating the project. Terminating would cost ~$11M in sunk costs (including $2.5M for gondola purchase and shipping) and leave Eagle Crest with little chance of self-sufficiency.
• If Goldbelt invests, conditions may include year-round operations. The assembly and board agreed to prioritize discussions with Goldbelt, then explore ADA lending, then national investors. The guaranteed maximum price is expected April 1, 2026.
• Assembly members expressed shock and trepidation. The board noted the need to consider alternatives if the gondola is not viable.

KTOO Public Media Presentation

• President Justin Schumann reported that KTOO lost $1.2M (34% of its budget) due to federal rescission of Corporation for Public Broadcasting funds in July 2025. The revised FY26 budget is $2.9M, with CBJ's partnership grant growing from 13% to 15% of revenue.
• Community giving and bridge grants (Public Media Bridge Fund $500K, Voices Across Alaska $340K) have provided temporary stability, but the loss is permanent. KTOO projects a deficit for FY27 and is investing in fundraising.
• KTOO provides Gavel Alaska coverage (legislative, judiciary, executive) statewide, reaching 62,282 on-demand sessions in 2025. Also supports public safety communications (e.g., glacial lake outburst flood coverage).
• Requested CBJ maintain current funding level for FY27.

Juneau Arts and Humanities Council Presentation

• Executive Director Maggie McMillan outlined JAHC's use of CBJ funding: $12,000 for individual grants (14 artists received $1,000 each), $12,000 for affordable facility use, and major grants ($118,650 distributed to 15 organizations). The major grant requests totaled $349,000, far exceeding available funds.
• JAHC faces financial challenges: reduced staff, closed one gallery, and is developing a new strategic plan. Fundraising revenue projections are conservative. If CBJ funding is reduced, grant programs would likely be eliminated.
• JAHC also runs arts education programs (Artists in Schools, Poetry Out Loud state competition) and manages Centennial Hall rentals.

Juneau Economic Development Council (JEDC) Presentation

• Board Chair Aaron Morrison and Executive Director Brian Holst presented JEDC's work: focused on demographic retention, housing, key regional industries (tourism, mining), entrepreneurship, talent development, and economic services. JEDC manages numerous programs including summer camps (300+ youth), robotics (statewide), Maritime Festival, Innovation Summit, and revolving loan funds.
• CBJ provides $1.9M over five years, which JEDC leverages to bring in $11.7M in additional resources (6:1 leverage). For every $1 of CBJ funding, $4-5 is delivered in economic programming.
• Vulnerable programs if funding is reduced: summer camps, robotics, Maritime Festival, Innovation Summit, research, and Local Frequency program. JEDC has drawn down reserves from 10% to 8% and targets 6-12 months of reserves.
• JEDC also manages loan portfolios for CBJ and the City of Haines, and provides administrative support to other nonprofits.

Foregone Revenue Update

• Assemblymember Steininger reported that the foregone revenue working group (with Mayor Weldon and Assemblymember Hughes-Candies) is analyzing various revenue opportunities. They aim to bring a prioritized list of items to the committee, focusing on those that could generate significant revenue toward the $2 million goal. The group expects to present soon.

Key Outcomes

• No formal votes were taken on any agenda items.
• The assembly will hear a detailed gondola presentation from Craig Dahl on April 1, 2026.
• The Eagle Crest Board will continue discussions with Goldbelt and explore other options; the board has a regular meeting on March 5, 2026.
• The foregone revenue group will continue its analysis and report back.
• The next finance committee meeting is scheduled for March 18, 2026, with a joint meeting with Docks and Harbors and the Juneau Board of Education.