The proposal from the Ministry of Finance concerns the lease of the Rialto Theatre to Limassol Municipality, which is willing to take on 50% of the operating costs. The ministry confirmed to Politis that the proposal is on the agenda, although it is not certain that it will be discussed today.
The proposal for handing over the Rialto Theatre to Limassol Municipality is on the Cabinet's agenda, as the Ministry of Finance confirmed to Politis. The Cabinet meeting is scheduled for today at 16:30, although it is not certain that the Rialto issue will be reached for discussion.
Limassol Municipality wants the Rialto
As the Ministry of Finance told Politis, several proposals are on the agenda of today's meeting, with particular weight given to the new package of measures to tackle the high cost of living. Therefore, although the Rialto proposal has been included in the agenda, it remains open whether it will finally be examined today.
The new package of measures had been announced earlier this week by Finance Minister Makis Keravnos. He said the government is working on a range of options and that one of the packages is expected to be submitted to the Cabinet today.
Second time on the agenda
This is not the first time the Rialto proposal has reached the Cabinet's agenda. According to information obtained by Politis, it was due to be examined at a previous meeting in September, but was ultimately not discussed.
The Ministry of Finance told Politis that, more broadly, when a proposal does not go ahead at one meeting, the competent services can work on it further and bring it back improved. In the case of the Rialto, it appears that in the meantime there was also consultation with the Deputy Ministry of Culture.
Information indicates, however, that the Deputy Ministry of Culture also had plans of its own regarding the future operation and management of the Rialto Theatre.
What the Rialto proposal provides for
More details on the proposal were given to Politis by Limassol Mayor Yiannis Armeftis. He noted that the municipality has been informed that the issue is on the Cabinet's agenda and expects a positive outcome.
As he explained, the handover of the Rialto is a long-standing position of Limassol Municipality. The municipality has already sent letters on the matter and held meetings with the Ministry of Finance, while Deputy Minister of Culture Klea Hadjistefanou Papaellina is also aware of the issue.
"We are waiting for it," Mr Armeftis said of the Ministry of Finance proposal, which, as he explained, essentially concerns the lease of the venue to Limassol Municipality. "The Rialto belongs to the people of Limassol," he said, adding that the municipality is the body best placed to express this wish.
According to the mayor, the municipality has already submitted its position and proposal, as well as a broader plan for the Rialto's place in the town's cultural planning. This includes the Pattichion Municipal Theatre and the municipality's other cultural facilities. He stressed that the aim is for the Rialto to continue producing culture not only for Limassol, but for the whole of Cyprus.
On the financial side of the proposal, Mr Armeftis said it provides for Limassol Municipality to cover 50% of the Rialto's operating costs for a transitional period of three years. The three years, he explained, are intended to give the theatre the time it needs to then become sustainable.
At the same time, the mayor made clear that the municipality's position is that the Rialto's autonomy should be preserved. He described the current management model as successful and said the organisation's independence should be safeguarded in the new arrangement as well.
In the same context, he referred to the activities and festivals the Rialto co-organises with the Deputy Ministry of Culture, noting that this cooperation should continue.
On governance, Mr Armeftis said the board could include representatives of the bodies involved, with participation by the municipality and the state, without overturning the model applied today. "The board of directors model is successful," he said, expressing the view that the Rialto "must keep its independence".
A loose end from the dissolution of the Co-operative sector
The ownership and funding status of the Rialto remains an open issue following the dissolution of the Co-operative sector.
The building had been acquired by the Limassol Co-operative Savings Bank, which also helped cover the theatre's operating costs. After the developments in the Co-operative sector, the property passed into the assets of SEDIPES, which are managed by KEDIPES.
The Rialto's funding had also been at the centre of an Audit Office report on the Ministry of Finance's ex gratia grants. As recorded in that report, after funding from the Limassol Co-operative Savings Bank stopped, the Cabinet approved an annual grant of €250,000 for the years 2022 to 2024 to cover part of the theatre's operating costs.
