Members of the Indianapolis Capital Improvement Board will consider at their next meeting whether to restore a $150,000 grant to Indiana Black Expo Inc.

Leaders of the local not-for-profit made their pitch at the CIB’s monthly meeting Monday afternoon after losing the funding last year when the CIB encountered financial difficulties.

Representatives of Black Expo said they could use the additional money to better market the Circle City Classic, which drew 10,000 fewer visitors in 2009 than in 2008.

The annual October event in Indianapolis features a parade and football game between two historically black colleges.

“We’re going to use the funds very appropriately, and the city of Indianapolis will get a return on those funds,” IBE Chairman John Thompson said.

The CIB said it would take the issue under advisement and address it at the board's May meeting.

CIB’s money woes continue, however, as the organization reported a revenue shortfall of $1.3 million through the first two months of the year. Much of the deficit can be attributed to less money collected from hotel room taxes than expected.

CIB, which lopped $15 million from its budget last year, saved an additional $436,000 recently by moving 139 employees to the city of Indianapolis’ insurance plan.
 
Employees of the organization were facing a 25-percent increase in insurance premiums from its provider, Indianapolis-based Anthem Inc.