QUICK TAKES - April 28, 2009

The J. Paul Getty Trust will slash its work force by 14% -- a loss of 205 jobs -- under a newly adopted budget for the 2009-10 fiscal year that begins July 1. In a statement released Monday, Getty officials said they expect to lay off 97 current regular employees, with the rest of the reduction to come from positions either now vacant or likely to come open through normal turnover.

Visitors will take a hit too: While admission to the Getty Museum and grounds in Brentwood and the Getty Villa near Malibu will remain free, parking at both sites will rise from $10 to $15 on July 1. In 2008, the two venues attracted 1.6 million visitors, according to Getty figures.

The Getty is America’s wealthiest arts institution, but its ability to pay its bills depends almost entirely on earnings from its endowment. Getty officials said the endowment lost 27% of its value from last July 1 through March 31. The trust now has $4.2 billion -- down from its $6.4 billion peak in 2007.

The Getty’s statement said that remaining employees won’t get raises, and “senior leadership” -- James Wood and his 10 top administrators -- will take pay cuts of up to 6%.

-- Mike Boehm