Figures released from the 2002 annual report showed a loss of $55,000 last year with treasurer Rick Mandelson explaining the committee had taken the decision to clear up old debts to ensure each year truly reflected the income and expenditure of the festival.

Attracting up to 50,000 visitors over a two-week period each September, festival director Vicki Miller said the Tulip Time brand was now "stronger than ever", bringing significant tourism revenue to the region.

"In order for Tulip Time to become more profitable, we must now focus on maximising income from this brand, ensuring that sufficient funds are available for running the festival the following year before making distributions to charity," Ms Miller said.

With that in mind, tourism experience was the key factor behind the make-up of the new Tulip Time committee entrusted to manage this year's spectacular.

Paul Rubie, ex-deputy general manager of Tourism New South Wales, was elected president in place of outgoing boss Neil Mulvaney, bringing a depth of experience and expertise in the tourism industry to Tulip Time.

Ms Miller described the 2002 festival as a great success in terms of income and visitation with research identifying Tulip Time now attracted a much younger, more affluent visitor - 75 per cent of which were female.

"We are delighted with the strong tourism focus that we have on the new committee," Ms Miller said.

"Tulip Time was established in 1961 as a tourism event to draw tourists to the region for the benefit of local businesses and this is still our major objective," she said.

"The past 42 years has seen the development of a very strong brand called Tulip Time which the Southern Highlands economy benefits from each year."

The decision has also been taken this year not to take responsibility for any private gardens during the festival due to the significant high costs involved.

Entry prices have also been revised with adult entry this year costing $8 per person, $5 for seniors and concession cardholders, $5 for children aged 13 to 17 while children under 12 are admitted free.

After much discussion, the committee has also decided to introduce a charge of $5 to local residents in line with other local events.

However, membership of Tulip Time - which costs $10 - entitles the holder to unlimited free entry into Corbett Gardens during the festival and a complimentary bag of 100 tulips during the bulb dig-up.