Royal & Derngate's annual Northamptonshire County Council grant could be cut as part of the authority's proposals to make savings of £9.6million
Before a decision is made the proposal will enter a consultation phase and the theatre has published a list of five reasons explaining why the funding is so vital.
County councillors Danielle Stone and Heather Smith are both trustees of the theatre, as is borough councillor Brandon Eldred.
Martin Sutherland, chief executive of the Royal & Derngate, said: “We have been liaising with Northamptonshire County Council (NCC) for some time about potential cuts to our funding, but regardless, are disappointed that the authority is now considering a 100% reduction in our annual grant.
"If the proposed cuts go ahead, this will undoubtedly have an impact on the organisation.
"We will be engaging fully in the consultation process to make our case for continued support from NCC.
"We would urge anyone else with an interest in the theatres, and our work within the community, to do the same.
"You should find some of the facts and figures below helpful when in contact with your NCC councillors. You can also take part in the consultation here www.surveymonkey.co.uk/r/NCCBudget2018-19Phase1.
"We recognise that NCC are pursuing their Fairer Funding for Northamptonshire campaign in an attempt to secure a review of current funding formulas from the Government, and sincerely hope that the Government is listening.”