This paper presents a case study about perceptions of residents about the value of publicly funded art and culture institutions (museums, city theatre, and symphony orchestra) in the Finnish city of Jyväskylä. In this study, the kinds of value that residents attribute to these local art and culture institutions and what kind of economic value the visitors’ expenditure to these institutions illustrates are explored. The analysis in this study is based on a survey conducted in 2019 that included the visitors and non-visitors to these institutions as participants. The results illustrate several values of art and culture institutions, which also point to multiple policy domains related to art, economy, social, and wellbeing effects. According to previous studies on cultural policy, it is important to be aware of the various value dimensions of future cultural policy. Though there are conflicting aims regarding cultural values, varied value dimensions complement each other in future-oriented policies.