It’s hold on, “Dolly,” at White Plains Performing Arts Center.

Jack W. Batman, executive producer of the theater in downtown White Plains, said yesterday he is postponing the production of “Hello, Dolly!” he was to direct later this month.

“With the economy faltering and in my effort to be fiscally prudent, it is necessary to step back and re-evaluate our plans so that we may continue to produce the high-quality shows that our audiences have told me they want,” Batman said in a statement.

New dates for the production, which was to run April 30 to May 17, will be announced, Batman said.

“Hello, Dolly!” was to be the final show in the second season at the theater in the City Center mall in White Plains. Batman said those holding tickets for the show may seek a refund or apply the amount to a subscription to the 2009-10 season that he’ll unveil next month.

Batman, who last year reimagined the 410-seat theater as a home for rarely seen musicals, also announced a fundraiser “to help us over this little bump in the road.”

On June 1, he’ll present “One Enchanted Evening,” with cocktails, dinner, a silent auction and performances by stars of past WPPAC shows.

If that date is circled on Batman’s calendar, there are a few others that may figure prominently in the theater’s future.

On May 12, the White Plains Common Council holds its first round of votes on Mayor Joseph Delfino’s budget, a plan that would slash the theater’s $100,000 subsidy while increasing by $15,000 the city’s contribution for utilities, maintenance and materials. The city would pay $142,010 for operations, resulting in a net loss of $85,000 to WPPAC, which operates without having to pay rent.

Last year, White Plains’ budgeted $226,916 for the theater, $100,000 of which went for programming. The remainder, $126,916, went to cover operational expenses: utilities, maintenance and materials.

This time last year, Batman was asking the Common Council to increase the $100,000 subsidy to $250,000. The council declined.

The other big date is May 15, when WPPAC must file its tax forms for the 2007 fiscal year.

The theater has sought and received two extensions on the filing of IRS forms delineating income and expenditures.

Staff writer Keith Eddings contributed to this report.