" is it now time to look more seriously at the alternative sources of monies?"

the short answer is, of course, yes.

There are other sources of monies besides the Arts Councils..get out there and look...the world isn't going to come to an end because one source is dwindling.Be competitive, be original in your presentations for available monies.The days are long gone when money simply dropped into the laps of those that asked for it, if those days ever existed in the first place.