Minnesota orchestra reports record deficit

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The Minnesota Orchestra reported a $6 million deficit for 2012, the Star Tribune said.
The report accounts for the orchestra's expenditures through Aug. 31 of 2012.
The musicians of the orchestra have been locked out since Oct. 1, after rejecting an offer that would have reduced the average musician's salary by approximately $45,000.
All concerts for the fall and winter have been canceled, the Star Tribune reported.
The deficit is the highest reported by the orchestra in its 110-year history. Although the orchestra has been losing money and the musicians remain locked out, a $50 million renovation to the orchestra's home venue, Orchestra Hall in Minneapolis is moving forward, the Pioneer Press reported.
Reasons for the increased deficit include a decrease in ticket sales, and a contractually mandatory pay increase to musicians in recent years, the Pioneer Press said.

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This page contains a single entry by pete8904 published on December 6, 2012 7:56 PM.

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